Month: August 2015
3 Ways to Break Out Of The Paycheck-to-Paycheck Cycle
There are a number of reasons why people might be living from paycheck. This could either be because of situations out of their control or even due to poor financial choices.
No matter what, it’s hardly an enjoyable way to live because of the pressure that comes with it. Here are 3 ways to break out of the paycheck-to-paycheck cycle:
1: Write Down Your Expenses
Sometimes the problem is not overspending but just not spending the money you already make wisely. In fact, earning more money might not be necessary to cover this perceived deficit. So, take some time out of each payday to decide how that money will be spent. Make sure you list all the upcoming bills and according to the date. A simple Post-It note should suffice.
2: Reduce Spending From Your Budget
If you already have a written budget and have nothing left after your bills, then it’s time to reduce your expenses. In other words, one should be as frugal as possible. At least, this is up until your debt is gone. Even if after you’re in the green, make sure you’re careful with your spending. Look over the internet for a number of ways by which you can live frugally.
3: Look for new ways to increase your incoming cash
The other way by which you can stop living from paycheck-to-paycheck is by increasing your incoming earnings. There are a number of ways by which you can do this. You can look for a second job, apply for a promotion, sell stuff on eBay or even go back to college for a better job.
Tips on Managing Risk in Construction Projects
The due diligence performed during construction claim analysis is the same kind that should be performed before the project starts. Performing these basic checks will help avoid risk altogether. Even though some risk is unavoidable, accidents do happen after all, you can safely manage most risky situations with the proper checks and balances in place.
Perform Risk Assessment
Hire neutral construction advisory services to review everything, from plans to scheduling, and look for consistency. Construction projects will involve multiple contracts between many companies, and specific mentions of both payment and timing will be important in the event of a dispute. Careful contract preparation is a crucial part of the pre-planning phase and ensures everyone knows the work they are required to do to get paid.
Document Everything
Another key concern, especially in smaller outfits, is documentation. Documentation saves one’s legal life so-to-speak. It may be a good idea to acquire insurance to cover parts of the project as well. It’s also helpful to have an independent party review any existing contracts for outdated language. It’s common for companies to use forms that are sometimes years old without having updated any of the legal language until a dispute occurs. Even if the law is on your side, make sure the work contract reflects that.
Allocate Risk Appropriately
Upon review of the project, just before ground can be broken, it’s helpful to designate certain parties and responsibilities to help allocate risk. The designer, for example, should only be responsible for design-related projects. This helps put power in the hands of those best positioned to use it for the benefit of the project.
Bio: Lyle Charles Consulting helps construction firms manage risk through claims analysis and mediation. For more information on construction project management, search for Lyle Charles.