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how to save money fast on a low income

**how to save money fast on a low income**



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Low Income Budget — A guide

It can be hard living for a family to live on a limited amount of income. While life may throw some hardships to make life move ahead, there are ways to be able to pay the expenses and get the necessities required for living. Here are some tips to learn how to live on a low income budget, and still enjoy a comfortable life.

 Life insurance is not only for the wealthy! On the contrary, a person with low-income need should also buy a policy just as a well-off person. There is no reason to postpone purchasing a policy even if one is on a low budget. The benefits of some low premium insurance policies offer a decent coverage and financial protection for the family. Term life insurance policy is a simple policy for tight budget persons.

 Household budget is a good practice for a low income family because a budget helps to give a financial picture of how the family is doing even when your financial picture looks the darkest. The income and the expenses need to be balanced. If the expenses are more than the income, expenditure has to be cut.

 The needs and wants of the family have to be distinguished. There are some obvious items are cell phones, housing, electricity, water, telephone, TV, groceries, education and other household expenditure. Entertainment should be a part of living, but decision should be made by enjoying at the minimal cost and by using discounts or free passes.

 In case, after reducing all expenses still the budget runs above income some steps need to be raise income. Working from home or taking up a part time work can be helpful to a certain extent.

 Cut back on the amount of energy you use in your home. Use energy efficient light bulbs, and always turn off lights after leaving a room.

 Shop at second hand stores for any clothing that your family may need and buy only what is required.

 Collect some money in a fun jar by putting in the small change… This money can be used to treat for dessert, dinner, a movie, or something that the family would like to have. While income may be low, you can still enjoy something fun and entertaining along with the life’s hardships.

Tips for low income budget

Distinguish between needs and wants.
Save a small amount regularly
Prepare and follow the budget Thanks for watching. Please help us grow.

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Hi! Blair with Professor Savings here, with tips
on living with a low income budget. It can be hard living for a family to live
on a limited income. But, there are ways to pay the expenses and
have all the necessities required for living. Here are some tips to learn how to live on
a low income budget: • Distinguish between needs and wants. • Save a small amount regularly. • Prepare and follow the budget. Read more tips on living with a low income
budget in the article below. And, be sure to subscribe to our channel for
more of the financial tips you need.

Catanach Says Groupon Reporting Twice Amount of Revenue

**Catanach Says Groupon Reporting Twice Amount of Revenue**



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Aug. 19 (Bloomberg) — Anthony Catanach, accounting professor at Villanova University, talks about Groupon Inc.’s accounting methods.
He speaks with Jon Erlichman and Cory Johnson on Bloomberg’s “Bloomberg West.” (Source: Bloomberg)
Groupon has responded to some of its critics in Washington lawmakers had raised concerns about the company's privacy practices given Groupons plan to offer deals through a mobile app coupons general counsel says the company does not access location data when the app is not running but in order to offer the service to customers and needs to be able to track where they are meanwhile Groupon is also feeling heat from the accounting world and our next guest is including included on that list Tony Academy teaches accounting at Villanova University he says the company is still overstating its sales despite Groupons recent changes to its accounting practices also with us is Bloomberg West editor-at-large Cory Johnson it was Cory's interview with Groupon CEO chairman that led to the company having to amend aside meals filing recently Tony let's let's start with you and give us the backstory on on why you decided to do this in the first place I mean you spent three days going through the IPO filing from the company is that not true that's absolutely true I'm a Carey McGuire fellow at the American College and one of the things I'm tasked with doing is researching issues associated with ethical and financial transparency and so when the whole group on a cos mi metric issue came up I I couldn't resist jumping in and looking at you know 300 pages worth of registration statements to look at the accounting Corie yeah Tony let me ask you about this so so you know I've spent a lot of time with the s-1 as well and in the accountants what kind of interesting and we could start you know right away with with the the most basic element of Groupons accounting the revenue is you know I totally want to take a second to explain this this is our production assistant Alexander Wolfe he went on Groupon today entered his location his age his interests and Groupon targeted an offer for him it was $50 worth of bikini sugaring and hair removal services for 25 bucks now a wonder that a technology that scales the target relevant deals based on individual subscriber preferences picks in we'll leave that aside but here's how the revenue breakdown works so if you look at the revenue breakdown there's a chart of coupons reported revenues in prophets so what these guys do is they take 25 dollars of a bikini wax 50% goes to Groupon 50% goes to to the consumer so or two to this you know the spa the waxer if you will $12.50 so Groupon is actually taking their gross profit and the revenue reported a sort of gross revenue number what's that all about what how is that accounting treatment right or wrong well this this whole issue of gross versus net revenue recognition it arose during our last calm bubble in 1999 and what you had is you had a lot of internet companies that were reporting that gross revenue issue and since that time there's been quite a wealth of accounting pronouncements to come out and give accountants criteria on how to book revenue gross versus net and what's really interesting about Groupons case is there's a variety of indicators that accountants are supposed to look at to determine whether gross or net is appropriate and the Groupon accountants very suspiciously picked only one of the many criteria to hang their hat on and that's all right there sure so what you're saying is that that the guys who decide accounting standards have a couple of standards and you're saying that Groupon cherry-picked one of those that's pretty much it there's a variety of indicators that tell companies which accounting to use gross versus net and when you look at all of those indicators Groupon basically doesn't meet the vast majority of them except for one which they say they meet and that's the one that talks about the primary obligor in a transaction and what's what's really interesting about Groupon selection of this accounting method is that they really created something to get to that accounting treatment and that's something that they created was this thing called the Groupon promise well let me let me jump in there real quick so so I put a chart together it shows the revenues and the operating profit or the gross profit I'm sorry of of Groupon and you know it's similar something you are in your reports of in pulpit this chart of the actual we're revenues and gross profits the revenues are a certain number that are pretty big the profit is a number that is quite a bit smaller yeah correct well in your example that you were talking about earlier Cory bikini waxes the bikini wax example Alex's bikini waxing Groupons book in 25 bucks is the revenue when in reality I'm contending they should only be booking $12.50 and that's now to be fair Groupon is reporting that $12.50 but they're reporting it separately as gross profit not as total revenue and that's significant because the market looks at that top-line revenue growth so essentially in that one example if you were to extrapolate that through all of the other transactions the Groupon engages in they're basically reporting twice the amount of revenue that they should be and also because it within your report you talked about free cash flow it's another thing to the market you know probably the most important number that any company can report is actual free cash flow that's in your recent report you had some strong words about free cash flow no rita's you had had merchants been paid in a timely fashion the company's free cash flows would have been closer to zero and possibly even negative why is this kind of thing allowed well this is Cory I'm actually an expert in operating cash for manipulation reporting and what's happening here is their statement of cash flows was prepared in accordance with generally accepted accounting principles I can't fault them for that the issue is what created what drove the increase in free cash flow and it was simply the fact that they're not paying their vendors in what I would say is a timely fashion now they fully admit that in their registration statement but let me give you an example if you don't pay your bills for 30 days when you're supposed to pay him tomorrow and you extend that to 60 days are you going to have more cash flow at the end of the reporting period and the answer is fairly simple the answer is yes and so what's happening right now is their merchant vendor payment model is to delay payment at least in the United States to vendors they wait 60 days and that's just not sustainable that's and that was Tony Cadillac of Villanova University and the Maguire fellow at American college with his concerns about the accounting story at Groupon

Mason Says Groupon Not Considering IPO Right Now: Video

**Mason Says Groupon Not Considering IPO Right Now: Video**



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July 20 (Bloomberg) — Andrew Mason, chief executive officer of Groupon Inc., discusses the company’s business strategy and the prospects for an initial public offering.
Groupon offers a daily bargain to local shoppers in through its website. Mason speaks with Betty Liu on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)
well in the last year and a half my next guest started a company grew it to an estimated 1.3 5 billion dollar value and scored himself an invite to hobnob at this year's Sun Valley media conference I'm talking about the CEO of Groupon that is Andrew Mason now if you don't know much about Groupon it is a website that features deals of the day local businesses offer discounts deep discounts and are featured on the site but the deal only goes through if a minimum number of people sign up say a hundred or 200 people at the minimum now so far the company estimates estimates that it has about 11 million users and is growing fast well Andrew Mason joins me now live from Chicago to talk more about his company Andrew good to have you on I know you had a good time at Sun Valley I saw some of the some of the interviews you did okay so so from Sun Valley just tell me first off has your phone been ringing off the hook from people who want to partner with Groupon or what we're lucky to have a lot of interest in people working with Groupon more and more we've been trying to work with other media companies out there that are looking for ways to to monetize their existing business and Groupon in some ways is just an evolution of the traditional advertisement only it happens to be one that people actually really like to consume and I think a lot of media companies see that and are more interested in finding ways to work with us and what do they want like what is what is the partner what kind of partnership do they want when were they make money no but what is it that they what the type of partnership they're looking for something where they can maybe replace one of their traditional boring display ads with a with a Groupon that's relevant to their users and we can just expose people and do some kind of share the wealth arrangement okay I just ignore the nor the knocking in the background here all right a lot of people though say you want to extend beyond you know 100 cities and beyond with your with your website you know you may even go vertical and move into into other industries or specific industries in all of that you're going to need capital and eventually you may do an IPO is an IPO in the cards for Groupon honestly the only time I think about that question is when a reporter asks me I know it's the standard company align but we're completely focused on building a cool product for our customers and not thinking about that sort of thing at all right now but you must be thinking about how you're gonna raise more capital though to expand well we've been very lucky to have a successful business and after about eight months we turned profitable so we've been able to expand thus far just with the capital that we have okay all right so maybe at a later point you might want to talk about some IPO plans though okay Andrew let's move on to some of the deals you've made yourself I know you've recently partnered with Twitter how is that partnership going well we'll see we're planning on running a deal through this Twitter early-bird thing in the next in the next few weeks and excited to see how it goes but nothing to report quite yet okay some have said though that you know it's necessary for you to partner with various other companies like Twitter because you've got Facebook you've got Amazon others I know Steve Case is investing in a similar business like yours you've got a lot of other companies they may have more money that may be able to put more money into a business like that and be able to essentially put you out of business how do you make yourself or keep yourself competitive in the same way that we became competitive in the first place which was by listening to consumers and trying to come up with a cool product so we think what we've done so far is really just the beginning we have a lot of cool ideas that we're excited to roll out over the coming months that will evolve the evolve the groupon model in a way that I think will transform local e-commerce just as radically as a Groupon already did when it first launched right but some would say that you know your mojo you want to describe it might diminish though if other companies that have a whole lot more pocket you know a whole lot of money are in their pocket or able to do exactly the same thing you are historically we just haven't seen that happen so we've had over 500 people launch Groupon clones around the world but exact copies from the business model to the design to the copywriting and even with all that happening we're still in order of magnitude larger than the closest clone and they're probably an order of magnitude closer than them so the reality is there's significant network effects and in the business model where if you can reach the scale if you have the most customers if you have the strongest brand you're able to attract the best merchants and they only want to work with Groupon so having any signs of that yeah ok lastly before I leave you though Andrew you know I was reading through your company and it was interesting that digital sky of course led this funding into your into your company a yuri milner how much is he involved in the company do you ever seek his advice did as he come in and sort of see how you're doing kind of you know knock on the doors and take a look it's it's more the other way he's very passive I mean I think the success that they've had is in part due to their philosophy is being kind of an entrepreneurs investment firm so so it's what I say it's more the other way it's more of me calling him when we're interested in hearing what he thinks about something international expansion or whatnot but but he's but he's been a great partner for us so far Andrew thanks so much for joining us really appreciate it Andrew Nason my CEO of Groupon