Budget Friendly Halloween Costume Ideas

Whether you are an adult or kid, most Americans love celebrating Halloween.  While many kids focus on their candy hauls, adults usually have a party or celebration to attend.  Between purchasing candy, pumpkins and a costume, Halloween can get expensive quick.  I’ll share a few budget friendly Halloween costume ideas for this upcoming year.


Most of us are familiar with the humorous State Farm commercials featuring a guy named Jake.  Jake is on the phone with a client when he is asked by the guy’s wife who he is.  Needless to say the costume is a cultural icon and can be made very cheap.Image result for jake from state farm

All you need to complete the outfit is a pair of khakis, a red polo, and outfit it with a name tag.  Just like that you have a budget friendly Halloween costume.  It takes nothing more than simply rummaging through one’s closet to find the necessary items.


Do you hunt or know someone who does?  If so, dressing up as a hunter can be an easy budget friendly Halloween costume idea.  All you need is some hunting clothing, a little face paint and a toy gun or bow to top it all off.  When it’s all said and done you can complete this ensemble for the price of the toy, but you might even have that as well.


Nothing screams Halloween more than the classic costume of a ghost.  While it isn’t the fanciest option, it is a timeless classic that many will be able to relate with.  Do you have an old white bed sheet laying around your house?  If so, then you have a costume idea.

Simply take the bed sheet and cut some holes in it for you to see through.  You can also go ahead and cut a slit out for the mouth as well and complete with any additional accessories you see fit.

Image result for ghost halloween costume


Halloween doesn’t have to be an expensive holiday like most have become in recent years.  Some families have many kids to dress up for the festivities.  That can become quite expensive.  It’s a time for kids to be kids and enjoy satisfying their sweet tooth.

You might even be able to recycle a friend’s old Halloween costume he or she wore last year or many years ago.  Do you have any additional ideas for budget friendly Halloween costume ideas?  If so, comment below and share.

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

8 Things You Must Know About Medicare

With all the various parts and plans, it’s hard to fully understand Medicare. The good news is that learning just a few basics will help a lot in preparing you for enrollment, expenses, penalties, and regulations. You’ll need to know these key points of Medicare to ensure a smooth transition from your current insurance to your new insurance.

1. You Have to Pay for Medicare

Even though most Medicare beneficiaries receive Part A at $0 per month, that doesn’t mean it’s free. We pay into Medicare via taxes throughout our career. If you have worked the minimum 40 quarters in the United States, then you have paid enough in taxes to get premium-free Part A.

However, you still must pay for Part B regardless of how many years you’ve worked. In 2019, the average American will pay $135.50 a month to have Part B. The Social Security office figures your Part B premium by your taxes that were filed two years prior. If you made more than $85,000 individually or $170,000 jointly, you will pay more for Part B.

In addition to paying monthly premiums, you’ll have to pay cost-sharing expenses as well. Medicare has cost-sharing just like your group health plan does. There are deductibles, copays, and coinsurance that you will be responsible for whenever you use healthcare services.

2. You Have A Designated Initial Enrollment Period

Each Medicare beneficiary has their own initial enrollment period. When you should enroll in Medicare depends on your 65th birthday month. Your initial enrollment period starts three months prior to your personal birthday month and ends three months after. For instance, if you turn 65 in March 2019, your initial enrollment period begins December 2018 and ends in June 2019.

If you don’t have other coverage, then you will want to enroll in at least Part A, Part B, and Part D during this 7-month period to avoid being penalized in the future. While you can enroll anytime throughout your initial enrollment period, it’s best if you enroll before your birthday month.

If you enroll during your birthday month or anytime after, you will have delayed coverage. This could mean going a few months without any insurance coverage.

3. You Can Be Penalized If You Miss Your Initial Enrollment Period

If you fail to enroll in Medicare Part B and Part D when you’re first eligible, you will be assessed late penalties later on when you enroll in them. The penalties are determined by how many months or years you go without coverage.

For example, each year you go without having Part B, 10% of the average monthly Part B premium is tacked on. By the time you finally enroll in Part B, that penalty gets added to your monthly premium and you’ll pay that new amount for the entirety of your enrollment.

Part D’s penalty is permanent as well; however, it’s calculated a bit differently. Every month after your initial enrollment period you go without Part D coverage, 1% of the average Part D monthly premium is added to your penalty total. Currently, the national average Part D monthly premium is around $35.

4. You Might Be Able to Delay Enrolling If You Have Creditable Coverage

If you delayed enrolling in Medicare because you have creditable coverage, you may not have to pay those penalties mentioned above. An example of creditable coverage is a group health plan through your employer.

If you choose to continue active work past 65 and have insurance through your employer, you can delay enrolling in Medicare until you officially retire. However, your employer must have at least 20 employees. If you work for a small employer that has less than 20 employees, Medicare would be your primary coverage, so you would need to enroll in Part A and B and D at 65 to avoid the penalties we mentioned.

Note, COBRA is not considered creditable coverage. If you work past age 65 and then elect COBRA, you must still enroll in Part B within 8 months to avoid the late penalty.

5. The Annual Election Period Is Dedicated to Medicare Advantage and Part D Plans

Many beneficiaries get the Annual Election Period (AEP) confused with their Open Enrollment (OE). The AEP is specifically for Medicare Advantage plans and Part D drug plans only.

The Annual Election Period runs from October 15th until December 7th every year. The changes you make during this period will be effective January 1st of the following year.

You can enroll in either a Medicare Advantage plan or a Part D plan. You can change from one Medicare Advantage plan to another. You’re also able to change from one Part D plan to another. You can even change from a Medicare Advantage plan back to Original Medicare and a Part D plan, or vice versa. Nonetheless, this is not a period where you can enroll in a Medigap plan without going through underwriting. We will discuss more on that below.

6. Medicare Plans Can Make Changes Each Year

Because carriers can make changes to their plans each year, beneficiaries have the right to withdraw from their plan. The AEP was created to give beneficiaries an out when they are no longer satisfied with their plan.

Every year insurance carriers are required to send out an Annual Notice of Change (ANOC) to their clients. This letter will list the changes the carrier plans to make on the plan for the following year. This will help you decide what changes you need to make during the AEP. The letter will arrive in your mailbox usually in September.

7. Open Enrollment Is the Best Time to Enroll In a Medigap Plan

Just like the initial enrollment period, the Medigap Open Enrollment (OE) is dependent on the person and when they enrolled in Medicare. Your Medigap open enrollment technically begins the day of your Part B effective date.

The reason why your OE is the best time to enroll in a Medigap plan is that this is when you can forgo medical underwriting.  You can’t be turned down by the carrier for having a health condition. A Medigap plan is very beneficial because it can help cover and even eliminate your cost-sharing expenses such as deductibles and copays.

Your OE lasts for six months. After your six months is up, you may not have another chance to apply for a Medigap plan without answer health questions. It’s important to note that some states have additional open enrollment times.

8. Doctors That Accept Medicare Have to Accept Your Medigap Plan

Like we said earlier, it’s hard to know everything there is to know about Medicare unless you’re a Medicare expert. This means your doctor’s office probably doesn’t know everything about Medicare.

First, let’s explain why this can be confusing to doctor offices. Each doctor chooses whether he will participate in any Medicare Advantage plans.  The doctor can pick which carriers he wants to contract with if any. Medigap plans, however, don’t have networks.

Thus, if a physician accepts Medicare at all, then he or she are required to accept your Medigap plan no matter which insurance company you bought it from.

If you are unfamiliar with how Medigap plans differ from Medicare Advantage plans, you can learn more here.

Alvin Kamara’s Net Worth

Who Dat?  That is the rally cry of the New Orleans Saints football team.  It is yelled by Saints fans all throughout the game, especially when Alvin Kamara scores a touchdown.

Alvin Kamara is a running back for the New Orleans Saints.  He was a third round draft pick in the 2017 NFL draft out of the University of Tennessee.  He is currently playing in his second professional season.  Alvin Kamara’s net worth currently sits at $500,000.

Image result for alvin kamara net worth
Saints RB Alvin Kamara

At 5’10” and 215 pounds, Kamara is known for his speed and versatility on the field.  When the Saints drafted him back in 2017, many wondered how he would be best utilized in their offense.  Well, they have found a way.

In his rookie season in New Orleans, Kamara totaled up over 1500 yards from scrimmage and 14 total touchdowns.  He was named the NFL Offensive Rookie of the Year tying with Kareem Hunt of Kansas City.

Alvin Kamara’s net worth is lower than many in the NFL mostly due to his age.  He is only 23 years old and in his second season.  Alvin’s net worth comes from the rookie contract he signed back in 2017.  The contract which is good for four years, is valued at $3.85 million.  However, it did include a signing bonus of almost a million dollars.

Although the 2018 NFL season is far from over, it appears that Kamara will post very similar, and impressive numbers yet again.  Even though Kamara will have two years remaining on his current contract, one can only think of what will be done to keep him in New Orleans for years to come.

Todd Gurley recently set a new NFL running back record this offseason with his contract.  While it is highly unlikely that Kamara will score a payday as big as Gurley in a couple of years, if he continues his high performance, we can expect Alvin Kamara’s net worth to increase dramatically with his next contract.

Alvin is expected to make close to $2 million total over the next two season in his contract.  While this contract will be enough to push Alvin Kamara’s net worth into the seven figure mark, it has the potential to grow much more.  For example, if Kamara can land some endorsement deals along with a new contract extension during the summer of 2020, his net worth could easily climb to a respectable level.


Khalil Mack Net Worth

Adrian Peterson’s Net Worth

Matt Ryan’s Net Worth

Drew Brees Net Worth

Jason Witten’s Net Worth

Jarvis Landry’s Net Worth

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Advice on Enjoying a Long Life with IG Private Wealth Management’s Dwayne Rettinger

With medical advances and general good health extending lifetimes dramatically, it only makes sense that your retirement plan includes contingency plans for living as long as age 100. After all, population projections tell us that there will be a ten-fold increase in the number of centenarians (those aged 100 and over) between 2013 and 2063. Today’s 65-year-old can expect to live almost 21 years beyond retirement, according to Statistics Canada.

Start Your Plan

Accordingly, you should start your income longevity planning immediately, says Dwayne Rettinger, an executive financial consultant with IG Private Wealth Management, based in Guelph, Ont. “Decide on your retirement lifestyle,” Rettinger suggests. “Then add to your registered retirement savings plan (RRSP) income with a complementary portfolio of investments.” Many advisors used to recommend fixed income to retired clients, on the assumption they were safer and provided a guaranteed rate of return. That thinking is changing, and many advisors now recommend blue chip stocks, often the only way to achieve your desired rate of return.

Remember, you can continue contributing to your RRSP up to the year you turn 71 years of age, after which you need to collapse the account into a registered retirement income fund (RRIF) or registered annuity and begin a series of minimum withdrawal requirements. Your RRSP contribution limit for 2018 is 18% of earned income you reported on your tax return in the previous year, up to a maximum of $26,230. For 2017, the upper limit was $ 26,010. Note that if you have a company pension plan, your RRSP contribution limit is reduced.

Projecting Spending & Expenses

Rettinger also suggests assessing your projected spending for essential and discretionary expenses and adopting an investment strategy that will match your spending needs. For example, plan to meet such essential expenses as housing, food, clothing and medical treatments for longer than your life expectancy; plan to spend an increased amount for discretionary expenses like travel, dining out and a new car during the first ten years that diminishes thereafter.

After retirement, manage your retirement savings withdrawal rate based on the size of your retirement savings, the average return on your investments over time, and the number of years you plan to make withdrawals. Life insurance can be used to shelter excess capital and maximize the value of your estate, Rettinger notes, adding you should consider a life annuity that will provide a guaranteed regular income no matter how long you live.

Protect Your Income

You should also protect your income (and your spouse’s) with life insurance and supplementary health insurance including disability, critical illness and long-term care coverage. Revisit your plan regularly, Rettinger adds, to assess investment performance, changes in expense levels or any other factors that can impact how much you can spend in retirement and for how long.

Living a long life is something to celebrate. Make sure your retirement funds don’t run out so you can still enjoy those years.

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Dwayne Rettinger is solely responsible for its content. For more information on this topic or any other financial matter, please contact an Investors Group Consultant.


The drawing for the largest jackpot prize ever was held last night.  One lucky ticket was sold in the great state of South Carolina.  Assuming the winning ticket wasn’t part of an office pool, the winner will walk away with over a $900 million check if they decide to take the cash payout.

Image result for what could you do if you won the lottery



Many of us had quick dreams of what we would do if we had one.  Buy an expensive car, donate to charity, move to paradise.  These were a few of the things that ran through the minds of the individuals who played.  However, those dreams were abruptly ended this morning when the tickets were checked.


If someone wins the lottery the first thing many of them say they’ll do is quit their job.  While this sounds good on paper it could bring about additional life stresses.  For example, you’ll have to worry about getting healthcare coverage and the structure of your day might fall apart.

Psychologists have said it is important to keep things as normal as possible after a big win like this.  Immediate changes could bring about results you hadn’t planned on.


If you are miserable at your current job, you can always have the opportunity to quit.  Like I said previously, don’t make any rash decisions when it comes to this, but it does present you with an option to pursue your passion.

After winning almost a billion dollars you in essence can put the worry of money on the back burner.  If you enjoy painting, be a painter.  If you enjoy volunteering, make that your life’s goal.  The point is now you have the chance to pursue a life where money isn’t a byproduct.


We’ve all heard the stories about people going broke after winning the lottery.  Most of the time those stories center around individuals who win a million or ten million in winnings.  With over $900 million in winnings, you shouldn’t have to worry about such an event.

You now have the chance to build that dream house you’ve always wanted and drive luxury cars.  You can travel to exotic places for weeks or months at a time.


The possibility for the things you could do if you won the $1.6 billion Mega Millions jackpot are endless.  You could do any of the three things above, or a combination of all of them.  Now back to reality.

You didn’t win the Mega Millions.  You still have bills to pay.  You still have to go to work.  Life is the same as it was yesterday.  There is absolutely nothing wrong with that.  I woke up this morning no different than yesterday.  I continue to budget on a daily basis, save for retirement, and enjoy all of the blessings I currently have in my life.  You should too.

Budget Smart, Invest Wise

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Buy Once Cry Once Mentality in Budgeting

Most believe that the purpose of budgeting is to make sure you have your finances in order.  You take what you make and from that you monitor what you spend.  Many try to find out how to reduce their expenses by as much as possible.  Is that the best way?


Buy once cry once simply means valuing quality over price.  It means that you can purchase something one time, and it will last forever or for a very long time.  I understand the importance of cutting corners here and there to save a buck, I used to be that type of person, but the buy once cry once mentality is now ingrained in me.

For example, instead of buying a cheap winter jacket for $20 with a no name brand, look at purchasing something from a quality brand.  Yes, it might cost five times as much, but chances are it will easily last you five times longer and you’ll be happier with it in the end.

Image result for buy once cry once mentality in budgeting

Another example would be buying an expensive cooler.  Many high end coolers have recently flooded the market, but the appeal in them comes from their longevity.  You buy one of these coolers once (cry because of the high price) and you never have to purchase another cooler again.


So now that we have wrapped our heads around the buy once cry once mentality, how does it fit into budgeting?

If you go prescribe to this mantra, then you know your budget is going to take quite a hit.  After all, paying for quality is nothing new.  In terms of budgeting, plan on this expense being a once a year expenditure.  For example, if you are buying a new winter coat, allot yourself extra money around the November/December time frame in your budget to accommodate the extra expense.

Think of it this way, a one time expense for a quality item can easily turn out to be more affordable over time then having to budget to purchase that particular item, of lesser quality, on a yearly basis.


Shifting your mind to purchasing something based on quality over price can reap many financial benefits in the future for oneself.  The buy once cry once mentality in budgeting may be hard to grasp at first, but once you do I can assure you that you’ll ultimately be satisfied.  By creating a free monthly budget, you too can be on your way to financial independence.  

Budget Smart, Invest Wise

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

What You Need To Know About Getting Car Insurance

It’s stressful when the time is nearing to renew your policy. Are you looking for a company that can process policy quotes quickly? Money Expert is one of the leading car insurers in the UK helping you to find a new policy. It provides accurate quotes based on your car and driving history.

Things That You Need For a Perfect Policy Plan

  • Providing your identity to the insurer guarantees an accurate quote to get the perfect policy plan. Personal details such as your age, occupation, and details of your driver’s license are essential.
  • The cost of the policy will be based on how much the car was purchased. The number plate is the primary requirement, but the model information can also help as well as the details of any modification.
  • The insurer needs to know your claims history such as any accidents that occurred in the past five years. Providing the specifics of your no claims bonus if you have would also help.
  • Money Expert can always guide you choose the right policy type that you need such as third party car insurance policy, third party fire & theft car insurance policy, and fully comprehensive car insurance policy.
  • The price of the plan also depends on the number of other drives that will be sharing your premiums.
  • You’ll be paying more in the event of an accident. However, the higher you set your voluntary excess, the fewer you’ll spend each month.

Identifying the Types of Car Insurance Policy


  • Third-party Only


This is the cheapest among the car insurance policy types. It doesn’t cover any upkeeps that you need to make to your motor, but this policy can significantly help you pay for you if you damage another person’s vehicle or property.


  • Third-party Fire & Theft


This policy includes the basic of what the third-party car insurance policy has. It’s the second most expensive car insurance policy, but it can cover against theft, damage done during an attempted burglary, and fire damage.


  • Fully Comprehensive


It’s the highest-priced car insurance policy because it provides the most significant level of cover available on the actual plan. This offers complete peace of mind.

6 Top Tips To Save More For Car Insurance Policy

Car insurance inclines to go up every year, so it’s wise to be careful. Here are the top tips that can help you lower down your costs when finding the right policy:

  1. Improved Security

One of the efficient ways to help you reduce down your premiums is by adding extra security devices such as steering wheel locks. This protects your car as well as less risk for the insurer to take.

  1. No Claims Bonus

If you protect your No Claims Bonus, this helps to reduce your expenses. You can do this by doing small repairs for your car. The insurer can acknowledge this.

  1. Reduce Your Mileage

Take note that when you opt for a policy, one of the things the insurer needs from you is providing the estimated distance that your car should take. Going over that may invalidate your car insurance policy.

  1. Integrating Black Box

To protect your vehicle, it will be perfect if you install a black box or telematics device as it records information on the speed and mileage while driving. You can be rewarded with lower premiums if you’re a safe driver.

  1. Sharing with Named Drivers

Another best ways to lower down the cost of your policy is sharing the plan with an experienced Named Drivers, for example, your spouse or parent. Encourage them if they’re willing as it’s convenient.

  1. Pay Annually

Do you know that you can tremendously decrease your expenses by paying your premiums annually? Don’t let yourself be included to around 50% of individuals still paying their dividends monthly or quarterly.

Who To Trust

At www.moneyexpert.com/car-insurance/, there’s a vast hand-picked list of over 90 various providers including these leading companies:

  • AXA
  • Admiral
  • Abbey Insurance
  • Endsleigh
  • RAC

Wrapping Up

Don’t get stressed when the renewal date of your policy is approaching. You could save more up to £200 through MoneyExpert which is recommended by 92% of users. The company has earned a score of 9/10 in Trustpilot reviews. It’s the perfect one to trust. Get instant quotes now in minutes by visiting www.moneyexpert.com/car-insurance/.


20 Digital Marketing Tips for Your Home-Based Business

home business

Running a home-based business becomes even more joyful when you make the effort to market it online using the right channels. Here are 20 tips to help you get started with promoting your venture online.


  1. Create a simple business website using free or inexpensive templates and themes available online. You don’t need to be an expert in web development to build a simple website, so go for it and take professional help when you’re ready to take it to the next level.
  2. Integrate a blog into your site and use it to post announcements, promotions, how-to articles, tips, testimonials, experiences and so forth.
  3. Use relevant keywords throughout your website to enable search engines to find it when users type those search words.
  4. Use search engine optimization (SEO) to improve your website’s ranking on Google and other search engines. SEO is a specialized internet marketing tool—you can learn the basics online, but for running an advanced and effective SEO campaign, you may need to hire a digital expert.
  5. If you’re not keen to spend heavily at this point, consider hiring a freelancer to create an affordable yet effective SEO strategy for you.
  6. If you have a list of email addresses of present and past clients, use email marketing to inform your customers about promotions, events, product/service updates and limited-period deals.
  7. Start collecting contact details of visitors to your website. Offer a discount or free gift in return.
  8. Use the good old press release to get the word out regarding your new business.
  9. Make business pages on social media platforms such as Facebook, Instagram, Twitter and Pinterest.
  10. To keep your audience interested, make it a habit to post engaging, relevant and useful content on your social media accounts.
  11. Use social media marketing (for instance, Facebook advertising) to reach out to your target market.
  12. Create a professional profile on LinkedIn and other local professional networks to enable B2B clients, investors and others to reach you.
  13. Boost your email database through credible email lists.
  14. Create a profile in relevant local online business directories.
  15. Write guest posts on influential websites in your niche to spread word about your business and establish yourself as a knowledgeable expert in your field.
  16. If marketing your newly found business on your own sounds too overwhelming, hire a local digital agency for the job.
  17. Focus on a building digital campaign to gain genuine leads and measurable results and create a strong online presence. The full-service digital agency https://digitrio.com.sg offers tailor-made SEO and digital marketing plans for local business owners looking to expand their reach and increase their revenues.
  18. Use a link-building service to create a network of authentic content that links back to your website.
  19. Use PPC (pay-per-click) advertising by Google to bring your business to the top of search results via paid ads.
  20. As your business grows, upgrade your website to improve user experience.




Adam Thielen’s Net Worth

While April is a time many NFL stars get drafted, October is a month where the ones who weren’t just fight to stay on the team.  An undrafted player from a small college in Minnesota, Adam Thielen doesn’t have to worry about his spot on the team.

Image result for adam thielen's net worth
Vikings WR Adam Thielen

Adam Thielen is currently in his fifth professional season in the NFL.  All five of those seasons have been with the Minnesota Vikings.  In fact, through five years, Thielen has played in every single game as a Viking.  Adam Thielen’s net worth sits at $5 million.

The Minnesota wideout is off to a fast start for the 2018 campaign.  Through his first five games this season, Thielen has recorded at least 100 yards receiving in each one.  He is a good part of the reason the team can compete with anyone week in and week out.


Adam is currently in the middle of a four year contract valued at just over $19 million.  Upon signing the contract he received a $4 million signing bonus.  However, his current contract is proving to be an excellent value for the Vikings.  Top wideouts are currently making in excess of $15 million a season.  Thielen is averaging just shy of $5 million.

Upon completion of his current contract, Thielen would have earned more than $25 million in on the field earnings.  However, it is to be seen if his current contract will be completed.  Although the Vikings took a chance on Thielen when nobody else would, They recently handed out a $72 million contract to their other top wideout, Stefon Diggs.


Thielen really came into his own during the 2017 NFL season.  He recorded personal career highs in receptions, 91, and receiving yards, 1,276.  Through the first five games of the 2018 season he is on pace to smash those previous bests.  With over 3,000 career receiving yards and much respect around the fantasy football world, Adam Thielen’s net worth is not indicative to his performance on the field.


If Adam can keep up his play and consistently provide the Vikings with the receiving threat they need, then expect Adam Thielen’s net worth to increase in the years to come.  Although he will only get older with time, if he is able to ink a new deal while he is still at the top of his game, then watch out.  His net worth could easily jump off the charts.


Khalil Mack Net Worth

Adrian Peterson’s Net Worth

Matt Ryan’s Net Worth

Drew Brees Net Worth

Jason Witten’s Net Worth

Jarvis Landry’s Net Worth

If reading this blog post makes you want to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

How to Take Timely Care of Appliances in Your Business – Maintaining the Budget

business appliances

No business runs without money and frankly, to get the desired results one needs to spend money in the first place. However, spending wisely is what makes a business going. If you do not know how to spend on your business then you will soon go out of cash or would not be able to reach the break-even point. Whilst starting a business, the outflow of money is huge as compared to the inflow. Therefore, expecting profits in the first few months is quite a difficult task.

If a budget is prepared then you would know beforehand only what your business needs and where you need to invest the most in order to make it a huge success. Not only this, a budget helps in knowing what amount of money you need to keep aside for repairs, replacement, and when the breakdown of anything happens within the business.    

Here is a list of things that you need to maintain:

Prepare A Maintenance Chart:

In a restaurant business, a lot of pieces of equipment needs repairs. From kitchen equipment to eating area furnishing, everything needs proper maintenance. Before the equipment stops working, it is always better to schedule a repair time for all these equipment by an expert like mesa arizona appliance repair. Once, these are checked after frequent months, the chances are their break down will not happen for a longer period of time. Remember the mantra – prevention is always better than cure.

In fact, regular cleaning and servicing ensure not to put a load on your budget. Also, maintain an emergency fund in case you need some extra money to buy a new equipment. Try to decrease your expenses and increase your revenue by taking wise precautions.

What is The Average Repair Cost For A Restaurant?

All restaurants set aside a maintenance fund based on their sales. According to the Restaurant Facility Management Association report, the restaurants keep one percent to three percent of their sales for repairs and maintenance of the appliances. In that case, ensure you pick the best service company https://www.touchstonecommercialservices.com/ in your town.

The budget varies because the cost varies as a lot of factors play a major in repairing the equipment – age of the appliance, warranty, quality of the product etc. Based on these, you can segregate the money for your repairs and maintenance fund.  

What Budget Strategy will Work For You?

As discussed above, during the initial months, the cash outflow is more than the inflow. Ensure to keep a separate fund for maintenance so that you do not have to pay an extra rate of interest to your bank. Also, show these expenses in your accounts yearly to attain benefits.

Inspection of equipment after a couple of months will help you in understanding as and when you need to make any changes in your maintenance budget. Also, during the hot weather special precautions needs to be taken for AC and refrigerators.

Following are some budget tips that you ought to follow for your restaurant business:

Keep a record of what you will be needing and tentatively how much extra money you will have to loan for a bank.

Mark the pricing of the products wisely and ensure to know the tentative sales number you want to reach in a year. The number of customers you want to cater in a year and the staff that you need to hire.

No business is successful without marketing. Therefore, ensure you have a separate strategy for online advertising – social media platform, website building, and sales team.

While preparing the budget, keep the costs segregated – variable cost, semi-variable cost, and fixed cost.

Instead of opting for a notebook methodology, use software that are specially invented for budget maintenance – Excel and Tally.  


Regardless of the business, preparing a budget is essential as helps in managing the cash inflow and outflow. Therefore, you will always be able to keep cash aside for emergency situations. “Do not save what is left after spending, but spend what is left after saving” – Warren Buffett.

The budget helps us in understanding what we were doing wrong, what new needs to be done, and what changes need to be implemented for the future to reach the ultimate goal.

Helps in analyzing the growth of the business from the very start – when did the business achieve break-even point and yearly profits after that.

Also, the budget makes sure we do not put our repairs on hold in order to save a little money now which later on will cost us huge.