Month: May 2017

Quick and Valuable Personal Finance Tips Online

Personal finance has always been one of the crucial aspects, which largely affects the success of an individual in various fields. Just like a house needs strong foundation to withstand the various charges of weather similarly all individuals require strong foundations of personal finances to withstand the basic charges of life. Strong financial situation has always been the sure shot route towards a sound and independent financial situation. Maintaining a control over personal finance enables one to maintain a control over the entire financial situation and to maintain a control of where is money coming in and for what use it is being used. There are a range of topics covered under it. Some of the vital areas are budgeting, investment, retirement and debt handling.

Personal finance tips cover many crucial aspects that one has to do with his money, starting from generating it to spending it. The various areas –

  • Budgeting – Budgeting is one of the most essential and crucial areas. Since it is a time consuming and a tedious process, many people refrain from doing it and hence create acute financial problems for themselves. Budgeting is nothing but to ascertain what you must spend versus what you want to spend. Budgeting allows one to maintain a balance between his income and expenses so that all the priority needs are fulfilled optimally.
  • Investments – This is another crucial area as it allows individuals to lock some amount of money and hence stop spending money impetuously. Investments can be of various types like short term investments, long term investments, current investments, etc. Each of this investment has their own specific features like rate of return, minimum amount, lock period, etc. Individuals must invest in accordance to the capacity and such that their financial independence is not hampered.
  • Retirement – it is very vital to plan for retirement, because the cost of living index is escalating at a rapid pace and it’s very important to safeguard one’s future.
  • Debt handling – The fact cannot be ignored that all most all of us raise debts to tackle our various financial needs. However, at the same time individuals should not trap itself in the web of debt. One should ensure that they raise debt according to their repaying capacity and make sure that the payments are discharged at the time.

Some other quick personal finance tips –

  • Insurance is a must – it is very vital to have optimum insurance policies as they are nothing but safe investments. Insurance protects dependents of the insurer and the income in the case of disability or death. One must insure according to his financial situation. For example, there is no sense of life insurance if an individual does not have any dependents and it is very much necessary for every car owner to have car insurance.

Have a proper savings plan – It is always said that one should always pay himself first. Proper and regular savings helps individuals to take care of all sorts of emergency financial needs.

My experience, knowledge and network of financial professionals makes me a more valuable resource for individuals and small businesses, I am trying to improve their current financial position as well as their future prospect. Check out my blog on personal finance tips and

The Best Debt Management Tips

You can manage your debt without seeking help from professionals. Taking out a loan is common because there are items that you cannot purchase with your monthly income. If you are struggling with debt, here are a few debt management tips that can help you manage your debt and eventually get out of that debt.

Draw up a Budget

The most effective way to manage your money is to come up with a budget. A budget enables you to account for the money you spend. It also enables you to prioritize your needs; that way you do not purchase unnecessary items.

Reduce Your Expenses

Take a look at your expenses and single out items that you do not need. You should also adopt the habit of spending wisely. Do not buy an item because you want it; buy it because you need it. You may also reduce your household bills by looking for cheaper alternatives.

Avoid Borrowing

Think carefully before taking out a loan to pay off what you owe. It may be another burden to what you already have. This may not be a smart option so it would be advisable to analyze your financial situation to determine if you really deserve to borrow a loan.

Pay Off Your High Interest Debts

Start by paying off the high interest debts to prevent the accumulation of debt. The interest rate soars if you do not pay such debts sooner.

Pay More than The Minimum Amount

If your income can allow it, pay more than the minimum payment. You will take longer time to clear your debts if you only pay the minimum amount. The earlier you pay off a loan the cheaper it would be for you.

Save as Much as you can

Life is full of surprises, so you need to save for these times. Paying for such instances using a credit card is very expensive and increases your overall debt. An emergency fund should ideally be 3 to 6 months’ worth of your paycheck.

Negotiate With Your Creditor

You can contact your creditor and ask them to lower the interest rates for you. Provide him with a plan that you will use to settle what you owe, that way he will consider your offer.

Use the Facility of Mortgage Breaks

In the clause of the mortgage plan, the debtor can take a break from the repayment plan for up to 3 months. Though you may not be exempted from clearing your debts, the break is enough to help you manage your finances. You should also bear in mind that while you are in the break, the interest rate will increase. Do not chose the mortgage break clause if you are looking for a long term debt solution.

5 Ways to Help You Start Saving

What do you do every time a big expense comes up? Do you borrow, borrow, borrow? If the answer is yes, stop. Instead of borrowing, start allocating resources wisely. Save your money for the things you truly need. You can pay all your bills and still have a little extra left to put aside for the rainy days ahead. How? Here are a few budget tips.

1. Separate Your Wants From Needs – Do not mistake your wants for your needs; you will save more money that way. Identify what you cannot do without–clothing, food, shelter–and spend only for those. The rest can wait for when you have money set aside.

2. Shop Around – Are you sure you’re getting the best deal from your insurance agent or broker? Even if you think you do, shop around anyway. You can get a quote for free. Prices vary from company to company even for the same coverage. So shop around, ask for higher deductibles if you can, avail of discounts for low mileage. There are many ways to drive insurance costs down.

3. Use Cash – Among all budget tips, this is perhaps the most practical. Use cash whenever and wherever you can. Avoid using your credit card–this is disastrous because it tempts you to overspend. At the same time, it gives credit card companies the perfect excuse to make money off you!

4. Buy Clothes a Season Ahead – Styles do not change much but prices do. If you buy clothes while they are not on trend yet, you can pocket a huge in prices.

5. Buy Store Brands – Store brands are inexpensive and effective. They are not inferior to national brands, so do not be afraid to use them instead of their more expensive counterparts.

Use these budget tips to save as much as you can whenever you can. Budgeting is not easy but it can be done.

Effective Credit Tips Applicable For Daily Living

Credits are inevitable. Almost all individuals have their own financial issues and dependence to credit cards, loans, etc. Nowadays, credit tips are very useful to maintain and improve a good credit rating. Being a responsible loan or debt payer is a good attitude that will surely gain the trust of other lenders. It is best to include in your everyday life to follow necessary guidelines or strategies in maintaining and rising up your credit scores. Do your best to create a better credit status. For more tips in managing your credits, you can actually refer to online websites wherein a lot of ideas and information are being offered and presented to help you come up with the best possible credit rating for you. You can also ask some advice from your friends and relatives who are having a successful debt management since experience is one of the best teachers in this world of trials and difficulties.

Start by obtaining a single credit card first before you finish your college education and do your best to maintain an excellent rating regarding your first credit card to a particular creditor. In maintaining a good credit rating, you should be able to identify your financial capacity. Do not spend beyond your means. Exceeding to your financial capacity might lead you to a great danger in the future that can also harm to the good credit score you are maintaining. Always think before you take action. Control your mind over your wants and desires for luxuries and convenience in life. Avoid missing your monthly bill. It is best if you will pay all your bills in full every month so that there will be no interest accumulation that will occur. As much as possible, spend within your means to maintain a low and affordable balance. If you think that you cannot catch up with the interest rate, better consult your creditor to discuss this matter so that early solution and action will take place before everything will ruin your good financial status.

Do not limit your choices to few lending companies, banks or creditors. There are so many great options in the market and even in online websites who offer reasonable and affordable interest rates. Make sure to opt for a good interest rate so that you won’t find a hard time paying them every time your bill arrives. If you already have enough cash to pay off your credits, immediately grab the chance to pay them early. The earlier you pay the lesser interest you will reimburse too. Aside from that, it will help you improve your credit score. As much as you can, pay your loans accordingly. Do not delay the payment of your bills because your creditors or lending company can make and send a report regarding your delayed pay to the credit reporting authorities. This will surely be a big blow to your credit status most especially if you are maintaining a high credit score. Maintain a good communication to your creditors so that you will be able to monitor your credits, loans or debts from time to time.

Some Refinance Loan Tips to Get Better Rates

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There are a few refinance loan tips you can take advantage of as well if you want to get the best rates for your mortgage.

– Check your credit rating. Make sure it’s accurate. You can do this by requesting for a copy of your rating report way before you apply for refinancing. This way, you can still drastically improve your rating if they find that you are a consistent payor.

– There is no need to pay for appraisal costs if you have an untarnished credit record. If your lender insists on asking you to pay for an appraisal then you might want to look for another broker or lender.

– As a rule of thumb, the purpose of your equity loan should be able to outlast the payment term. This rule is subject to interpretation, and it’s really up to you, the debtor, to decide if the equity’s worth buying a certain object for. Ask yourself – is it worth paying for that Mercedes Benz convertible for the next 20 years?

– Don’t always trust refinancing loans that boast of ‘no refinancing costs’. Many refinance loan tips always suggest that there’s no such thing as a free lunch, and even if the broker or the creditor say they’ll take care of all the closing costs, the fees they would have charged you upfront now are in the guise of high monthly payments.

– Make sure that the refinancing scheme you’re availing of does not come with prepayment penalties. These are fees for the borrower if he decides to get out of the original mortgage. If you’re assigning your broker to take care of prepayment matters for you, well and good, but some lenders may make the tempting offer of giving lower interest rates as a tradeoff for prepayment penalties. When this happens to you, weigh your options carefully so you can come up with the best plan.

– Try to have several fees waived to cut down on costs. Legal, appraisal, and application fees can run up to a couple of thousand dollars and there are lenders and brokers who agree to having these waived for certain borrowers. However, you’re likely to pay a bigger amount overall because the brokers and the lenders have to recoup their investment.

– Preselect the right program by checking different plans online. Try the online calculators available on several websites so you’ll know the most practical solution for your refinancing.

– One of the most valuable Mortgage refinance tips an advisor can give you is that you can add the closing costs and the points to your refinanced loan. This is recommended for people who have been on mortgage for more than 3 years, because by this time, they would have already subtracted a couple of thousand dollars or more from their loan balance.

You can find many several refinance loan tips from the Internet and from the people around you. Just make sure that you talk to several agents or brokers prior to starting your refinance plan. When they realize that you are well-informed on the subject matter, it’s more probable that they would give reasonably fair rates to you.

Car Financing Tips When Buying a New Car

It is extremely convenient and easy nowadays to buy a new car. Thanks to the various car finances available nowadays through which buying a new car or used ones has become relatively much easier. There are many car financing tips when buying a new car which can help you to understand where to invest and also prevent you from various scams amidst opportunities.

The first thing, which is quite significant when buying a new car, is to set your budget limitation. It is extremely vital to stick with your earlier decided budget. Note on a piece of paper, exactly what facilities and features you need in your desired car. If you have a baby or if you need a powerful boot, and then cozy, luxurious cars can fit in your budget. You requirements depend on large family, nuclear family or just for your own. You must also decide whether you want the diesel, petrol or gas cars.

Another tip from car financing tips, when buying a new car is to research on various cars and their prices along with the tax on internet. You can easily get all the required information related to the cars on Internet. In fact, you can also find such information in magazines and newspapers.

You must keep an eye out of manufacturers’ recalls and make sure to keep vigilant about when the cam belts needs changing as this part is an expensive repair part which must be done according the manufacturers recommendation. Any problem in the cam belt can inflict massive damages to your engine, and it is also an extremely expensive issue. You must make sure that the manufacturers are still making the model of the car that you require otherwise it will be extremely difficult for you to find out the spare parts and if so, it will be extraordinary expensive.

Take few references from your friends and neighbors who own the similar car which you are preparing to buy. Listen and make a note to their recommendations regarding fuel consumption, average miles cover in a liter and on the reliability.

Compare prices of various cars. If you would like to purchase a used car, try not to get a car which is being driven over 100,000 miles, as it will require more attention and maintenance when compared to modern and new car. Nowadays many car dealers and companies offer discounted prices especially on few festivals or on their anniversaries. This is the best time to invest in a car.

Arrange car loan or car finance through various car finance sites or dealers. There are many car financing companies which offer personal loans where you can compare the best rates. Such companies many a times offer their 24X7 support through various financial advisers or you can also fill in the quick enquiry form. It is best to look out for 2 to 3 different places to get the best deal. Make sure not to apply at ten places for loans it can damage your credit rating and you may become a victim of poor credit history.

There are many mortgages sites on which you can check your credit rating. Always remember one notable thing that is stick with your budget and make sure that you can repay the payments. It is also crucial to test drive a car when buying a new one or old one. Through test drive, you will come to know its coziness as well as reliability.

Negotiate with the auto dealer face to face. Do not try it over phone as many times it happens that whatever negotiation has been made on call can be denied later. Hence, try to negotiate face to face. Make sure to keep vigil over warranty, guarantee, servicing, and price so that you know which car is better. All those above mentioned car financing tips when buying a new car is quite valuable. Hence, when you try to buy a new car and look for various car financing companies.