Saving a little bit every day

 

Saving a little bit every day

Saving a little bit every day

 

Whether you’re saving up for a holiday, a new car or just a rainy day, putting a bit of money aside on a regular basis is the best way to achieve your goals without putting a strain on your finances.

Though you may think that you don’t have any cash to spare, by taking a quick look at the fascinating infographic created by MYJAR, we can quite clearly see where the country’s money is going and where savings can be made.

For example, if you live in London, there’s a good chance you could save a significant amount every month by cutting down on your takeaways. On average residents in the capital spend a whopping £221.63 on takeaways, while their neighbours in nearby Chelmsford splash out just £43.19 a month.

However, as southerners spend around £200 less on their annual getaway than those in the north, you may well be saving already when it comes to your holidays.

Once you’ve put the work in and saved up, one way to avoid depleting your savings is to take out a short-term loan from MYJAR anytime your pay packet won’t stretch far enough.

That way you can take the pressure off your finances and keep your hard earned nest egg intact.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Paying for a New Car in Personal Finance in Your 20s and 30s

Ready to own a car in university? Do you want a new one or a used one?
How long would you like to use it? Three or five years?
When you’re ready to buy a new car, you have three methods of paying for it: cash, loan, or lease. The thing is if you pay for a new car in cash you save yourself a lot of money in interest fees, it would be wise however to pay off any outstanding debts on your credit card first. This is to make sure that you will not be overloaded with bills.

These days one can buy a car through paying installments or financing through the bank. However once you miss one payment the car can be repossessed and all that money is lost. These days –after the credit crunch – loans are only given out to people who have Class-A star credit ratings.

Banks Loans
Bank loans are a favorite and as a result they have lowered their interest rates marginally to attract the students. One does have to seriously consider whether or not they will be able to make the payments.
If it is a new car, can you afford the depreciation value of the car? Cars loose the most value within the first three years. Will you trade in to an older or newer car?
It is therefore prudent for a college student to buy an older car and then trade it in for a newer one down the road.

There is also the offer of leasing.
Leasing has two main benefits:

  1. You can drive a newer vehicle that is always under warranty and seldom needs more than routine maintenance.
  2. You can often get a larger, more luxurious, better-equipped car. Auto dealerships prefer leasing because the customer-loyalty rate is three times stronger as it is with buyers.

Things to remember

  • In addition to the monthly payments to make on the car, there is the insurance cover. What kind of insurance cover to take?
  • There is the monthly fuel cost to think about.
  • The cost of regular service to the car.
  • Beware of hidden costs such as ‘balloon loans’. This is a lump sum that is required at the end of the loan period. This is good for the lender but not necessarily the owner of the car.
  • Ask about the title of the car. Who will have this important document?

If it is difficult to get a car loan on your own, you can ask a parent or significant other to cosign on the loan for the car.
Due to many customers defaulting on their car and credit card payments, there have been cases whereby people have been denied mortgage payments.
It is always better to be safe rather than sorry, so it wouldn’t hurt to have the documents that are drawn up given a once over by a lawyer –  there are a lot of unscrupulous dealers out there.

Make Yourself Familiar with the Art of Personal Finance

Beads and Jewelry

Beads and Jewelry Business

Personal finance is a virtue which could help you on many instances in many ways and this is something you should think about carrying out as often as possible. If you are thinking about saving money and you haven’t been able to achieve so without having deliberate thoughts and ideas, you can always assemble your income and expenditure with the help of personal finance and see for yourself of the differences it creates. Personal finance is really a true art in itself because it teaches a person how to fulfill what they want to have and at the same time not consuming a lot of money on their own either.

Personal finance could be carried out really easily and in a convenient manner as you might not think as. You can straighten up your finances with a keen and effective sense of planning. But there are many techniques and strategies involved with that as well. Here is what you can do with the help of personal finance.

Personal finance could help you arrange your money. If you have a safety deposit account, well and good but if you don’t, you might want to think about getting one made through your back or someplace else. Your salary in this manner could directly be deposited into that account or a part of it at least so you don’t end up spending all of it. If you don’t want to get a bank account made, try and have something else to restore your money.

Personal finance also includes making a budget which most of the times people don’t consider doing when they actually should be. Budgeting could solve major issues because you will have a plan ahead of you in the first place. It will divide the money that you have into sections where it really needs to be spent and you can work things out accordingly.

With the help of personal finance, if you are under debts, you can also figure out some means for their consolidation and removal. First of all, you need to think about the credits you owe people and then the process through which you are going to get rid of them.

Learning how to save money with the help of sales and discounts could be an option as well because they could be implied in every day’s life without any trouble.

Eradicating your debts on your own terms – Taking your own financial responsibilities

Eradicating debts on your own

Credit Card Management & Consultant

Getting out of your high interest unsecured debt and staying out of debt is not an easy task. Chances are high that if you’ve misused your personal finances and your credit cards, you must have amassed a huge amount of credit card debt. Whipping your plastics during every little purchase is not the way to go if you want to remain financially fit throughout the year. But as most Americans are not much concerned about their finances, they commit the same mistake time and again. It is easy to get out of debt by seeking help of professional debt relief companies and by taking your own financial responsibilities. Have a look at some do-it-yourself steps to get back a firm grip on your finances.

  • Stop increasing your credit card debt: You must be aware that credit cards may seem to be attractive options to fulfil your dreams when you’re running short of money. Credit cards are the actual reason for the entire debt burden throughout America and therefore you have to make sure that you use cash instead of credit while buying things. The more you use your credit cards, the more you will drown yourself in a sea of debt. Lock your cards and carry cash with you.

 

  • Keep a track on your expenses: The idea of writing down what you spend is a concept that may sound baseless to most people but this is a worthy concept of dealing with your debts. Write down on pen and paper the amount of dollars you earn in a particular month and the amount that you spend from it. Avoid more debt by staying within your spending limit and by following a frugal budget. Try to distinguish between needs and wants and concentrate only on the wants.
  • Negotiate with your creditors: You can negotiate with your creditors on your own instead of getting help from professional debt help companies. If you feel that the professional companies can only help the debtors pay off their debts, you’re grossly mistaken. You can also negotiate with your creditors on your own and tell them about your personal financial hardship.

 

  • Start making the monthly payments: As soon as you negotiate with your creditors, they will ask you to make a single monthly payment to them. Make sure you manage your personal finances so that you don’t fall back on the monthly payments and hurt your credit score. If you make the monthly payments on time, you can get out of debt sooner and become debt free.

Thus, if you want to delete your financial worries, you must make sure you follow the tips mentioned above. It is always better to manage your finances on your own than rush to professional companies for help.

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Guidance for personal finance and investment

Personal finance and investment

Personal finance and investment

As the recessionary clouds are fading away from the international markets, investments and personal finance concerns are also picking up. Sadly most personal finance managers guide people on ways to increase liquidity by purchasing their company’s credit instruments primarily, credit cards and personal loans. The credit situation may get out of hands and debt refinancing or consolidation is the only options left with. And mind it! These are the high risk options which might lead cause an individual very dearly. For instance, a mortgage against home loan for sealing up the credit may lead to home foreclosure in case of payment defaults.
In order to stay afloat and maximize liquidity some of the best in class personal finance & investment tips are as follows:

  • Individuals should understand their risk capacity. Young guns can manage a 60%-70% debt and remaining portion with equity. As one grows older, the debt portion has to significantly come down. An ideal Debt portion should be 20%-30% for individuals aged 60+.
  • Investing in secured government bonds, fixed deposit schemes, pension schemes, insurance products and equity linked saving schemes is beneficial in the long run. Individuals can realize higher dividends and few are even tax free!
  • For children and spouses dedicated financial instruments should be purchased to look out for their education and health respectively. Friendlier payment terms can be negotiated with the bankers and other reliable financial institutions.
  • High risk instruments such as Mortgage loan against home or a mortgage loan against a vehicle might provide short term liquidity but can rip off in long term. These are smart instruments for service providers. The lesser rate of interest associated with them draw more people towards such instruments. However, what is missed out on is the longer payment durations and interest component.
  • At the start of each financial year, individuals should assess out their credit, equity and investment plans. Investment should be managed smartly in debt instruments. As far as possible secured investment instruments must be preferred.
  • At the time of financial year closure most individuals sort out tax benefits. Individuals should rather target the off season months or recessionary periods in economy. Bankers and other financial institutions generally offer discounts and healthier deposit rates than peak periods.
  • Only reliable bankers or financial institutions should be sorted out for managing your financial needs. Cheats and newer companies should be completely ignored. After all, it’s your hard earned money and it needs to be parked in safer hands.
  • Nobody can eliminate financial risks completely. The idea is to mitigate risks. If you have $1,000 available for investment it should be invested across various investment products and not one in order to maximize your profit at maturity.