Archive for the ‘Personal Finance’ Category

Tips to stop bad spending habit

Monday, September 2nd, 2013

spending habitA lot of people these days have more personal debt than they can easily manage. The credit crunch is looking large and this has led to all the banks becoming extra strict with late payments. Are you struggling with more debts that you can handle? Well, if you are then you will have to understand that most people rake of their personal debts because they have bad spending habits. If you want to take care of your debts properly and put your finances back on track then it is very important that you bread your bad spending habit. Here is some help on the same.

To break your bad spending habit it is very important that you put your credit card away. If you think that it is impossible for you to resist making purchases with your credit card give you credit card to for some time someone you can trust. While going out for shopping, carry only cash. This will ensure that you make purchases only with the money that you have available with you. This will help you to develop a positive spending habit. Also, when you go shopping, along with the cash, carry a list. Prepare the list of things that you need to purchase beforehand and stick to that list while shopping. This will cut down on, or better still totally eliminate, compulsive purchases. The list will help you to focus and deter you from purchasing the things that you really do not need.

Secondly, it is very important that you set reasonable financial objectives for yourself. Make a list of things you spend unnecessarily on and try to reduce their number gradually. Cutting down your expenditure on small things will help you to save big.

Also taking to a financial consultant may help you to take a few smart steps.

What is FDIC insurance?

Monday, April 15th, 2013

FDIC insurance, insuranceThe FDIC insurance is the Federal Deposit Insurance Corporation insurance which is provided by most of the banks to secure the future of the account holders in many countries like United States of America. The insurance is provided to the account holders in case of emergencies like if the bank suffers from any kind of fatal loss or if it goes out of business. Apart from a few type of financial accounts, FDIC insurance covers all the other accounts.

FDIC insures savings accounts, certificate or checking of deposit accounts etc. Generally, annuities of life insurance or mutual funds are not covered by FDIC insurance. You can check the FDIC website online to know more about their insurance terms and conditions. The insurance is done to ensure that you do not face any kind of loss even if the bank runs out of business. It is advised to open account in only such banks that provide the FDIC insurance to account holders.

Steps that can hike your savings

Friday, November 2nd, 2012

Money saving tips , money managementIn this economic crunch times it is very important that you take good care of your expenses. Knowing the value of money is very important and you should build the habit of saving up for a rainy day. There are several ways in which you can hike up your savings. It is advised that you treat the savings account has a ferocious creditor who has to be paid every month.

This will make you deposit some amount every month and will help you build the account. There are a lot of expenses that you can simply do without. For instance, eating outside is not necessary. If you cook your meals at home, it will be a cost effective as well as a healthy choice. You should also try to take the bus when possible instead of taking the taxi. Taking frequent walks instead of taking transportation will not only help you save money but it will also keep you fit.

Managing personal finance made easy

Thursday, September 6th, 2012

Manage personal finance , personal finance Many people face a major cash crunch at some point of time. Sometimes the situation becomes so severe that one has to file for bankruptcy. Not only does the credit score get affected but day to day life also becomes difficult. That is why it is very important to have a proper financial plan. Make two main lists -one for the beginning of the year and one for each month. For the annual planning, plan out finances like home loans, insurance and any other debt clearance.

For the monthly planning, you should consider matters like groceries, main shopping list, and education fees for children, etc. You should have a budget for every kind of expense for the month. Make it as precise as possible. But you should also keep some money for extra expenses and medical emergencies as well. Follow this plan and you can relax and enjoy life financially.

Cash or Credit: Which Is a Better Pick?

Friday, August 24th, 2012

Financial tips, credit handlingThere are many times when we are confused about how to handle our money. Some people say that handling cash is better and some say that credit cards are better options. There are advantages and disadvantages regarding both. At the end of the day, it is how you perceive it and how well you can handle matters of money.

When it comes to using cash, it’s easier as we can always keep a check on how much we are spending. Also risks like credit debt aren’t involved in such cases. You can handle your own expenses and you won’t have to worry about problems which might occur in the future. But credit cards are better when it comes to travelling. Carrying a lot of cash with you could be risky. That is why plastic money is better in these cases; just make sure that you don’t spend more that you need to.

IVA: Bad or good?

Monday, August 6th, 2012

Advantage of IVA, IVAAny debt solution arrangement should be looked at very carefully before you opt for it and it is the same with Individual Voluntary Arrangement (IVA). As far as debt solution is concerned, IVA has the power to swing the advantage balance from a creditor to a debtor. However, before opting for it you will have to understand whether it is good or not. And for this you have to know about its advantages and disadvantages.

The biggest advantage of IVA is it makes your debt more manageable and enables you to avoid the downsides of bankruptcy. Since IVA freezes interests and several other charges, your debts will not grow. As far as the disadvantages are concerned, IVA can affect your credit rating adversely. You will also have to pay much as it is possible on your part therefore you will have very little money in hand every month. If you own a home, you will have to release equity.

How to win a debt negotiation

Monday, July 23rd, 2012

Debt negotiations, debt settlement tipsThere are a lot of people who are under a lot of liabilities in terms of money and for them, debt negotiation could be a very effective option. The number of people who have been opting for such settlement and negotiation programs has increased quite a lot over the last few years. However, it is not that easy a job to get almost 60 percent of the debt forgiven but it is not impossible either. If the amount of your debt is more than ten thousand dollars you have chances if qualifying for the scheme. The relief company will make an intervention between the company of your credit card and you and this will probably be for your benefit. After this, a plan will be drawn for you that aspects like your assets and your stability regarding finance is covered. Then, a deal will be reached where a favorable negotiation with your creditors will be made.

Tax benefits for elderly

Wednesday, July 11th, 2012

Tax benefits for elders, taxTax benefits are given to the elderly people in many forms only after verifying their eligibility for the said. Usually a person is considered to be a senior citizen and can apply for tax relief after 65 years of age. The Department of Finance- Collections Division is the authority to determine whether a person is eligible for elderly/ disabled tax benefits or not. Tax benefits for the senior citizens are given in areas like:

  • Real estate or property tax
  • Homestead credit based on the level of income of the household
  • Low income tax concessionsAnyone above 65 years and having a personal disposable income of no more than $ 18,800 is entitled to get tax relief by applying with all documents. One can receive up to 50% of the estimated value of a dwelling property. Social security benefits are taxable depending on the source of income and so an elderly person might as well be relieved of getting taxed.

Performance based marketing explained

Wednesday, June 27th, 2012

Types of marketing, performance based marketing There are various types of marketing that can be used by a business looking for a chance of getting its name out there and also to enhance the customer base. One of the many ways in which a business can communicate to the customers is by performance based marketing.

There are many websites easily available on the internet that provides advertisement space for other companies at a very low cost as long as they are not competitors in the same field. In case of performance based marketing, the advertisement featuring company can make money depending on the performance of the advertisement. These are similar to click ads. Performance based marketing is more familiarly known to people as Affiliate marketing. This type of marketing is used by companies to place ads on other websites where there is an impressive traffic record. This helps to expand the business by effectively reaching out to customers and at the same time helps the smaller hosting websites to earn money.