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Archive for the ‘Personal Finance’ Category

Have you ever found yourself wishing you could manage your finances and help the less fortunate at the same time? If you have, then you’re in luck. The combination of 0% credit cards and an ethical commitment can really make a difference. Interest free credit cards have always been popular and now they are developing a helpful edge, too.

Manage your finances

Having a 0% credit card is something you can build into your financial management processes. These cards generally offer a 0% interest rate for a limited time, so that any purchases you make on your credit card during that time are interest free. This is ideal if, for instance, you are looking to put a large purchase on your credit card (within your credit limit, of course!) and then pay it off in instalments over several months.

You can do this through your minimum monthly payments, which you are required to make as part of your credit card conditions. Just remember to check when your 0% deal ends as this will give you a deadline by which you need to clear the card, or else you will start to be charged interest on the balance you carry over.

Help others with your card

Increasingly, you can find some very good charity cards that give you a chance to help other people when you use your credit card. It works like this: you make a purchase on your credit card and are given a value of that purchase back (usually around 1%). You then donate the money you get back to a charity of your choice, which is great for helping good causes as well as giving you an added incentive to use your card on a regular basis. Helping charity while you shop responsibly – it’s certainly an attractive prospect!

Thinking about improving your financial situation is a good decision to make at any time of the year; many people find it easier to make it at the beginning of the year. It’s not important when you begin. The basics still remains the same. Here are the top ten strategies that will keep you stable financially.

1) Get paid what you are worth and spend less than you earn – It looks very simple when you read this line, but most people struggle through this first basic rule. Know the worth of your job in the marketplace. Evaluate your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. If you are getting less paid, it will have a downward effect in your working tenure.

Once you have determined your earning potential, don’t spend more than what you earn. You will never get ahead in life. It’s very easy to spend, but it takes a lot of time, patience and skills to earn. A little cost-cutting effort in a number of areas can result in big savings. You don’t need to make big sacrifices all the time.

2) Stick to a budget – Everyone needs to do a proper budgeting of their finance to know the inflow and outflow of your money. It will be tough to set spending and saving goals if you don’t know where your money is going.

3) Pay off credit card debts – credit card debt is the number one obstacle to getting ahead financially. Credit cards are so easy to use and it’s even easier to forget that it’s actually real money and needs to be paid when payments are due. If we don’t pay in time, we end up paying the principal at highest interest rates and fees that could have been saved otherwise.

4) Contribute to a retirement plan – if your employer is providing you a 401(k) plan and you are not taking the benefits, you are walking away from one of the best deals. If your employer has such plans, sign up for it today. If you are already contributing, try to increase the contribution. It will help you only after retirement. If your employer doesn’t offer a retirement plan, consider an IRA.

5) Make a savings plan – Pay yourself first! If you wait until you have paid all your debt obligations and then see whether there is any amount left for saving, chances are that you will never be able to make a healthy savings account or investment. Always try to set aside at least 5% to 10% of your salary before staring to pay the bills and utilities.

6) Keep investing – first try to put money as much as possible towards a retirement plan and a savings account, and then see if you can stretch more towards making some investments. Your finance will get all better in your future.

7) Employment benefits - Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are quite expensive. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.

8 ) Insurance cover – you need to have enough insurance for yourself and your family to get protection in case of death or disability.

9) Update your Will – protect your loved ones. Write a will. Most people in US don’t have a will. But if you make one, this will be for good reasons and beneficial to your family members.

10) Keep good records – Always do book keeping perfectly. If you are not doing it, you are probably not claiming all your allowable income tax deductions and credits. It will be much easier instead of scrambling to find all the details during filing taxes. There will be chances to save more money if you have every income and expense documented.

Due to the recent economic crisis, there has been a tremendous greed and competition to attract more customers between different banks and the lending institutions. This can be a great opportunity for the new homeowners to make a good investment.

While credit from the bank has dried up, there are so many private money lenders who are looking for some opportunities to invest their money. In today’s market of economic crisis, real estate can generate extra ordinary returns for the investor and their private lenders.

The simple reason is buyers who are backed by their money lenders can literally name their price. They can avail deep discounts of 20% to 40% of the market value. The investors can further sell that house to the homeowners at a great discount and still make hefty profits.

Wouldn’t it be exciting if you knew the secrets of getting private money from anyone? How to get money from Friends, family, private investors, funds?

• WHAT’S IN IT FOR ME?

For family and friends, their consideration is influenced by their investing experience with CD’s or the stock market. So, for private investors who are friends or family, consider offering returns of 10% or higher. On the other hand, private lenders of high net worth (like angel investors) regularly look for investments with much higher returns. To be at all interested, they would expect returns of 15% or higher.

Wouldn’t it be even better, if you could borrow private money without having to make regular interest payments? Then consider offering instead of interest, an equity share-a percent of the profits. And if the private lender does want regular payments, you can use mixed funding. That is, offer low monthly interest payments supplemented with an “equity kicker”. So the investor can supplement his yield by receiving a share of the profits.

Most of the American have a deep love for an automobile. If you are planning to buy a new automobile, there are many places to find the wheel of your dreams. Here are some tips for the automobile lovers so that you can buy a good vehicle for yourself.

Match your personality: It is very important to have a car of your choice. Know the things that you want to have in your car. This is a car that you will be having for a long time and you must make sure that you are driving it with comfort.

Consider theft prevention: Check with the National Insurance Crime Bureau to find out the cars that are often stolen. If you are planning to buy that model, make sure that you have a strong theft protection system in your car.

Lemon aid: You should check with the National Highway Traffic Safety Administration to know the vehicles with most consumer complaints. This will help a lot in your decision making.

Think ahead of time: A vehicle is a long term investment. If you are a single and are planning to get married sometime in the future, you may consider a bigger car, with plenty of space in it for the baby strollers and playpens.

Keeping an eye on the gas prices is important: Gas prices are rising up frequently and it is very important that you have a car that is fuel friendly and does not hit strongly on your budget.

Your car should have the value when you need to resale it: You must consult with the Consumers reports to know the resale value of your car that you are planning to buy.

Narrow your options: As you are getting close to the date of purchase, peruse all the options on the car and streamline it according to your requirements. This will help you in getting the suitable car according to your needs.

You want to make sure that the car that you purchase gives you the real value of your money. These seven tips will prevent you from making a big mistake.