For all you spendthrifts out there, a common problem that you all might face is, whenever you go to a grocery store you just end up with a big hole in your pocket. This usually happens because you step into the store without a plan and you pick up whatever you feel like on the basis of your choice and at times mood. This problem however can be very easily solved with effective methods that can help you shop better and achieve your financial goals. Let’s take a look at few pointers which will help you keep your grocery bills minimum.
1. Make a list before you step into the shop: This is by far the single most effective step if you are planning on reducing your long grocery bill. Before you go out for shopping, sit down with your family and jot down a list of items that you might need. Things that should always make to your grocery list are cereals, fruits, vegetables, meats, pulses, sources of protein, pulses etc. Always include some fun items as well, since restricting yourself way too much will lead to more temptation. Hence a bit of leverage is always good.
2. Plan your meals in advance: The first point directly leads to this tip. Only when your meals are planned in advance can you prepare a grocery list for your home. Prepare a menu plan for the entire week and then jot down items that you will need to prepare them. This step will not only help you save a lot of money, but also a lot of time since before preparing meal you don’t have to sit and think about what to cook every day. So take some time out! A little time spent on planning, will save a lot in future.
3. Stick to generic products as much as possible: Buying generic products can be great way to save money. Now, by steering clear of brands you are definitely not cutting down on your daily dose of nutrients whatsoever. What you are doing is you are reducing bill amount by avoiding tags. Go carefully through the label, which informs you about calorie content, nutrients etc. Spend some time on scanning labels and pick a cost-effective item by definitely not compromising on health.
4. Get loyalty card from the store for added benefits: The store always gives out loyalty cards after a certain amount spent. Opt for these cards as you can avail discounts on each purchase.
5. Keep an eye for coupons: Your Sunday newspaper always contains coupons which basically are sales promotion offers. Make the most of them.
Calculating the rate of interest for any kind of loans is simple and if you keep a track of it then it should match with the interest that you pay in the end. The easiest way to calculate the interest is by multiplying the given rate of interest with the number of years the loan has been taken. Suppose you have bought a house and have taken a loan for it. The interest rate for the loan is 5% while the mortgage amount is $250,000 and the total repayment time is 30 years. The rate of interest or the total interest will be calculated by dividing the monthly payment by 360 and multiplying the amount with the number of times in which you have to pay the full amount back. After this the private mortgage insurance and taxes can also be deducted. The rate of interest and the amount resulting in the end depends on several factors which are discussed below:
• Amount of loan– the amount of interest that you pay is directly proportional to the amount of loan you have taken. Larger the amount of loan higher will be the amount of interest. However if the down payment is more, then the total interest can be lower.
• Length of loan- generally a loan is taken for 15 or 20 years. If you think that paying a small amount on a monthly basis is beneficial for you then the length of the loan can be longer. But in such cases the total interest in the end is a lot more. Suppose you have to pay $100 per month for 15 years but you prefer to pay it in 20 years. In this case, although the size of the your monthly outflow will go down, the total interest paid in 20 years will be more than that paid in 15 years with a higher monthly outflow (more popularly referred to EMI).
• Interest rate– this makes a great impact on the amount that a person has to pay in the end. Even with the slight change in the interest rate the total amount of interest can change a lot. There are however concepts of adjustable and variable rates but that is a rare case. As you start paying the principal amount on a monthly basis the impact of the rate of interest starts to decrease. The duration of the loan is also vital in this case in order to determine the accurate amount.
A vehicle insurance is a must have for every vehicle owner. It’s also known as motor insurance, car insurance, GAP insurance or auto insurance & refers to the insurance meant for trucks, cars, motorcycles & other forms of road vehicles. The chief use of vehicle insurance is to offer financial protection in case there is any mishap from your vehicle. The terms & conditions of auto insurance would vary with regions but every state in all countries do approve vehicle insurance – and some of the states have declared the basic insurance a compulsory for the car owners.
There are different types of vehicle insurance. The primary one is the basic coverage mentioned above that would help the car owner to compensate for the damage inflicted on other’s property by your car as well as injuries incurred by the hurt party. However, the basic policy won’t be able to cover up the entire compensation. Then, you have the full coverage vehicle insurance policy which offers collision & comprehensive insurance safeguard mostly designed to guard collateral used in obtaining financing for the new & used vehicles. These policies are especially suited for expensive and flashy vehicle owners.
You have the collision vehicle insurance policies as well to pay up the costs up till policy limits, sans any sort of deductible sum for damages caused from collision with some other object or automobile or sudden vehicle upset. Another form of vehicle insurance is comprehensive plans that help to cover up all the losses incurred by the vehicle including the car being stolen or destroyed by burglars.
There are several ways to ensure affordable vehicle insurance. One of the most viable is to get your vehicle backed by vehicle tracker and other car safety equipments such as burglar alarms. Moreover it’s advisable that you opt for not-so flashy vehicles if you are looking for affordable insurance policies.
A recent survey shows that the per student cost is increasing more than the family income which is not rising at a very progressive state. The costs of education and higher education are shooting up by the day and higher education is just being something which the very elite people are able to afford. Apart from the rich the middle class people are bound to take loans to get their children to have the best of educations. Taking a loan is not paying the money which they earn but paying the money by other means. Since they are unable to afford the education costs itself it is difficult for them to cater to other needs of their children. This is when the financial security of the child is questioned.
There are various ways by which students can themselves earn for themselves a little amount which can be spent on themselves to fulfil their regular needs. Earning a little money by doing some part time job is the hot favourite option for many students. Writing articles as content for a wide range of portals on the World Wide Web is the most sought after part time for every student. Many students excelling or doing well in their field apply for paid internships too.
There are various ways for students to reduce financial stress the first one being staying far away from credit cards. It’s made for usage during emergencies but it seems credit cards are being used irrationally and at every little time when students feel the need to splurge.
Summer vacations should be spent fruitfully. Short term employments are a better paid job and it can be fulfilling too. A budget plan devised for proper rational thinking should be jotted down during free time as this is the basic key to financial security.
The 6 things we should keep in our minds before paying money for a new vehicle these are as follows:-
Decide which vehicle you would like to purchase– Choosing the vehicle is the first step of the whole procedure. Whether you want a sedan class or hatchback you need to decide it first. Then decide on the features would you like to have in your new vehicle. All in one cannot be possible as it can exceed your range so you must keep it in your mind while selecting.
Take a test drive – Visit the best car dealer of your choice which has different options that you want. Look for the car you want and must check its interior look to make you feel comfortable. Take permission from salesperson for a test drive. During the test drive be careful about the handling of the car brake and acceleration. Ask the salesperson about the vehicle its various descriptions.
Find out the vehicles invoice price – Invoice price also termed as dealer price which the dealer pays to the manufacturer for a particular vehicle. There are various websites where you can find out the invoice price.
Get pre approved for a loan– Look for the best interest rate and loan conditions for a new vehicle. Credit unions are the most excellent preference to secure a low interest rate on a new car loan.
Get email quotes from several car dealership– Send email to three to four dealerships for the vehicle you want and ask for a quote. Don’t forget to include vehicle color vehicles neat point and other options you required.
Go to the dealership to pick up the vehicle – After receiving the best quote for your vehicle go to the dealership and purchase your car along with fulfill all the paper works.
The ability to raise business finance whenever you have a cash crisis can make a huge difference. The magic is in the word speed and if there is a speed of decision, speed of access to funds then there should be no harassment. Cash is obtained very quickly these days and this is the only reason behind the too much loan pressure.
It will be clear that you can raise a lot of profit, if you are able to react quickly to an opportunity. It can be proved to be no credit of yours and only someone else’s misfortune or it can also be so that you have placed the correct thing at the correct time. You can act easily if there is enough access to liquid cash as business is presenting enough opportunities every now and then. Though the banks don’t react so fast but the commercial money lenders work promptly to your required amount and provide you with it in the form of loans.
Your bank is the place which will never work decisively if you ask for any kind of loan regarding business and finance. Thousands of queries will be carried on and they will bring up enough and more reasons not to give you the amount that you are in need of. In these cases the commercial institutions are slowly hitting the top ranks of the market because they can instantly provide liquid amount.
Just like the high-street lenders, the commercial money lending companies are not so much regulated. They only consider the amount of assets and the experience of the individual dealing, before taking the decision of whom to lend. Previously the bank managers used to take the decision of providing a loan but nowadays the scenario has been changed. Now, the manager waits for the computer to say ‘yes’ or ‘no’. So, the commercial money lending companies are the best destination to raise cash for your business
Are you planning to get your first home soon and looking for financing tips? Well, that’s just splendid – but you must know that investing on a new house involves a lot of planning and organization and you have to head for that from at least a year ahead. The article here is a discussion on the must-follow tips as you decide to prep up to finance your first ever haven.
The primary most tip here is to ensure a stellar credit score. It’s needless to remind that better your credit score is, lower would be the mortgage rates. The best advice here would be to keep the credit score in 700 which will highly lower down your monthly payments and interest rates. As mentioned earlier, you have to start off from at least a year ahead prior to applying for the mortgage. Thus, incorporate a planned budget so that you never get to go overboard with expenditure and is always able to pay up the bills on time- there should not be any issue of debt or penalties on your credit score. Besides, make sure not to go for any major change during this 1 year span. Don’t shift jobs as the mortgage lender would like to ensure stability of your income that in turn guarantees timely repayment for them. In a nutshell, be very careful and do not commit anything that can adversely affect your credit status.
Then, you must seriously consider your income as you plan for the mortgage. The financial gurus always advise that you stay tight with the sum which you can afford in terms of your income level as otherwise it might affect your repayment caliber. The rule of the thumb here is to have a loan value that doesn’t exceed 28-31 percent of your earning per month.
Many of you must be under tremendous pressure because you must have taken loans from different sources or you might have many credit card balances due. However, you should not become really stressed out because you have the option of consolidating all your loans and credit card balances into a single monthly payment. A specific rate of interest will be charged on the amount of debt that is consolidated into the single loan. Here are some of the merits and demerits of debt consolidation.
Once you consolidate your debts, the amount of interest charged can be reduced through proper negotiations with your creditors. The reduced interest rate will allow you to pay off your monthly payments on time and will help you save some money as well. Debt consolidation involves only one payment which makes it quite comfortable and convenient for you to pay off your different debts easily. It will also give you the opportunity to pay your debts on time and thus you can avoid paying late fees. Consolidating your debts will also enhance your credit standing and score since you will not become a defaulter or pay your loan late. If you take the help of a consolidation company then all negotiations will be carried out by it so that you can remain stress-free.
In order to consolidate your loans you need to provide collateral such as your car or house. This way you have the chances of losing your asset. Debt consolidation may encourage you to take more loans since you will not have much pressure regarding the single consolidated loan you have to pay off. It is said that people have to pay lower rates of interest if debts are consolidated. But this is not true. Getting lower rates of interest is difficult and depends on the negotiations you have with your creditors.
If you about to retire recently from your job, then it is high time that you should start thinking about retirement plans. Now you must be wondering what a retirement plan is? It is nothing but a finance plan to secure your life post retirement. Investing in a retirement plan ensures a constant source of money for the retired persons when there is no steady source of income for them. Many finance companies offer retirements with assurance of good returns. You should do a well research before you invest in any such plan. However you can also invest several other ways to ensure good returns post retirement. That will also act a sort of retirement plan for you.
You can invest in some mutual funds when you are already working so that you can get good returns in the future and your life post retirement period is secured. You should know the details of the mutual fund while investing. You can also invest in real estate because many people consider investing in real estate the wisest option. The main reason behind this is the exponentially growing demand for real estate. If you buy a property, then you can expect good returns from it by renting it out. This will ensure a steady source of money for you.
You can also keep your money in some savings scheme or recurring deposit scheme with some banks. These things also ensure that your life post retirement is completely secured financially. You can also invest in share markets as this is a good option too. But then you have to keep a constant eye on the movement of the share market. Investing in some retirement plans of companies is also considered a wise decision provided that you have done enough research on it.
An effective finance management is the key to a secure financial future and a better worry free life. But a proper finance management is a perplex affair requiring meticulous organization and hours of planning which is little complicated for a layman. Thus, it’s best to leave it with the professionals who will do the entire planning on your behalf leaving you with clear blueprint to follow on. Are you on the lookout of a financial advisor? Well, the post below has come up with some essential tips that would come handy while you are in quest of a good financial advisor.
You have to settle with a renowned financial advisor since he would be dealing with your money. Thus, it’s best if you can proceed with referrals from your friends and family who are in touch with financial advisor. If you have no such help available you have to search yourself. Pick out 5-6 potential names and ask them to provide you with their client contacts so that you can understand the clients’ experiences with the advisor.
Check credentials and experience
Your chosen financial advisor should be armed with the necessary diploma & other related credentials required for being a financial advisor such as CFP, PFS, CPA or ChFP. Experience plays a huge part when you are managing finances and hence make sure your chosen advisor is a seasoned one. It’s because different families have their own specific financial situation and one single management approach won’t fit all. A seasoned financial advisor has the experience of handing finances for various families and hence knows which management strategy works in which situation.
Your financial advisor should be ready to attend you properly where you will get enough space and time to state you entire financial situation and how you would prefer to manage it – staying in sync with your aspirations and needs.