In the world of financing, one can get very confused as to the direction they should take when it comes to getting the right loan product. There are loans to buy a new or used car or truck and then there is leasing. What is leasing and how does it work? Do I finance for a short term and build equity faster or for a longer period where my payments are as low as possible? There are a lot of decisions you need to make. So what path should you take? There are many lenders and many loan products to choose from. Here are some basic guidelines to help you on your finance journey.
First, decide on how long you plan to keep the vehicle you are wanting to purchase. Are you like most consumers that likes to trade in for a new ride every few years or are you more conservative and hold onto that vehicle until the wheels are ready to fall off? Determining this will help drive the type of loan product you choose. Leasing
Money is a basic need. Couples and families need it to buy their important requirements in life. The problem starts when money becomes scarce in marriage or in a family. Many studies confirm that monetary issues are one of the most common causes of marital conflict and divorce.
It is common knowledge that budgeting or money management is no easy task. As most wives perform this function, they’re often at the receiving end when the husband freaks out after finding out they’re short of money or their debt has accumulated over time. Conflicts also occur as two individuals in marriage have opposing views on handling finances. This is understandable as people don’t come from the same family backgrounds. Each individual is brought up differently including in the aspect of handling funds.
Newly married couples may feel a bit overwhelmed initially in facing their finances as husband and wife. Some may become fearful they won’t be able to do it right. Some may be a little confused as where to start. But there’s no reason to
Sooner or later, most businesses need to turn to external sources to finance growth; whether it’s to invest in new equipment or machinery, to purchase property, upgrade technology, or even to maintain cashflow whilst a new product line kicks in. The cost of external financing can be considerable, and keeping it down is a key element in maximising your profitability. So; have a look at 3 ways we have chosen to find cheaper financing.
1. Plan Ahead
Plan your financing requirements well in advance – if possible, as much as a year before you will need the funds. This gives you enough time to prepare a robust application, shop around for the best provider, and negotiate the most favourable terms. If you left your planning to the last minute, not only will you limit your negotiating power, you might also give the impression that your expansion plans are not very well thought-out. Obviously, business owners need to be agile and respond to opportunities quickly, but this doesn’t change the face that quick money is invariably expensive money.
The amount of products available offering you copious amounts of credit to buy your expensive holidays and fancy televisions is still evident, even in the recession hangover period. The bottom line is, if you’re not on your game you could get taken for a ride and a bumpy one at that. Getting into debt isn’t all about taking out credit, but it’s a major factor. Some people end up in debt by simply neglecting their finances, which results in overdraft fees and missed payments. Whatever your situation and debt threat level, have a read of our quick tips to ensure you don’t make any basic, fundamental errors.
1) Be wise when you opt for credit. You know yourself if you will be able to afford the repayments on a loan or overdraft so make sure you do your homework and be honest with yourself. If you don’t need whatever it is your getting credit for, think twice about going for it.
2) Keep track of what you spend. Far too many people go the whole month spending without even thinking about looking at their accounts. The problem here is that you could easily end up in
Most people learn about finance the hard way through mistakes made from practical experience. People usually aren’t taught about personal finance in school. Moreover, parents don’t teach their children the basics either because they don’t understand it themselves, or they don’t take the time to it. So, most of us learn about money as we go through life. We make purchases, go into debt, and end up with a meager retirement account. CNN Money reports that 43% of workers surveyed in 2010 said that they have less than $10,000 saved for retirement. Even with full Social Security benefits, these people will be hard pressed to maintain their pre-retirement lifestyle. What if they had made better financial decisions earlier in their life? Perhaps if they were told about some basic financial principles they would be in a better position? Here are ten basic financial principles that your kids should know to avoid making simple mistakes:
Don’t spend beyond your means. This is such a basic principle that it would not seem to be worth mentioning; however, it is the key principle to financial success. Most financial advisors will tell you to pay yourself first by saving 6-10% of
1 – Check your Statements Regularly.
If you are in financial difficulties, or even if you’re not, it is easy to avoid reading your bank account and credit card statements. However, by not doing so, you could be losing money. There may be bank charges on your bank statement or transactions on your credit card statement that are fraudulent or simply erroneous. Examine
your statements every month and ensure you account for all of your outgoings and all of your fees. If there is anything you do not recognise or anything you do not understand then contact your bank or your credit card company and ask them for help.
2 – Don’t Hide from Debt
If you are starting to struggle with debt, the worse thing you can do is hide from it. Believe it or not credit card companies, loan companies and banks do not want to see you struggle to repay a debt. They would much rather it be easy for you as that way, they will continue to get their payments and they are more likely to get repeat business. So, at the first sign of trouble, call them or write
In a world where money is a necessity, people should learn how to set aside, even a little amount for future uses. Saving money is an ideal thought for anyone who ought to be ready at all times, especially in cases of emergency. In this way, you knew you are already secured. Doing the actual money saving would mean you observe some limitations on your everyday expenses, though. This is where the concept of budgeting is applied. Note that you can only save money if you know how to budget everything.
In order to help you succeed in budgeting and saving money, consider the following guide. These are the top 5 money saving ideas and tips you can utilize in your daily budget.
#1. Practical thinking
It is inevitable for anyone to spend money everyday, to procure essential things they need like foods and other personal necessities. In line with your money saving plan, you can look for some stores and places offering you cheaper goods, in a closely same quality you wanted.
#2. Save from regular expenses
If you really are eager to save money, no matter how little the cost of
Almost anyone who is over the age of 18 has a credit card these days. There are some people who may even have too many credit cards. Below are some tips to help you manage your credit cards.
Try not to use your cash advances. There is interest charged on the cash you withdraw and you may find that you were better off just using the card itself.
Attempt to get a card with a low interest rate. Do this especially if you do not pay the card off in full each month and only pay the minimum amount due.
There are relationship discounts that can be obtained through banks and credit unions. Be sure to ask about them when applying for a credit card. Loans and discounts can be obtained through the relationship discounts.
Don’t allow yourself to be swayed by reward options, or introductory rates. You want something that will benefit you in the long run.
Watch for increases of ancillary fees. Think of the penalty fees, and also what they charge for replacing a lost card, or issuing a secondary card on the same account,
Always try to pay
You and your fiance have probably already had to make a few big decisions together – pick a date…how many people…where to have the wedding…Were all of these decisions easy? Did you always agree?
Decisions and plans abound. The more you do up front, the better off you will be, so: Don’t leave out working with your future mate on bringing all of your finances together.
Start talking now. Use this guide to start the conversation and outline your plan. Then, when you get back from the honeymoon, you can both sit back, relax, and put your plans into motion.
1. Get to Know Each Other – Financially
While opening up about money won’t immediately resolve all financial issues, it will eliminate the taboo that often is associated with the topic. No matter what the situation, honesty is key.
Discuss your Financial Personality
Take the time now, before the wedding, to get your feelings out in the open about money, spending and saving. Are you a spender and your fiance a saver? Are you up in the air about buying or renting your first home? Get to know each others financial personality
Bad credit sometimes stands in the way of getting a car loan, but it doesn’t have to. Information is king and whomever is the most informed usually walks away the winner, although in this case driving away is the goal.
Let’s face it; its 2014 and the Internet provides the ability to access information from anywhere in the world has changed the way we all do business. This kind of access to information can be to your benefit or your demise! Your credit score is one of the most important forms of information that potential creditors want to access to qualify and rank you as a potential customer. These creditors are not the enemy. In fact they are our friends (at least we should pretend they are). They literally hold the keys to your new auto loan. Bad credit aside, the credit report tells the auto lender how much risk is involved with lending you their money.
Playing The Game
I am going to side bar for a second and talk about “Why you don’t NEED the bad credit auto lenders money!” Well actually you do need their money to successfully finance your auto loan but there
You may love to organize your financial documents. In fact, you take a step further into categorizing them by different coloured folders. There is even a special cabinet at home just for financial documents! You might even carry a notepad and a pen wherever you go just to keep track of every single thing you spend on. Best of all, you can and balance your chequebook regularly.
While this financial habit of tracking is great and should be applauded, it can be the ultimate time waster. It can easily take up 7 hours of your time a month, just to analyze where you spend. In a year, you might find an error which amounts up to $100. That 7 hours a month totaled up to 84 hours a year. In that one year, 84 hours were spent just to uncover a $100 financial error made by the bank. That is like $1.19 wage an hour for the meticulous tracking every month. You could have used up that time for work and do something productive.
The problem is time. Time waits for no man and is limited. Financial administration is indeed important, but do not sweat the
As someone who loves to shop, enjoys holidays and owns way too many pairs of shoes, managing my finances is definitely something that does not come naturally to me, I have had to learn. Managing your money is so important in becoming more organised, less stressed and more productive in your life – you’ll be amazed at what you can achieve with your money when it starts working for you, rather than you always working for it!
Seek advice. It’s funny how most of us will go to experts for help in so many different areas of our lives, but we seem to think that somehow managing our money is something we can tackle for ourselves – usually when all evidence is to the contrary! Look for a financial planner or accountant who can help you set a course for your financial future – you’ll identify your future financial goals, get real about your budget, set up investment strategies that will help you to achieve your goals – and you’ll wonder why you didn’t do it sooner.
Budget is not a dirty word! I know for many people ‘budget’ and ‘diet’ are in the same category,
There are many reasons why people want to take out a bank loan. For one, they may need some money to do some repairs in their home or have their car fixed. A bank loan can also help greatly in paying off some unpaid student loan. Additionally, it can also be used to pay for your child’s tuition or school fees and for any medical emergency or hospitalization bills you or a family member may have acquired.
Whatever reason you may have for applying for a bank loan, if it is crucial that you get one, there are some tips you can follow or employ to make sure that your application does not get rejected. Below are some useful tips on how to have your bank loan approved:
Be ready to share to all of your true financial information. Don’t try to hide any financial information from your bank; more often than not, they’ll get all the details anyway. A bank will always verify all information you have provided in your application sheet. During the application process, the bank will call you to verify all your personal data. The more personal and financial details you provide,
Sustainability is usually a term about environmental issues. Lately it’s become more of a personal finance term as well. That’s because financial decisions need to be sustained over the long term. To sustain you and your family over time, Financial Sustainability means planning and flexibility. Having Plans B, C and D is a necessity.
Here are a few tips for those who want to see their money stay around as long as they do.
Save Before You Invest
It’s a good idea to secure at least nine months of living expenses saved before even thinking about investing. As you plan your savings strategy, make sure you contribute enough to your retirement funds, particularly if your employer still offers a 401(k) match. Once you have your emergency fund, keep on saving. A good goal is to put aside at least 10 percent of your earnings each month (or as you can afford it). By retirement, you’ll have a nice chunk of money to nest in.
Keep Credit History Good
Being a habitual bill payer signals to banks and issuers that you are a risk worth taking. Paying credit cards or mortgages late will lead
Are you like most people, in debt so far you don’t know of a way out? This article will give you some tips on how to handle the problem. There is light at the end of the tunnel, and it isn’t as hard as you may think to get there.
Many people live above their means. They want nice houses, fancy cars and credit cards to use for their every want. This usually ends up in financial disaster, so if this does not describe you, good for you. Now, if you are in debt even though you live in a frugal way, here are some tips that will help if you put them to use.
1. If you spend easily or use credit cards often, stop. Clearly, this is not working and you must change the way you think. You do not need everything you purchase, so stop spending on frivolous things that are not necessary.
2. Make out a budget, and stick to it. Write it out on paper. Decide how much you will spend on groceries, clothes, etc. each month. When you have met your limit, do not spend any more for the
Do you have little insight into your finances? Do you know where your money goes? Get a grip on your finances through proper financial records. How you do that? The following ten practical tips help you get more control on your finances and help you ultimately save money.
Tip 1: Identify your income and expenses
Make a list of your monthly income: salary, health care, rent, child benefit etc. Do the same with your expenses: rent or mortgage, insurance, subscriptions. Do not forget the other costs such as entertainment, clothing, birthdays and such. Pull off the cost of your income and you know your monthly budget.
Tip 2: Set a budget you can spend each week
Based on the established budget, you can then create one week budget. A budget is one of the most useful tools for a frugal life, which is freely available to you. The advantages of a budget cannot be emphasized enough. A budget helps you focus your mind on your finances. By holding to a specific budget, you will have the feeling of being in-touch with your personal finances and controlling it.
Tip 3: Reserve Money
Many Canadian would be entrepreneurs and business owners find that financing a franchise is often as challenging (if not more so) than the process and work and due diligence in selecting the right business to purchase.
Lets share some hands on, ‘real world’ advice and tips on franchise finance in Canada. Fantasy might often work for you, but NOT in business financing!
Business financing is a challenge on any level, major corporations wrestle with it everyday, and you are wrestling with it as you contemplate your new business venture. Naturally all our comments and advice relate to both a new franchise or your purchase of an existing business that is being sold by a franchisee.
A lot of franchises would do well to understand how the franchise industry is regulated in Canada and what types of disclosure and protection are in place for both you, and, to be fair, the franchisor. Those rights and obligations you have are under something called the ‘Arthur Wishart Act’ if you are in Ontario – other provinces have similar legislation. We strongly recommend that you look at the Act, and quite frankly your lawyer might be the best one
If you are thinking about buying a new car there are a number of finance options available that could help you to afford this type of large purchase. Financing a new car can be a daunting task for some consumers as they may be nervous about taking on additional credit responsibilities. However if you take the time to understand the options available and manage your credit carefully then buying a car on finance can be a very effective way to fund your next car.
Tip 1: Understand Your Budget
Car finance can help you to buy a much better car than you might have been able to afford out of your income alone. However it is important not to get carried away otherwise you could end up overstretching your finances. This could be a burden on you for months and even years to come. Therefore it is essential that before you go out and start looking at cars that you sit down and go through your incomings and outgoings. Look at your current debt and expenses and set aside a manageable amount of money that you can allocate towards paying off a car loan or credit
Everyone knows that buying a house is a massive financial investment, but a lot of people don’t know about some simple tips and tricks that can save you tens of thousands of dollars both in the short term and long run. Today we’ll review some money saving basics that will help you make smart choices with purchasing your next home.
Choose Your Timing
Don’t rush into a home purchase if you don’t have to. The market goes up and down, which will greatly affect housing costs. Purchasing a home in a buyers; market can save you big time and also ensure you have a wider selection of options. November and December also tend to be good months to purchase homes, because most people sell in these months out of need.
Research Your Mortgage
There are a lot of different mortgage options that range in everything from interest rates and payments to points and incentives. Ensure that you fully research all of your options and play around with payments. Find out what the exact monthly payment, length and interest accruement would be for each option. See the break down for each option available to you