Personal Finance Tips For People Who Want To Move In With Their Partner

Anyone who’s thinking about leaving home and moving in with their partner has a lot of hard work ahead of them. Learning to live with someone full time can be very difficult. Firstly, you have to get used to all those habits that you hadn’t noticed in the past. The most complicated part comes when you start to talk about finances. The chances of you both earning the same wage are pretty slim. That means one person will end up paying more towards monthly bills than the other. Considering that, you must read through our tips before calling a removals company. It might be that you need to wait a while until everything is sorted.

Personal Finance Tips

Pool your finances

Before you do anything else, you’ll have to work out how much money will be available when you pool your finances. Ideally, you need enough cash to pay all the bills, but also some extra for saving. In most instances, one partner will end up controlling the money, and so you need to make sure you select the most logically minded person. There is no point in letting your boyfriend handle the financial side of things if he is terrible at looking after his income.

Share any debts

Moving in together means that your income is shared, but so are your debts. At the end of the day, payments have to be made to creditors regardless, and so it affects both of you. That is why you need to be upfront and honest about any debts you may have accumulated over the last few years. That way, you can create a plan to sort them out. If you’re struggling to repay loans, you may need some professional help. Anyone who wants to obtain credit counselling in Vancouver or other locations should start the ball rolling as soon as possible.

Cancel your credit cards

Unless you have no other option, cancelling your credit cards is a wise move when moving in with your partner. While it is nice to have some extra money knocking around for emergencies, it makes more sense to use your savings. Credit cards make it incredibly easy for you to get back into debt without even realizing.

Open high-interest savings accounts

You only have to look online to find the best deals on high-interest savings accounts. Most high street banking groups provide them, and they could help you to increase your funds. While interest rates tend to drop when you withdraw money, you can get fantastic rates if you don’t. There is nothing stopping you both from getting a decent account today, and it will mean they any money you save is secure.

As we said at the beginning of this post, living with someone else can involve a lot of hard work. However, most people would agree that it’s worth all the effort. If you love your partner, you will find a way of making things happen. You just need to keep your ear to the ground and remain innovative in your approach. Creating a spreadsheet that displays details of your monthly finances is always a good idea. Just saying.

Jason Dirks

Top Tips For Getting Out Of Debt In Under Two Years

debts

Would you like to start making positive changes to your finances? Is your bank manager getting irate? Then now could be the perfect time to take steps towards getting out of debt. Contrary to popular belief, there are many different ways you can achieve that goal. You just need to stop panicking and create a plan. Sometimes it’s a good idea to get some advice from the experts, and so you might like to book an appointment to see a consultant in your area. Until that happens, the tips on this page may be of some use. Most of the changes you need to make are very simple. It’s all about learning to budget.

Reduce your monthly financial commitments

While there is little you can do to reduce the price of your rent or mortgage, there are many things you can do to limit other financial commitments. Maybe you’re paying for a top of the range automobile at the moment? You could simply sell it and buy something cheaper. You might also like to do your weekly food shopping at budget stores. Tesco and other major supermarket chains are far more expensive than the likes of Aldi. Just use your head. There is no point in paying $3 for a loaf of bread when you can get basically the same product for as little as $1 in alternative shops.

Move to a smaller property

Downsizing is always a wise move if you’re trying to get out of debt quickly. For those with young families, it might be impossible to relocate to a smaller property. However, most other people can sort something out. Perhaps you should consider buying a home in a less desirable area? That could help to save you thousands.

Consolidate your debt

If you’re struggling to repay loans, it might be time to look for a good debt consolidation service. You just have to search online and read through all the small print when looking for the best firm to help you out. The best thing about consolidating your debt is that original creditors are no longer allowed to make contact. That means those letters with the red writing should stop coming through the post. Winner!

Declare yourself bankrupt

Bankruptcy should always be used as your last resort. However, it is often the best solution if your debt is incredibly large. Whether you’re looking for a New York, Florida or Houston bankruptcy law office, you’ll need to find a suitable service as soon as possible. There are many downsides to declaring yourself bankrupt, the worst of which relates to having your name published in local newspapers. Even so; it could save you a lot of hassle.

As you can see, there are many ways you can get out of debt in less than two years. The decision is down to you. Just don’t make the mistake of ignoring your creditors, or you could end up in court sooner than you imagine. You have to let them know that you’re doing your utmost to ensure their money is paid each month.

Images Money

Factoring As An Alternative To A Business Loan

Loan lending business
Loan lending business

There are many interesting opportunities that are available for companies that cannot get a business loan. The truth is that not all business managers need a loan and there are so many interesting options that are available when you need more money. As an example, you can work with a company that is specialized in offering increased monetizing options. You can click the link for more information on Today’s Growth Consultant as an example of such a firm.

What Is Factoring?

Factoring is also known as accounts receivable financing. We can define it as a transaction that sees a business selling receivable accounts like invoices to another firm. The Factor (the third party) normally pays around 80% of receivable value as an up-front fee. For instance, if you sell a $1,000 invoice, you would receive $800. Factors will then collect payments from clients as the invoice is due, deduct fees (around 5%) and then forward the rest to you.

Factoring Advantages

The great thing about this option is that you gain immediate access to money. That happens before invoice date so you receive funds really fast. It is important for business growth because of the fact that cash flow is almost always a necessity.

You do not need to have a perfect credit score in the event that you want to use factoring. The factors are normally interested in how creditworthy the customers are. They do not really care about you as a business owner and how creditworthy you are.

Factoring Disadvantages

It is obvious that factoring is so much easier than the bank loan but it is not an option that is perfect. For starters, you do need to have a good profit margin that is built into what is sold, of around 25% in order to offer factoring approval. At the same time, you do lose a part of the value of the invoice. However, the same thing happens when you get a loan since you have to pay interests.

Who Is Factoring For?

Factoring is something that is really good for a company in the event that a lot of cash is blocked in some accounts receivable. Distributors, resellers, drop shipping companies and wholesalers do fall right inside this category.

As a really good example, factoring is an awesome opportunity for a small clothing manufacturer or any other specialty manufacturer. In the entire import industry the financing option is really popular.

Conclusions

There are so many companies out there that can be used as factoring options. You have to compare a minimum of 3 and then review quotes so that you can choose what is suitable for your business. Research is always the most important thing at the end of the day.

 

Are You Struggling to Repay Your Loan?

In the current economic climate money is tight, inflation has hit us again, and it is becoming more difficult to make ends meet. If you have experienced any money problems over the past few years, then it is likely that you have taken out a loan of some kind.

Loans can be a great resource for the public as they can help bail us out of financial problems. They can also help to put food on the table and deal with those pesky bills.

But it is important to remember that loans mean repayments. You might be finding it is tougher than you thought to make those repayments. This is particularly true of payday loans and short term loans. They tend to have a large percentage rate and often leave you out of pocket and having to pay back much more than you borrowed in the first place.

If you have debt problems it can adversely affect your credit score, making it harder to get a mortgage, buy a car or take out insurance

savemoney

Luckily there are a few options open to you if you need help to repay your loan:

Contact Your Lender

Never ignore the fact that you can’t pay back your loan. In fact, this is the worst thing you can do and will often leave you worse off than you were before.

Contact your lender as many of them have repayment plans in place to help people who are struggling with money. In fact, many of them may be able to suspend the debt for an agreed period, as well as informing you of free and impartial advice services.

Individual Voluntary Arrangement (IVA)

An IVA arrangement is perhaps not the ideal option, and you should only consider it as a last resort to avoid bankruptcy.

The arrangement is a personal contractual agreement between you and your creditors, which is a flexible as you need it to be. Your level of capital or income, sometimes both, will often dictate the arrangement.

One of the main issues of an IVA is the length – it can often last several years.

Contact a Debt Resolution Company

Contacting a debt resolution company is another option open to you. Their job is to help and guide you through your debt problems, so you emerge debt free.

At a basic level, they will do everything they can to help you get out of debt.

Most debt resolution companies will deploy an attorney to mediate matters between you and the lenders. They will be responsible for negotiating with them on your behalf and helping get your debts under control.

Don’t ‘Roll Over’

Most loan companies will offer you the option to ‘roll over’ your loan. A ‘roll over’ option means that you are pushing your repayment back for another month.

If you are struggling to repay your loan then avoid this at all costs.

It sounds like a great idea, but can end up being worse. If you choose the ‘roll over’ option, you will incur further interest and charges and end up owing even more money.

Top 4 Tax Benefits For Home Based Businesses

tax

Many people set up their home based business and work at the comfort of their home. They are unaware of the fact that they can get various tax benefits working at home. The best part of working at home is that you can start availing these taxes as soon as you start working. You might leave your full time job to work start your own set up.

Below mentioned are a few tax benefits, which you can enjoy working at home:

  1. Vehicle deduction

This is amongst the most complicated tax benefits, which you get working from home. In order to avail these benefits, you need to maintain the diary and keep the details of travel, maintenance costs and mileage information. Based on this information, you will be able to get the tax benefits while working at home. You should determine for how much time you use your vehicle for your home based business. You will be able to live a stress free life after getting this deduction.

  1. Entertainment and meals deduction

You need to keep proper documentation to become available for this tax deduction. You need to keep the record and receipt about the costs associated with the entertainment and meals. This way, you can submit the documentation with the tax department and seek the tax benefits. You should know that tax benefits are more if you entertain people at your home rather than taking them out.

  1. Home office deduction

In order to avail the tax benefits related to home office, you need to perform certain activities such as make phone calls, give training, do some paperwork and perform business related activities. This should be your administrative office from where you can perform all the functions. Besides that, there should not be any other branch where you perform administrative tasks. A specific part of your home would be used for your business only. You can get the tax benefits if you meet these criteria for your home office.

  1. Medical expenses

You need to employ your spouse to take advantage of this tax benefit. You can buy comprehensive family medical plan. It is recommended to contact the attorney who has complete knowledge about tax benefits for medical expenses. He can speak with the insurance company on your behalf and help you with the most suitable option.

A lot of attorneys are available in the market and the best ones are brought to you by utah.instanttaxattorney.com.

Author Bio

Jessica is well versed with the finance related topics and can write on them. Her articles are of highest quality and well researched.

Can You Afford To Invest In Property? Your Questions Answered

invest in property

Image via Flickr

If there is one way, you can ensure that you have a stable future it is by investing in property. When you get on the property ladder, you are making the decision to plan for the future. Many people don’t bother to think about the future, but you should always plan for every eventuality. If you have considered buying a house in the past, why not just go for it? Here are some of the most-common questions about property.

Why should you invest in property?

This question is one that everybody asks all the time. Sometimes people think that investing in property is a waste of time. After all, it is easy to rent a house, so why bother buying one? When you invest in property, you are saving money. If you put money into a house, you are building equity for yourself. If you ever need that money again, you can choose to release some equity. Doing so will mean that you can get a lump sum in no time at all. Having a property also means that you have something to pass on to your children when you’re gone.

Who can invest in property?

You might think that you can’t afford to invest in property, but you can. It is likely that you are wasting hundreds of dollars every month on rent, when you could be paying a mortgage instead. The average rent on a house is less than the average mortgage. If you are living with a partner, you will find that getting a mortgage works out cheaper for both of you. Talk to a financial adviser about whether you can afford a property on your current salary.

What properties are good investments?

The answer is that all properties are good investments, but some are a little better than others. When you are buying a property, you need to think about what money you can make from it. A great investment property is one which will help you make a few income streams. For example, if you buy a property that you can rent out when you’re not there, you can make a decent amount of money from it. You should also look for properties that will increase in value over time. If you buy a property in an area that is likely to develop over the next ten years, you can make a huge profit on your property. You can look at council plans online and see whether they have any developments in store for a certain region. Using that insider information, could make you some serious money.

How will you get a mortgage?

If you have a poor credit history, you may worry about how you will get a mortgage. That is only natural. It is tricky to get a mortgage when you have bad credit, but that is not to say that it is impossible. You should talk to the bank about your credit situation. There are ways that you can start building yourself a strong credit history. If you use a credit card on large purchases and make sure that you keep up with your card payments, you will start to build a credit history

How will debt impact your investment?

When you’re in debt, it will be more difficult to get a mortgage than when you’re not. You need to be honest about your financial situation when you talk to advisers. You may have to pay a larger deposit than other people by way of insurance when you get a mortgage. There are ways that you can still get a mortgage though so don’t panic. Some companies specialize in giving people in debt mortgages, and so you should make sure that you look for one of those.

How Can A Merchant Account Make Your Business Successful?

Prepaid Credit Card
Prepaid Credit Card

The vigilant business owner spends every waking hour looking for new and better ways to make his or her business more successful. When you decided to open a business of your own, you lost that luxury of simply “being off” of work. Instead, your life is a 24/7, 365 journey filled with business.

To the regular employee, this may seem daunting or even down-right depressing. For a dedicated entrepreneur, there is nothing more exciting. These individuals feel a connection to their business and as the company grows it is as if they are growing as well. They take every action they can to ensure that their business succeeds and tirelessly work towards their goals.

If you hope to get the most out of your business, you will need to explore small business merchant accounts.

Credit Cards are Necessary

You’ve probably heard it a thousand times before, but it never hurts to say it again. Modern businesses need to accept credit cards if they hope to survive. Every year, more credit card transactions are made than the year before and some have even gone as far as to suggest that eventually paper currency will stop altogether. Though that may be a bit premature to worry about now, it is not premature to start accepting credit cards.

People rely on their credit cards today to make most major purposes and that is not going to change anytime soon. In fact, many individuals will simply avoid an establishment if they know it does not accept cards. It is a convenience, and people do not want to give up their modern conveniences.

Easier Accounting Solutions

Beyond simply allowing your business to accept credit cards, small business merchant accounts help to smooth out your bookkeeping process. Instead of having to manually enter transactions or record them in a separate program, this will automatically track your credit card sales. This makes it easier for your bookkeeper to manage the day to day financing, and helps cut back on the amount of time needed to keep up with everything.

If you work with the right company, these reports can be extremely detailed, breaking down what types of cards were used, the average purchase made, and a variety of other helpful metrics. This can save you a lot of money and time and help to make more effectively marketing strategies in the future. Remember though, not all companies are created equal, so you must find the right partner if you hope to get the most out of small business merchant accounts.

Finding the Right Company

Ultimately, one of the most important aspects of small business merchant accounts is finding a company that will maximize your profit while helping to keep your business running smoothly. To do this, make sure you are working with a business that offers its costs up front. Look for advanced reporting metrics that are easily available and transparent fee structures.

When you can find the right merchant account provider, your small business will start gaining more momentum than you ever thought possible.

 

Get Rid of Your Student Debt Faster With These Two Methods

Student debt is on the rise. More people are now dealing with more debt than ever before, and paying off student loans is one of the biggest worries for many graduates. About a quarter of the increase in student debt is students gaining more qualifications, but that debt is still very real. Student debt is a huge burden when you’re trying to begin your full-time career. And it could be with you for the rest of your life if you don’t find an effective way to pay it off. But what options are there for getting rid of your debt faster? One option is to pay back your loan early if you have the money to do so. You also may be able to get your debt written off, or “forgiven”.

debts

Picture from Images Money

Paying Loans Off Early

If you can afford to, you might consider paying your student loans off early. Paying off your debt before it’s due could help you to pay it off faster, but you need to consider it carefully to make sure it’s a good deal. You don’t want to end up paying more than you need to in a rush to get everything paid off. The first thing to consider is your interest rate. If you repay early, you guarantee that you pay the current interest rate. This way you avoid any future increases in the interest rate, saving you money in the long run. If you have a higher interest rate, you’ll benefit more from paying off your loan early.

You also need to consider your income. You don’t want all your money to be going on additional loan payments, with no disposable income left and nothing to save. It may be best to take longer to pay off your loan if it leaves you with money to put away or spend. It may be a better investment to put your money toward a retirement plan than student loan repayments.

Loan Forgiveness

Another option is student loan forgiveness. A new federal program and many employers can forgive or write off student debt. However, not everyone will be eligible for these schemes, so it’s important you consider some factors. You may have to work for a certain period to qualify for forgiveness or make a certain number of payments toward the loan. The type of loan also makes a difference. Many employers offer loan forgiveness for federal loans, but fewer do it for private loans. If you work in public service or are a teacher, federal loan forgiveness schemes could help you. Every loan forgiveness program will differ, so make sure you do your research and see whether it’s possible for you to get rid of your student debt this way.

If you can’t pay off your debt faster or get some or all of it written off, your next step is to work out how to manage your payments. You may be able to get your debts consolidated, and doing something as simple as working out a budget can make repayments more manageable.

Debt consolidation to ease out the student loans!

While you have been pursuing with your higher education, you would have most certainly taken some loans. The loans could have been for small amounts or big amounts, and you would have been making monthly payments towards repayment of the loan. Whatever may be the amount of the loan you have taken, Student Debt Consolidation is the most ideal option because it helps you to bring down the amount of monthly payments. It is advised that you get acquainted with the working of this option. If you take the trouble of visiting a few sites, in the internet, you will be able to get as much details as you want about the working of this option.

If you are in the know of things about the system of working of this option, it will prove beneficial to you. There are different terms offered by lenders and the rates of interest too will vary from one lender to another. You should take the trouble of contacting some of them to find out their offers and how they will be beneficial to you. After collecting the details, you may think of contacting a few of them for purpose of discussion and negotiation. During your meeting with them, you should try to negotiate and get favourable terms. You should not be in a hurry to decide on the company with whom you are going to have dealings.

During the course of your discussion with these companies, try to get a detailed plan giving indication as to how they will deal with your present liability and how they are going to complete the student debt modification program. You should ensure yourself that you are getting the best rates and terms. Once they give their final offer, make it a pint to go through it with utmost care. If you need any clarification on any matter, concerning the modification program, please do not hesitate to ask for clarification.  There will be some fees or charges for the work these companies do for you. You should find out full details about them.

There is one more advantage in the modification program. For prompt repayments, these companies offer some amount of ‘bonus.’  You have to keep a watch for this offer and should avail the same when it is offered. All these go to reduce the amount of monthly payments. There are companies offering 1% concession in interest rates if monthly payments are made on due dates. Over and above these, they offer some discounts during grace period. With sustained follow-up, you will be able to get the details of such bonuses, concessions and discounts, etc. as and when they are announced. Only then, it will be possible to avail each and every concession which, ultimately goes to reduce your financial burden.

You have to be careful about pre-closure of your loan. Some of the companies charge a certain amount of fee for pre-closure of a loan. Some companies do not charge any fee for such pre-closure. So, it is better you get it confirmed, from your debt consolidation company that there will be no charge or fee if a loan is pre-closed. Now that you have all the details that you may require regarding the working of debt consolidation companies and the benefits and privileges they offer to the borrowers, the responsibility as well as the final decision rest on you. Once again go through the offers from different companies and after carefully analyzing the good and bad aspects of each offer, you arrive at a final decision with which you should not regret later.

Loans – A Must-Read Financial 101

Considering how unpredictable the economy has been over recent years, chances are that at some point, or another, the majority of people will be forced to take out a loan. This isn’t necessarily a problem in itself. There’s only a problem if you’re unable to make your repayments. This is why it’s essential that you know exactly what you’re signing up for before deciding to proceed. People often turn to loans in times of financial despair, so they’re not always thinking clearly about the options available to them. Nor, do they fully understand all of the terms involved. This is very dangerous territory to be in. This is how the loan that was designed to improve your situation could end up costing you more than you intended.

All loans have to be guaranteed in some way. It used to be that a trusted friend could act as a guarantor for you. But now credit scores have taken over, and loans of this type are harder to find. Many loans allow you the option of taking it out against the value of your home, or a possession of equal or similar value. The one thing you need to avoid is taking a loan of this sort out of rashness and desperation. Because regardless of your emotional state, if you fail to meet repayments, you could end up losing your home.

This post is here to help ensure that this doesn’t happen. It’s here to inform you of some of the most common mistakes that people make when taking out a loan. So you can be as clued up as possible before making any kind of commitment.

Financial 101

https://www.flickr.com/photos/itodd76/1563640250/

The Payday Loan Pitfall

Payday loans are one of the most common ways that people get caught out. The APR on such loans is typically astronomical. This means that you usually end up paying significantly more than your original loan amount. If you’re temporarily short on cash, but can guarantee repayments, they can be useful. But remember that you’ll invariably pay a hefty price for the convenience.

Always Read the Small-Print!

In finance, as with business, you should never make any assumptions as this is one surefire way to land yourself in financial strife. Every loan that you take out will have its own terms, conditions and legal obligations that you must be able to fulfill. If you’ve used your home as collateral, you owe it to yourself to treat the situation with the level of seriousness it deserves.

Understanding Interest Rates

As previously mentioned, loans all have different terms attached to them, and interest rates are no exception. So, when it comes to bridging finance and loans, for example, it’s up to you to know how interest fluctuations may affect how much you pay back. Because the reality is, that your pleas of ignorance won’t stop the IRS from repossessing your home and/or possessions.

You can rest assured that your financial armor has been suitably fortified. Now you can go out into the world with the confidence of knowing that, when the time comes, you can make an informed decision.