Secret Ways To Save Money When You’re Buying A Home

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Buying a new home on a  budget is possible, so long as you know what you’re doing. Trying to buy a property without doing your research first could mean that you end up paying much more for the property than it is worth. If money is tight then, you need to ensure that you get things right the first time. There is no room for mistakes or issues when you are buying a house. This investment is likely to be the largest expense of your life, and so you need to be sure of it before you sign that contract. Prepare yourself for the enormous task that lies ahead of you. Know what you are looking for and how much you are willing to pay for it before you do anything. Here are some incredible secret ways to save money when buying a home.

Consider all the extra fees

Remember, when you buy a property you are not just paying one fee. There will be all manner of expenses that you will need to pay during the process. Before you even begin to look for houses, you should be aware of all the hidden extras. Take the time to sit down with an accountant to go through your finances. You need to establish whether you can afford to buy a home before you set your heart on your dream house.

Improve your credit history

Your poor credit score will hold you back when it comes to getting a mortgage on your home. There are a few simple ways that you can help to improve your score. Changing your home address at the bank to your current house will help. Often your score will suffer when you don’t update the bank with your current information. You can also use credit cards to improve your score. Make sure that you make credit repayments on time so that you get a good credit score.

Look for property in cheap regions

Some regions are cheaper than others. If you want to find a reasonable house when you’re on a budget then, you should look into investing in a cheaper region. For example, if you do a quick new home search in Broughton Astley, you can find some reasonable, yet large properties. If you are flexible with where you want to live, you can save yourself loads of money.

Ask all the right questions

When you view a property, you need to remember to ask all the right questions. You need to know everything about the history of the property so that you can decide how much the house is worth. You could end up paying over the odds for a property if you don’t do your research. Ask about previous owners, maintenance issues and structural issues when you visit the house. You should also ask about the local authorities and services in the area as this will save you money later.

Know the danger signs

The moment you view a home, you become a detective. You are looking for any danger signs within the property that will mean the house is a poor investment. Watch out for signs, such as mold, damp and poor walls, which will mean that the property is in a bad condition. You will have to do a lot of work to properties with problems, so make sure that you take this into consideration.

Get a home insurance quote

Before you buy a property, it is worth getting a home insurance quote. Doing so means that you will see how experts value the home. That means that you can decide whether you are paying too much for the home or whether you are getting value for your money.

Should You Sink Your Savings Into Property In The Current Financial Climate?

We have all heard horror stories in the past, where people have lost all of their life savings when an investment goes sour. No wonder we are nervous when we consider new ideas. One dilemma is whether property is a sound investment. If you sink all that you have into bricks and mortar, will you live to regret it? The chances are that it would take the rest of your life to save such a sum again, even if it were possible.

savings

Ken Teegardin

I am going to point a few things out that will give you pause for thought. Compared to many other investments, the right property is a safe bet; here’s why.

Consequences Of The Financial Crisis

As you are aware, back in 2009, the financial institutions all over the world suffered the biggest crisis they had seen for many years. Greece even defaulted on its payments and required international funding to survive. Here in Britain, the economy went into recession and property sales almost ground to a halt. The banks stopped lending to all except those with the least risk, and people could not get mortgages. The government needed to stimulate the market and encourage the banks to lend once more. The lenders asked for substantial deposits to protect their interests, so our leaders decided to pay a percentage towards them so that more people would buy. The Help To Buy Scheme pays up to fifteen percent of the deposit in the form of a loan with five years grace on repayments. It is a massive success and many people now own homes that they could not afford otherwise.

Before long the housing market took off again, and the big construction firms built a record number of homes in 2013-14. Prices have been rising ever since, and they are now out of reach of lots of people, who will never afford to buy property.

The experts reckon that prices will increase by another thirty-percent by 2020, so any investment now is sure to be solid. Of course, there are no guarantees, but everybody thinks it is a safe bet. If that is the case, you should start looking at bungalows for sale in Hillsborough sooner rather than later. Any delay will prove costly.

Compare the expected rise in prices to the interest on savings accounts and you can see the wisdom in buying property. Even if prices dropped for some obscure reason, they would rise again; it is just a matter of time.

Dealing in stocks and shares is also a gamble. We hear stories of people who become rich overnight after investing in the right company at the right time. They are few and far between compared to the high number of people who see little return on their shares.

As you can see, investing your cash in property is a wise decision. The downside is that you cannot access it quickly if you need it in a rush, but it is worth that inconvenience. You can make extra money by becoming a landlord and renting it out. As long as you take out the correct insurance and survey the property beforehand, you could find yourself in a favourable situation in ten years time. Be wise and invest today; it makes sense!

Luxuries on a Budget

Luxuries on a Budget
Luxuries on a Budget

Living with a touch of luxury does not necessarily mean you have to have a sky-high income or be wildly spendthrift. If you budget and spend money wisely, you can enjoy the high life just as easily as someone who earns twice what you do. Whether you want to spruce up your home or your look or even take a holiday – it is all possible. Here are some tips to live luxuriously on a budget.

Set money aside

The first step to living more luxuriously is to save a little bit of money so you don’t put yourself out of pocket. Set a little bit aside every week – even if it’s just a tenner – and after a few months, you’ll have enough for new clothes or a trip.

Plan your holidays in advance

In order to get the holiday you want, it is key to start planning well in advance. Try and book flights to your destination of choice months before your departure, as they will be much cheaper. The same goes for hotel rooms and other things you might want to take care of, such as hiring a car or booking days at the spa. The earlier, the better! The Guardian states that it is all about booking trips towards the end of the season and not to stray too far away from home.

Mix and match affordable with expensive clothing

Try and plan your wardrobe in such a way that you have high-quality basics, which you can build the rest of your look around. When you cut down on your general spending on clothes, you can purchase one or two designer pieces such as a great blazer or a timeless pair of shoes. Once you have found the right items for you, then start mixing it up and combining these with affordable items. Check out New Look online, who offer a range of inexpensive long evening dresses that are of a high calibre but affordable.

Luxury goes through the stomach

Luxury equals great food and drink. However, buying and consuming Prosecco and some fine Parisian chocolates every week won’t do your body or wallet any good. Consider cutting down on the snacks and drinks you buy on a daily basis and replace them with healthier options such as vegetables and sparkly water with fresh lemonade. Not only will you be healthier but will also save cash – probably a bigger sum than you expect. Then you can put the money away and treat yourself to a bottle of real champagne and some bonbons every month!

Luxuries on a Budget

Top Money Saving Tips to Develop Your Life

Money Saving Tips
Money Saving Tips

Saving money is very important to keep ourselves far from the bankruptcy and other financial calamities. Saving money is not a very hard task. You just need to swear to yourself to reduce spending and then save money for a better future. Some tips on saving money are given below.

  • Check your regular spending

This is the very first step. Before doing anything, you must know what is going and make some plans. If you do not know where you are spending much daily then you cannot reduce it effectively. Check your spending and mark all unnecessary spending. From the next day, you should not spend money on anything that is unnecessary.

  • What you need and what you don’t need

Some people do not support this idea but selling unnecessary products from your home will increase the spaces in your room and you will get some money in your hands. Some people do not like this idea because they think selling products from home will decrease the asset. If you sell any product, you will get money in your hand that is also an asset ad in the future, if you need that product, you can buy at any time from the shop.

  • Stop using credit cards often

Avoid using credit cards often. You should find an alternative way of buying what you need. You can buy using cash.

  • Get a prepaid credit card

Prepaid credit cards can help a lot. You can only use your deposited money and when your prepaid credit card is empty, you cannot use any money. This is probably the best way of reducing the spending.

  • Do not go party too often

Partying is a very common hobby. Many people like to attend in parties and they waste a lot of money. This is why going to parties regularly is not a good idea. If you can avoid it, it will save you a lot of money. Try to find other ways to pass your leisure such as passing time with your family, gardening, watching TV, and doing some other tasks.

  • Decrease liabilities

If you have any debt, you should pay it back as soon as you can because debts can make your life full of tension and pains. People who are in debts have a big chance to get different kinds of heart diseases.

  • Find the best insurance company

Some insurance companies take a lot of money on every month and some other will take less. This is why you need to find the best one to save money from monthly deposit to your insurance account. To pay less, you should not choose a bad insurance company. Some insurance companies take less as the monthly deposit and finally they do not offer good services. Therefore, you need to be wise in choosing an insurance company.

Author: Visit txtloan.co.uk to get cash payments upto 500 Euros. The ownership of this article goes to Nancy Betty who is a regular article writer for loanpiggy.com and she discusses more on loans and saving tips.

Top Money Saving Tips to Develop Your Life

All You Need to Know about Saving Accounts

Saving Accounts
Saving Accounts

There are plenty of ways in which you can save your money for the future. Some of these include investing in stocks, bonds and real estate. However, almost all methods of saving money involve some degree of unpredictably due to the unstable nature of the market. Savings accounts are one of those methods which do not suffer from this weakness.

Savings accounts are bank accounts for most purposes, except for one difference: They are semi-liquid in nature. This means that these do not allow as many withdrawal methods and ease as offered by traditional bank accounts. There is no traditional funds-withdrawal using a chequebook or debit card. However, one can withdraw money any time from his saving account, but by relatively limited ways. Many bank accounts take days to process withdrawal from the savings account. This establishes a barrier between the funds in your account and those at your immediate disposal.

These accounts owe their popularity to the relatively high interest rates offered by these. It is difficult to state the exact interest rates on these accounts for a number of reasons. First, there is no uniformity in interest rates offered by the banks inBritain. Second, the interest rates also depend on whether your account type is online or otherwise. The interest rates offered by online accounts are slightly higher due to the low administrative and personnel costs attached to running these accounts. Many reputed banks offer such online accounts.

Savings account types have been found to be more effective than ordinary accounts. The gap that the former creates between the available funds and saved funds is sufficient to nip any sudden temptation to make a purchase. Researches reveal that most expensive purchases are made without any detailed deliberation. Have you ever wondered why do you find gifts, in a superstore, placed near the entrance and the essential items near the end? It is because they are strategically placed to tempt you when you are near the counter. Imagine if you won’t have the money to buy them immediately. The likelihood is that your temptation would disappear as soon as you have stepped of the luring environment created by the store. Having more money in your savings account means no fancy key rings, lighters, rings, ribbons etc. Practically, this means that you would save around a hundred Pounds by doing so.

Finally, you should note that while opening such an account there may be significantly higher interest rates being offered by some banks. However, the reality underlying these higher interest rates is that these ask you to either make a substantial initial deposit or always keep a huge a sum in your account. Some banks require you to meet both of these conditions. Many people who do not understand the nature of bank accounts make the error of opening an account for higher interest, but subsequently come to know of the proviso they signed at the time of opening the account. Ultimately, this leaves them worse off than before. Therefore, while these accounts tend to treat you like a child who cannot be trusted to be frugal with his money, they are practically helpful in the long run.

All You Need to Know about Saving Accounts

What are the Inherited Annuity Options?

Inherited Annuity Options
Inherited Annuity Options

 

Inheriting annuity from a husband or alovedthat has passed on,can surely boost your financial health. However, annuity inheritance can make the tax situation a little bit delicate. If you have already got an annuity property or chance to inherit, you must know the choices you can opt for. Otherwise, you may make incorrect moves that can leave you with tax complications in future.

Common inherited annuity options

Discussed are some of the common and effective inherited annuity options. You may choose any of them as per your tax attorney’s advice to avoid tax issues.

  1. Withdrawal within first 5 years – Many people who have got inherited annuity choose this option. According to this, the individual can withdraw the money at his/her own discretion. It can be withdrawn in parts on a monthly or yearly basis, provided the entire amount is withdrawn within 5 years. However, he/she can withdraw the whole amount at onceor alternatively at the end of the five year period. Irrespective of the strategy, the money left behind in the annuity account will grow tax-deferred. However, when the money is finally withdrawn, it will be subject to regular income tax.
  2. A regular stream of income – If you don’t want to opt for withdrawing the fund within first 5 years, you may create your own source of income for a number of years or for the rest of your life. If you choose this option, then a portion of the payment will be tax-free. The amount which will be tax-free depends on the actual amount invested in the annuity, contrasted with the annuity value in conjunction with its accumulated income. By law, the guarantor offering the annuity has to provide the new annuitants with a report that states how much of the money taken out from the annuity is taxable.

Tax facts

The individual who has inherited the annuity has to pay income tax on the difference between the actual amount invested by the first annuitant and the payment the new annuitant receives. Depending on the nature of payment, the timing of related tax bill may differ, but the regulations implied by the Inland Revenue assert that the income earned from the annuity is subject to income tax. But how much tax the new annuitant has to pay depends on whether he/she chooses an income stream option or a 5 years option. Irrespective of the option, the new annuitant has to take into account that his/her income from the annuity is subject to taxation.

People who have inherited an annuity, but don’t need to cash it right now may choose the 5 year option and withdraw the fund only after the completion of 5 years to get tax benefits. This way they can not only grow their money tax-deferred, but also get significant nest egg at the time of withdrawal. It may be a good idea to sock away some money each year and use it to pay for the taxes which become due when you withdraw the funds.

 

Author’s Bio – Jasmine Jones is an annuity blogger on behalf of  My Pension Expert. She also writes for other online annuity and finance communities.

What are the Inherited Annuity Options?

5 Reasons That Make Life Insurance a Must Have

Life Insurance - Must Have
Life Insurance – Must Have

Availing a good life insurance is definitely an added advantage in today’s world. It is definitely a necessity in anyone’s life. Considering the uncertainties of life it can be stated that a good life insurance policy acts as the guiding star in the darkest hour of life. Besides this it should also be noted that in the backdrop of such a financial condition it is not an easy thing to recover, if there happens to be any sort of financial loss. In this article we will discuss about the multi-dimensional ways in which availing a life insurance can help you.

Ways in which availing a good life insurance help:

Holistic Protection for self & loved ones – This is the most elementary concept of life insurance. It acts as a safety measure for oneself and his family. Owing to the unpredictability of life, it is definitely a wise thing to get the protection of a life insurance. It acts a good protection for a family if unfortunately something happens to the earning member.

Acts a good method of savings – A whole life insurance is definitely a great way to save money. It is a good thing to save money in such a way that it would also provide a good security to your family. And a whole life insurance does exactly the same. All one needs to do is to avail a good plan and keep on paying the premiums and once the term matures the insured will get the lump sum of money. That can help him/ her to take care of the various necessities in life such as children’s education, treatment other such things that require a lot of money.

Helps in maintaining better standard of living – With the cost of every essential commodity and the luxury items increasing so rapidly, it is a wise thing to invest in life insurance, as it helps one financially in the long run. Moreover there are certain expenses which crop up from nowhere. To suffice such needs a life insurance policy is utterly helpful.

Helps bereaved families – Losing a dear one is something that cannot be compensated with anything. However, a bad financial condition can add to the woes. Therefore, every earning member should make sure that they avail an effective life insurance plan that helps in taking care of their family in their absence.

Helps in paying off a debt and protecting assets – Often after the death of the earning member of a family it is seen that the assets are sold off in order to cover the debts or to sustain livelihood. A good life insurance plan can help one with this immensely. It can help one to pay off their outstanding debts and also protect the assets for future needs.

These are some of the reasons that make a life insurance a must have for any earning individual. One should do some self-research over the internet to make sure that they avail the best insurance that would be instrumental in sufficing their future needs.

Author’s bio – Jacob brown has a vast experience in writing articles on insurance and related topics. In this article he has discussed some essential things to remember while choosing Life Insurance Policies. He suggests his readers to visit Arc-protect.com for further information.

 

5 Reasons That Make Life Insurance a Must Have

Top Most Tips To Save On Currency Exchange

Save On Currency Exchange
Save On Currency Exchange

Want to exchange one currency for another? Looking for how to minimise the costs and get the best exchange rate? Then you are at the right place. Currency rates may vary from place to place and from day to day. For currency exchange you do need to pay a change over fee; however you can reduce the costs with proper assessment and analysis. Below are some tips which help you to buy currency at a reasonable price that can make a real difference:

  • Know the exchange rate. Know the approximate exchange rate before you attempt to exchange the currency; you can easily find the rates on currency conversion sites. Keep in mind that the rates posted are always lower than those listed at the bank or exchanger
  • Avoid currency exchange at airports and train stations at popular tourist destinations. They may impose higher rates than banks and bureaus; so calculate whether the rate advertised is good or bad
  • Use your credit card to exchange currency.  Use credit cards to pay for the larger expenses so that if there is any disputed bill your credit card provider may help you out in settling such matters. Most companies impose additional fees on the exchange, so check with your provider
  • For best exchange rates you can approach companies that offer less than the bank rates. You can buy currency from Axia FX which is a FSA regulated and trustworthy source that safeguards your funds and replaces frustrating bank transactions
  • Use your ATM card to withdraw money. Some banks allow you to withdraw local currency from international ATM’s. You need to pay the banks for this exchange though, so check your bank’s policies for further information. However, you can minimise the costs by transferring larger amounts less often
  • Avoid dynamic currency conversion. If you get an opportunity to purchase things with your currency, decline it. This is called ‘dynamic currency conversion’, which includes lousy exchange rates and hidden costs. This will lead to you to paying more than you are really meant to
  • Use travellers’ cheque. There are only a few places in the world that still accept travellers cheques as form payment. You need to change them at banks and you are charged a fee to avail this privilege. It is however  a good fall-back as a source of emergency cash

By following the above tips you can save money on your currency exchange. Ensure that you do not make the exchange at the last minute. Also ensure that you are not making your currency conversion at airports as the rates are high.

Author bio: Hi this is Simon John Clark.  My passion is to write on Finance, Insurance, Travel, Home Improvement and Home appliances, you can reach me @financeport.

Top Most Tips To Save On Currency Exchange

 

How Much Does Your Dream Job Mean To You?

How Much Does Your Dream Job Mean To You
How Much Does Your Dream Job Mean To You

Most of us are not employed to do what we really love, and the notion of landing our dream job has unfortunately disintegrated into a distant hope. Is it time to stop chasing the dream, and settle for what we’ve got?

The year is 2012, and looking for a job, any job, whether you’re a student, graduate or an experienced member of the employment pool, has become exceedingly tough and discouraging. Landing that ultimate dream job appears to be even more implausible.

Even veterans of the interview are watching their backs, waiting for the latest trend-whoring whipper-snapper to snatch that company car and Bupa healthcare package from their desperate hands. Like a first date, the interview processes has become a make or break situation as you place all of your tricks into one exceedingly nervous moment; taste too strong and you’ll come across annoying; too weak and you’ll be overlooked. Employers these days are after some seriously specialised porridge.

While people typing their fingers to the bone yearn to be free to follow their dreams, others dream of expelling themselves from the clutches of wastefulness and yearn to type their fingers to the bone. From sole traders, to engineers, teachers, vets and shop assistants, the entire mind-set of society’s eligible employment sector screams irony.

Whose dream is it anyway?

Having the dream job is not exclusive to people that look the part, have the talent and kiss the right arse – or arses if your boss has a fuller figure. “It’s all about how well you do at university!” chant the government. “It’s all about who you know!” whisper the executives.

If we delve deep into the abyss of emotional and material satisfaction, throwing a few haymakers in the direction of the cast of TOWIE, it’s what we truly desire from our time on this planet that will dictate how we perceive our dream job, and others that appear to have it all.

Some people are content bouncing from job to job, making their way through life with just enough money in their back pocket to buy the latest PlayStation game or Pandora accessory. Others are more driven, feeling the need to leave their mark on the world of capitalism, making their way up the ladder until they’re looking down on the masses, whisky in one hand, Porsche keys in the other.

And then there’s the person that we all want to be, the one and only opportunity we’ve been looking for as we turn off our computers at night and settle down to an evening of Celebrity Juice and a tube of pringles. The type of person that will give it all up, the money, the friends, the family and ultimately the security of continuous employment for that one chance to make a go at their perception of the dream job, whether it be a fighter pilot, a singer or a mother.

Definition

Diversity spreads itself across this country like marmite on toast, and no matter what creed, colour, race or celebrity you follow on Twitter, you either love it or hate it. It’s in our nature to seek to define ourselves, whether it’s through the company we keep or politics we follow.

But no matter how big the salary, fast the car, or busty the wife, surely we must crave to ultimately define ourselves as happy? You may have all the wealth, but you’ve got no one to spend it on. You’ve got someone to spend it on, but they don’t reciprocate your affections. You’ve got the girl and the affection, but also a job that doesn’t pay enough to let you treat her the way you want to. You might not even have a job. There’s an unquantifiable amount of versions of this nightmare, making the quest for serendipity even more damaging.

In today’s society, the advertising industry portrays the dream job through every car advert and through every Rolex-sporting celebrity. But in order to recognise our dream, we have to separate materialism and happiness, which increasingly get mashed up in the hustle and bustle of the 9-5 grind to form this illusion most of us call life.

The dream job is the profession that allows us to experience life, happily. If you are able to be content, and acquire the balance between finance, family, and your own personal aspirations, then surely whatever employment you find yourself in has to be the dream job. If your profession allows you to make others happy by the way you conduct yourself through life, no matter what the salary or how far you progress during your career, you’ve achieved the perfect job. In these tough times, being content is the most desirable job on the planet. If you manage to get to that convivial state, amongst all the other pressures of day-to-day living, you’ll be the one who is envied.

Zoe is a business blogger who is currently writing on behalf of Brookson (http://www.brookson.co.uk/), to help promote their contractor accountancy services.

How Much Does Your Dream Job Mean To You?

 

Which Are Better: Savings or Deposit Accounts?

Which Are Better: Savings or Deposit Accounts?

 

 

Savings or Deposit Accounts
Savings or Deposit Accounts

 

In light of the recent Reserve Bank of Australia cut to the cash rate of 50 basis points many of us have been considering switching our savings accounts in order to secure a higher interest rate on our savings. The Reserve Bank of Australia’s cut to the cash rate was designed to alleviate the problems on the property and mortgages market that many of us are aware of. While this is definitely a positive approach it does mean that the majority of lenders have cut their savings rates by the same amounts. A recent article on a News.com.au has predicted that people will begin to switch their savings accounts to try and secure a higher interest rate. However, before people rush to switch accounts we thought it would be worth re-examining the different savings and deposits accounts available and seeing whether it is actually worth switching for most people.


Standard savings accounts will undoubtedly take the brunt of the 50 point basis point cut to the cash rate as these re the most flexible savings accounts on offer. Many banks have already made the full changes while others have made partial adjustments. However, there are a number of advantages to savings accounts that should be investigated before we rush to make changes to our savings.


The most important of these differences is that savings accounts offer a much higher degree flexibility than you can attain from deposit accounts. At the primary level your money is readily accessible and you generally won’t suffer interest losses by making withdrawals. At the same time you can manage your money more efficiently through a savings account online. Finally you have flexibility in that you can shift your money to take advantage of better rates if they appear in the future. Having this degree of flexibility with your money is highly important to many of us. Recent economic events have meant that we are increasingly finding ourselves facing financial strain and it is always beneficial to have savings that you can dip into whenever you need them.


Secondly regular savings accounts are also better suited to ad hoc savings and small savings as they have no limits on the amounts you can deposit or the regularity of your deposits. You can run a regular savings account set to deposit monthly but you can also easily add in additional funds and make changes when needed without losing out. We found a good overview of all your available options on Bankwest website (http://www.bankwest.com.au/personal/savings-term-deposits/savings-term-deposits-overview).


Conversely deposit based savings accounts will secure better interest rates but you will often lose a large degree of the flexibility you can enjoy from a regular savings account. Deposit based savings accounts allow you to attract a higher interest rate but you run the risk of losing your interest if you have to make unexpected withdrawals. This means that deposit based accounts are most suited to savings that you know you will not need in the foreseeable future. However, many deposit accounts still allow you to save regularly despite you not being able to withdraw as often. This makes these types of accounts perfect for people wanting to accrue interest on money towards a house or other long term financial goal.


That said there are plenty of options to suit a particular style or need from a savings or deposit account and you should be able to find something to suit your particular financial situation and needs.

 

Which Are Better: Savings or Deposit Accounts?