Celebrate the holidays and stay within your budget

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Winter is a hard time for your budget. But holiday still does not mean that you have to spend all the money you have on gifts for family and friends. I can recommend you some easy tips that you can use making decoration and gifts and during preparation to holidays.

Making invitations

The main purpose is to invite people you want to see at your party. You need to set a date and time, also determine a place, so your friends can plan their time according to your invitation. This also helps hosts to understand the amount of guests to prepare dishes.

In the past time people used cute cards to make an invitation, and also marked the necessary date in their calendar. But today we all use smartphones and other means of communication, so it is not necessary to spend money on cards and delivery. Also you can find many services online that can help you to invite people you want. This is much convenient and time saving.

The other possibility is to make an event in your social network, where you can also create a discussion about the following party. It will help you to prepare and understand what your guests want. Using this service will also provide a timely reminder, so none will miss the event.

Using an online service will also allow you to apply for personal money loan with online approval. This is the most convenient way to get extra money during holidays to make all necessary purchases and preparations. You do not need to save money during all the year and also miss good holiday’s propositions just because you have not got your salary yet.

Decorating your house

There are some traditions about decorating a house for New Years Eve. The most appropriate colors are thought to be gold, silver, red and black. So you should not be too quick when you take down your tree to make enough space for all guest on the party, you can try to redecorate it. You can use the decoration from the tree for the candles and place it somewhere in rooms. Also consider about using interesting things that you can always find in the garage. Use your imagination and be creative, this will help you not only to save the money, but also make unique decor.

This holiday has the other tradition to kiss people you love. So to create a good romantic atmosphere you can use candles, which you can easily buy not so expensive. It is better to choose candles with no aroma, because you will have a good tasty food which smell should not be mixed.

Cooking

At first you need to decide how big your company is. If you have just few close friends you can cook various dishes, but if the invited guests are not limited it is better to make a pot-party. You can also make just light sandwiches and salads, and discuss who can help you. According to my experience people do not eat much during such events, so it will be enough just to have appetizers. But you should not forget about drinks, this will obviously end at first.

The most necessary drink traditionally is champagne. But you can make a punch with vine and fruit juice, this will help you to use less champagne and make it more wanted when the time comes.

However if you decide to make a really big event, you can discuss with your friends and divide the meals to cook together. This will also diversify the menu and give you more free time.

The Best Way to Understand Personal Finance

The Best Way to Understand Personal Finance

The first step, or focus of personal finance that I recommend is to pay attention to your money. Simply this means, know each month how much money you have coming in, and how much money you have going out. How much are you making with pay checks, second jobs, annuities, settlements, etc. Keep detailed track of exactly how much money you bring in each month from all sources, and call this your income. Next, keep detailed track of how much you spend each month in bills, payments, settlements, expenditures, food costs, etc., and call this your expenses. Each month account for your money, and this focus will keep you always aware of your personal financial status. 

The second personal finance focus is on reducing your expenses. Treat your personal finances as a business, you are in the business of you, and like a good businessman you must always keep an eye on reducing costs and becoming more efficient. Perhaps after assessing your personal finance budget you see that you are spending too much in credit card interest, seek to reduce it. This is a constant process and this constant focus will help you streamline your finances and free up additional monies. 

The third personal finance focus should be on increasing your income. Maintain a constant focus on your finances and your means of bringing in income, and keep your eyes always open for opportunities to increase the amount of money you bring in. Sounds simple, as we all want this right? You would be surprised how often the promotion across the avenue is overlooked, or the promotion within your own company is not seized. Consider looking outside your job, find ways to help and service while creating additional money doing what you love. There are always opportunities, create the personal finance focus to always be watching for these moments, and seize them. 

The first rule of personal finance and most basic precept that must be absorbed for successful money management is to believe that managing your money is important and deserves focus and energy. You are capable of managing your own money, and making sound financial decisions with your own given common sense. Finance and money management is not magic, it is not so complicated as necessitating a high paid expert to tell you how to spend your money. Develop your own common sense money instincts and then follow them over the advice of any others, ultimately you are responsible for your personal finances. 

The next personal finance rule is to focus on spending less than you make and earning more than you do today. Personal finance basics are all about discipline, and setting yourself on a long term track for growth with sound financial habits. Set yourself up for success with a constant focus on reducing your monthly spending and increasing how much you make. This should be a constant, lifelong, focus and worth of your effort. Learn the use of budgeting and projecting as tools to help you understand your financial present, past, and future. 

The next basic rule of personal finances that will lead to your success is to make understanding how money works important in your life. Dedicate a little time in your life to understand the various financial instruments, investment tools, and successful business practices that exist today. In creating wealth you will have extra savings in need of investment and you should know what the options are available to you. Mastery of personal finance basics will lead you to more advanced financing techniques, constantly expand your capabilities. 

Secured Personal Loans - Single Solution For All Your Financial Ills

Secured Personal Loans - Single Solution For All Your Financial Ills

The general opinion of people about secured personal loans has undergone a sea change. They are no longer considered as evil as in the yester years. They have become as much a part and parcel of the present day's individual as some of the essentials like food. In fact, it is secured personal loan which finances food and other needs in the absence of sufficient income. 

Earlier people would abstain from taking personal loans unless it was very urgent. Personal loans during those times were more often than not secured through collateral. There was always a fear of repossession of the asset. The fears were not completely baseless. There were quite a large number of instances of borrowers losing their assets to loan providers because of non payment of the secured personal loans. 

Secured personal loans have a history that dates back to centuries before the advent of modern banks and financial institutions. Even in the ancient times, borrowers were able to draw funds only when the lender was given rights to certain assets. Though a vast change is visible in the lending policy today, the popularity of secured personal loans sees no decline. Though homeowners do have the option to take unsecured personal loans, a majority of the group prefers to have loans the secured way. 

Mere apprehension of losing homes through repossession fails to motivate borrowers to change loyalties. At least borrowers who have been regular in credit transactions or had not more than one or two incidences of bad credit will not put their weight for loans without collateral. Loans without collateral or unsecured personal loans do not claim a direct charge on the borrower's home, but compensate the risk with a very high rate of interest and equally strict terms. Therefore, while the safety of home is ensured, the cost of loan rockets up. 

In order to get the best loan that you can, it's important that you choose the right collateral to secure the loan. If available, home equity generally works well... the value is generally high enough to offset any potential credit problems that you've had in the past. If you don't have home equity or are not wanting to use it, take the time to consider other high-value items such as automobiles as they'll help to show the lender that they will get their money back no matter what. 

All secured personal loans allow you to leverage items or cash (as in savings accounts or certificates of deposit) against the cost of the funding. Thus, you can "put up" your house, car, or investment items against the amount of the personal finance. And it's not unheard of for friends or family members to leverage their own personal items to help the primary loan signer, though this can be a tricky prospect for all involved. 

This means that you'll likely be able to take out more money in secured loans because the financial institution's risk is lowered as a result of the secured loans process. (Of course, if you renege on your payment, the bank or lender will be able to take the property you put up as collateral for the secured personal loans.) 

Secured personal loans are a fast and an easy means to fulfill a variety of your needs. There are no restrictions on how you use the loan amount. You may use the loan for multiple purposes, such as making home improvements, purchasing a vehicle, meeting your wedding expenses, financing your higher education, debt consolidation and so on. 

In order to avail secured personal loans, you need to put forth collateral, which may be your home. Putting forth security against the loan amount enables you to get loan at a lower interest rate, flexible repayment terms and repayment period and with minimum time and hassles. This is possible because the lender perceives lesser risk as he/she has the property of the borrower to fall back upon in case the borrower fails to repay. So, the lender won't mind being flexible while deciding upon the terms and conditions of the Personal loan. Another advantage you get by going for secured personal loans is that you can borrow a large amount of money. This is especially beneficial when you are in need of lump sum money for some major tasks, such as making home improvements, meeting wedding expenses or purchasing a car. It is difficult to get approval for a large sum of money in the absence of collateral.

Unsecured Personal Loans - When You Are Your Guarantor and not Your Home

Unsecured Personal Loans - When You Are Your Guarantor and not Your Home

There are many types of personal loans available in the market. If you're in need of a loan, it is very important to examine all your options first before settling with your final choice. One type of loan is the unsecured personal loan. In this article, we'll consider the advantages of unsecured personal loans over its other loan counterparts. 

The difference of an unsecured personal loan over a standard loan is that it doesn't require the borrower to submit collateral. The collateral used for loans can be one's home title, car, land, boat, business equipment, savings account and some many other material processions. In most cases, the borrower submits his own home title as a security for the loan. With an unsecured loan, a borrower can have the peace of mind of not putting his home on the line to answer for his debts.Whatever happens, you will not lose your families home just because you failed to submit your loan payments on time.

Any loan that does not have collateral is considered unsecured. without putting them up as collateral, you do not risk your personal assets should you forfeit on the loan. This means you are not risking your house or your car because of the unsecured loan. It is not a perfect world. Unsecured loans carry higher rates of interest. In fact, they are much higher than loans that have collateral. 

Unsecured personal loans are viable even if you chose to not risk your personal property or home. Unsecured personal loans can be for amounts as small as $1,000. They can also be for larger amounts up to $25,000. It all depends upon your financial circumstances and the criteria that you and the lender discuss. Unsecured loans can be paid back over 6 months or up to ten years. 

There are two basic loans available from lenders: namely, secured and unsecured. The difference between them is the presence of some form of collateral from which the lender can gain compensation should the loan is defaulted upon. Getting unsecured personal loans with bad credit is clearly the most difficult, but more people seek these loans than secured loans. 

The fact is that, while secured loans are more likely to be approved, there can be a problem in finding something to use as collateral. Sometimes, the item being purchased becomes the security (like the car in an auto loan), but getting loan approval with nothing provided as security, means your new purchase is not at risk. 

Lenders can only approve an unsecured personal loan based on the income of the applicant, and this has little to do with bad credit. For that reason, it is always possible to bypass the issue of bad credit scores, making approval more likely. 

You are not going to find many traditional institutions, such as banks and credit unions, willing to grant unsecured personal loans. You may have seen local private lenders willing to make unsecured personal loans and you may use one of them after diligent shopping. You will want to find the best interest rates and repayment terms. Many private lenders have stepped in to cover the market that traditional lenders eschew. Their rates and terms vary widely and you can save yourself hundreds by shopping carefully. 

One of the best places to shop will be availing yourself of online resources. Point you browser to Unsecured Personal Loan and you will find many pages full of lenders who may be willing to lend to you. You will have them all in one place to consider the best interest rates, lowest fees, and most comfortable repayment terms. Just be sure to check the credentials of each lender. Online listings found with the Better Business Bureau will grade lenders and offer valuable customer feedback. Be sure any page where you divulge personal and financial information is secure. 

Business Loans: If You Know How To Make Good Use Of Money And Expertise

Business Loans: If You Know How To Make Good Use Of Money And Expertise

Business loans can be defined as money lent for a specified amount of time at a specific interest rate to a specific person or people that operate a business or plan to operate a business. This definition is very broad, but so are the various types of loans available to business people. Deciding on which type of business loan that you and your company will benefit from the most is very important. Often times, a start-up business or someone that has never owned a business will find themselves more or less applying for a "personal" loan. This can be a very risky endeavor, mixing business loans with personal loans, however, often times it is the only available means for first time business owners. 

One of the first things personal business owners need to do is establish business credit. Business credit can help you get a business only loan without using your personal credit. Establishing business credit can be done by: 

1.) Opening up a business credit card account and paying it in full. 

2.) Buying equipment and supplies from companies that will report good standing to the business credit bureaus. 

3.) Having a good business plan with potential earnings, letters of intent, and any type of customer contracts already laid out. 

Business loans are offered as secured and unsecured business loans. A secured business loan can serve as the simplest, most efficient way of finding finances for your business plan. Secured business loans come with many benefits which include lower monthly payments, facility to borrow more and spreading the repayment over a longer period of time. 

Secured business loans certainly score more than other form of finances. With secured business loans you can boast of flexibility which allows you to conserve your cash and working capital. You can use these funds for any purpose like paying off current debts. Secured business loan can provide you with the ability to design your very own repayment schedule that fits your budget. You can get access to cash with minimal up-front payments. 

Benefits of Unsecured Business Loans

Secured business loans, used as a source of business capital, are disadvantageous not only because they can lead to repossession of asset if repayments are not made. Secured business loans come with many restrictions imposed by the loan provider. The loan provider, for instance, will insist on a particular debt-equity ratio in order to safeguard the amount lent. This limits the entrepreneur's control over major decisions on business. 

An unsecured business loan, on the other hand, presents no such restrictions. The enterprise has to pledge no asset for repossession in case of non-payment. The assets are thus free of any charge, and can be disposed off as one desires. 

Small business loans are available in three forms -

Short term loans will solve funds problem for immediate business starting. Their term is usually one year or less. 

Intermediate loans are meant for large initial expenses with loan term between one to three years

Long term loans supply for initial costs of a start up business and extends from three to seven years.

Documentation! Yes, just get ready with your file of documents and make sure it has - proof of ownership, letters of reference, contracts, tax returns, financial statements, credit references, Incorporation or LLC organizational documents. The loan lender might ask for any other documentation for Small business loans. 

Benefits of Personal Loans are Dependant on Personal Decision-Making Abilities

Benefits of Personal Loans are Dependant on Personal Decision-Making Abilities

Personal loans provide solution to many problems these days and can be used for a wide range of reason. Personal loans provide great freedom to the borrowers to fulfill their needs, wants and desires. Personal loans provide a lot of support to the borrowers looking for financial sustenance. 

Personal loans are basically of two types - secured and unsecured. Secured personal loans require the borrower to pledge collateral to the lender. The collateral may be his home his car or any other of his assets. Unsecured personal loans do not require the borrower to pledge anything in return. Unsecured personal loans in today's world are a better option than secured personal loans for those who can't offer any security. No proof of any thing is required and also loans do get processed quickly. Unsecured loans typically have a higher APR then secured loans because the lender gets no security for his investment. 

Personal loans, to be very frank, have no benefits of their own. It is how one proceeds on personal loans and how decisions related to them are taken that has bearing on the fate of the personal loan. Accordingly, borrowers are not party to any benefit by the mere fact that they have taken up a personal loan. 

Since the entire populace cannot be expected to be as logically sound and good in decision-making, the benefits accrued to each borrower may not be the same. Mr. Johnson, for instance, would complain of the increasingly high costs of personal loans. Mr. Smith, on the other hand, finds the same loan from the same lender cheaper because of the correct decisions that he made on the loan. 

Personal loan decisions thus hold a prominent place in the scheme of things. The list of Benefits of personal loan is really promising. In the following section we will learn about the various benefits of personal loans and the decisions associated with them.

Short-term personal loans are loans that you can get that are set up to be paid back in a short amount of time. Like many bank loans, you will most likely have to have your credit approved. The amount you are allowed to borrow may depend on what comes back in your credit review. If you find that you are not qualified to get the amount o f money that you need, you may be able to put something down for collateral. This is something such as a piece of property that is equal in value to the amount of money that you want to borrow. This is so that in the event that you cannot pay back the loan as planned, the collateral is then used to cover the loan. 

ADDITIONAL BENEFITS 

When going for a low cost personal loan, shop around to seek what lenders have in their kitty to offer you. There's no point in satiating on what their list of offers speaks of. With bountiful lenders out in UK market, you can check out what extra benefits are in offing by the lenders. Repayment holidays, deferred repayments, accelerated repayments, choice of mode of repayments, choice in interests - fixed, variable or capped are there for your benefits. But, make sure to judiciously and meticulously study these offers as it calls for penalties incase of early settlement or interests accruing on to your account while opting for deferred repayments. 

Unsecured Loan - Helping You Get All You Desire

Unsecured Loan - Helping You Get All You Desire 

 

unsecured personal finance requires no collateral, they are good for people without any current assets. Thus, the young individual who does not own property or transportation may still be able to borrow money to pay for an education (which will enable him or her to someday purchase those assets thanks to a higher paying job.) Similarly, the individual who just went through a messy divorce and "lost everything" can use unsecured personal loans to help build a positive credit rating... as well as a new life. 

Unsecured loans are equally useful for people with a bad credit history or who have filed for bankruptcy who just need to take out a small amount of funding. Not all lending institutions will offer secured loans to these folks, but those who do offer plenty of options and amount ranges. 

Unsecured loans. In some cases, a lender might be prepared to advance funds to purchase a car without taking a mortgage over the vehicle. This would happen where the applicant has a strong asset position and a high enough income to give the lender some comfort knowing that the loan repayments are not going to cause any hardship whatsoever. The bank will still be likely to charge a higher rate of interest nevertheless because the risk is judged slightly higher. 

In both of the above cases it should be remembered that the bank is still obligated to meet the requirements of government legislation and will have to ensure that an applicant is easily able to afford the repayments without suffering financial hardship. 

You have been delaying your holiday plan or plan to buy your dream car just because you don't have the funds to finance it. What will you do now? Keep on postponing your plans or look for a better option. Definitely, you will look for a better option and that could be taking an "Unsecured Loan".

You can borrow any amount from £1,000 to £25,000, depending upon how much you need.

Unsecured loans is a personal loan that does not require you to offer any security against the loan. Personal loans are the loans that help in fulfilling the personal needs of individuals. Personal Loans are of two types - secured loans and unsecured loans. 

Unsecured loans is a personal loan that does not require you to offer any security against the loan. Personal loans are the loans that help in fulfilling the personal needs of individuals. Personal Loans are of two types - secured loans and unsecured loans. 

The high rate of interest that is charged on these loans is admissible. By offering loans to people without any security, lenders are putting their funds to risk. The higher rate counter-weighs the higher degree of risk involved. Lenders however, make their assurances regarding the credit behaviour of the borrower through the borrower's bank, and other organisations with which the borrower deals. 

Secured Personal Car Loans - Get Your New Car

Secured Personal Car Loans - Get Your New Car

Secured personal car loans are easily available for all sorts of credit holders. Here, you can approve finance according to your necessity and requirement to purchase a car. And the password to access the sum is use of collateral. You can also make use of assets that carry monetary value in the market as collateral. The car itself you intended to buy, can serve as bonafide collateral for the secured car loan. Collateral carrying higher equity will facilitate you to get more loan amount. Secured car loans are effectual and can materialize your dream in the easiest possible way. Being a short term loan the repayment is scheduled within 2-7 years. 

As secured form of loans always come with cheap and economical interest rates in the market. So, secured personal car loans are available at low and reasonable rate of interest. This is a relief for you. Additionally, the numerous loan providers are ready to negotiate with applicants concerning the interest rates. Taking this competitive atmosphere as lenders Achilles' heel, try to get and cling for the lowest figure. Deriving suitable rate of interest is viable, when you collect and compare the numerous quotes of different lenders. Taking help of quotes and loan calculators while hunting for interest rates helps you to make the deal more reasonable. Both the provisions can be acquired online. Thus, you can sit at home and calculate comfortably the monthly installments that you are willing to pay. Moreover, through out the repayment course interest rates remain fixed. 

A secured personal or car loan is one where the lender takes a mortgage over the vehicle so that it can be sold by the lender in the event that the borrower is unable to meet repayments. Because of this security, a lender is usually prepared to offer a lower rate of interest because of the reduced risk. This does not mean that the lender is not obligated to investigate the application completely, it simply means that the bank assumes less risk and prices the loan accordingly. 

Personal loans, and car loans in particular can be either secured or unsecured. A secured loan is one where the lender will take a legal interest in the car so that in the event that you cannot make a repayment, they can repossess the vehicle and sell it to recover their loss. An unsecured loan is one where the lender is prepared to take the risk and lend you the money without taking a legal interest in the motor vehicle. In the event of you're being unable to make repayments the lender will take legal action against you personally to recover their money. Secured loans are generally cheaper and are preferable to most borrowers. 

With any loan you have the right to pay it out as fast as you wish. If, for instance, you receive a pay rise or win some money in the lottery you might be disposed to increasing your monthly repayment or else paying it out in full with your windfall. In some instances, lenders impose penalties for early repayments so it is a good idea to check your contract to make sure you are aware of your liabilities in this respect. 

Some lenders charge application fees and monthly account keeping fees for personal loans. The fees associated with a loan raise the effective interest rate so you should make sure you understand what the total monthly repayment will be after you have factored in all of these costs. This means that just because a loan is advertised at a low interest rate does not mean that it will actually be cheaper than with a higher rate of interest. The trick here is to add up the total cost of repayments you will make over the term of the loan and compare the titles before you make a decision. 

Buy Your Dream Home With Home Loans

Buy Your Dream Home With Home Loans 

 

If you have the required money to buy the home then its perfectly fine, otherwise this is the situation where there would be a need for Home Loans for people who don't have sufficient money to buy a home. Loans are of various kind and nature to suit the demand of the consumers. There are various kind of loans, like home loans, car loans, property loans, personal loans, etc. All these types of loans are available for certain situations and requirements with certain fixed amount of interest. 

Loans is an amount of money, which you borrow from banks at a certain rate of interest for a certain period of time. Whenever someone needs a large amount of money for investing in business or to buy home or some property, he can apply to the banks for granting him loans. Once the bank receives all the required document from the customers, the bank after verifying the document grant the person loans as per the banks rule and condition. 

   

Housing loan is the best option on which we can rely to complete our need for a house. Home loans are easily available in the market and there are many banks and housing finance companies that can extend you a loan at affordable interest rate. However one should always remember that there are a lot of hassles that may come your way of availing a home loan. 

Home loans are available for varying tenure at different interest rate. Repayment of the loan is made through Equated Monthly Installments (EMI) that is calculated by the lender and it depends mainly on the interest rate charged on loan and the loan tenure. However different lenders have different calculation methods of estimating the EMI. Besides one can easily opt for an EMI that suits his budget. 

The best way to get a loan to purchase a home is to be well organized and have a solid knowledge of personal finances. This shows the bank that a person is dedicated to receiving a loan for home purchase. Anyone who does not keep their finances in perfect condition risks being turned down. As long as you have a proven record of paying bills and of not being over your limits, there is a much better chance of getting approved. 

Home loans are offered against the equity in ones home. Equity can be defined as the value of the home after deducting outstanding mortgage amounts and other loans. Lenders take various factors into consideration while calculating the home equity such as location of the home, the structure etc. The loan will be secured on the borrower's home and the transaction will not impact existing mortgage in any way. 

A home loan is basically taken to purchase or to construct a new house. Borrowers can also use it to make home improvements, consolidating their existing debts, to buy a luxurious car or for any other personal purpose. 

Anyone interested in purchasing a property and having the capacity to pay back the loan can qualify for the loan. Lenders generally have criteria that clients have to meet before the loan is taken. There has to be stability in the income source and besides this you need to be at least twenty-one years of age to apply for the home loan. It is best to have your eligibility for the loan assessed beforehand itself before availing the loan. 

Besides your income, your bank statements, credit history, bill payments, credit report, etc. will also be looked into by the financial institution. In case a non-resident individual needs a home loan and the benefit of tax deduction, then a few additional documents will need to be provided. More than one person can also apply for the loan by clubbing the income earned by each of the individuals opting for such an arrangement. This helps in enhancing the eligibility for the home loan. 

Getting A Grip Of Your Personal Finance

Getting A Grip Of Your Personal Finance

If you have the required money to buy the home then its perfectly fine, otherwise this is the situation where there would be a need for Home Loans for people who don't have sufficient money to buy a home. Loans are of various kind and nature to suit the demand of the consumers. There are various kind of loans, like home loans, car loans, property loans, personal loans, etc. All these types of loans are available for certain situations and requirements with certain fixed amount of interest. 

Loans is an amount of money, which you borrow from banks at a certain rate of interest for a certain period of time. Whenever someone needs a large amount of money for investing in business or to buy home or some property, he can apply to the banks for granting him loans. Once the bank receives all the required document from the customers, the bank after verifying the document grant the person loans as per the banks rule and condition. 

Housing loan is the best option on which we can rely to complete our need for a house. Home loans are easily available in the market and there are many banks and housing finance companies that can extend you a loan at affordable interest rate. However one should always remember that there are a lot of hassles that may come your way of availing a home loan. 

Home loans are available for varying tenure at different interest rate. Repayment of the loan is made through Equated Monthly Installments (EMI) that is calculated by the lender and it depends mainly on the interest rate charged on loan and the loan tenure. However different lenders have different calculation methods of estimating the EMI. Besides one can easily opt for an EMI that suits his budget. 

The best way to get a loan to purchase a home is to be well organized and have a solid knowledge of personal finances. This shows the bank that a person is dedicated to receiving a loan for home purchase. Anyone who does not keep their finances in perfect condition risks being turned down. As long as you have a proven record of paying bills and of not being over your limits, there is a much better chance of getting approved. 

Home loans are offered against the equity in ones home. Equity can be defined as the value of the home after deducting outstanding mortgage amounts and other loans. Lenders take various factors into consideration while calculating the home equity such as location of the home, the structure etc. The loan will be secured on the borrower's home and the transaction will not impact existing mortgage in any way. 

A home loan is basically taken to purchase or to construct a new house. Borrowers can also use it to make home improvements, consolidating their existing debts, to buy a luxurious car or for any other personal purpose. 

Anyone interested in purchasing a property and having the capacity to pay back the loan can qualify for the loan. Lenders generally have criteria that clients have to meet before the loan is taken. There has to be stability in the income source and besides this you need to be at least twenty-one years of age to apply for the home loan. It is best to have your eligibility for the loan assessed beforehand itself before availing the loan. 

Besides your income, your bank statements, credit history, bill payments, credit report, etc. will also be looked into by the financial institution. In case a non-resident individual needs a home loan and the benefit of tax deduction, then a few additional documents will need to be provided. More than one person can also apply for the loan by clubbing the income earned by each of the individuals opting for such an arrangement. This helps in enhancing the eligibility for the home loan. 

 

Personal Loans are Here to Fulfill Your Personal Desires

Personal Loans are Here to Fulfill Your Personal Desires

A Personal Loan is a loan that is lent to an individual by financial institutions such as bank, building society or other financial service provider for a specific personal reason. There are two main types of personal loan - secured loans and unsecured loans. 

Different people have different personal reasons to borrow money. Some of you may want to buy a newly launched Mercedes or a home with a landscaped garden or want to fulfill any other desire. Personal loans can finance all your personal desires it could be small or big. 

Personal loans are tailored for the UK residents who wish to transform their dreams into reality. You can use the loan money to buy a luxurious car, to pay for a holiday trip, to make home improvements, to start up a new business or consolidate the debts to secure a debt free life. Whatever may be the reason, it solely depends on you what you wish to do with it. 

A borrower gets the opportunity of choosing between secured and unsecured personal loans. Secured personal loans come with a clause of collateral; a borrower has to put a security against the loan. Your car, home or a savings account can work as a collateral. It facilitates you to borrow a larger amount of loan at a lower rate of interest. Secured loans open up an opportunity for you to make use of the equity stored in your property without selling it. Lenders won't take away your home; you can continue living in your home and can enjoy its ownership. 

Personal loans market is huge and so competitive that everyone can now avail customized personal loans. Personal loans are considered to be both secured and unsecured; however, few lenders translate personal loans as unsecured loans. Major characteristic of unsecured personal loan is no collateral. This ensures that tenants also have an opportunity to apply for loans. However, lack of security or collateral with unsecured personal loans is interpreted as high interest rates in loan borrowing terms. This makes secured personal loans a much viable option for secured loans have comparatively low interest rate. Low interest rates for secured personal loans are due to the fact that a security is being offered for their approval. 

Uses of personal loans in UK are endless. Personal loans can be put to any use and there is no restriction by the lender as to how you would use personal loans. Most commonly personal loans are used for car purchase, home improvement, vacation, wedding etc. Debt consolidation is another way to use personal loans for constructive purposes. Debt consolidation consolidates high interest rate debts into single low interest consolidated loan. Personal loans are much cheaper than other alternatives like credit cards, overdraft etc. 

Personal Finance Loan

 Getting A Grip Of Your Personal Finance

As the cliché goes, money makes the world go round. Consumerism has never been as vibrant as today when everything can just be had at the mere swiping of an electronic card or at the click of your mouse. When financial matters are the least of your worries, everything seems to be within reach and affordable from the barest essentials down to your items of luxury. Or you are living on a budget but the sight of that sexy and trendy top is just enough to send you running into the store and buy it. But at the end of the day, there is that nagging feeling that you have exceeded your spending limits, and just threw your budget out the window.

A worst case scenario is when you've maxed-out your credit cards due to relentless spending that could have otherwise been paid out in cash, and failing to pay your credit card bills for any reason. The credit card craze is global and has permeated even third world countries whose credit standing is further shaken by bad debt performance. In the U.S., data shows that total credit card debt has reached up to $785 billion, which translates to a credit card liability of more than $8,000 for an average American. In the U.K., total consumer credit card debt in April 2006 has reached £56.0 billion. Figures show that the debt has continued to increase at the rate of 7.3% for the past 12 months.

Such staggering figures would surely leave us asking ourselves how we have contributed so much to it, but one thing is for sure, that it has a lot to do with the way we handle our personal finances.

Working With Our Personal Finances

Unburdening ourselves from financial worries starts from self-discipline. The rule to live by is very simple: if you spend more than you can afford, you lose more than you can afford to lose. We need to take control of our finances, and what better way to do it than by having a working knowledge of how to handle common personal financial problems such as credit card debts, personal loans, and bankruptcy.

Credit cards. Credit cards store identification information of the cardholder, and empower such cardholder to charge to his credit account his purchases made or services engaged. Every item charged is billed to the cardholder periodically. Using your credit cards is literally spending more than you can afford because most often than not, we do the swiping when we have ran out of cash. Raking up a debt when you have no money on hand translates to bigger liabilities as against assets. Take the necessary precautions even before you apply for a credit card. Know first what are the fees and costs associated with the use of your credit card. Take the extra time to look out for those credit card companies that offer the lowest interest rates. Resist the temptation to take out cash advances because higher interest rates usually apply. And lastly, always pay more than the required minimum amount to avoid recurring high interest rates.

Personal loans. In simple terms, a personal loan is a loan of money that is extended by a financing company to an individual. It is the means usually resorted to by the borrower to give a stop-gap solution for a temporary financial problem such as payment for electric bills, credit card monthly bills, or other necessities. Most personal loans are unsecured by any collateral so they command higher interest rates. A homeowner may use his or her house as security for a personal loan, in which case it becomes a secured loan.

If you plan to take out a personal loan, make sure that you have enough financial resources to be able to keep up with your payments regularly. This is an even more important consideration when you are taking out a loan on top of your other unpaid loans. Anticipate the worst-case scenario of unemployment or serious illness when measuring up your capability to return the money.

Bankruptcy. A person who owes one or several debts to another, and has no sufficient finances to pay debts as they fall due, may apply for personal bankruptcy. The purpose is to use your remaining assets, income, or earnings received and apply it for the lump sum or installment payment of debts due. While bankruptcy does not hinder you from seeking a new employment or other livelihood options, a bankruptcy record will remain on a person's credit report for up to several years. It creates a disputable presumption among creditors or lending institutions that a person who has filed for personal bankruptcy is a high-credit risk. They may use this as a justification not to grant credit or extend one on lesser terms. If you are in dire financial standing, seek other alternatives before opting to file for bankruptcy. Try to negotiate directly with your creditors for lighter and manageable monthly payments, or even for a partial condonation of your debt. If there are no other options available, make sure that you get expert professional help, such as credit counselors and lawyers with experience in personal bankruptcy cases. Bankruptcy involves complicated legal procedures, documents and applications, so it would be best to resolve it with people who can best represent your interest.

Check out personal finance online for more information on the options available to you in personal finance.

In summary, handling your personal finances is largely influenced by the way you exercise self-control, prioritization of expenses and knowing how to properly handle your financial problems. If you've racked up a pile of debt list and it becomes too much for you to handle, get as much help as you can from your friends and family, or consult professionals. And lastly, live by the simple rule of not spending more than you can afford to keep your finances manageable and trouble-free.

How much do I need to Retire in India ?

How much money do you need to have saved up to retire in India?  Well that is the million dollar question isn't it!  

Or rather the crore rupee question.  Probably the single most difficult question to answer for anyone planning to retire.  Knowing if you have saved up enough, before taking the plunge is critical to give you the confidence to kickback and retire from your daily grind.  But how do you go about figuring this out? How can you know for sure that you have got enough? There are so many factors that can impact this magic number, and you just cannot afford to go wrong on this one.  In this article, I explore some thoughts on how to estimate the retirement corpus or portfolio that you would need today, to be able to successfully retire.  I will share a simple method to estimate the retirement corpus, and also explain any assumptions I have made in my calculations.

You retirement corpus is like any other financial goal, and your best chance of attaining it, begins with being able to define it accurately and with as much detail as possible.  For this there are really only 2 clear thoughts that you need to have.  How many years do you expect to spend in retirement, and what will be your average annual expense during your retirement years.  Amazingly enough, if you have a good handle on just these 2 questions, you are well on your way to figuring out your retirement needs.

Your years in retirement should be fairly straightforward.  You should know at what age you will retire, and also you can estimate how long you expect to live.  Your retirement age is a matter of personal choice, and you can in fact play around with a few different retirement scenarios to understand what works best for your situation.  For example you could try out retirement at 50, 55, 60 and 65 just as a thought exercise, to see what kinds of retirement corpus you would need for each of these cases.  Your life expectancy should be a conservative estimate probably in the 85-90 year range.  So if you plan to retire at 60, you should be planning to spend atleast 25-30 years in retirement!  If you choose to retire at 55 (which could hardly be termed as early retirement) and expect to live to 90 (or provide for your spouse till that time) you would need to plan for 35 years in retirement.  This is almost the same number of years in retirement as the number of years you would have worked till the age of 55!

Your average annual expense is a little trickier to figure out.  We could spend a whole different article discussing various ways to calculate this, and then project the expenses into retirement.  For the purposes of this discussion, let us assume that you have accurately judged your current annual expenses.  For this you can look at your bank pass book for the last few years, and average out your annual expenses.  Further we will assume that in retirement your expenses will continue to remain the same as now.  For example if your expenses now are 6Lakhs per annum, we will assume that even in retirement you will continue to spend the same amount (adjusted for inflation of course)  This requires that you don't fundamentally change your lifestyle in retirement from what it is today.  You will also have to account for any large one time expenses separately (for example your child's marriage, is a large non-recurring expense, that needs to be separately accounted for)

With the above 2 settled, here is a table that will help you figure out the retirement corpus you will need to accumulate by the time you retire.  The table shows you different scenarios for the number of years that you will spend in retirement on the Y-axis in yellow.

The percentage by which you can grow your corpus above and beyond the inflation rate is shown on the X-axis in pink.  Clearly you will invest your retirement corpus in various avenues like debt, equity, real estate etc.  Your goal at a minimum must be to make sure your corpus grows at the same rate as inflation.  The table shows you the multiplier to use on your annual expenses to determine the retirement corpus.  In other words your retirement corpus should simply be the multiplier from the table above, with your annual expenses.  Let us take some examples to explain how to use this table.  If you can grow your retirement portfolio in line with inflation, then the calculation is simple.  Look at column 1 in pink, which shows 0% returns over and above inflation.  For a 15 year retirement, you simply would need to save up 15 times your annual expenses in this scenario.  Since your corpus is growing annually in alignment to inflation, you simply need to keep withdrawing your annual expenses adjusted for inflation, and in 15 years your corpus will be exhausted.

As you can see in the entire first column, the retirement corpus is simply your annual expenses multiplied by the number of years in retirement.  The only way to reduce the requirement for retirement corpus, is to actually grow the corpus faster than the rate at which inflation increases your annual expenses.  Take the second column for 1% corpus growth over and above inflation, in the blue colour.  This is a scenario wherein if annual inflation is say 8%, you are able to build and manage a retirement portfolio that grows consistently at 9%.  For a 15 year retirement, you will now see that you only need to save up 14 times your annual expenses.  If you can grow your portfolio beating inflation by 4%, for a 15 year retirement you requirement will be ~11 times your annual expenses. Of course, you will have to take more and more risky investment strategies to be able to beat inflation by a larger percentage margin.  I have generated the table only upto 5% growth better than inflation, since I don't think in the long run it is practical or feasible to beat inflation consistently by more than 5%.  

So if you can beat inflation by about 2-3%, and plan to spend about 15-20 years in retirement, then the table tells you that you will need to save up about 12-16 times your annual expenses to be able to successfully retire.  I would recommend you go on the conservative side, and save up 16 times your annual expenses for this case.  If your retirement time period is longer like 25-30 years, you will need 17-22 times annual expenses, and again conservatively I would recommend going with the 22 multiple. 

So in summary, all you need is the number of years you plan to be in retirement, the confidence to be able to beat inflation by 2-3%, and a handle on your annual expenses to be able to compute your required total retirement corpus.  I know there are several other ways to arrive at the final retirement portfolio that you will need.  Please feel free to use other approaches, and let me know if your ballpark estimate is the same as my simple by effective multiplier based calculator.  If you have questions on how to use the table, do post your queries and I will do my best to answer, and clear your doubts.

How to shop during GOSF

(Source: http://www.medianama.com/wp-content/uploads/GOSF.png)

So GOSF (Google Online Shopping Festival) is just a day away.

GOSF was started in 2012 in India on lines of Cyber Monday.

This is how GOSF has grown through the years:

2012

• Held on 12/12/12
• Partnered 90 e commerce websites
• Received bad feedback

2013

• Held between December 11th and 13th and got extended to 14th December
• Partnered with 250+ e commerce websites
• According to Google, partners had sold out stock within 15 hours of going live 
• Attracted 2 million users
• Performed extremely well for participating companies (Example: Tata Value Homes sold more than 50 apartments in 4 days!)

2014

• Will be held from December 10th to December 12th (3 days)
• 450 companies participating

Here are a few ways by which you can make most of this as a shopper:


1) Make a list:

(Source: http://www.memecenter.com/search/list)

One cannot underestimate the usefulness of making a list. Create a list of products you want to buy. This will ensure you only focus on buying the products you need and avoid impulsive purchases.


2) Allocate a budget:


(Source: http://dravenmade.blogspot.in/2014_01_01_archive.html)

Cannot get simpler! Allocate a budget and you won't over spend!


3) Patience:


(Source: http://car-memes.com/patience-meme/)

You must be patient enough to browse through all the deals being offered. Getting a really good deal is like finding out a needle in a haystack. So allocate a couple of hours for only discovering the appropriate deal.


4) Check out the Rs 299 section:

Branded products priced between Rs 600 and Rs 1500 will be sold for Rs 299. Products will be delivered free of charge and COD option will also be available.


5) Be Aware:

Don't get drowned out by all the noise surrounding the GOSF. Keep your eyes and ears open for really good deals that may not get featured in GOSF. Some smart companies might come out with sudden and lucrative offers during this period.


6) Shop between 8 am to 10 am & 5 pm to 8 pm:

This is just  a hunch. Since many people would be travelling around this time, the chances of encountering website down/server down issues would be less!


So Happy Shopping! :)


References:

Hashtricks http://hashtricks.com/gosf-2013-attracts-2-million-visitors/

Medianama: http://www.medianama.com/2012/12/223-how-indias-ecommerce-companies-did-on-gosf-day/

Firstpost: http://tech.firstpost.com/news-analysis/great-online-shopping-festival-2012-starting-on-december-12-60467.html

Economic Times: http://articles.economictimes.indiatimes.com/2014-11-15/news/56115125_1_great-online-shopping-festival-google-india-nitin-bawankule

Change is Coming. Only if You Want it to.

2015.  It's coming. Change. Though, it only comes if there's action. I've changed. A bit.

I passed my CFP (certified financial planner) tests. I learned a few things, but the one I want to highlight from the experience is that it only open doors to more things I should learn more about. A foundation that gives me the ability to learn more about financial planning. Before I took on the program, I wanted a change, mostly a change to my financial condition.

Now, I'm scared. I'm scared because I have all this knowledge, but there's no guarantee that change will happen, unless I make and let it happen. Thus, follows the compulsory ayat on change.

That is because Allah would not change a favor which He had bestowed upon a people until they change what is within themselves. And indeed, Allah is Hearing and Knowing.

8. Surat Al-'Anfāl (The Spoils of War: 53)

Hay Day Economics

Hay Day

 Sorry for the lack of updates. I had Certified Financial Planner test prep classes during weekends and it took a lot out of me (not really, just looking for an excuse). I will be sharing about the things I learnt, but this article will focus on the things I learn from my daughter's (7 years old) and my (32 years old) favorite game (for a while), Hay Day.

When she started playing it, she was hooked. I had to check on what she was getting hooked on because games these days, they change your behavior. It's almost like salat, you check in at least five times a day. I asked her for a tutorial, then I started to get hooked on it and learned a few things.

1. The relationship of production and wealth.
You can only make money if you produce something. You buy machines to make clothes and food, then the money will come. Life's not so different. A company hires you because you produce something and the company gives your income in return.
If you're looking to increase your income, there are two things you can do, ask for a raise, or produce something else. I'm not good at negotiation, I cannot sell myself, but maybe there are things that people need that I can help. List the things that you can offer and how much you'll charge. Voila.

2. Accumulate by managing consumption.
One. You start with land and capital (also an important thing). Two. You buy seeds of hay and corn from your capital. Three. You produce but you don't consume all. You save some left and you start back at one by preserving the capital and reusing the land. With that, you accumulate and able to expand.

3. Expand then comes the complications and boredom
This is the part where things started to get complicated. I had so many machines and produce, it was getting a little overwhelming. It's actually where I started to get bored with the game. I'm probably not the guy to own a big enterprise. Not a future Gates or Bezos.

I'm not sure if money will bring complications and boredom, but the good news is with money all you need is a brush, spit, rinse routine to accumulate and reach prosperity.

One way to massively improve your productivity at work

(Source: http://www.personal-development-is-fun.com/improve-efficiency-and-productivity.html)

Do you forget that meetings or calls were scheduled?
Do you find yourself over worked?
Do you find it difficult to quantify your efforts to your colleagues and bosses?
Do you find yourself in a blind spot at work? Not knowing what to do next?
Do you find yourself saying 'I dont know what I might do in the next few hours, how can you ask me whether I would be free on Friday afternoon'?
Do you find it easy to procrastinate because feel that you have only a couple of things to do today?

If your answer to any of these questions is a yes, then chances are you do not maintain a To-Do List.



(Source: http://stevevernonstoryteller.wordpress.com/2014/07/06/day-6-at-nanowrimo-making-a-to-do-list/)

A simple way to exponentially improve your productivity at work is to maintain a To-Do list

A To-Do list can be maintained in a diary or through an app

It will help you in the following ways:

a) Plan ahead: You will always be planning ahead. This will soon become a way of life. It will not only improve your professional life but also enhance your life skills.

b) Sense of accomplishment: A to do list will force you to write down what you need to complete. Once you complete a task, just put up a tick mark sign (✔) next to it. At the end of the day, when you see that you have completed twenty tasks, it will give you a huge sense of achievement and motivate you to work harder.

c) In Control: You will always be in control of your schedule. You will find your self using your time efficiently. And most importantly, you will find the courage to say NO.

d) Appreciation: You will be surprised to know that several people report late for meetings, forget to get back on their deliverables and are mostly clueless about what to do next. A To-Do list will transform you into a professional who respects time and people. This will certainly get you appreciation and rewards.



(Source: https://agoracommodities.com/success/)