Ryan Galiotto

Posts Tagged ‘finances’

Personal loans are a single payout lent by a financial institution to individual borrower. Specific terms, such as the amount of money to be lent and the interest rate, are agreed to in advance by both parties. The borrower has a certain amount of time within which to repay the loan. The payments, including interest, are made until the loan is paid back. You must be sure to do a personal loan comparison before agreeing to anything.

It is really quite easy to qualify for a personal loan. The interest rates and fees associated with borrowing these smaller amounts of money are often very high.  Although there are high fees, there will always be a way to find the cheapest personal loans. The cheapest way is to apply is through an online lender. Another method to ensure cheaper loans is to do some comparison shopping. There is a lot of competition in the loan industry, so you’re sure to find someone that has cheaper rates.

It is very important to do a personal loan comparison. Personal loans vary widely from lender to lender, and even the same lender will offer differing terms depending on the type of loan that you take out or the amount of money you borrow. Only when you take the time to compare personal loans will you know if you are making the best decision. Some people may be interested in credit cards after bankruptcy to help with personal finances.

Interest rates are an enormously important factor you must take into consideration. One of the first comparisons you should perform is to weigh the pros and cons of fixed rate loans versus variable rate loans. You and the lender agree upon the rate in advance, and it will not fluctuate, no matter what happens with the market. A variable interest rate is a loan with an interest rate that varies depending on the prevailing interest rate set by the Federal Reserve.

Chances are you already know approximately how much you need to borrow and what your ideal repayment period would be. You will likely find a number of lenders that can accommodate your needs, but it is unlikely that the terms of their loans will be the same. In addition to interest rates, you should compare added costs such as the loan fees, default penalties and minimum monthly payments.

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.

1. Keep Your Bills in One Place

When the mail comes, make sure it goes in one place. Misplaced accounts can be the cause of unwanted late fees and can damage your credit rating. Whether it’s a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won’t get filled up too quickly.

2. Pay Your Bills on Schedule

Bill paying can be simplified if it’s done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending a bit much time in front of the checkbook. Although bills may state “Payable Upon Receipt”, there’s always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.

3. Read Your Credit Card Statements

Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.

4. Take Advantage of Automatic Payments

Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make a point you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.

5. Computerize Your Checkbook

Using a software program is a handy way to organize your finances. Whether it’s Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks could be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn’t be easier.

6. Get Overdraft Security

Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.

7. Cancel Unused Accounts

Whether it’s a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don’t let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It’s easy for credit to get out of hand by taking advantage of every credit offer that comes your way.

8. Consolidate Your Invoices

If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your revenue in fewer places eliminates all of the guesswork involved and reduces errors.

9. Establish Automatic Savings

Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.

10. Clean up Your Files

Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.

(c) 2005 DebtGuru.com(r). This article may be freely distributed as long as the signature file and active link are included.

About the author:

Michael G. Peterson is the Vice President of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit http://www.debtguru.com. Also for further detailed information please visit http://moneyandfinancetips.com/

Personal loans are a single payout lent by financial institution to an individual borrower. Specific terms, such as the amount of money to be lent and the interest rate, are agreed upon in advance by the parties. The ‘s got a certain amount of time within which to repay the loan. Regular payments, including interest, are made until the loan is paid back. You must be sure to do a personal loan comparison before agreeing to anything.

It is really quite easy to qualify for a personal loan. The interest rates and fees associated with borrowing these smaller amounts of money are very often quite high.  Although there are high fees, there will always be a way to find the cheapest personal loans. The cheapest way to do this is to apply through an online lender. Another way is to ensure cheaper loans is to do some comparison shopping. There is a lot of competition in the loan industry, so you’re sure to find someone that has cheaper rates.

It is very important to do a personal loan comparison. Personal loans vary widely from lender to lender, and even the same lender will offer differing terms depending on the type of loan you take out or the amount you borrow. Only when you take the time to compare personal loans will you know if you are making the best decision. Some people may be interested in credit cards after bankruptcy to help with personal finances.

Interest rates are an enormously important factor to take into consideration. One of the first comparisons you should perform is to weigh the pros and cons of fixed rate loans versus variable rate loans. You and the lender agree upon this rate in advance, and it will not fluctuate, no matter what happens within the market. A variable interest rate is a loan with an interest rate that will vary depending on the prevailing interest rate set by the Federal Reserve.

Chances are you already know approximately how much you need to borrow and what your ideal repayment timeframe would be. You will likely find a number of lenders that can accommodate your needs, but it is unlikely that the terms of their loans will be exactly the same. In addition to interest rates, you should compare added costs such as loan fees, default penalties and minimum monthly payments.

Car insurance is something that virtually everyone has to have. There are some exceptions, but for the most part, if you get caught driving without it, you can be in a lot of trouble. Most states, like the one I live in, Oregon, requires that you have insurance on your vehicle at all times you can’t even register your vehicle without car insurance.

It is a prerequisite that if you buy a new automobile or truck or anything you drive that you make payments on you have to have full coverage insurance on it. However, those that own a car or truck outright can choose what they want, and some go with liability insurance only. Choosing liability insurance is usually pretty cheap, but it’s not always a good idea.

Most automobile insurance policies automatically have liability insurance enclosed in them. liability insurance is used to cover any damages that are your fault if there is an accident.

This is the very least amount of insurance you get by with. If you didn’t have liability insurance and got into an accident, you would be responsible for all the damages out of your pocket. having liability insurance, though, makes it so that your insurance company has to pay all the damages less the deductible that you have on your policy. It really depends on your policy and your insurance company.

If you select to buy liability insurance only, you will not be able to recuperate any money if someone else causes harm to your car or truck. They should, by rights, have liability insurance as well, and that money will come from their insurance company. However, you never know what is going on with anyone on the road, and some do drive without insurance. If that person were to be involved in an accident with you, you may be out of luck.

You can sue them, of course, but if they don’t have enough money to buy the insurance for liability, they probably will never pay any judgment against them.

If you can afford it, it is always the best option to have full coverage insurance on your vehicle but sometimes this option is just way too expensive. Those just beginning in life may only have this bare minimum coverage, but chances are they also have a car that is not worth very much. As they get older though, and become more able to afford higher-priced cars, it is sound wisdom to have more than just your everyday liability insurance. As with home and life insurance, it is always wise to think about the unknown and to realize you never know what will happen.

Cover yourself in every way you can, and you will be glad that you did.