Month: May 2019

bookmark_borderReasons to Use Online Banking

Posted on by Lenny Bogard

Online banking allows you to run your day to day finances, and manage your bank account, with ease and convenience, and with this method of banking you are always in control. With online banking you get to enjoy convenience, ease, speed, and increased control, which is why so many people now decide to conduct their banking transactions online rather than at a branch. The main reasons many people opt to use online banking are:

  • The ultimate in convenience: When you use online banking you can conduct your transactions from the comfort and privacy of your own home, so you won’t have to worry about going out to your local branch, spending time queuing up, and trying to fit your banking commitments into your busy day, which can be particularly difficult for those that work full time.
  • No time constraints: With regular banking you are restricted in terms of when you can contact or call in to the bank in order to conduct transactions, and this can prove difficult for those with busy lifestyles and full time jobs. However, when you opt for online banking you can conduct transactions at any time of the day or night, which means that you can effectively manage your account around the clock.
  • Do everything you need to online: You will find that you are able to conduct pretty much any banking transaction that you can perform by phone or visit to your branch by going online, other than withdrawing and depositing cash. This means that you can effectively control your finances from the privacy of your own home.
  • Increased security: Banks now use very secure software to ensure the safety and security of customers, making it safer than ever to bank online. Just remember never to link to your bank account from an email link, as this could be a false link, and do not save your banking passwords and security details on a shared computer that could give others access.

bookmark_borderHow To Save Money

Posted on by Lenny Bogard

If I ask you how to save money? Either you would be confused or overflowed with hundreds of money saving ideas. There are some common ways to save money applicable to the masses and there are some exclusive money-saving ideas researched and applied to you only. Things are good and effective so far as you apply your tips and tricks properly. Here I am enlisting 25 realistic and simple money saving tips for the readers. Please note that all these money saving tips may not have the fullest implications in one’s life, but a few out the of money saving ideas listed below have a qualitative impact on your pocket.

Pay your debts on time

Try to pay your debts on or before time. Be it credit card bill or loan interest, paying on time not only saves you from additional interests and penalty but gives you a high creditworthiness. You can also make arrangements with the bank for automatic debt payments. This is also a great way to save yourself from a debt-trap.

Consume less meat

What? Yes, you read it right. But, how to save money by consuming less meat? Well, this is simple. If you take less meat in your food or goes vegan, the direct impact is in your pocket. Animal proteins are costlier than vegetables. But a much bigger impact shows on your health. Researchers found that large animal protein intake in our foods have an adverse effect on our health. A non-vegetarian is prone to more decrease in comparison to a vegetarian. And nowadays health issues cost us much.

Withdraw from same bank’s ATM

This is a simple but effective money saving tips to follow. As you know, if you withdraw from other banks ATM (where you don’t have an account), after a certain number of transactions the ATM bank charges extra fees per transaction. So, whenever possible, do ATM transactions with your home bank only.

Try to buy air tickets from the company’s site

Whenever we travel by flights we do a comparison over the internet reading freights and services. There are many online travelling sites that give you the freedom to compare flights of different companies on the same platform. But I would suggest that rather than buying the tickets on their sites it is advisable to go the native company’s sites. The charges would be certainly lower than the previous one.

Save at home

Make a piggy bank at your home and save whatever possible on a daily basis. Even ask your children to do the same out of their pocket money earnings. It inculcates the saving habit in you and your children and creates a fund with the passage of time, helpful at the time of your emergency.

Find a roommate

If you are living in a rented house and single, then this would be the best way to save money. If you have a roommate you can not only save your portion of room rents but other household expenses too. Moreover, you and your partner can share daily household works, so that the life becomes less stressed.

Keep your house clean

This is one of the good money saving ideas, I think works great. When we keep our house clean, it directly impacts our health. In addition to that, when the house is clean, it indicates that our staffs within the house are arranged too. This will help us in finding our requisite items at arm’s length. Misplacement and unattended staffs left us with no option but to go for a new one, which can be avoided at large.

Shop higher or lower than eye-level

Marketers are intelligent. They place high valued items at our eye level. So try to buy products below or above the eye level. This way you can save a lot of bucks while shopping.

Take a health insurance or mediclaim

Whenever you sit with your financial budgets, you must include health insurance in it. Medical bills are capable enough to tremble your financial stature. It would be really foolish to take chance by not taking health insurance or mediclaim. By paying a small amount of premium, you save yourself and your family from financial jeopardy.

bookmark_borderGet Your Teen Started With Credit Cards

Posted on by Lenny Bogard

Check the teen’s credit report together.

It is not a secret that you can simply do this online. At first there should be no credit. Parents should explain that the use of the credit card will be reported to the major credit bureaus, thus any late payment will stay on the credit report for seven years. Teens should know and understand that credit reports are very important and they affect the cost of loans, mortgages, auto insurance as well as it impacts the decision of a potential employer or a landlord.

Parents can add a teen to their cards as an authorized user.

It can be useful to open a new account together with a teen. Just use a low credit limit and set up an online access to monitor spending.

Parents can consider student credit cards.

They are now offered by the major card issuers. They are provided with rewards including free FICO scores.

Secure credit card can be a good alternative.

These cards require a savings deposit in the bank that issues a card. So the credit limit is actually the amount of the deposit. Thus, teens can start building a good credit report while using the card regularly as well as paying on time and in full, of course.

There is a special card that is built for parents and teens – VisaBuxx.

It’s linked to the account of the parent and both (teens and parents) can monitor all the transactions online. Besides, this credit card can be automatically refilled if there is no money.

bookmark_borderNeed Good Personal Credit

Posted on by Lenny Bogard
  • Buying a House – When you purchase a home you’re entering into a long-term agreement. You want to make sure you have a great credit score so you’re able to obtain lower interest rates and more available credit. By having low credit scores your limiting your ability to dictate to the lender the terms your most comfortable with.
  • Purchasing a car – Much like buying a home when your go to buy a car you need buying power. If you have no money down then you’re going to need to have great credit scores to convince the bank you’re a low risk. You want the best terms possibly and most affordable for your situation. Make sure you approach the dealership with confidence by having excellent credit.
  • Getting a Job – If you don’t know now you do more and more employers and requiring credit checks for new employees. This could be damaging for some. Your credit score can be low for all kinds of reasons. If potential employers pulls your credit and finds a low score they may be more interested in the person who has “shown” stability and a willingness to pay attention. We all know your credit score doesn’t tell your personal story, make sure you know where you stand before applying.
  • Starting a Business – This could be crucial if you’re starting a business. Lots of Entrepreneurs don’t have the best credit but have some excellent ideas. Bringing those ideas to a product or forefront takes time and money. If you don’t have the credit score to secure funding for your new business the idea may be parked before it got going. Understanding all parameters of your credit profile before you jump into business will help you.

It’s important to have excellent credit scores. If you have been in a credit crunch before then you know it can be a scary thing to face. I know lots of business owners who went to the bank first, got denied, and then couldn’t understand why until they saw what the bank saw. It’s all about minimizing your risk to the lender. Knowing if your profile fits the lending market requirements is where you need to start first. After you have positioned yourself then you can approach the banks and lenders with confidence.

bookmark_borderQualify for Lawsuit Loans

Posted on by Lenny Bogard

With this type of loan, you are essentially borrowing money against the settlement or judgment that you are expecting from the lawsuit you filed. Many victims of personal injury and similar cases apply for lawsuit loans because they don’t have money to pay for your large medical bills as a result of the injury they incurred. They also use the money to cover living expenses, loans and legal expenses.

The fact of the matter is that a lending company that specializes in settlement advance loans take a substantial risk every time they grant this type of loan to a plaintiff. As such, it will only lend you the money you need if it’s very confident that you have a good case. They will contact your lawyer and ask them as much information about your lawsuit, and the processing time may take a while as well.

Lawsuit advance lenders require applicants to have suffered personal injury, with approval from their lawyers. You also need to have a lien to your case, signed by you and your lawyer stating that you will pay them back once your case is settled or won.

It depends on several factors but generally speaking, it’s more expensive than other types of loans. But that’s mainly because this kind of loan carries high risks to the lender. That’s because a lawsuit could go either way and you, as the plaintiff (and borrower) do not have any obligation to the lender in case the settlement amount is lower than anticipated or if there’s no settlement at all. In addition, it takes a long time for a personal injury case to settle or go to trial. This is why the interest rates are much higher for such loans. It could go anywhere from 25-60% per year depending on which lawsuit cash advance provider you approach. So, the longer your case drags on, the more money you will be paying. In most cases, you will only pay if and when you win or settle your case.

Lawsuit loans are often considered the last option. Only when you have exhausted other means to obtain financing should you consider applying for this type of loan. Ask your family and friends if they can lend you money while you wait for your case to be settled or go to trial. You can also check with your credit union or bank if they can grant you a personal loan.
Going through a lawsuit can be difficult and expensive, and settlements can take a while, so what do you do in the meantime to pay the bills? Rather than end up in debt, you can just opt for a lawsuit loan as it’s more practical. If you’re not familiar with it, here are the pertinent facts.

Anyone who’s suffered an injury can verify that it will stress you out in different ways. First there is the litigation which can take a long time to resolve. As the days pass by, the legal expenses pile up, and the pressure on the litigant increases. If the injury is serious and you cannot work, you’re unable to earn to pay for the bills. What happens is the plaintiff has no option but to accept a deal, usually one sided in favor of the defendant. That doesn’t have to be the case, and with legal funding you can afford to go all the way.

Legal funding is different from the loans you get in financial institutions because the plaintiff (you) is not at risk. When you acquire the loan, you’re not obligated to pay for it unless you get a settlement or win the case. That’s right; a lawsuit loan only needs to be repaid if you receive a settlement, which will provide you with the necessary funds. If the court rules against you, there is no need to repay the lender.
Legal cases, particularly those involving personal injuries, can take a long time to resolve and can be a financial burden. Fortunately, lawsuit loans are now available to help you get by while your case is being settled. Because lawsuits are complicated, it can take up most of your time and money, but that doesn’t have to be the case.

The aforementioned loans are available from lawsuit funding companies, and there are a growing number of them. Basically what a loan does is provide you with the means to cover up for expenses you’re incurring. You’re under no obligation to use the loan in specific ways because it’s yours. You can use the loan any way you like and more importantly there are no up front charges that will be leveled at you.

When people talk about a loan they think of the kind that banks offer, where you’ll have to pay for it regardless of the outcome of your case. However that’s not how it works with legal funding. Legal funding providers are aware of the complexities involved in legal disputes, with time and money capable of crippling the plaintiff. With the latest studies showing that settlements can take up to a year, obtaining lawsuit loans is more practical.

bookmark_borderBasic Financial Planning

Posted on by Lenny Bogard
  • Know your financial needs, priorities, goals, etc: What do you wish to achieve in your life, from a financial perspective? Is there a realistic way, to do so, by using personal discipline, and a focused approach/ plan? Will you begin financial planning, for your present, and future needs? What will you do, to plan, for your children’s educational costs? How about your retirement? Many give up, because they feel, they do not have the ability to achieve these objectives, but, most people do, if they plan, far enough ahead, and discipline themselves, consistently. After all, you pay many bills, every month, including your mortgage/ rent, utilities, and other current needs, so wouldn’t it make sense, to proceed, with the discipline and attitude, to pay yourself, first?
  • Periodic payments/ installments; dollar – cost averaging: For the average person, the best way, to attain and maintain, a significant, diversified portfolio, is to use, what is referred to, as, a periodic payment plan. This means, every month, preferably on a specific date (same time each month), putting the same amount into a mutual fund. This should be, a diversified, balanced fund, in order to perform, in a variety of market conditions, etc. Dollar – cost averaging means, since, the price of the fund, generally fluctuates, you will purchase a different number of shares, for the same dollars, but, hopefully, over – time, this approach will be extremely beneficial, and grow.
  • Discipline: This type of approach, will only work, successfully, when you proceed, with a self – imposed, discipline, to pay this bill, to yourself, every single month. In the longer – term, you will benefit, because, you will, without feeling much pain, build up a significant portfolio. Wise people realize, your success, is up – to – you!

bookmark_borderMortgage Loan Insurance

Posted on by Lenny Bogard

It should go without saying that Mortgage loans and housing corporation (CMHC) is one of the finest option for mortgage loan insurance which is to protect a particular bank from you. It is an implication of the fact that even if you fail to pay your mortgage at the required time, the bank would no longer be able to sell your property since the insurance will cover the rest of the amount that you owe.

There is no argument over the fact that mortgage insurance is primarily premised on the fact that it protects the banks, however, it does also provide a number of benefits to the home owners in Canada as well.

The Canadian mortgage loan insurance has an average range that lies somewhere between .5 and 2.9 percent of the overall mortgage. It is to be kept in mind at all times that the rate is entirely dependent on the investment that you can make in the name of a down payment.

The higher the down payment that you are willing to pay, the lower is going to be the insurance rate. In order to give you a better idea, it is of prime importance to mention that if you are willing to come up with a fifteen percent down payment, the rate of insurance is going to be a measly two percent as against the 2.9 percent that you are going to have to pay if you come up with a down payment of only five percent.

Since you must be wondering about the conditions that you are required to fulfill before you can apply for the Canadian mortgage loan insurance via CMHC, it is too indispensable to mention here that while the list of conditions which are to be met are quite a bit, however, some of the conspicuous conditions may include and are not confined to the following:

  • You must own a house located in Canada
  • You must be willing to pay at least five percent of the overall price of the property as a down payment
  • The total monthly housing cost of yours should not be higher than thirty two percent of the gross income of household
  • The total debt load that you hold must not be over forty percent of the gross income of household

In the light of the above mentioned information, it is only fair to conclude that Canadian mortgage loan insurance is one of the most commendable options for people who are running low on budget and are unable to come up with the required down payment that makes you eligible for the conventional loan.

The insurance will make sure that you are able to get yourself eligible for the Canadian mortgage loan with a remarkably reduced level of down payment. With such benefits at your disposal, it is highly unlikely that you are going to regret making the decision of going for the mortgage insurance.

bookmark_borderCredit Card Management

Posted on by Lenny Bogard

When you make your credit card payments on time, your credit score improves and you can obtain higher amount of credit. On the other hand, if you fail to make the payments on time, your credit score is negatively affected and you may not get any further credit from financial institutions. Here are a few important tips which will help you in effectively managing your credit cards:

  • Plan your purchases – Before purchasing or buying any product, determine if it is necessary to buy it. You must make a list of your priorities and stick to that so that you can arrange for the money needed to pay your credit card bills. At any point of time, make sure that you do not purchase something too expensive as it will make you cross your monthly budget or the credit limit on your card. An effective way of way of planning your purchases is to make a shopping list. At the beginning of the month, try to make a list of things you need to buy with the card and stick to that list as much as possible.
  • Always check your statements – Check your statements on a monthly basis as the statements will help you understand your spending pattern. Based on your observation, you can try to avoid unnecessary purchases. Also, checking the statements will help you in knowing the minimum payment due for a particular month, so that you can make that payment on time and avoid extra charges or fees. You can easily check your statements online, and you can also use your smartphones to keep a track on your card usage. Mobile alerts can be very helpful in ensuring that you do not end up paying more than what you are supposed to, when you use your credit card for any transaction.
  • Try to make full payment – Try to make full payments, whenever possible. When you pay your credit cards in full and within the due date, you do not have to pay any interest on the billed amount. Besides, paying the credit card balances in full will help in improving your credit score. Even if you are not able to pay your credit card balances in full, you should always make sure that you pay the minimum amount due, within the due date. Apart from saving a substantial amount of money on interest, you will also be able to improve your credit score and increase your chances of obtaining more credit in the future.
  • Keep a track of supplementary cards – At times, you might forget the fact that you have provided supplementary cards to your family members and these cards are linked to your credit card account. The way these cards are used can have an impact on your credit card account. Hence, you should keep a track on them and also ensure that the transactions completed with them are paid for within the payment due date. Besides, you also need to keep a track of these cards so that you can ensure that the credit limit of your card is not exceeded. If it is exceeded, you will end up paying an over limit fee and other hefty charges.
  • Look out for promotional offers – Why pay more when you can get the same product by paying less? Be a little smart when using your plastic money and make sure that you utilize the variety of offers and promotions provided by the card issuers from time to time. These promotions can provide you with access to discounts, deals and privileges across different segments such as dining, travel, shopping and so on. You can not only save money through these promotional offers but you can also enjoy a variety of other exclusive privileges which will enhance your experience of using a credit card. Make sure that you always visit a website where you can find information about such promotions so that you can take full advantage of them.

bookmark_borderCredit Card Traps You Should Avoid

Posted on by Lenny Bogard
  • Encourages spending habits. Some people have the wrong notion that it is a privilege to own a credit card and makes them cool to other people each time they use it. However, such incorrect notions and reasons are ways to fall into credit and debt traps for which you might need to seek the help of title loan companies for when payment due dates come.
  • Too much dependence. It is already stressful to own one credit card, how much more if you have more than two of these? Monitoring and paying your dues can add more stress as card companies have different policies and procedures; thus, you have several things to consider when monitoring your spending. There is nothing wrong with maintaining more than one; provided you can pay it and you do not rely on it for your daily survival.
  • Availing of promos. Do not make the mistake of availing promo offers especially if you do not need the items. For example, why avail of one day sale on grocery items when your cupboards and refrigerators are still loaded with groceries and food items that will last for more than a week? Why buy additional pair of shoes when you still have one pair that you haven’t used yet?

 

bookmark_borderReasons to Go Cashless

Posted on by Lenny Bogard

Convenience: You can shop, dine out, gas up and pay for your Uber with one small, lightweight card. Consumers and businesses all benefit from the speed and convenience of electronic and digital payments.

Security: Carrying cash makes you susceptible to robbery and cash is 100% gone and untraceable. If you carry a debit card it is replaceable and any fraudulent activity is refundable. So, transitioning to cashless payment options enhances security and reduces risk. Utilizing cards keeps your money secured.

The use of EMV chip technology assures your account information is protected and your hard earned money is safe from unauthorized use. And, if for some reason your cards are lost or stole you can always have them blocked and replaced.

Going Cashless creates a disciplined spender: Paying with cards gives you a record of all your transaction, allowing you to monitor your spending. Using a debit card can also prevent debt because you are only spending what you have in your bank account.

You Always Have Exact Change: How many times have you paid cash for an item that costs $5.02 with $6 and get.98 cents back. Now all you hear is that jingling in your pocket. If you had used a card, you wouldn’t have this very annoying problem.

Accumulate Rewards: Using cards can help you save money in different ways. For example, a cash back credit card will give you rebates on all your purchases with no caps or minimums. What about a card that gives you rebates while feasting with your friends or shopping for clothes, shoes or misc. items online. Who doesn’t like rewards? Card companies are always finding different ways to reward their customers for using their cards, so why not reap the benefits!

Discounts: Many merchants (online and offline) offer discounts ranging between 2 – 20% for using a cashless form of payment.

Makes It Difficult To Borrow Money: With little or no cash in your pocket, it is very difficult to lend money to those people who probably conveniently forget that they even borrowed it.

Do You Know How Dirty Money Is? From a hygiene point of view, money is absolutely filthy. Do you know what nasty stuff can accumulate on a dollar bill after several years in circulation?

Buy Now Pay Later: The arrival of credit cards that allow you to pay after 50-55 days without any interest payment is something that cash doesn’t offer. This is a blessing for people that run down their bank account balances.

Lastly, It’s Green: Using cashless modes of payments helps in maintaining bills and records electronically which in turn saves paper and thus saves a lot of trees.