Posted in Personal Finance

Start Saving Early For Retirement

Retirement can seem terribly far away when you are in your twenties and even thirties, but saving as early as possible for your retirement will undoubtedly give you the most success. Personal finance expert Suze Orman made this point crystal clear during a recent interview by stating that contributing $100 per month to a Roth IRA account from age 25 provides you roughly one million dollars at retirement, but beginning the very same contribution at age 35 provides about $300,000 at retirement. When faced with the fact that waiting ten years to begin saving can so easily cost you $600,000 the need to plan and save for retirement at an early age clearly becomes crucial.

Once you start saving, don’t stop for any reason that isn’t considered a legitimate personal financial crisis. If you do find yourself in a crisis financially, possible help is here: When starting a new job, there is usually a waiting period to join the company 401(k) plan, but keep saving on your own in such an instance by adding as much as possible to a Roth IRA. Another option if you are married is for your spouse to raise their 401(k) contribution during the time that you are unable to contribute.

Most finanancial advisors recommend saving at least 10% of your salary, and more is optimal if you can afford it. Many retirement plans give you the option to ask for an automatic increase of the percentage you save on a yearly basis, so you can opt in to this and raise your savings rate by 1-2% per year and hardly notice it, particularly if you receive yearly raises or productivity bonuses.

If you leave a company you have been with a while, you may take your retirement savings with you, and most employees that are 100% vested in the account may briefly be tempted to “cash out” those funds. It is imperative that you resist the urge to do this and instead choose to keep that nice amount that you have already worked hard to save for retirement. If you attempt to “cash out” and you are under age 55, there is a 10% early withdrawal penalty and you will owe income taxes on the full amount of the account, so the actual amount you would receive after taxes and fees is much less than the total amount you may have been expecting. It is a losing proposition in comparison to leaving it with your former employer or moving it to a new employer’s plan. Always make the smart choice to keep your retirement savings invested so you may benefit from the accounts once you reach retirement.

Remember to save early, keep saving, and don’t access your retirement funds until you are retirement age.

Posted in Personal Finance

The Secret To Improving Your Household Finances

Theres Hidden Fees And Costs Everywhere. How Can You Train Yourself To Spend Less Money? Basic Household Financial Management Is A Great Place To Start. Heres Our Advice On How To Save Money Each Month.

How to Save Money on Subscriptions

Weve mentioned this before, but subscriptions can pile on top of each other quickly without you noticing. Before you know it, you have four different subscriptions and dont know how to cut back on them. Take a look at each category of subscription services you have from TV, music, etc. this month. Start tracking which services you are consistently using, and then decide which services you can cut from the monthly expenses. You may have to watch your show a day late or listen to music with ads, but your wallet will thank you later.

How to Save Money on Eating Out

One of the easiest, but also hardest, finances to take a double look at is how much you are choosing to eat out. Eating out can be convenient and easy, but it does not make your wallet feel good. Take a look at how many times you are eating out a week and try to cut that in half. Instead, choose to meal prep or make enough leftovers of one nights dinner to have enough for lunch the next day. This will help your wallet, but will also be more convenient for you. Personal budget management becomes so much easier once you learn to control this.

How to Save Money on Utilities

It is easy to leave a room and leave a light on or two. However, this tip helps you save a little bit of extra cash and save the planet. Leaving the lights on can become a bad habit. However, you make yourself check every light before leaving your place, it will become a new habit. This may not affect you in the short term, however it will affect your bills in the long term. Take a look at how much you are spending each month on electricity and then compare it to your bills after you start intentionally turning lights off.

How to Save Money on Groceries

Going to the grocery store hungry is everyones weakness. You end up walking out of the store with 5-10 items you didnt intend on buying and things you might feel guilty for later, like the pint of ice cream or container of cookies. Start making a list before you go to the grocery store and stick to that list while you are at the store. Make sure to price shop and keep track of what you are spending. Many times, buying the store brand can save you an extra couple of dollars and it isnt any different than the name brand item. Youll easily be able to cut your grocery bill down and will notice when you are keeping track of your finances.

How to Save Money on Loans

Lets be real. Anyone that has lived paycheck-to-paycheck before knows that at some point in time you might need to find a loan provider. If you have been thinking about getting a payday advance or payday loan, check out the website for Payday Loans 2ux. They have an article with information on how you can make sure you lend from a reputable provider.

Posted in Personal Finance

How To Find Cheap Groceries And Save Money At The Store Every Week.

It’s very easy to go over your budget at the grocery store. There are so many cool new things added to the store almost every week; and who doesn’t love shopping for food? However, we can’t always afford to go over budget. If you are able to stick to a few tips and tricks you’ll be able to stick to your budget and avoid spending hundreds at the store.

Shop While Youre Full

Shopping when you are hungry is a dangerous game to play. You are more likely to choose items you are only craving at the time, but will not be craving when you get home. Shopping on a budget means you have to stick to your list so you can stick to your budget. So, you need to avoid shopping while youre hungry because youll be picking up things at the grocery store you dont need and will regret later.

Stick to Your Grocery List

New things are added to grocery stores all the time and its easy to get sucked into getting something youve never seen before. We all want to try new things. However, if you are looking to stick to your budget that means you need to stick to your grocery list. If you dont already make a grocery list, just start by writing only the things you need. Do not add anything to your list you are unsure of. This will help keep your budget low and you will not spend more than you were expecting to at the grocery store.

Price Shop and Compare

It is easy to pick up an item on your grocery list without looking at the different brands. However, if you start to pay attention, you may notice you can get the same exact product for cheaper by choosing to buy the generic brand over the name brand. You may also notice different grocery stores have different prices for the same product or brand. Choose to purposely shop for the cheapest option of what you are looking for to save as much money as you can.

Dont Be Afraid of the Frozen Isles

Frozen food gets a bad reputation. However, theres no reason you should be afraid of the frozen isles. Frozen foods last so much longer than fresh food. Now, we arent saying to not buy fresh foods at all. Its just important to remember that if you know the fresh food you buy isnt going to be eaten before its expiration date, then it might be a good idea to buy the frozen option instead. This will save you from spending money on something you will eventually how to throw out because it has gone bad.

Cut Coupons

Some people think coupons are a thing of the past. However, if you do it right you can save a significant amount of cash by strategically using coupons. Pay attention to the coupons you receive either in the mail or when you go to the grocery store and adjust your grocery list to save as much money as possible. You can even adjust your meal plans for the week around what coupons you have available to take advantage of the sales. Using coupons before they expire helps keep your grocery trip expense down.

Dont Be Afraid of Assistance

Some people are too proud to ask for help. Seeing as how 40 million people go hungry in the United States, we wish more people would be open about having to ask for assistance. When it comes to buying food for you or your family, those items become a necessity. If you dont have enough money for food this month, consider applying for food stamps. You can contact your local SNAP office to get the process started. Alternatively, you can visit to learn more about a short-term loans that help to cover necessary purchases. Some people prefer to go this route because it still lets them use their own money, especially when its only a one-time thing.

No matter what your budget is, you and your family can still afford to go grocery shopping. Its not so much about finding the best place to grocery shop on a budget, but more about shopping smart. Hopefully with this guide you will find that you can afford the meats, fruits, and vegetables that your family wants and needs.

Posted in Personal Finance

Life Insurance For Senior People

What is life insurance about?

Like most of you know it is a policy that one purchase from an insurance firm to provide your family with financial protection should anything happen to you or one of them. It is a type of death insurance that will ensure your family upon your death money to survive without your income. For many families, it is impossible to make a living without the other partners monthly income because life has gotten so expensive that both partners need to work to provide a decent salary. If one partner dies due to an accident or illness, chances of the other partner keeping head above water are low. It is why people buy life insurance, to make sure that their partners and children will be taken care of financially.

Why is it important for seniors to have life cover?

Well, the pension payment some pensioners receive is so little, and most struggle financially as well. If a senior get life insurance, they can make sure that their loved one that stays behind will have something to live off, especially if the other person does not receive a pension at all. You should think about your partner and what will happen to them. Will they be able to live off a small amount? Do you have debt that needs to be settled? Will the children be able to help their parents?

If you as a senior parent know that your children are struggling and you can afford to buy life cover for them to help them, is it something you will consider? You can get life insurance on your name and make your children beneficiaries, so they will receive something from you to take care of them. There is nothing more precious than parents that help their children in the hard life we are living in today.

Is there cheap life insurance options for senior people?

Yes, keep in mind that you can buy life cover from the age of 50 to the age of 80. It might not be substantial cover amounts, but it is something that you can leave behind for your loved ones. Remember, each company has its own set of options, and each will be cheaper than the other. Its why you should consider asking someone like a child to help you. Go online, look for a website offering you various quotes from various companies, provide your details and a broker will get back to you with a set of quotes. You can compare it and find this way the cheapest offer with the most benefits for less.

Posted in Personal Finance

Applying for and getting loans online

Applying for a loan is a great consideration because when you lack the financial resources you need to make certain purchases; it can be the best option. You can use loans start a business, purchase property, buy a family car, or simply settle utility bills and other general household expenses.

Some banks give you the option to apply for a loan online and the application process is usually fast and simple,, has said.

Rather than visiting a branch or speaking to the call centre, you can access the application online. It means you can complete it at any time and go through it at your own pace.

Source :

Since a loan is a debt, with interest, and there are various forms of this debt, being cautious in necessary while applying for a loan. Taking a wrong type of loan is the worst financial decision that you can make. When borrowers commit refund their loans at a specific due date and fail, problems often set in at this stage. They find difficulty managing their resources when they cannot make the monthly repayments because of different reasons. Some find difficulty because they are encountering other problems such as job loss and medical emergencies. The consequence of failure to repay a loan is severe. Nonetheless, it varies depending on the types of loan a person has taken. This is why it is important to work with a reputable team of financial experts to give you credible advice before you apply for a loan.

Getting a loan can be a very important decision, but finding and good lender, knowing the right questions to ask, and knowing what to watch out for can be difficult. Unscrupulous lenders often target consumers who are most vulnerable: the unemployed, low-wage earners, minorities, the elderly, and those who have poor credit ratings. Also, while many loan scams result from fraudulent lending practices, many legitimate lenders use tactics to lure consumers into accepting loans they know you cannot afford.

No matter how much money you are borrowing, or what kind of loan you are getting, there are some basic guidelines to follow that will help you make better decisions about your loan. This document also provides you with specific information about different kinds of loans and lending tactics that can put you at financial risk.

Source :

Calculating APR

 It is determining the unit percentage that represents the annual cost of the funds over the term of a loan. It helps you compare the interest rate structure, penalties, and other forms of fees to provide you with a bottom-line number for comparing rates charged by different lenders.

APR is the annual rate of interest without taking into account the compounding of interest within that year. Alternatively, APY does take into account the effects of intra-year compounding. This seemingly subtle difference can have important implications for investors and borrowers. Here is a look at the formulas for each method:

For example, a credit card company might charge 1% interest each month; therefore, the APR would equal 12% (1% x 12 months = 12%). This differs from APY, which takes into account compound interest. The APY for a 1% rate of interest compounded monthly would be 12.68% [(1 + 0.01)^12 – 1= 12.68%] a year. If you only carry a balance on your credit card for one month’s period you will be charged the equivalent yearly rate of 12%. However, if you carry that balance for t

source :

General Types of loans

 These are secured loans. They rely on an as collateral meaning when the borrower defaults on the loan, the lender can possess the asset to cover the loan. Secured loans have a lower interest rate and APR than many other loan forms.

Personal loans

 These are unsecured loans, so if you default on payment, the lender has the rights over your assets. However, the lender can take collection actions such as filing lawsuit and reporting late payments to the credit bureaus. Personal loans are associated with high interest rates.

What is a personal loan?

Personal loans are loans that a bank or other lender makes that are not secured against any asset such as your property. They’re also known as unsecured loans.

Source :