Category Archives: Finance

Top Tips to Financing a New Car

Purchasing a new car is a large expense, in fact, aside from buying a home it’s probably the largest expense you’ll encounter. This is why it requires a certain amount of financial planning in order to get the best deal.

Car Loan

Car Loan

Unlike many other expenses though, there are a number of ways you can fund a new car. Throughout this article we are going to investigate the various ways of doing so and weight up the advantages and disadvantages of each of these methods:

Savings/ Cash

Arguably the most convenient way of funding a new car is to use the money you have in a savings account. One thing to take into account when doing this is; you should always leave enough in your account to cover for any emergencies (this is known as your emergency fund).

Advantages

  • Often garages will be more willing to negotiate on price when you’re paying cash
  • Currently savings rates are low so now is a good time to use them to fund your new car
  • You won’t pay any interest on your purchase so its considerably cheaper than using credit in the long run
  • If you want to sell the car 2 years down the line, you can as you’re not tied into any contracts that you would be when using credit.

Disadvantages

  • New cars depreciate at a rapid rate so if you’re not looking to keep the car, leasing may prove a more cost effective option.

Personal Loans

The rates offered on personal loans via banks, building societies and supermarkets are at an 8 year low, which is why many people are turning to them when looking to buy a new car.

Advantages

  • As I outlined above, personal loan rates are very low at the moment, in fact they are arguable the cheapest source of car financing
  • Due to the introduction of the internet, personal loans can now be arranged very quickly meaning there’s very little waiting around for the loan to be processed.
  • You are able to choose a loan amount and term that suits your budget regarding monthly repayments.

Disadvantages

  • The lowest rate loans will be reserved for those with an immaculate credit history, if you have poor credit you’ll have to pay much higher rates.
  • If you have spare cash available and you’re looking to pay off the loan early, you may find that an early settlement fee is attached to the account.

Hire Purchase

Hire purchase works slightly different to any other method of financing in that; the buyer lays down a small deposit; they then formulate a monthly payment plan to pay off the rest. However, at the half way stage (when half of the vehicles value has been paid) the buyer is given the decision of whether they want to continue paying the monthly payments or whether they want to hand the car back.

Advantages

  • While the rates will not be as cheap as those offered by personal loans providers, they will still be competitive
  • Suitable for those with very little savings as only a small deposit is required (10%)
  • Breaks the payments down into affordable monthly repayments

Disadvantages

  • You do not have full ownership of the car until the final payment is made
  • Due to the fact that you are essentially hiring the vehicle, you are liable for any damage if you choose to walk away at the half way stage.
  • The dealer may set a maximum mileage limit. Exceed this limit and you’ll face penalty fees.

Choosing your right method

Choosing the right method for you will be dependent on a number of factors; for example, if you don’t have any savings or you’re simply not willing to give up your savings, then a personal loan or hire purchase are likely to prove the best option.

If you do choose to go down the personal loan or hire purchase route, make sure that you use a comparison site in order to ensure you get the best deal. Always check the criteria prior to applying and ensure you fit every point. If you apply without checking the criteria you run the risk of getting declined which could ultimately affect your credit score.

Benefits of using 0845 phone numbers

Do you know about the phone numbers starting with 0845. It is a non geographic phone number that is very helpful for both business owners and consumers. Anyone having a 0845 phone number can give it to others, no matter how many times he changes his own number. The 0845 phone number can be forwarded to any personal phone number that gets registered with an individual account. This ensures that a business man or a company is always available for his clients.

0845

0845

It is very easy to operate a 0845 phone number. This number is linked in the system with a personal phone number of any choice. So if a person or a business wants to be always available, they can give this phone number to everyone. Even if they change the personal phone number in the system, it will still get connected to the 0845 phone number.

0845 numbers cost is very nominal and is beneficial to people on both sides of the telephone line. It is billed just like a local phone number. This saves a lot of money of both the clients and the business owners. Another benefit of the 0845 phone number is that the incoming calls are absolutely free and this phone number can be reachable anywhere. So you have the freedom to move anywhere in any part of the world.

This phone number has a wide range of options. It has a Replay button, so all incoming calls can be recorded and monitored. It also has a call Que manager that allows the 0845 owner to hold all his calls in the network until he answers it. It also has an automatic menu feature for routing options and a data capture system that will ask the caller to input specific information that the number owner will need.

Searching for a 0845 phone number is very easy on the internet. Any phone company can register your phone number and give you your unique 0845 phone number and it will be up and running in a matter of hours. Browse through the internet and shop with different companies to see their best deals.

0845 numbers cost less and is a big time saver both for the clients and the owners of the number. The owner only has to pay the local charges for the call. Many organized businesses are using this facility and clients are also liking it because they always have someone available to answer their queries.

Choosing an appropriate fundraising software

Finding a good fundraising software is full of issues. First you have to put all your efforts in collecting the funds, then you have to re-tool the business packages. This is often complicated and time-consuming process. We often do not want to go through too many changes so we become accustomed to it slowly.

The software provider won’t always tell you everything about the product and the challenges to be faced when you are implementing it. When a new software is designed, it does not always keep in mind the issues related to people, culture of a company, business practices, politics, but people always blame the system who are ignoring the issues.

While you are raising funds for your events, you will have to face a number of problems and choosing an effective software for fundraising purposes becomes a requisite.

Fundraisers often feel obstructed by their software and the services. As a result, this hampers their work a lot. They spend a lot of time in entering the data and get it back in the original format. So before taking a big step, see how your fundraising software will help you in conducting a non-profit event. A good fundraising software will help you in the following ways:

  • Categorizing your prospective pool so that you can target on your potential donors and work out the right strategy.
  • It will help you in making proper communication activities such as sending direct emails and keep a track of the major donors.
  • Keep a track of all the donations made.
  • You will be able to make donations online with the help of credit cards, paypal or even wire transfer
  • You will be able to make your own event page online and run a discussion board discussing about these events
  • Generating reports that will evaluate the effectiveness of each strategy being applied while planning for the event.

Often people get attracted by the software features and functionalities that is hardly used or those that are easily available. They take such softwares and end up making wrong decisions. There is no need to change anything if your current software is supporting your everyday work and your strategic needs.

When you are setting up your goals for the next four or five years, see if your current software will provide you the flexibility for serving the strategic needs. Asses the limitations and figure out the problems so that it can be made better. Once you analyze these aspects, you will be able to create the best effective software for fundraising purposes.

Ten Commandments to organize your finances

 

finance

finance

It might sound tough to be able to organize your finances. But if you are not doing so, you will have to face serious consequences of not taking of it in the right time. Clearing the financial mess is a tougher job if you don’t keep your finances in order. Everyone has some inborn qualities and it is our duty to master our skills, especially the financial areas to make a better living.

You might think you need to take a masters of business administration online course to make heads or tails of budgetary matters, but with these tips you will be on your way to being financially savvy.

You must follow the Ten Commandments in order to organize your finances.

1. Prepare a budget: having a well planned budget over your income and expenses will avoid any kind of unpleasant situations when your pockets go empty in shopping malls and beer bars. This will also allow you to see how much you can save in a month.

2. Reduce your expenditure: Your expenses should always be less than your total income otherwise you will fall into debts. Cut out all those expenses which are unnecessary. It’s good if you can set your own priority to make things easier. This way, you will be able to draw a line wherever needed.

3. Stress more on to savings: When the expenses go down, the disposable income goes up. Just in case if you lose your job, go through your budgeting once again so that you can squeeze out some amount of saving which can be used for better purpose when required.

4. Create emergency fund: It is very important to have some emergency fund so that you can use it when someone in your family falls ill, or there is a job loss. It’s always a good idea to keep aside at least six month of your expenses into this emergency fund. This way you won’t feel lost when hard times hits in.

5. Cut out luxury: Cut out luxury if you are looking into saving some money. Opting in for car pooling instead of daily commuting in your own cars is a great way of saving money.

6. Pay bills regularly: Paying bills regularly and within the due dates avoids any late fees and other charges.

7. Make regular credit card payments: Interest rates on the credit cards are very high if you are not paying the full amount. If you are just paying the minimum amounts on or before the due dates, it’s eaten up in interests and fees only every month and nothing is going towards the principal balance.

8. Invest with caution: Investing your money for your future is definitely a good idea. Watch out for any kind of scams and scandals which could strip off the amount invested.

9. Avoid loans: Do not make the habit of taking any loans if you are already in some hard financial situations. Just imagine if your financial situation does not get better in the coming times, and you build the habit of taking new loans, it will be too hard to come out of the overwhelming debt trap.

10. File your taxes: You must not evade tax to save money. Tax evasion could earn you a fine which would be greater than your tax amount. There are ways to get tax relief and savings is one of the important factors to get the tax relief.