Tag Archives: finance

Since They’ve Been Gone: How Are Your Finances?

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Whether you were married for nine months or seventy years, divorce is never easy. Anyone with a first-hand experience understands the emotional toll, but are not too keen on its effect on their finances. The divorce itself costs a lot, which leaves both parties scrambling towards their new financial reality.

The financial aftermath of the divorce is a big blur of uncertainty for the first-timer. Now that the spouse is out of the picture, how can they support the bills and personal expenses on their own?

For Rapid Legal Solutions, a law firm, careful planning combined with pro-activity enables divorcees to get back on track quickly.

The Post-Divorce Financial Plan

Divorce entails the separation of everything, which includes your finances. Once you untangle yours from your ex-spouse’s, it’s time to develop a plan.

Start by reviewing your current finances; look at the documents and list them all down – expenses, income, liabilities and assets. Use the gathered data to create a realistic budget, which serves as one of the best tools to keep you on track.

Does your income exceed the expenses? If so, use the difference to pay out all bills and debts as quickly as possible. If the scenario is otherwise, cut down on unnecessary expenditures or try to earn more. As long as you stick to the plan, you will be fine.

Rebuilding the Credit

Once you finalise the plan, start rebuilding your finances. This step involves improving credit-worthiness; it might sound overwhelming, but worry not – you have plenty of options. It starts with paying the bills on time and working out your debts one by one.

Also, do not forget to check your credit score regularly. Doing so spares you from the consequences of errors and potential fraud, or allows you to enjoy surprise perks.

Prioritise Wise Investments

If you have enough savings, do not let the divorce hinder you from making the money work to your advantage. Smart investments are one of the best ways to grow your savings without getting too overwhelmed. Since your situation changed drastically, tread the field lightly, but do not be afraid to try.

It is natural to feel overwhelmed after the divorce, but how you respond makes a difference. Get your finances working and live a happy and independent life.

Why You Should Buy UK Bitcoins Now

BitcoinMost people are on the fence about bitcoins because of its volatility in the past. It can be scary and exciting at the same time. Caution is a good thing, especially if you buy UK bitcoins as an investment. Some experts recommend studying the technology to help them in their decision to buy, but most people are not willing, or not able, to make sense of it.

To make it easy for you, BITBROKER has listed some good reasons to buy UK coins now.

The market is bullish

Bitcoins have gone through the first three phases of the hype cycle, a term coined by IT research company Gartner to explain the phases through which new technology goes through. Bitcoins are virtual currency, which makes the analogy applicable. The market is climbing out of the ‘trough of disillusionment’ when the value fell by 85% and into the ‘the slope of enlightenment’. More people are starting to invest again, cautiously, in the technology. It is on its way to the fifth phase, which is mainstream acceptance.

However, if you wait for that point, the bitcoin value will be stable. You will not make money from it. The time to invest is now, as the value gradually rises to reasonable heights.

It is tax-free in the UK

Bitcoins are not universally accepted. Some countries ban it altogether. However, the European Court of Justice ruled that bitcoins, as well as other virtual currencies, are not subject to value-added tax. This makes it an attractive option for merchants in the UK, and buying UK bitcoins now means you are paying less for purchases you make in the future.

Buying bitcoins now in the UK is likely a good idea. You can expect the value to go up, not by a lot, but enough to make it a safe investment. You can try tracking the trend on your own if you need more convincing.

Personal Loans or Credit Cards?

Credit CardLending is an old practice dating back hundreds of years. The concept of lending is even older than the concept of money. Indeed, lending existed during a time when people only used the barter system.

Nowadays, lending is a complex web of interest, transactions and funding. Lending allows you to borrow someone else’s money to use for your own finances. It gives you access to a large amount of money that you would not be able to obtain otherwise. You then pay it back over time in bits and pieces, keeping an eye on the interest rates as well.

Borrowing for Personal Expenditures

For personal investments, most people choose between personal loans and credit cards. According to Rapid Loans, personal loans are a type of short-term loan that can finance personal expenses such as car repairs, holidays, rental fees and the like.

Personal loans, unlike other types of loans, have repayment periods of six to 36 months depending on the plan. You can use the money for anything.

Credit cards, on the other hand, use credits to pay for an item over a period of several months. You pay your credit card bill every month. The major advantage of a credit card is you get an interest free period, which usually lasts over a short period of 30 to 59 days. After that, the average interest rate is about 18%.

Choosing One over the Other

Reuters mentions that a personal loan is a better choice if you do not have any assets, and need money in a hurry. You can apply for a personal loan online with minimal fuss. Some lenders approve the loan in as little as 24 hours from the time of your application.

Personal loans are great for emergencies, such as for home repairs or car repairs not covered by insurance. The major downside to personal loans is that the interest rates are rather high.

Credit cards are ideal for buying smaller, luxury items, such as an expensive coat or a meal at a fancy restaurant. If you are good at keeping up with your payments, a credit card allows you to purchase items at their original price. You just have to stay within the interest-free grace period.

Choosing a personal loan or a credit card depends on your circumstances. Both options are useful for financing personal expenditures.

Key Steps to Buying Quality Items on a Tight Budget

Budgeting Money For Shopping in Little RockFurnishing a living space to match your tastes and style, especially when on a small budget, might prove to be quite a challenging endeavor. These are not impossible, however, if you have a plan of action, the right information, and a little bit of patience.

While the stores that stock the nicest items carry costly prices, you should not let that put a cold damper on your dream of owning quality items. Rather than have hefty bills and mess up your credit, Nino’s Trading Company and other furniture and appliance suppliers recommend shopping with a goal in mind. Here are some suggestions to help you:

Make a Wish List

Making a list allows you to prioritize your needs over the wants, which is a common mistake that many shoppers make when shopping for items. It also helps narrow down on the places or websites that you need to visit. Otherwise, you would spend a considerable amount of time and effort searching in the wrong places, leaving you tired and frustrated.

Shop Around

Careful research yields a list of sellers who carry heavily discounted prices or preowned items in your town or the immediate neighborhoods. Auction houses or overstock liquidators make a great start since they carry and an assortment of household goods and appliances. Using the right keyword combinations like “TV for sale in Little Rock, Utah” yields better results, enabling you to bypass unrelated items during your search.

Visit Thrift Store or Consignment Shops

Despite less than fancy names, these places often carry an assortment of quality household items. People short on storage space or short on time often drop their items at these premises. As a result, you might chance across and item on your list that is relatively good condition and at an unbeatable price. Be sure to carry out a thorough inspection of any pre-owned item before buying.

Alternative shopping avenues allow people to furnish their homes tastefully and at an affordable cost.

Should You Refinance Your Mortgage When Interest Rates Drop?

Mortgage RateAs a homeowner, the major cause of a headache is the amount of interest paid on a mortgage program. Finding out that interest rates have dropped could come as good news. You might even be thinking of refinancing your mortgage. But, refinancing a mortgage comes with its ups and downs, especially in a low-interest situation. To know if refinancing at this particular season makes sense, you’ll need to pay close attention to some details. 

Interest rate drop

Do not rush to calculate the percentage of the interest rate you wish to have when you refinance, says Altius Mortgage Group. Check to see how much you stand to save should you refinance. If you have a mortgage that is $100,000, it wouldn’t make sense to have a 1% reduction.

Time you plan on keeping the mortgage

When you consider refinancing, you’ll have to pay the closing costs just like you did when you were purchasing the home. If you’re only planning on selling your house after 2 years, you may not break even by refinancing. Rolling the closing costs into your mortgage instead of paying them in advance only means that you’ll be paying interest. Factoring this expense in your calculation will help you determine if it’s worthwhile to refinance.

Refinancing on a short term

Refinancing a mortgage in which you have 20 years left on a new 30 year mortgage will not save you any money even if there are lower interest rates, Nevertheless, you can refinance a 20-year mortgage into a 15 year one substantially reduces the amount of interest rate you’re required to pay before you own the house.

When done properly, refinancing can have amazing benefits such as increasing your long term net worth, meaning the amount you could have paid on interest could be used towards another financial goal. You can also have more money to work with on a monthly basis.

Mortgage refinance can give you a chance to correct a mistake made during your application of a previous loan. In fact, doing so might even allow you a better mortgage plan. To better understand the process, it is important to consult lending companies to know if refinancing will work for you.

Streamline your Business Operation by Using Insurance Tracking Software

Applying For an Insurance

Applying For an InsuranceInsurance is one of the most profitable industries in the world today despite the fact that the number of service providers keep increasing every year. The high demand for comprehensive policies is one of the main factors that lure entrepreneurs to venture into this niche.

To achieve the set goals and objectives, an insurance company need to come up with working protocols and ethics that streamline their operations and safeguards its reputation. One of the surest ways of doing this is by investing in a quality insurance tracking software.

Here are reasons that every insurance company should have one, versitrax.com notes.

Transparency

The software enhances transparency in that the company officials and clients are able to access their accounts in real time using mobile devices. The only requirement is that the device should be connected to a reliable internet connection. For instance, a client can easily file claims and check if the paid monthly premium reflects in the database.

Supports Multiple Insurance Policies

Unlike in the past when insurance companies would contract a software developer to come up with a program for each policy, the new software have the capacity to monitor many policies all in one interface.

High Security Standard

Security is one of the main concerns that deter people from using software. Technological advancement has led to development of new security protocols that are tailored to protect software users’ privacy. For instance, there are some that automatically encrypt data that is been sent or received to lock out cyber criminals.

Convenient

Filing claims through an insurance software is utterly easy and saves on time for other activities, as one only needs to fill the form and send it to the company.

Indeed, software have redefined how insurance services are offered. Be sure to first familiarize yourself with the features and the terms and conditions that govern its usage to get maximum utility from it.