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(105)Handle Your Personal Finance Easily

         
All too often people make the mistake of thinking that they are capable of handling their own finances without any worries at all. However, in most cases people learn rather quickly they cannot handle their own finances without help or assistance from anyone else. However, with some simple tips and advice people can now be assured that they can handle their personal finances quite easily.
College students are usually the worst people at managing their money and they need the most assistance. Some college students are away from home for the first time and they are eager to start spending their money on the various things that they want. Here are some tips that can help these people handle their money better and make it last longer. When you are in college it is very important to make your money stretch as far as it can.
There are some simple rules to personal finance that are intended to help and if used correctly they will lead you on your way to financial comfort and freedom.
1. You should always put money away for an emergency. The recommended amount of time that you should save money is anywhere between six months to a year. This should be put into an account in which you cannot withdraw money for a specified amount of time or for a specific reason. By having the money in such an account you know it will be there any time you need it.
2. You should always pay off credit cards that have the highest interest rates first. While doing this you can continue to make the minimum payment on the card that has lower interest rate while paying a little more each month on the higher card.
3. If you are not sure where you are spending all of your money then it might be a good idea to start keeping a diary of some sort where you record your spending each day. You should record everything that you spend than at the end of the week or month you can sit and determine where you spend the most money and if there are any areas that you can cut out.
4. While you are trying to save money people sometimes make the mistake of thinking that charging things to a credit card will help them save. This is completely wrong. If you want to save money then you need to stop charging and pay cash whenever you can. The cash may be gone but you don't have to worry about making continuous monthly payments.
5. Avoid pressure to spend money. IF you do not want to spend the money then don't. That is the simplest of all rules. Do not let others pressure you into spending money unnecessarily.

About the author:
James Hunt has spent 15 years as a professional writer and researcher covering stories that cover a whole spectrum of interest. Read more at www.1st-for-perso nal-finance.info
Written by: James Hunt


(106)Have you ever considered Bridging Finance

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Bridging loans can be used for a wide range of uses and put simply, it is a very convenient way of raising finance against property within a short period of time.

Bridging lenders have the ability to move very quickly and are generally more flexible in terms of the condition and type of properties they will lend against. They will also tend to look more towards the property as opposed to the borrower and they have the ability to lend against value instead of purchase price.

Lending against value, as opposed to purchase price can have significant benefits for experienced developers/property experts who are often able to identify a bargain or perhaps create value by buying an option to purchase at a lower price and then securing a planning consent, resulting in an increase in value by the time they complete the purchase.

Bridging loans are very useful tools when purchasing a property in very poor condition and non-income producing, where High Street funds will probably not be readily available. A good example is the purchase of a derelict bungalow, which has the potential for demolition and the construction of 2 or 3 modern units. As long as the worst case scenario is covered, in that the bungalow can be refurbished and sold or refinanced to repay the bridging loan, the borrower can use the bridging loan period to apply for planning. If planning is obtained then they have the option to stay with the bridging lender to complete the development funding, or alternative finance can be arranged through the High Street or a specialist development lender.

Using an experienced broker in the above circumstances can have major advantages, in ensuring that the costs and right lender balance is maintained. For example not all bridging lenders offer development finance, however in a small scheme with a short development period it could be more cost effective to stay with the same lender, even if the interest rate is higher, due to savings on valuation, legal and lenders fees.

Bridging loans can come into their own for auction purchases. Lenders have the ability to act extremely quickly, so the time constraints posed at auction are not a problem. Indeed a 14 day completion is becoming quite common and provides the luxury of knowing that you can bid safely at auction, knowing that the funds will be available on time and just as importantly with the minimum amount of fuss.


About the Author
Anthony Harrison is the Managing Director of Capital Mortgage Solutions, a specialist mortgage broker helping people with adverse credit problems. Visit them at

Written by: Anthony Harrison


(107)His And Her Finances


It’s difficult to learn how to manage finances together when you’ve been managing your finances on you own, for better or worse, up until now. But when you become part of a couple, many things change, and your finances are no exception! Some couples take the traditional path of blending all their finances together, however more and more couples are deciding to keep their finances separate. .

What are the benefits of each option? The benefits of consolidating funds into one checking account includes easier record keeping, simplified money management (ideally), and less paperwork when applying for a loan. In addition, the blending of finances can create a “unified front” in that aspect of a relationship that simply can’t be argued with. Obviously, the drawbacks are that both people are actively using the account and that will make it harder to track transactions and monitor your balance when you don’t know what the other is doing.

On the other hand, maintaining separate accounts will allow each person in the relationship more freedom, because they won’t have to run purchases by the other person. In addition, doing so may create fewer complications in the relationship, allow each person to build their own good credit, and quite simply allow them to maintain a sense of independence. The most obvious downfall to a his and her finance arrangement is that it can be disproportionately unfair. If one person makes $60,000 per year, and the other $30,000, the person making the lower salary may not like the arrangement!

If you do decide to keep “his and her” checking or savings accounts, then you’ll need to find a system for paying house bills and handling other joint finances together. One option that has worked great for many couples is to create a third joint checking account and designate it as the “house” fund. You can set up your separate, individual checking accounts to have money automatically withdrawn from them each month at most financial institutions. You will have to sit down together and decide what amount needs to be in the joint account every month in order to cover the “combined” expenses. In a situation like the above—where one person makes significantly more than the other—it is usual for the higher wage earner to pay a larger portion of the expenses.

Another aspect to consider with his and her finances is credit. This can be considerably beneficial or problematic, depending on your individual credit ratings. However, at some point you may want to apply for joint credit with your spouse. You will most likely want to make big purchases together throughout the marriage such as a car, a house, or appliances, and it’s much easier to do that if you have joint credit. With joint credit, you will both be 100% responsible for the debt, even if you co-sign a loan with your spouse or add your name to your spouse’s credit card account. On the other hand, if you decide to maintain separate credit, the general rule is that you are not responsible for each other’s debt. (The exception to this is if the debt is considered a family expense.)

If one person had bad credit prior to getting married, then the person with good credit may want to keep their credit separate. Why? Because if you apply for credit together, the lower credit score will bring down the higher one.

The best advice? Be upfront about your financial weaknesses, and discuss a plan—before the big day—to handle them. Once you have identified the potential pitfalls, it will only take a little planning to overcome them.


About the Author
This article provide courtesy of http://www.debt-monster.net>http://www.debt-monster.net

Written by: Simon Harris


(108)Home Equity Loan Refinance - Important Facts

 
Refinance refers to applying for a secured loan intended to replace an existing loan secured by the same assets.You must speak with a finacial advisor before you decide to refinance.

Refinancing the loan you had taken at higher rates is a good way to save on the interest rate fluctuations. If you have improved your Credit Ratings then also refinancing is a good option. If you have decided to refinance your home loan, then you must analyze how this will fit in your long term/short term goals.

Most people believe that in US, you need to wait for 12 months before seeking refinancing on their homes, this is not true. You can refinance before a period of 12 months.

Benefits of Home Equity Loans Refinance :

Whether the purchase price of your home or the current price will be used depends on lender and time of purchase of home .If you go for refinance of your current loan, you could also eliminate your PMI (Private Mortgage Insurance) requirement, pay off a 2nd mortgage or the need to withdraw cash even if you've only been in your home for a few months.

Getting a refinance for your home mortgage loan can be beneficial for you. You could lower monthly mortgage payment by refinancing into a new, lower-rate home mortgage loan; it could be a fixed rate loan, an adjustable rate mortgage, or a fixed-ARM combination loan.

Consolidate your loans if you recently bought a home recently with a 1st and 2nd mortgage. You could combine both loans into one new loan at your home's current value by this method. If you have currently have an adjustable rate mortgage but want fixed payments in the future, you could refinance your loan into a new fixed rate loan.

You could refinance your loan to draw cash from your home's equity for debt consolidation, home improvements, investments or any other purposes. This refinancing option could also help you pay off your mortgage sooner. This is possible by getting your home refinanced so that you can pay your mortgage loan with an accelerated payment schedule.

If you purchased your home with less than 20% down payment, you probably have a monthly mortgage insurance payment along with your principal and interest. If the property has become valuable you may have crossed the 20 % figure merely with this increase.

In principle you should be able to eliminate the insurance payments. A home loan refinance will eliminate mortgage insurance such that it should be designed to not only get a loan without mortgage insurance, but also to find a rate that is lower than your current loan.

The ideal situation for you would be to reduce your rate by more than just the cost of your monthly mortgage insurance payment alone.

When to Refinance?

In the past, it was considered that at least a difference of 2-3 percentage points in present and past interest rates should exist, for refinancing. However the markets do not fluctuate much, so you could look at the time scale not the difference of rates as the benchmark for deciding whether to refinance or not.

If you have not defaulted on your monthly repayments, you will have good credit ratings which may help you get better rates and therefore save some money. So this may be a good time to think of getting your home refinanced.

Home Equity Refinance is generally beneficial however you must always decide after speaking with your financial advisor. Refinancing enables generally lots of things for which we do not have enough cash or so.


About the author:

Refinance Resources, news and trends

Written by: Max Plata


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