Sunday, 30 April 2017

Top 5 Best Financial Decisions by Jinnie Mathurin

Find below Top 5 best financial decisions to take in life - by Jinnie Mathurin


Marry the Right Partner

Top 5 Best Financial Decisions | Marry the Right Partner
However, marriage offers real financial benefits for many older people. Just saying "I do" should enable you to keep potentially hundreds of thousands of pounds from the taxman's clutches.

Buy a House

Top 5 Best Financial Decisions | Buy a House
The Advantages Of Buying A Home
  1. Greater privacy.
  2. Homes typically increase in value, build equity and provide a nest egg for the future.
  3. Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
  4. The interest and property tax portion of your mortgage payment is a tax deduction.
  5. There’s pride in homeownership, which also closely ties you to your community.

Start Investing Early

Top 5 Best Financial Decisions | Start Investing Early
Building an investment portfolio can help you to realise your long-term financial goals; a nest egg for your retirement, repaying a mortgage early or paying for university fees for your children. While a savings account can offer easy access and security of guaranteed capital, returns can be modest; therefore investing in the stockmarket can provide stronger returns over the long-term albeit at a higher level of risk.

Buy an Insurance

Top 5 Best Financial Decisions | Buy an Insurance
In current times of high medical inflation rates, failing to hold adequate amount of health insurance cover can prove to be a major personal finance disaster.

Live Modestly

Top 5 Best Financial Decisions | Live Modestly
As media has shown us, the rich don’t necessarily live happier than the poor. I like to think of it like this. “Someone who’s rich might not live happily, but someone who’s poor definitely won’t live happily.” Hence, it is wise to live an in between, modest lifestyle; neither as an ascetic nor a materialistic person. Besides the obvious monetary benefits of living modestly (saving money), there are numerous psychological benefits.

Monday, 26 December 2016

4 Simple Strategies to Getting out of Credit Debt

1. Target only one card – Carrying balances on multiple credit cards is a long slog to eliminate those debts. So from the start, give yourself a boost of instant gratification. Ask yourself of what type of short-term financial goal will make me feel like I’m making meaningful progress on debt reduction?
If your answer is “Having one credit card is totally paid off,” then, pay as much money as you can toward the card with the lowest balance first. You should do this even if you need to pay only the minimum amount on your other cards in the meantime.) If  you are looking forward  to “Boosting your credit score,” then, tackle the credit card with the highest utilization rate – that’s your balance divided by the card limit on your card. Since your card’s score takes a hit if you use more than 20 percent of your available credit balance, your score will significantly increase if you bring the utilization rate down by just 20 percent. And if you want to pay less in interest, then the tried-and-true method is to pay off the card that has the highest interest rate first.
2. Ask your credit card provider for lower interest rates – Often a simple phone call to the card issuer is all it takes to get a slightly reduced interest rate – provided that you have good credit score history and you are a long-term customer who spend and makes payments on time. You could get a couple of percentage points waived off, which can ultimately add up to hundreds of dollars saved annually.
3. Transfer your balance to other card (cautiously)- It’s move a credit balance from a card with a high interest rate is transferred to a card with a substantially lower one. And it’s one of the smart moves; you can save thousands of dollars a year. But be careful before opting this option because you should transfer a balance to other card only if you think you are committed to paying off the transferred debt within an introductory low-interest-rate time (which typically lasts from 3 to 12 months depending upon the card issuer. If you fail to pay the transferred amount in the time offered, your interest rate could skyrocket, possibly ending up higher than the one you just tried to got rid of.
4. If you’re really trapped, make minimum payments each month – Credit card issuers typically charge their interest on a daily basis, that means the sooner you make the payment, the faster your average daily credit balance is reduced, which converts into fewer amount in interest that you ultimately pay. If you’re on a tight situation, move on and pay the minimum due each month at least, then try to make the same again after couple of weeks later.

Credit: Jinnie Mathurin