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Key Aspects Of Managing Your Personal Finance

Key Aspects Of Managing Your Personal Finance

Increasing consumerism has given rise to the phenomenon of over expenditure by even an average earner and in turn has resulted in more and more people reeling under debt burden. The problem escalates because people care little about key aspects of personal finance. One can in fact benefit much if finance availing and management aspects of personal finance are especially taken care of.

Both finance availing and management of personal finance goes hand in hand. Main sources of personal finance are credit cards and personal loan. Credit cards have become most popular and easier way of both taking finance and making expenditure. Every item purchased goes to the cardholder’s bill. Lack of cash often encourages consumers to swipe credit card more. This only results in debt accumulation. To minimize credit card debts, take precautions. It would save you lot of money if you use credit card only when there is no other alternative to it because if the dues are not cleared in time the credit card issuing company slaps high penalties. This worsens the debt problem. Also, when applying for credit card, make sure you pick up the company that charges the lowest possible interest rate. Your interest outgo must remain lower so that you save enough for other expenses and rainy days.

Another way to managing Personal Finance is to prefer using debit card. You can spend only up to the amount you have in your account. Thus debit card keeps you away from overspending and resultant unnecessary loss of finance.

Personal loan is an effective source of personal finance. When opting for a personal loan, again, your concern should be to save as much as possible on cost of the loan. Personal loan makes you financially secure and stronger as you use the loan constructively. Avail it at lower interest rate so that you do not feel debt burden. The best way of bargaining for lower interest rate is to opt for secured personal loan. In this type of the loan any of the borrower’s property is placed as collateral with the loan provider. With the loan well secured, lenders are willing to reduce interest rate. Also, greater repayment term is offered so that monthly outgo towards installments is reduced to the comfort of the borrower.

Think of saving money because this habit will help you meet finance in an emergency. Open a wealth account where your money grows into your largest net worth as the money is not spent and invested only. Make all efforts in lessening debt burden. For instance, pay extra principal amount towards car loan or credit card so that you do not accumulate debts and managing finance becomes easier.

Personal finance is all about getting it from right source at low cost and managing it in such a way that any debt burden is avoided and life becomes enjoyable. Credit card and debit card should be used judiciously and personal loan or any source of finance should be given thought in terms of low cost and managing finance

Five Reasons To ​Remain Committed To Your Retirement Savings

​This article is geared toward our Canadian friends to the north, but has some good ideas for folks no matter where you live.​As an investor working to build your portfolio, you face many day-to-day demands on your money. It’s not always easy to determine what your financial priorities should be, or to stay committed to them – especially when markets are volatile.There’s one priority, however, that should always be at the top of your list, explains Lisa Li, a Mississauga, Ontario-based CIBC Imperial Service financial adviser: Contributing to a Registered Retirement Savings Plan (RRSP). With its powerful combination of tax deductions and long-term, tax-sheltered growth, the RRSP is still one of the most effective ways for most Canadians to build the financial security they need in retirement.Li shares the following five reasons to stay committed to your retirement plan:

Time and tax sheltering.

By contributing early to your RRSP, your savings can grow and compound over a longer period of time. Your financial adviser can help you determine how best to allocate your savings between non-registered portfolios and tax-sheltered RRSPs in order to achieve greater tax savings.

Avoid the catch-up crunch.

Many people take advantage of the RRSP “carry forward” provisions, fully intending to make up the difference next year. Delaying your contribution for even one year, however, can have a significant effect over the long term. If you don’t have the ready cash to contribute or catch up, you may be able to draw on non-registered savings, make an in-kind contribution, or borrow at a low interest rate. An even better solution is to make sure you reach your maximum contribution each year by committing to a Regular Investment Plan that automatically invests a specific amount into your RRSP on a regular basis, taking advantage of dollar-cost averaging.

Tax savings.

If you’re in the highest tax bracket, you’ll generate a tax benefit of about 45% on the amount you contribute to your RRSP, depending on the province you live in. If you get a refund, you can use it to pay down debt, fund a major purchase, or roll it right back into your RRSP.

Low market values, low interest rates.

With current low prices, you may be able to “buy low” and get into the market before the next upturn. In addition, lending rates remain low, which can help you reduce your cost of borrowing if you need help to maximize your RRSP contribution or make use of carry forward contribution room.

Secure your own future.

You can’t control world economic events or market behaviour. You can help ensure that your retirement is financially secure by contributing regularly to your RRSP.In today’s competitive environment, you have more investment choices than ever. A financial adviser can help you tailor your RRSP portfolio to meet your specific needs.This article is intended to provide general information and should not be construed as specific advice. This article is not applicable in Quebec.

Saving Money on Electricity: A Money-Saving Maintenance

Saving Money on Electricity: A Money-Saving Maintenance

An electrical appliance that does not work at maximum capacity results in less than ideal performance and higher electricity bills. That is why it is best to save on electricity in order to save more money.

Here is how you can get everything saving up:

1. Keep your appliances clean and well maintained. Regular cleaning and maintenance keeps your appliances in top shape, hence, it will perform better and consumes lesser energy. Energy saved is money saved.

2. Have an annual checkup by a qualified service technician. This can reduce the appliance’s operating costs by as much as 20%, extend the life of the system, and improve its safety and air quality.

3. When using air conditioners, it is best to establish your comfort temperature, and then setting your thermostat at that level permanently. This will definitely save on electric bills because the air conditioning unit takes less energy to cool air four to five degrees than it does to cool air eight to ten degrees.

4. Replace any items that may have been 10 years or older already. Old appliances are most likely not at their optimum efficiency. By replacing them, your electric bills may be cut by half.

5. If you experience a power outage, make sure you turn off the switch on your appliances and allow time to pass before turning the appliances on again when the power returns.

6. In refrigerators, do not overstuff compartments with bottles and plastic containers. Cool air must circulate freely to avoid overworking the condenser.

Also, try not to leave the door of your refrigerator as open as possible or open longer than what is needed. This will have the tendency to allow the cool air to break out.

7. Always try to look for the “energy saving” logo or notes whenever you buy your new appliances. Buying an appliance with a logo that states it consumes lower energy, it will definitely let you save more money on your electricity.

8. Always use energy saving lights or light bulbs. These energy saving lights or light bulbs usually last up to 12 times longer. Plus, energy saving light bulbs consume less energy. Hence, you will be able to save more money just by saving on electricity.

9. Use energy-saving facilities at home like energy-saving windows or energy-saving appliances. This will lessen the consumption of energy and, thus, will let you save on money.

For instance, use a “double-glazed” window instead of the ordinary window.

10. Use insulators at home. This will not let the warm or cool air out, and vice-versa.

Indeed, saving on electricity will definitely save more money.