Save, Make Money & Invest!

Your Guide To The ISA

noreply@blogger.com (Nash) — Sun, 23 Jan 2011 12:38:00 +0000

The new tax year starts in April 2011 so now is a great time to make a decision about your savings. An ISA is a tax-free alternative to a regular savings account, meaning that every penny you save, plus the interest it earns, goes to you and not the Tax Office.

ISAs have seen many changes in previous years. Until April 2008, the most common types with the Mini ISA and the Maxi ISA, both of which had limitations on the number you could take out in a year and the amount you could deposit into them. The limit for the Mini ISA was £3,000 and you could have up to 3 open in a year. The Maxi ISA's limit was £7,000 but you could only have 1. Each type of ISA allowed you to invest in cash, stocks and shares and/or life assurance.

Since the 2008-2009 financial year, ISAs have been overhauled and there are now two distinct types with different limitations on what you can invest. The Cash ISA has a deposit limit of £5340* and can only hold cash investments. Similar to the old Maxi ISA, the Stocks and Shares ISA can hold cash, stocks and shares, life insurance policies, and several other investment types, up to a deposit limit of £10,680*. You can have up to 1 of each type in a financial year, but any money you invest in a cash ISA will be deducted from a Stocks ISA limit. For example, if you deposit £3,500 into a Cash ISA, you can only deposit a maximum of £7,180 in your Stocks ISA for the same year.

When you're looking for an ISA, it's best to do a whole of market comparison to see what's available. Price comparison sites like Moneysupermarket come into their own here, as you can see the top performers at a glance without having to visit several different websites.

Some things to consider and compare:

Restrictions - Be aware that some Cash ISAs impose withdrawal restrictions on their accounts. Some will let you withdraw a set number of times in the year, incurring a loss of interest penalty, others don't allow withdrawals at all. These tend to carry the highest rates of interest. ISAs with lower rates usually allow unlimited withdrawals, although some require a notice period. Remember; your deposit limit on any ISA means that you cannot deposit more than that amount overall; if you have invested the whole £10,680 and later withdraw £300, you cannot then deposit £300 at a later date to make up the deficit. So think carefully before withdrawing from an ISA as you could potentially lose a lot of interest.

Minimum Investment - Many ISAs, like some bank accounts, insist on a minimum investment upon opening. This can be as little as £1 or as high as £9,000 (if transferring from an existing ISA).

Length of Rate - The quoted AER tends to be applicable for the first financial year, so be prepared to transfer your savings to a new account at the end of that period if you want to continue saving with a competitive rate. If you can afford to lock your money away for a longer period, you might want to consider a fixed rate ISA; the AER is much higher, and fixed for a longer period (2-4 years in some cases), but during that time withdrawals are usually not allowed. Be aware that the AER period may end before the financial year is up, but the provider should make this clear before you open the account.

Transferring in - Some ISA providers don't allow you to transfer from an existing ISA, and others may not accept transfers from a provider under the same group (see Who Owns Who? for a list of banking groups operating in the UK). For example, an ISA offered in 2010 by HSBC wouldn't accept transfers from First Direct, which is owned by the HSBC Bank plc. Restrictions of this type are rare but it's always worth checking that the ISA you're looking to transfer to will accept your money.

Existing Customers - Some providers require you to have an active bank account with them before they will open an ISA for you. You may be able to open one at the same time as the ISA.

Deposit method - Usually you have a choice of regular lump sums or a fixed monthly sum. Under the current Cash ISA limit, you could deposit a maximum of £445 per month before you reach your deposit limit. You could also choose to deposit the whole £5340 at the start of the year for maximum interest accrual.

Finally - If you already have an ISA which is due to mature in the new financial year, don't withdraw your funds and re-deposit; once you've found a new provider, they can arrange for the funds to be transferred to the new account with no loss of interest.

* to be confirmed at the start of the new tax year

Louise Tillotson is a financial writer in the UK. A mother to a 17 month old, she specialises in content about family-related finances and household budgets. Follow her on Twitter @louisetillotson.

4 Time-Tested Steps In Reducing Health Insurance Cost For Customers

noreply@blogger.com (Nash) — Sat, 03 Apr 2010 11:59:00 +0000

1. Read the fine prints

Have a good understanding of your policy and what is included in it. Feel free to ask your doctor questions about treatment costs and other alternative treatments. Physicians may change treatments depending on cost.

2. Know your network

Consumers have to be familiar with the network that their health insurance plans cover. Otherwise, they can potentially spend out-of-pocket money for a trip to the doctor or hospital.Visit the doctor when hospital trips are unnecessary. Emergency room visits get expensive fast and many times a trip to a medical clinic or doctor could be cheaper and as effective.

Avoiding out-of-network visits is an easy way for consumers to keep costs down; however it is sometimes necessary. Consumers can negotiate with insurers and doctors for out-of-network coverage.

3. Shop around

Comparing health insurance quotes between carriers providing affordable health plans and personalized coverage. Consumers can talk to insurance agents online and get expert advice for free!

Also, ask for generic medications instead of brand name drugs which tend to be a lot more expensive.

4. Reassess health insurance plans every year

Consumers’ health insurance needs change between the years- individuals and families alike. It is important to contact your insurance agent to modify your health insurance policy when requisites change.

When consumers are young and healthy it is better to pay higher deductibles and lower premiums to save money. High deductible plans allow consumers to open up a Health Savings Account (HAS) which helps people save money for medical costs tax-free.

Just as you and your policy changes, your insurance company will change policies and networks as well. It is important to see if you qualify for a cheaper network that includes your primary physician or talk to an agent about a different health policy that may be a better choice.

Free Mortgage Calculator For Easier Debt Accountability

noreply@blogger.com (Nash) — Sat, 03 Apr 2010 04:20:00 +0000

Free mortgage calculator solutions can help those who are in-debt or wish to assess their current risk proposition. A free mortgage calculator can enable in easier calculation of the interest portion that is associated with the mortgage. In order to secure competitive mortgage rates, a secured mortgage loan should essentially be sought out after. A mortgage loan against home, property such as cars or other vehicles etc will draw lower interest rates and better action plan for re-payment of the loan through EMI mode on the go.

Free mortgage calculator can however, be used to calculate mortgage associated with the unsecured loans too. The interest and the lesser tenure repayment plan however, might not be suitable for one and all.

In order to avail free mortgage calculator solution, internet sources should be sought out after. Several service providers have enabled their online channel modes for borrowers to calculate free mortgage loans on the go. A free mortgage calculator works on the premise of simple inputs from the end use. These include the mortgage amount, property against which it would be mortgaged, age, credit score and sex etc of the borrower.

After submitting the details online a free mortgage calculator provides fair set of outputs in the form of principle, interest and other terms and conditions associated with the mortgage. These free mortgage calculator solutions can be used anywhere, anytime and can be used again and again.

Each service provider works on different sets of risk factors and assigns unique weight-age to the risk factors. In order to get the most competitive rates multiple Internet sources should be explored. The rate could also be re-negotiated online through mail exchanges or meeting the officials in person to get better mortgage rates. Free mortgage calculators have been able to provide higher degree of flexibility to one and all on the go.

Care must be taken to ensure that you are advised the right set of quotes by the free mortgage calculator solution. Many free mortgage calculator solutions may dupe innocent borrowers in no time at all. They might take vital information from customers end such as email, bank account number, credit card details and other vital information. This information can be misused and spam mails are received by the borrowers. Onus of selecting a reliable free mortgage calculator solution lies on the customer. However, as a thumb rule, service providers with better track record are more inclined towards providing a fairer platform for one and all.

Free mortgage calculator solutions have been able to help those who are under credit burden. The profile of such borrowers is skewed towards credit. In order to come back in green, debt consolidation through free mortgage calculator solutions is considered effective. The low interest rate associated with the mortgage solution can offset the high interest credit. Eventually through friendlier payment terms and competitive interest rates, debt can be reduced or dealt off greatly. End users can go through multiple iterations before finalizing a set of parameters for their mortgage solution powered by the free mortgage calculator based solutions.

During the times of low economic activity marked with poor lending capacities amongst the borrowers some mortgage providers may offer discounts. Free mortgage calculator solutions can provide better deals and offers to borrowers during the times of low economic activity.

Borrowers may select from the fixed rate mortgage solutions if they foresee that in future the interest rates are slated to go up and the prevalent rates are already at rock bottom. They may however choose from a mix of fixed rate and floating rate mortgages too in no time.

About the Author

Samantha Taylor is the Community Mentor of MortgageFit and has been contributing her suggestions to the Community since 2005. Not just that, she has also made notable contributions through the various articles written on different subjects related to the mortgage industry. Few of her popular articles would include names like 'Mortgage that you can afford', 'Mobile Home Loan with Bad Credit', and How much mortgage can I borrow?'

Top 5 Ways to Cut Down Your Monthly Budget Instantly

noreply@blogger.com (Nash) — Sun, 21 Mar 2010 06:06:00 +0000

Frugal living doesn’t have to be as difficult as you think it is if you simply educate yourself on how to go about it. A lot of people believe that living a frugal life is same as living like a monk. You can still have fun and live a frugal life – Here are the top 5 ways in which you can have fun and vibrant life without spending a lot of money:

1. Visit your local library

It has a huge collection of best-selling books, your favorite magazines, as well as the most recent movies. You may also want to consider Netflix for movies and TV shows. Cancelling your newspaper subscriptions, magazine subscriptions, and cable TV subscriptions in addition to cutting down your book expenses can really add up to significant savings of over $100 a month!

2. Live frugaly

Frugal living doesn’t mean that you are going to eat ramen noodles for lunch and rice, beans, and pasta for dinner every day. Cutting down on impulsive restaurant take-outs and order-ins will be one of the most effective ways to start saving on your monthly food costs. Additionally, planning your grocery shopping ahead of time is going to be critical for you to save tremendously on food costs.

3. Change that shopping habit!

Making minor shifts in your shopping habits can result in major savings. Taking advantage of deals at thrift and consignment shops can yield in significant savings for your cloth shopping needs. Just like food shopping, plan before you do any cloth shopping, and avoid impulse shopping. Also, consider shopping from tax-free states like Alaska, Delaware, Montana, and Oregon. When you shop from outlet malls, make sure that you can return it. A lot of outlet mall shopping policies are created so as to make all the sales “final sales.”

4. Cut the gas cost

Cut costs on your gas expenses implementing the practice of hypermiling whenever possible. Hypermiling means getting the most mileage out of your car. Go easy on gas pedals. According to Edmunds.com, if you set your car’s cruise control on 65 mph instead of 75 or 80 mph, your fuel economy would improve by 35%.

5. Be a do-it-yourself person

Becoming a do-it-yourself can result in significant savings when it comes home improvements and landscaping/gardening. One of the best ways to save money on gifts is to design them yourself. It is pretty easy to design a creative and thoughtful gift on your own if you just spend some time reading some of the creative arts and crafts books. Also, for your house or apartment, when something breaks, instead of giving a call to local contractor, go to home depot and see if you can read up the tips on how to fix it. Just asking someone who knows a little bit on how to fix things can easily save 100 or more dollars of contractor fees.
Saving money can be easily accomplished if you simply plan a bit ahead of time and become conscious of your spending habits. The 5 tips mentioned above should get you started on a path of significant long term savings!

About the Author:

Amy C. is enjoys designing her own indoor fountains. Amy invites you to browse her beautifully hand-crafted bamboo fountain collection. To learn more about how to design your own fountains, please visit the tabletop fountain blog.

Top 7 Ways To Save On Gas

noreply@blogger.com (Nash) — Fri, 19 Mar 2010 02:56:00 +0000

Gassing up makes you want to pass out these days when you see the bill at the pump. Well, there’s nothing we can do about the price of gas, but there’s a lot we can do to keep our vehicles running lean and mean while keeping our wallets fat. Here are the top 7 ways to save on gas.

1. The Hybrid Among Us

This technology was once the realm of science-fiction but, look out, the hybrids are here! Don’t worry, they don’t mean us any harm. In fact this benevolent visitor is here for our benefit. As these vehicles become more cost effective for folks, the technology behind them is also getting better. Hybrids had lower emissions, get better mileage and they perform almost as well as the old gas guzzler. Hybrid and electric cars are the vehicles of the future. Don’t get left behind.

2. AC = Empty

Sure, driving through the desert, this might not be the best idea. However when the air conditioner is not a matter of life and death, turn it off and rely on the vehicle’s air vents. The AC compressor taxes your motor and the engine burns more gas as a result.

3. Junk In The Trunk

Without a doubt the simplest ways to make that tank of gas go farther. The science is simple on this one: the heavier your vehicle is, the more gas it uses. So, it’s time to roll up the sleeves and clean out whatever you don’t need. Beach equipment, blankets, sports gear, all of it. Better leave the jack, flares, and spare tire though.

4. Shifting Manually Should Be Automatic

There’s nothing shifty going on with this tip. We’ve known for years that manual cars get better mileage than automatics. Sure, it’s a bit harder to learn to manually shift, but this extra effort will save you a lot of money, and time spent at the pumps. Shifting manually is more fuel efficient.

5. Idle Engines Are The Gas Man’s Playground

Turning on your car uses a spurt of gasoline and you might think that idling prevents this drain. However it’s been shown that idling burns more gas. So if, for whatever reason, you’re going to be stopped for more than 30 seconds, turn the engine off.

6. Inflated Savings

Fill up those tires. Check the pressure and keep it at the recommended level for each wheel. This will reduce the amount of contact area between the tire and the road, which will reduce friction and improve gas mileage.

7. Make The Fill Up Last

Simon and Garfunkel said it best when they sang: ‘Slow down, you move too fast, got to make the moment last.’ Next time you’re at the pump, sing this refrain while the pump chugs, only substitute ‘fill up’ for ‘moment’ and you’ll be on your way to saving money. Driving fast increases the drag on your car and you’ll increase your fuel consumption.

About The Author

Andrew Salmon is a freelance writer, who, in addition to writing about financial topics such as insurance and IVA, is also a published author who has been featured on Amazon.

Steps When Comparing Credit Card Offers

noreply@blogger.com (Nash) — Sun, 14 Mar 2010 07:33:00 +0000

Different credit cards have different benefits. As a matter of fact, dissimilar offerings could be altogether dissimilar at interest-rates and features. Whenever you're preparing to get for a brand-new credit-card, you should cautiously equate the conditions and features of all the offerings. It is among those times while studying the fine print could draw you huge advantages and economies. By being prudent now it will deliver you a lot of money afterwards.

You always have to remember this when you compare credit cards.

You'll have the best bargain whenever you equate credit-card offerings one with the other. Begin by arriving at a group of your credit-card offerings that is most alluring. Whenever you're in similar way to a lot of us, you would normally acquire these offerings day in and day out in your post. Or you'll be able to look into dissimilar offerings on the net.

One other component which ought to be deliberated is your grace-period. It stands for the duration of time that you've to pay-up the debt without getting interest. A few credit card firms give up a ten to twenty days grace-period, however some companies provide no time at altogether. It is going to, naturally, arrive at a big deviation to the monetary value from utilising a credit card.

When you equate dissimilar features, ascertain what your yearly charge is apiece. You'll discover that this charge deviates in a big manner of a single credit-card to some other. A few credit cards do not has a yearly charge at all, whilst other companies bill a hundred dollars or additional annually. Expensive charges is going to get upwards the monetary value of your credit, regardless whether that card have low interest charges on credit.

Last point, it's important to equate cash advance charges and remaining balance credit transfer, because this do deviate from firm to firm. Cautiously determining completely the above factors prior to getting a credit card is going to keep you from getting appalled on unforeseen charges afterwards. It's crucial to realise that a few credit cards is going to entirely drive you a lot of troubles than whatever they're worth now.

With all these factors considered, you'll arrive at the selection of the best credit cards.

6 Tips for Finding the Best Black Friday Deals

noreply@blogger.com (Nash) — Wed, 11 Nov 2009 05:34:00 +0000

With the economy suffering, and spending being stifled by unemployment and shaky consumer confidence, we might just see some of the best deals in years this upcoming Black Friday. While some of us might shudder at the thought of braving the masses, this year it could truly be worth our time. With Black Friday store advertisements being leaked like CIA secrets, you know there is going to be some great competition among retailers, and that means big savings for you. To ensure you make the most of this cost cutting opportunity, here are a few tips to enlighten you to some of the Black Friday saving secrets.

1. Prepare in Advance

Make sure that when you head out for your Black Friday shopping extravaganza, you are fully prepared. Check newspapers well in advance for sales and store hours, save coupons, and read the fine print on advertisements to find out about restrictions or the ability to combine offers. You can pretty much count on traffic being heavy, so plan your route ahead of time, looking for stores in close proximity to one another so that you aren’t backtracking. It can also be a good idea to bring the newspaper or full advertisements along with you on your trip. This way, if a store tries to pull the ol’ switcheroo on you or give you the run around on a particular deal or discount, you can show them the advertisement first hand.

2. Ask Around

While newspapers and television ads can be great sources of information, you can’t be expected to know about all the best deals. Talk to friends, family members, and co-workers ahead of time and compare notes to see if there is something you’ve missed. Even once you’re out shopping, it isn’t too late to pick up on some inside information. Listen to other shoppers’ conversations to clue you in to deals you may have missed along the way.

3. Check Out Cyber Monday

Actually, just don’t leave home. With the internet becoming an ever more prevalent way to conduct our commerce these days, you might be able to get the majority of your holiday shopping done from the comfort of your own home on Cyber Monday, the online equivalent of Black Friday. Not only will you save the time and effort involved in getting from store to store, but in many cases, you will be able to find what you are looking for quicker, search for available discounts faster, and comparison shop in a matter of minutes rather than a matter of miles.

4. Ditch the Crew

If you’re serious about finding deals, you might want to leave the family behind. Kids can become distracted, bored, or tired and the same can go for husbands - even wives! You may not even want to take a friend along unless you can count on their support and ability to keep up with you and help with planning and executing your Black Friday shopping mission.

5. Don’t Take the Bait

You’ve seen all the ads, cut all your coupons, studied your store hours, set your route, and now you’re all worked up and ready to buy, buy, buy! But watch out! Don’t jump the gun and start buying the sales items at the first store you hit. Shop around, take your time, comparison shop, and don’t be overcome by the compulsion to buy just for the sake of buying. The hoards of people, flash of credit cards, and smell of cash can get you itching to buy. If you can’t help yourself and just have to do it, make sure you hold onto your receipts in case you decide you want to return a few items when your head clears.

6. Utilize Friends and Family

Friends and family members can be wonderful assets when it comes to doing your Black Friday shopping. As I mentioned earlier, they can key you in to tips and sales you might not know about, as well as help you find coupons, and share other inside information. But they can help in other ways as well. This season, there are plenty of stores offering a buy-one-get-one-free option, especially when it comes to gifts cards. Consider pairing with friends or family when you make such purchases and then have them pay you cash for the item or items you got for free. For example: if you buy a $100 gift card and get a $25 card for free, consider letting a family member buy the smaller card from you to use as a gift. Even at a discounted rate, say $15, you’re still making money and helping them out at the same time.

About the Author

Kris is a freelance writer who blogs for Credit Card Compare, an Australian comparison website where you can compare reward credit cards that make your money go further, 0% balance transfer credit cards that reduce the amount of interest you pay. When he isn't writing, Kris enjoys spending time with his family and reading.

How To Choose A Non Profit Debt Consolidation Company

noreply@blogger.com (Nash) — Sun, 13 Sep 2009 08:59:00 +0000

In this post, Robbin Williams shares his idea on how to choose a non profit debt consolidation company

Non profit debt consolidation companies are frequently regarded as more dependable than for profit debt consolidation companies. Taking the assistance of a non profit debt consolidation company does not imply that you don’t have to pay any fees to them, but you can be more positive that their primary objective is not making some extra profit by capitalizing on your credit dilemma. Nevertheless, you would wish to examine non profit debt consolidation companies. You should go by the following steps to ensure that you would not land up in a situation that is worse than what you started with.

Get In Touch With the Better Business Bureau (BBB)

Every reputed non profit debt consolidation company has to be registered with the Better Business Bureau. Only go for one that has a commendable track record and a small number of complaints against them. If they’re not registered with the BBB, avoid them. There are a variety of non profit debt consolidation companies so you should not waste time for only one company.

See Whether They Have The 501(c)(3) Certificate

If they are a genuine debt consolidation non profit company, they would certainly carry the non profit certificate to substantiate that tax status. In contrast, if they are simply pretending to be a non profit debt consolidation company to draw in customers, then you should steer clear of such companies by any means.

You Have To Make Sure That Your Credit Would Not Be Hampered

You have to make sure that besides getting an all-inclusive payment; your credit rating is enhanced and not put at risk. If your credit reporting agency is informed about events like “credit counseling” and “in collections”, then it lowers the confidence of the lenders. You have to make sure that your non profit debt consolidation company does not allow this to happen.

You Should Evaluate Recurrent Charges and Establishment Fees

When you have short listed the non profit debt consolidation companies, the time has come to compare. You must take into account consolidation companies operating in your area that are truly non profit and this status is confirmed by the BBB. Discuss with them and ensure that your payment setup is direct and unambiguous. Make a note of the specifics.

Double Check the Estimations

Whenever you contact a consumer credit counselor, you must do whatever you can to get even with the numbers. If they declare that they would be charging 8% and these figures out to be 10% on your calculations, and then put up this matter prior to even paying anything. Part of the technique understands how to figure out your own finances and deal with them better for a promising financial future.

3 Debt Solutions To Avoid Bankruptcy

noreply@blogger.com (Nash) — Sat, 29 Aug 2009 08:42:00 +0000

Struggling with your debt and trying to find a solution? Worried that bankruptcy might be the only option? Stop right there and begin to research your options. There are alternate debt solutions which allow you to regain control of your finances without going down the route of declaring bankruptcy.

It is true to say that we are in a credit crunch. This means that jobs are becoming harder to find, unemployment and redundancy is rising, and unsecured debt levels are continuing to rise. In today’s economic climate it is understandable that the number of those who are seeking debt advice has risen, as everyone makes an active bid to try and understand how best to deal with debt.

The good news is that getting the right kind of debt advice can really help you with your finances. The debt solutions on offer can help you tackle your finances head on, all whilst avoiding bankruptcy.

Debt Solution 1: Debt Management Plans

A debt management plan is an informal agreement between you and your unsecured creditors, and is designed to make these debt repayments more affordable to you.

When speaking to a professional debt advisor, they will look at all your debt, your income and how much you can realistically afford to pay back to your unsecured debt on a monthly basis. They will arrange the debt management plan on your behalf, and work with your creditors to ensure that you are able to make these reduced payments.

This type of debt solution means that you are repaying a lower amount to your debt. Although you can avoid bankruptcy, it is worth noting that it will take you longer to become debt free as you are paying a smaller amount on a monthly basis and not all creditors will agree to freeze your interest or additional charges.

Debt Solution 2: Debt Consolidation Loans

Consolidating your debt means that you only have one payment to your new debt consolidation loan which will cover all of your debts. The debt consolidation loan is a loan which is designed to repay your other unsecured debts so you are just left with this one new debt. This loan could be secured or unsecured, dependant on your financial circumstances.

Many people do not agree with the idea of taking out more debt in order to repay their existing debt. This does make sense, and if your aim of debt consolidation is mainly to reduce the monthly amount that you need to repay then you may want to consider whether a debt management plan offers you further advantages.

Debt Solution 3: Take it back to basics…

Whilst not a professional debt solution in itself, getting back to basics and learning how to deal with your debt is a great way to tackle it.

Creating a budget should not only allow you to repay your debt but also mean that you don’t create any more. Understanding your personal finances is the key to being in control of your own debt. Make sure you know how much money you earn versus how much you spend each month. Ensure that you always spend less than you earn; the basics sound simple but you may tweak your expenditure for a few months until you are at a level which works for you.

Just remember, that although you may be feeling overwhelmed and worried about your debts, you should always explore the alternate debt solutions which allow you to avoid bankruptcy.

About the Author:

One Advice are a debt solutions company who offer a full range of financial management solutions all under one roof. No matter what your debt level, the One Advice team can ethically advise you as to which of their products is best for your personal financial circumstances.

Collection of Articles On Personal Finance (Carnivals):

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How to set and achieve financial goals

noreply@blogger.com (Nash) — Tue, 21 Apr 2009 13:25:00 +0000

Many people dream of achieving financial security, retiring early or living a life of ease. In order to turn these dreams into a reality people have to understand how to set and achieve financial goals. Short of winning the lottery or some other financial windfall, financial stability is something we each have to actively work toward achieving. To begin turning your dream into a reality, master the following steps to set and reach your financial goals.

Define Your Goals - Dreams are things that you wish would happen, goals are things that you make happen. To reach your goals you must first make sure you have clearly defined what it is you wish to achieve. For example you may dream of having enough money saved to retire early or you can set a goal of having $500,000 in retirement savings by the time you turn 45. Your goals must be clear and easy to understand and documented. There are many goals you may wish to achieve- personally, spiritually and financially and keeping track of everything can prove to be difficult. By taking the time to put pen to paper and writing your goals down you have something to reference as you work toward achieving your goals.

Be Realistic - To avoid setting goals that are beyond your ability to achieve, you should be realistic in order to prevent becoming discouraged. This is not to say you should not set goals that are beyond your comfort zone, obviously this is the point of goal setting; to get to a greater place. If however you set a goal that is far beyond something that you can realistically attain you will only end up being discouraged and not working toward more attainable goals. An example of this- Mr. Brown has $100,000 in credit card debt, has recently lost his job and has a goal of being a millionaire by the end of the year. Anyone can see that that goal is almost certainly unattainable. Does this mean Mr. Brown cannot pay off his debt or become a millionaire in the future? Certainly not, however by setting an unrealistic goal he is setting himself up for disappointment.

Establish a Time Frame - There are some goals you may want to reach in a few weeks while others will take years to reach. You should clearly define a time frame in which you plan on achieving your goals. Short, middle and long terms goals are very different and require different plans of action to achieve. Short term goals may include paying off outstanding credit card debt, middle term goals might include saving for a vacation and long term goals include saving a specific amount for retirement. If you do not set a "deadline" for when you want to reach your goal you may put off the work required to get there.

Be Willing To Make Adjustments - Nothing in life is guaranteed and you must be willing to make changes and adjustments to reach your goals. This may mean altering the time frame or actions needed to reach your goal. You may also discover as you get older that your goals may change, that is alright, they are after all your goals. There are also circumstances that may alter the path you are taking or where you want to be in the long run. For this reason it is important to review your goals on occasion to see if you are still heading in the right direction.

About the Author:

Paul Stabler, Associate Editor for CreditCardFlyers.com

CreditCardFlyers.com makes it easy to compare and apply for a variety of credit card offers featuring low balance transfer rates. We are the leading source for searching 0 apr balance transfer offers online.

Collection of Articles on Personal Finance (Carnivals) from here and our affiliate blog:

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Make money over the weekend: have you claimed your 1000 dollars already?

noreply@blogger.com (Nash) — Sun, 19 Apr 2009 09:29:00 +0000

In one of the articles that I've read recently, there is a potential of at least 1000 dollars worth of items in every household that can be sold as second-hand goods.

But where can you sell these items? One way is to sell it is through a weekend garage sale. I've seen some friends who do it on a monthly basis, and that's one productive thing to do on a lazy Sunday.

The more efficient (read: savvy) approach is through online auction websites such as ebay or ubid which has the entire world as your market.

You may think that the old lamp or that old vase in your store room would be so-out-of-fashion that no one could even think of buying - but you'll be surprised later that someone really find it as something that they could have.

"That's a good idea, but it'll take too much of my time, and I don't really trust doing these things through the internet" - is always the response given.

But if you can get pass through those thoughts, would that be something you can consider? After all, having an extra 1000 dollars in these trying times would be a good thing, yes?

I'm looking for guest authors

noreply@blogger.com (Nash) — Sun, 05 Apr 2009 06:36:00 +0000

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I’m always on a look out for good articles from good authors and bloggers that can be posted on this blog. Normally, I would put in 2-3 postings a week on related articles, but I would also like to get articles, postings and ideas from new people, so that the readers can have a more varied readings and info.

Anyone can submit the articles, so long that the articles are related to this blog. Areas of interest include investment, personal finance, ideas of making money online, debt management, internet marketing, internet marketing affiliates opportunities.

I am also interested if you want to share your experience on the above areas, or you would like to promote referrals to any affiliate marketing programs.

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Eliminate your credit card debt! - 4

noreply@blogger.com (Nash) — Tue, 17 Mar 2009 21:12:00 +0000

In the previous postings, I have discussed about the snowball strategy, using personal loan to pay off your credit card debt and the more savvy approach to use your home / property equity to pay off your debt.

In this posting, let's explore the psychological side of the credit card debt. If the 3 strategies above would not work for you, then the next best thing is to ask for help.

You can go to a financial adviser, or, for some countries like Malaysia, there is a government-sponsored department that acts like a middleman or mediator between you and your creditors on how to structure your debt payouts and would come up with a plan on how to eliminate your debt.

One tough bitter pill to swallow is that debt management and personal finance is something that we need to learn on our own. It's not something that is second-nature and you won't find it to be taught in schools.

You can learn from observing mistakes made from others, or, god forbit, from the mistakes that you made.

But since you are reading this posting, it would already set you apart from a large majority that knows there is something wrong with their debt management, but wouldn't do anything about it.

All the best!

Eliminate your credit card debt! -1

Eliminate your credit card debt! -2

Eliminate your credit card debt! -3

Eliminate your credit card debt! - 3

noreply@blogger.com (Nash) — Thu, 12 Mar 2009 06:17:00 +0000

In my first posting on this topic, I suggested the “snowball” strategy and in the second posting, I talked about taking a personal loan to pay off your credit card debt.

In the third approach, homeowners can use their home equity to pay off the credit card debt. You can refinance your house to get additional loan to pay off all the credit card debts.

On cash flow perspective, this is the best approach as interest rates on housing loans are typically lower than the credit card or personal loan interest rates and normally the payback period is longer. This adds up to lower monthly repayment if compared to your monthly credit card payment or personal loan payment.

Of all the approaches, this approach is the most cash-flow friendly and have the potential of relieving the largest amount of your monthly income.

However, with the recession looming in and the downturn value of properties, this approach can be risky and scary. I mean, if you can’t keep up your monthly repayment, you can lose your house! Banks are also more strict in refinancing process, so it may be harder to get a great deal from them.

But before you use this strategy, a few things to consider:

Are you struggling to pay your property instalments? If yes, I recommend you not to try this. The risk of losing your house is a big no-no.
How long can you extend the refinance loan term? The longer, the better as it will result to a lower monthly repayment.
What are the fees and charges for refinancing? Some banks provides Free Moving Cost for refinancing, so you should try these banks first.
Check out a few banks first to get the best rates.

Few more things to ponder:

Only refinance the amount needed to pay off your credit card debts. Don’t add more for other spending (e.g., change furniture, new curtains, new car, etc.). Remember, you are doing this is to reduce your debt and monthly repayment obligations, not to increase it.
Once you have paid off your credit card debts – terminate (!) your credit cards. Don’t fall into the habit of using your credit card again and end up having to service your property instalments and new credit card debts.
Be a good paymaster and pay your property instalments promptly and properly.
You can also check out some websites for mortgage related info such as Arizona mortgage

All the best!

Related post:

Eliminate your credit card debt! – 1

Eliminate your credit card debt! – 2

Eliminate your credit card debt! - 4

Eliminate your credit card debt! - 2

noreply@blogger.com (Nash) — Wed, 11 Mar 2009 13:34:00 +0000

In my previous post, I mentioned about the "snowball" strategy. In this post, I would like to offer an alternate method to that.

Normally, personal loan interest rates are lower than the credit card interest rates. We can take advantage of this by consolidating all your credit card debts and take up a personal loan to pay off all your credit card debts.

You gain 4 valuable things from doing this:

Your monthly payout on the consolidated personal loan will be smaller than if you are to pay your credit card debts individually - you will free up more money from your monthly income. Good thing to have in this trying times.

The total interest paid for the loan will be smaller than the interest paid on your credit card.

In one move, you will eliminate all your credit card debts! So, no more annoying calls from the bank or debt collecting agencies.

Your credit rating can also be improved from this.

However, if you take this approach, I strongly recommend that you terminate all your credit cards. If not, you may pick up the habit of using those credit cards again, and before long, you find yourself to service the personal loan and the new debts from the credit card. That's double whammy for you.

So, to do this effectively:

Get a personal loan to pay off all your credit card debts

Terminate (!) your credit cards

Pay your loan instalments properly

All the best!

Related post:

Eliminate your credit card debt! -1

Eliminate your credit card debt! -3

Eliminate your credit card debt! - 4

Eliminate your credit card debt! - 1

noreply@blogger.com (Nash) — Mon, 02 Mar 2009 13:30:00 +0000

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In the current economy outlook (which looks bleak as recession is here to stay for a while) - the most used strategy is to eliminate debts & increase savings.

As the income shrinks and the uncertainty of future income rises, that strategy is harder than it looks.

To increase savings, you must increase the capacity of savings - and that can only be achieved by reducing your debt.

Of all the debts, credit card debt ranks among the worst. The are many reasons why and how it landed into that position - but the important reason is that the interest charged on credit cards is high.

So what is the effective way to reduce and eliminate your credit card debt?

One way is through the "snowball" effect.

It goes like this:

Always pay all your credit cards on time to reduce late charge
Try to adjust from your income so that you can squeeze in more money to pay for your credit card debt (e.g., take fewer trips to Starbucks for your morning latte)
Use that extra money to pay the credit card with the highest interest rate
Continue step (1) to (3) until that credit card debt is eliminated, and move to the credit card with the next highest interest rate

Now, this should be clock-work. But a few people fail to do this due to:

Discipline (!) is required. It's like trying to lose weight - you need to be discipline with the program until you've reached the target
Once a credit card debt is eliminated - retire the credit card! You can either return it back to the issuer, or keep it locked somewhere for emergency purposes
Don't put your credit card in your wallet / purse anymore. Sometimes - just sometimes, the emotion will get through you and you might end up buying something at the spur of the moment. Keep your credit cards at home or have a trusted friend or partner to safe guard it for you.

Of course, this "snowball" effect is slow, and there lies the biggest disadvantage for it - you'll eventually get tired or distracted and you won't be able to reach the goal.

There are other faster ways to do it (but it carries its own pros and cons), and I'll share it with you in the later post.

All the best!

Related post:

Eliminate your credit card debt! - 2

Eliminate your credit card debt! -3

Eliminate your credit card debt! - 4

Other related websites:

You can check out Free Web Directory - Add Your Link
The Little Web Directory and find some websites on credit card discussions.

Make money over the weekend: Have you claimed your 1000 dollars already?

noreply@blogger.com (Nash) — Sat, 28 Feb 2009 03:36:00 +0000

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In my related post, I mentioned that every household would have an estimated 1000 dollars worth of used items or handed gifts that can be sold via second-hand marketplace.

Online auctions or marketplace like eBay, ubid or for Malaysians and Singaporeans, lelong and mudah can do the job nicely for this.

The best part of it is that you don't have to go out and sell it! You only need to take a good photo of the item you want to sell, write a good description of it and list it on the website above. If there is a buyer for that item - Walla! you would make some money from it.

The usual process to do this - take photos, write a description and list the item - would take normally 30 minutes to 1 hour. In one lazy weekend, I'm sure that's something everyone can do.

If this is your first time selling items online - it can be a mix feeling of excitement and nervousness - but let me spare you the suspense - it is simple to do it!

I'm sure you would have some questions or comments about it - so tell you what - why don't you leave your comments or questions about it on this post, and I'll get back to you as soon as I can.

Would that be good enough for you to start claiming your 1000 dollars?

All the best!

Related post: You are at least 1000 dollars richer

Disclaimer

noreply@blogger.com (Nash) — Fri, 27 Feb 2009 15:29:00 +0000

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This blog does not contain any content which might present a conflict of interest.

Discounted Call Option / Warrant Trading Strategy

noreply@blogger.com (Nash) — Wed, 25 Feb 2009 13:33:00 +0000

Related post: Introduction to Stock Options

I just would like to share a short-term / trading strategy that I've used a few times before and it proves to be a profitable venture.

Discounted Call Options / Warrants can be a good trading strategy during the time when the market is depressed.

What is discounted call options you ask?

Call option or warrant gives you an option to buy a stock at a pre-determined stock price (called strike price). A call option or warrant is at a "discount" if its underlying stock price is cheaper than the strike price.

Arguably, the stock market now is depressed. I mean, really depressed. The consensus is that it will bottom up sometime in the 2nd half of the year. We're now in the end of February and so, that's just a few months to go.

Since the stock prices are all in their lows, finding a discounted call option is tough. A real gem indeed if you can find it.

A casual look at the Malaysian stock market shows that there are a few discounted call options. An example is YTL Power - Warrant B, which is at 3% discount at today's closing price.

Among other things to look at when you want to pick a discounted call option / warrant are the time to expiry, the usual trading volume and whether it is trading freely or it is cornered. All of these factors can only be explored when you get yourself involved in it.

I've used this trading strategy a few times before, and it works like a charm.

**CAUTION: Trading options normally involve higher risk than trading in stocks. Only invest in money that you won't be using in the near future, and please, don't put all your investment eggs in it.

All the best!

Related article: Slingshot Call Option to Stock Approach

How long does it take to double up your investment: Rule of 72

noreply@blogger.com (Nash) — Mon, 23 Feb 2009 14:05:00 +0000

If your investment yields, say, 7% p.a., how long does it take for it to double up?

Before you run for a calculator and churn out the numbers - you can easily have a rough approximation to it by using the Rule of 72.

Simply divide 72 by the interest rate, and walla! you'll have a close estimation on how long it takes to double up your investment.

In the example above, your investment will take about 10 years (72 divide by 7 (interest p.a.) to double up.

For those who wants the accurate answer (and those who still wants to run for the calculator), the accurate answer is 10.285. But it's close enuf', yes?

This will be useful if you want a fast answer when you are checking and comparing different investment ideas or stocks to pick.

Slingshot Call Option to Stock Approach

noreply@blogger.com (Nash) — Thu, 19 Feb 2009 14:01:00 +0000

I've been checking the Malaysian stock market and I've noticed that there is a way for you to make a short term (very short term) trading method utilizing the call option when you see a sudden bull surge on the underlying stock.

I called this the "slingshot" approach as the call option can surge much more than its underlying stock and will hold for only a short period of time (a swing time frame, typically about 3-5 days).

Take IOI Corp (IOICORP) for example. Its call option IOICORP-CJ, is looking very attractive with it's premium hovering around 15%.

If IOICORP is to have a bull swing, taking a long position with IOICORP-CJ proves to be a cheaper and more profitable alternative than to buy IOICORP.

You can use the similar approach with other stocks that have a call option with premium of less than 15%. A browse through the market shows that Public Bank (PBBANK), Sime Darby (SIME) and Digi (DIGI) are possible candidates for this slingshot.

A point to note. This investment strategy involves derivatives. The risk is substantially higher than just to invest in stocks. Please consider carefully before using the slingshot approach.

I think the slingshot approach can work in any stock market. I haven't scan the US market just yet, but I'm sure there are some stocks that can use the approach.

All the best!

Disclaimer:
I don't own any of the stocks or the call options above. If the time is right, I might jump in.

About me

noreply@blogger.com (Nash) — Tue, 17 Feb 2009 12:03:00 +0000

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Hi there,

I'm Nash Dadameah and I write Save, make money & invest online! to share ideas and postings on how to unleash the earning potential of using the internet.

I started exploring on side income and alternate income beside working full-time for many years and I've started blogging since 2006. I am also working full-time in actuarial department in an insurance company in Malaysia.

Please feel free to share ideas and thoughts in the blog and you can contact me at

nndadameah@gmail.com

Thanks!

Best regards

Nash Dadameah

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Eliminate your credit card debt! - 4

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Make money over the weekend: Have you claimed your 1000 dollars already?

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Discounted Call Option / Warrant Trading Strategy

How long does it take to double up your investment: Rule of 72

Slingshot Call Option to Stock Approach

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