It’s the little things that make a budget work

Posted on June 2, 2013 by Frank

If you’ve ever found money that was hidden money in a pair of jeans, you probably know how exciting that is. There are a wide variety of ways that you may make money turn up like that on your own. Getting your budget organized is the most important task to accomplish. For one thing, you can try to get all of your debts paid off in a timely fashion.

Also, it wouldn’t hurt to try to create a checklist for your various financial goals so you can check them off as you go. Then, you should try to find a way to get your goals lined up with what they are, for sooner or for later. You can then change up your budget as you have to have to get to the goals that you have set for yourself. You need to focus on getting the spending under control. Cut out the things that you pay every month that you don’t need. Also, try to get rid of anything that you have planned for the future, like buying a boat, that won’t fit into your budget plans. These will all get you going to reach your goals.

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Which Loan to Choose For Faster Repayment?

Posted on December 16, 2012 by Frank

The practice of purchasing on credit is an age old practice, though the instrument of credit purchase might have changed over time. The popularity behind this method of purchase is that the benefit from the purchase can be experienced much earlier. Presently, the most common financial instruments used for credit purchase are credit cards and payday loans.

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You might have taken multiple loans at different points of time for different purposes and repaying these loans simultaneously. A situation often comes when you have some extra money and you intend to increase the speed of repayment. In such situations, choosing the right loan for faster repayment is a very important task.

People often have a tendency to pick up the minimum loan for faster repayment. They think that by paying off this loan in a short period, they would rid themselves totally from one debt. However, this is not at all a financially intelligent choice.

While choosing the loan for faster repayment, always go for the loan with the maximum interest rate. For example, a payday loan from My Canada Payday can have interest of up to 23% per loan (up to 21% in Ontario), and when a loan is in default you can expect to pay as much as 59% per year depending on the province. This will almost certainly be of the highest priority unless you have a loan with additional consequences to delinquency, such as a title loan where you may face repossession. Of course, it now takes longer time to clear off one debt when the loan amount of the loan with the maximum rate of interest is high. But with this choice, you save a considerable amount of money, which you would have otherwise paid in the form of interest. Moreover, when you start repaying the loans with highest interest rates earlier, you might pay off all your debts faster by utilizing the money saved on interests.

 

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Understanding the Limits and Allowances of Cross Border Shopping

Posted on September 5, 2012 by Frank

Families living close to the Canada- US border will know how relatively easy it is to cross to the other side for some shopping. This can be a good time to save up on weekly groceries or just spend some time with the family. Unfortunately, there are certain rules that must be followed in order to cross the border back to Canada safely. Keep these tips in mind and you’ll be sure to enjoy your shopping experience.

If you haven’t shopped in the US for awhile, you might think that the dollar amount of your purchases is limited per visit. This is still true today. However, newer legislation has lifted the heavy restrictions of the past, allowing for more goods to flow through the other side.

You should also be aware of the exemptions allowed for Canadians. Typically, you are given 24 hours to shop for goods that are up to $ 50 in value. If you go beyond this limit, your exemptions are void. Thankfully, you can raise this limit by bringing along more people as this rule is on a per- person basis.

Don’t get carried away with all of the benefits however as you might end up spending more than you bargained for. Before you head over for the border, plan ahead and write down what you intend to buy. This will not only allow you to control your spending, it will also help you go through Customs with less hassles.

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Shop Smart for Hobby Supplies

Posted on August 11, 2012 by Frank

Having a pastime can give anyone entertainment. Spending time partaking in personal hobbies can be a great way to fill the time ; however, they do not necessarily fill your wallet. While hobbies may be worth your money, you should still consider how your budget factors in to your hobbies, especially those that are expensive.

The first issue to address in the cost of a hobby is overspending, often on unneeded items. The inability to skip the purchase of the latest and greatest equipment for one’s latest endeavour will inevitably rack up costs in the long term. Choosing a cheaper item that still works for your purposes will save you a ton of cash. Your hobby doesn’t have to be about what you have; expensive items are not always best.

After having spent time getting familiar to a hobby, some of the money spent will likely be able to be remade. By teaching, selling collectibles, performing on the streets, or otherwise being an entrepreneur, a hobbyist can make small or large gains; he may even be capable of making a living!

Regardless of your hobby, you are likely spending some quantity of money. By shopping smart and considering the market, you can easily decrease your total expenses, and may even be able to make a profit!

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Cleaning Up Your Life with Minimalism

Posted on August 2, 2012 by Frank

 

Nowadays, more and more products are become available for less and less. This has led to some people accumulating a lot of things that they don’t actually need. With so much useless stuff, some people are finding it much more beneficial to store only those things that are used everyday. This new trend of minimalism is quickly catching on with the younger crowd.
Those who are interested in this movement can start by stopping; don’t buy or store things that you don’t need. If you want to purchase a product based solely on its looks or marketing, think again and see if you’ll actually have time to use it.
Once you stop hoarding unnecessary items, start cleaning up the items you already have. You don’t have to focus on big items of furniture ; start with smaller stuff like books and trinkets and work your way from there. Of course, you don’t actually have to get rid of all these items, just the ones that you’ve never used. Others that might find use during special events can be labelled appropriately and stored away.
As you go along cleaning up your space, you’ll also find yourself cleaning up your life. You’ll have more time for family and friends, and slowly realize that minimalism has more to do with being more efficient and organized than you first realized.

 

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Learn to stay within your family budget

Posted on August 1, 2012 by Frank

 

All of us know about the need for maintaining financial austerity in our day to day lives. This is the only way to ensure that we can lead a healthy lifestyle without worrying about our financial needs for the future. Sticking within a budget is not as easy as it sounds. Many among us know the need for sticking to a budget and still are unable to maintain financial discipline and end up taking out payday loans anyway. While this isn’t a bad thing in every case, in general it pays to avoid it.

Allocating sufficient funds for each sector of our life is essential for the success of any home budget. Obviously, the major essentials of our life like purchase of groceries, payment of routine monthly utility bills, medical expenses and other transportation expenses are essential aspects of our life. We need to allocate sufficient money for them before we are forced to get a loan. You can reduce these expenses only to a limited extent.

 

When it comes to your non- essential expenses like eating out, going for a movie, vacation trips etc., they can be reduced by a much higher extent. Of course, you should not avoid them altogether. If you do that, you may find it really hard to stick to the budget. Hence, you must be aware of the timing of your monthly or weekly payday and allocate funds for these leisurely activities, shopping escapades, trips to theme parks, sun bathing expeditions to picturesque beaches etc. in moderation.

 

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The Tax Responsibilities of Dual Citizenship

Posted on July 31, 2012 by Frank

Dual Citizenship has been the holy grail of migrant workers and citizens looking to reap the benefits of the two countries they live in. Many individuals looking to apply for dual citizenship only look at the benefits of the system, but what they don’t know is the added responsibilities and liabilities of serving two countries. In particular, personal income tax becomes a serious issue as you will need to carefully and correctly determine how much you owe to each government, down to the last cent.

If you’re currently living in another country, don’t worry as the US Government only collects taxes from individuals based on their citizenship status and not their location. If you are gainfully employed, your current employer can help you as they are also partly responsible for ensuring that part of your salary goes to the right tax collection agency.

Those currently employed outside of their home country should go ahead and check out their residency and citizenship status. If you’re sure that you don’t owe the US any taxes, then you can go ahead and relax. However, if you find out that you’re required to pay a certain amount to the Internal Revenue Service, the best thing you can do is to consult with your lawyer and with the tax agency to clear up your account. The last thing you want to do is try to hide this fact as the IRS can be very thorough in taking away your assets should you try to evade the rightful payment of your taxes.

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Five Things You Can Do to Save Money During Summer.

Posted on July 31, 2012 by Frank

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Summer is a pleasant season and also one which necessitates some additional expenses. But if you keep the following points in mind, you will not only be able to enjoy the season but also save money.

Reduce the Use of Air Conditioners

Summer being very hot, people need to find some ways to keep their home cool. Running air conditioners all the time will cost a lot in terms of electricity charges. As far as possible, use fans instead of air conditioners. If you can prevent the flies from entering your rooms, you can keep the windows open so that fresh air from outside can enter your rooms and keep them cool.

Save Some Money Now For Christmas

Christmas is not very far away and you will definitely need a huge amount to celebrate Christmas in December. If you save small amounts of money from your salary every time you get your paycheck, it will be easier for you to find the money you will need for Christmas. Saving a small sum from your pay will not affect your monthly budget much.

Be patient to Buy New Things

Remember that new products will always be costly at the beginning of their sales. If you can wait for some time, their prices will come down by the time the season is about to end and you will be able to buy them at reduced rates. This will save you a considerable amount of money. Wait for clearance sales. Sometimes you will realize that you don’t have so much desire to buy the product after waiting for some time. Instead of buying everything new, borrowing urgent things is a good idea to save money.

Sell your Old Things

If you search your garage and the backyard, you will surely find a lot of things which you don’t need any more. Sell them at whatever price you can get. Selling them will not only clear your garage of unwanted materials but will also bring you some money.

Limit Your Vacation to Nearby Places

People generally have the notion that they need to spend their holidays at a distant location. This is going to cost you a lot. When there are plenty of things to be seen at your own locality, think twice whether it is necessary for you to travel so far during your vacation. Touring your local area will cost you only a fraction of what you would have spent on a trip to a distant location.

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What to Look for When Choosing a Credit Card Company

Posted on July 31, 2012 by Frank

 

In the span of a few decades, the credit card has gone from being a luxury to becoming a necessity. Most people use their cards on anything that’s upwards of $ 100. Others don’t bat an eyelid when paying for smaller items from household bills to restaurant meals. Because of the propensity of most owners to use their cards on almost everything, banks can make a profit over each small transaction using a card. Smarter card owners will know the best credit card company to work with, and end up saving cash overtime.
The first item to look for when choosing a credit company is their card’s interest rate. Remember that “credit” means “loan”, so banks won’t just loan out their cash for free. All financial institutions will charge an interest fee, but some will charge more than others. Even a difference of 0.01 percent can add up over time.
Aside from interest fees, companies will also charge transaction fees and even annual fees for the right to use their card. Look at all of the possible charges that can be applied to your account and go for the company with the least total cost. Also, be sure that they are in good standing with the government.
If all companies look the same to you, check out their rewards program. These are incentives that banks give you whenever you make a card transaction. If you’re going to spend money using your card, you might as well go with the company that awards you the most for each purchase.

 

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