Finance Archives - Serendipity Mommy

Smart ways to invest for your future

January 14, 2020 by Mandy

As we are all entering in a new year and 2019 is almost finish, we all are in high spirits and making resolutions for the upcoming 2020. How about we make a resolution this year to make our future secure for ourselves and for our families. The best way to secure our future in terms of financial aspect is to invest our saving very carefully. Not all of us have a lot to invest but whatever we have if invested correctly can convert that little amount in a good number that can later be used for another investment or can be used to make an asset like a house, car, gold or any equipment. A lot of question arises in one’s mind when the idea of investment pops up, like what is the correct way to invest, what is the correct amount to invest, should all money be invested in one place and what is the correct time to convert the investment into assets. Answers to the following questions can be researched and analyzed by an individual, but the best answers will come up with the time and experience.

The best way to start investing is to start at a very young age when you do not have a lot of responsibilities, and it is easier to save money and invest. It will not just give you a good and easy start to a secure future; it will also develop a habit of saving in you. Nevertheless, if not start from a younger age, it is never too late to start saving and investing. Therefore, here are some smart ways to invest for your future:

Mutual Funds:

Mutual funds are one of the most classic and conventional ways of investment. It is a way in which our investment amount is a pool with some other investors and then used to buy some high profile stocks and bonds in a larger chunk than a smaller one. It is one of the easiest and safer ways to invest and start investing rather than starting with something else. This way, you only get to pay the fee of one trading commissioner, and that will be dividing into the no of people pooling the money.

Money Bonds:

One traditional way to save money and invest at the same time is to buy bonds for that money. Money bonds are a kind of currency. In some countries, when you buy those bonds, there is a lucky draw that happens. There is 3 position in that luck draw and a particular amount dedicated to each position. There is a particular number of bonds awarded 1^st position and same Is the case with 2^nd and 3^rd position. So if you are lucky enough you will be saving the as well as getting the reward. While in other countries you get a percentage of the money invested on the bonds like if you have purchased a bond worth 5$, you will get 5% of 5$ every week.

Property:

Buying a property is the best way to invest. You get an asset in the process of investment and can get an amount every month to save even to utilize. You can start by an apartment or a shop depending on the amount you have, and then you can easily rent out that shop or apartment. The value of that property will also increase with time so buy a property as soon as you can and secure your future in the best way possible.

Business:

The best way to invest is to start a business of your own. As starting a new business and investing in it is very risky, but if your business plan is stable and turns out to be successful, it can do wonders for you. Rather than starting a new business and giving it full time, start a side business with your job. It will be a little less risk and will definitely give you the advantage to have a job if the business does not work out for you.

College funds:

If you are a family person and have children, their college money of your children is surely the priority of your life. The most important help you can give to your children is to save money for their college. This is not just the money for their education, and this is the money that will help them to achieve their goals and dreams. Imagine your child being the best lawyer, painter, or an artist of the decade with the best educational background to support his or her creativity. Therefore, no matter how old is your little one start saving up and investing for college money.

Saving Account:

If you are the kind of a person who does not like to take the risk, saving account is your friendly way to save and invest money. In a saving account, you out your savings and get a small percentage of the amount in your account every month. The percentage is not that big though, but you get to save your money for an emergency and still get a return on it every month.

Cryptocurrency:

Another way of securing your future is to invest your money in the cryptocurrency. Cryptocurrency is one of the latest trends of today. According to research, around 8% of the American invested their money in the cryptocurrency this year. However, the downside of cryptocurrency is that it is still not legal in some Asian countries, so if you are living in Asia research before investing in the cryptocurrency.

Conclusion

For all the investment ways mentioned above, we all need some saving to start with. It does not matter how less you start saving, make a habit of saving for your future cause let’s be honest no one cares for you and your family more than you so if you want to spend a good life you yourself have to work for it. So start saving, investing and take charge of your life.

What is the law on displaying a number plate?

December 27, 2019 by Mandy

The DVLA have very strict laws on how a number plate should be displayed. It is essential that number plates are visible so that they can be recognised easily if there has been a road accident, if a camera catches you speeding or even if a vehicle needs to be found in the case of theft.

Without a number plate, it would not be possible to differentiate between vehicles which could cause a whole host of problems. As years have gone on, the DVLA have implemented more rules in-regard to how a number plate should look, therefore it is vital that you know exactly how your plate should be displayed. If your plate is not displayed properly then you could face a fine.

Displaying a number plate

All cars in the UK have to display a number plate on both the front and the rear of the vehicle. The front plate must have a white background, whilst the rear plate has a reflective yellow background. In both cases, there must be no pattern added to the background as this could distract from the characters.

Additionally, all number plates must use the standard ‘Charles Wright’ font that the DVLA issue on regular plates. The only other option available is the 3D effect version of the ‘Charles Wright’ font, any italics or other fonts are not legal. You must also ensure there is nothing blocking any of the characters such as a sticker, bolt or anything else. This will make it harder to police and cameras to read the vehicle plate clearly.

Character spacing

On top of the regulations in regard to how to plate should be displayed, the DVLA also have a set of rules about the spacing of the character and layout of the plate.

To begin with, there has to be a gap between the first four character and the last three, and this gap has to be 33mm wide. The gap between the characters that are together in the same grouping is 11mm. Each individual character must be 79mm high and 50mm wide, this is except for the letter I and the number 1 and the width of the stroke is 14mm. There are also rules regarding the spacing between the characters and the border of the number plate.

Symbols and logos

One of the most commonly unknown facts is that you are not allowed to display any symbols or logos on a number plate, such as the badge of the car make or the logo of your favourite football team.

The only symbols allowed on a number plate are the following national emblems:

-British Union flag

-English flag

-Welsh flag

-Scottish flag

-Euro flag

Historic vehicles

There are different rules in place for historic vehicles as they do not follow the same number plate system. Many historic vehicles made before the 1970s had a dateless number plate with fewer characters which makes them extremely sort after and valuable.

If you have a historic vehicle, or vintage car, then you will be allowed to display the number plate in the old style. This consists of a black plate with either white or silver writing. If you are looking for a cheaper option, you can purchase a plastic plate similar to the ones today. Otherwise, if you are looking to splash out on a more authentic look, you can opt to purchase the traditional metal construction.

How to Afford Your Next Family Trip to the Doctor’s

December 23, 2019 by Mandy

It’s stressful anytime your kid gets sick. But it can be downright scary when you can’t afford healthcare costs. If you’re worried your bank account can’t handle a trip to the doctor’s office, check in with these tips below.

Build Your Health Care into Your Household Budget

Budgeting is all about anticipating your needs, and your family’s health is one of them! Just as you make sure you have enough cash to cover rent and groceries, you should set aside a little bit of each paycheck for doctor’s visits and medication.

The first step is finding out how much you need for a typical checkup, eye test, and other important care. These costs tend to fluctuate between offices, so you’ll have to call around to find out a price.

Once you have a number, this is your savings goal. Cut out unnecessary spending that hogs too much of your cash and reroute it towards your health savings.

Get a Personal Line of Credit

We can’t always plan our trips to the doctor’s office around annual physicals. Sometimes, an emergency happens, and you’re suddenly rushing your child to the clinic for urgent care.

In times like these, a personal line of credit may be a way to cover essential doctor’s fees, medication, and even hospital parking.

Before you get a personal line of credit, it’s important to check your credit report. A peek at this file will help you understand what kinds of rates and terms you may expect with your credit score.

Speak with Your Healthcare Provider

It takes a lot of courage to admit you can’t afford to pay for your family’s healthcare. But once you fess up, you may be surprised by how good it feels getting it off your chest.

Once you get feelings of shame out of the way, you can have a constructive conversation with your doctor about billing. In some cases, your healthcare provider may waive some or all fees if you don’t have insurance.

You may also be able to arrange a payment plan that spreads out the cost of your next visit. Rather than coughing up all the cash right away, you’ll have some time to generate the money you need.

Visit a Free Clinic

While an appointment with an established family doctor may cost a lot of money, a visit to a free clinic may be as the name suggests — free!

Free clinics attempt to fill the gap in the U.S. healthcare system. These federally funded health centers offer regular and emergency health services to people for free or at a nominal cost.

To find a medical, health, or walk-in clinic in your area, visit Free Clinics and put in your zip code.

Bottom Line

Keeping your family happy and healthy isn’t always easy on a tight budget. But it’s not impossible. Check in with your budget and think carefully about how a personal line of credit fits into your healthcare. Between payment plans and free clinics, you’ll be able to find a way to give your family and your finances a clean bill of health.

Things to Consider Before Hiring a Contractor

December 16, 2019 by Mandy

If you’re looking to renovate your home, then you’ve got a lot of different options available to you. Renovating a home can improve the property’s value. If the property is updated, then people may be more motivated to buy it. You may also want to renovate your home to make it look more modern. There are many different designs you can use, and you may even be able to make movement through the home more efficient. Some people like to tear down a wall or add a new hallway. Adding an additional room may be beneficial, and you can make your home larger if you own enough land to do this.

Planning Tips

You should probably work with a contractor if it’s your first time renovating a home. Many people make a full-time living flipping properties, but one small mistake may be very expensive to fix. You’ll want to make sure your renovation plans fit into local code regulations. You’ll also need to ensure you have everything ready before you sign an agreement with the contractor. You don’t want to run out of money halfway through a renovation job. Sometimes you can add the extra costs onto your existing mortgage payment.

You’ll also need to have a safe place to store your furniture. If you’re looking for storage in Grand Prairie TX, then consider working with a reputable company that offers services that meet your specific needs. You shouldn’t rent a huge storage unit if you only need to store a few pieces of furniture. It may also be a good idea to consider buying additional fixtures. Adding lighting and shelving units can make a renovated home look truly beautiful.

Benefits of Working With a Contractor

You can often save money without utilizing the services of a contractor, but it’s usually a better idea if you’re new to renovation projects. Building a new wall or ceiling is a huge task, and those who have years of experience will likely know how to avoid potential pitfalls. Using a contractor is particularly important if you’re renovating a home because it was previously damaged. If you’re not sure about the specific course of action, then you may end up putting yourself or others at risk. If a wall is already damaged, then a contractor will inform you on the best options available. Sometimes it’s safer to simply tear down the wall and rebuild it because the structural damage is too severe.

Completing Projects on Your Own

If you’re confident that you can complete a project yourself, then you’ll need to make sure you have the necessary resources available. You might be great at installing bathroom tile, but a plumber will still be needed to insert the piping. It’s a great idea to do a full outline of the project to make sure you’ll be able to complete it in a realistic manner. Try to get an estimate from a contractor. Sometimes contractor costs will be cheaper because they already own the tools and bulk supplies needed to complete the job.

Questions to Ask a Contractor

You should make sure the contractor is licensed and insured. Ask to see some previous projects. A reputable contractor should have a full portfolio of completed assignments to show customers. If you have any additional concerns, then the contractor should be able to immediately address them. Transparency is extremely important. Ask about any guarantees before you sign an agreement. It’s also a good idea to find out how long a renovation job will take. Some renovation jobs take only a day. Others can take weeks or months.

You may want to ask about any specific style options available to you. Sometimes you have a few different materials to select from. If you’re building walls, then you’ll want to make sure the contractor knows about specific insulation requirements in Texas. These are obviously just a few examples of questions you should ask. You should ideally be able to ask a contractor any question that’s on your mind at the moment. The contractor should be reputable, trustworthy and reliable. Don’t hesitate to shop around if you think there are other companies that may provide better service. Do as much research as possible to make sure the work will be completed as described.

Learn more about debt consolidation loans

November 18, 2019 by Mandy

What is a debt consolidation loan? In this case, a lender issues a single personal loan to the borrower so that he could pay off other debts. The borrower then has to pay personal loan monthly payments for a fixed amount of time to the lender. Your credit profile is going to determine your interest rate.

Debt consolidation happens to be one of the many strategies you could opt to pay off debt. With too much debt on you or fixed spending issues, debt consolidation isn’t of any use to you. As far as the rates are concerned, they vary from lender to lender and base on your financial standing and credit history.

The Requirements of Debt Consolidation

All the reputable and best personal loan lenders require you to be 18 years or older as well as a legal U.S. resident to qualify for a loan with a verifiable bank account. Borrowers with low debt-to-income ratios and excellent credit can qualify for low-interest rates. Those with bad or fair credit score could get an unsecured personal loan based on a steady income.

Some of the best personal loan lenders state that they do not have minimum credit score requirements. This doesn’t imply that your credit score won’t be checked. It is important to know your credit profile. You can use online tools for credit report and credit score checking. Also, once you get that, use a personal loan calculator as well, so you know about your personal loan monthly payments.

Debt Consolidation vs. Balance Transfer Card

A balance transfer credit card is a sound alternative to a debt consolidation loan. They come with an introductory 0% interest rate that rises after a promotional period of no more than 21 months.

You can transfer up to $15,000 credit card debt. After the expiration of the introductory offer, the interest rate on the balance transfer card increases. It is higher than it is on a personal loan. Apart from paying off your balance before the increment in the interest rate, you would want to avoid making any more charges.

Personal loans allow you some benefit over balance transfer cards. The fixed personal loan monthly payments let you pay off your debt after a set period. The borrowing limits tend to be higher as well. Not only that, but personal loans also boost your credit score. If you use all or most of the available credit on the card, your credit score could take a hit.

The personal loan balance is titled as installment debt, which is treated differently in credit scoring formulas compared to revolving debt such as credit cards. And there are so many ways that personal loans can help you in meeting your expenses such as education, wedding, travel, and many more.

Extra measures to take for ensuring the sound financial health

If you have to pay off debt and that is the main reason for borrowing money, getting a personal loan is your best bet. Create a budget for yourself and start to save money. These baby steps could pave a path for your stronger financial future.

If you do not need cash for any immediate need, why not build a strong credit? It is the main factor that determines if you could qualify for a loan or not. You can qualify for more loan opportunities if you have a higher credit score and that, too, with lower interest rates and better loan terms in the long run when you need a loan in the future.

Important Note:

Here is something important that you should know about Annual Percentage Rates (APR). You must have strong knowledge about these things before getting a loan. The Annual Percentage Rates (APR), loan term, and personal loan monthly payments are calculated based on analyzing the information that you give, the information lenders provide, along with your publically available information.

Lenders give you loans with different ranges of APRs after analyzing borrower’s credit and other factors. You should know that only those borrowers having an excellent credit score can win the lowest interest rate. Your APR is determined on factors such as loan term, credit history, credit score, and requested loan amount you require for you needs.