How to Finance the Purchase of a New Home

Buying a new home can be one of life’s most amazing experiences. It can be a little intimidating for people who are unsure of how they’ll finance it, however. Homes are enormous purchases. If you’re in the latter group, there are certain suggestions you should run through your mind. Financing a new home is without a doubt something you can do.

Research Home Loans

The smartest home buyers are the people who prepare efficiently. That’s why you should take the time to research the massive and often overwhelming universe of home loans. 

Your aim should be to get your hands on a great interest rate. It should also be to get your hands on a deal that won’t negatively interfere with your lifestyle and comfort level, too.

Set up a Consultation with a Reputable Mortgage Broker

Mortgage brokers can be major sources of help for people who are looking to finance new residential properties. They can help people secure mortgage deals that are a lot more desirable. 

If you want to save a lot on your mortgage, you can’t top the guidance of a knowledgeable and seasoned mortgage broker. Mortgage brokers can simplify the process of finding the most ideal deal out there.

Save Up

Covering down payments can cost people hefty sums of money. If you want to finance your home easily and with confidence, you should begin saving up to handle your down payment well in advance. 

The more money you initially put down, the easier it will be for you to manage your mortgage expenses on a monthly basis. You should always think about the big picture.

Assess All Offers Meticulously

You should never even think about being careless about home loan offers. Don’t assume that they’re all similar. You should evaluate your home loan offers meticulously, and prior to making any commitments. 

It can be unpleasant to commit to a loan only to realize that there were actually much better options out there simply waiting for you. If you give yourself a lot of time to make a solid decision, you should be good to go. Try to find out about as many loan offers as possible. Be as exhaustive as you need to be.

New home financing can seem pretty scary to people who are unfamiliar with the process. If you’re committed and detailed, however, you should be able to do extremely well for yourself. You should aim to be calm, composed, and confident.

Learn How Smartphones Can Help You Grow Your Retirement Nest Egg

Your retirement may be close, but you've got plenty of time to grow that nest egg. Your smartphone is a potentially untapped resource for growing your retirement money, so make sure you take advantage of the opportunities it presents.

Use Investment Apps

Personal finance apps like E*Trade let average people invest in the market without a broker. Before you jump on personal finance apps, do some research about the types of investments you want to make. 

Many people later in life prefer safer investments, though there is definitely an advantage to short-term investments that could bring higher returns. As long as you understand what investment strategy you're comfortable with, you're ready to try out an investment app.




Start slowly until you get the hang of how it works. Investing is difficult even for the pros, but one piece of advice endures: invest in businesses and people, not in market trends. 

If you know about or can learn about a business, entrepreneur, or an industry, center your investments there. Industry information will be more helpful than trying to analyze what the market is doing.

Save Spare Change

Getting the money to invest can be a struggle. If you have kids in college, have medical bills to pay, or are on a fixed income, you may not have much saved for investing. 

A spare change app rounds up every debit card transaction you make and puts the spare change into a separate account. Then, most of those apps, like Acorns, invest or save that spare change for you.

You don't have to put in a lot of effort in the investments, because the app companies have financial advisers creating portfolios for the app users to invest in. Spare change apps have another advantage: the minimums for investing are very low. 

You don't need $1,000 to open an account; the amount is more like $5 or $10, an easy amount to accumulate in spare change over a month.

Create a Budget

You're no stranger to making a budget, and you've probably had money pulled from your paycheck for your 401k for years. When you reach your 50s, it's time to make a more aggressive investment budget. 

Take a look at your finances, especially your expenses and how much you're saving. If you're not saving much each month, try to trim some of those expenses so you can put away more money. 

Switching from digital cable to a streaming service like Hulu can save you almost $100 each month, for example.

Use a budgeting app like PocketGuard to keep track of exactly where your money is going. A visual will help you discover places you could be spending too much. When you set aside savings each month, remember to invest some. 

However you decide to invest, whether on your own or through a financial adviser, make sure some of that money is going into a higher-yield account than your savings.

Video Chat With Financial Advisers

We don't all have time to visit a financial adviser's office in person, especially with kids in high school, doctor's appointments to go to, and homes to care for. 

But fitting in an appointment with a financial adviser becomes easier when you do that appointment via video chat. Let your adviser explain your financial information face to face instead of over an impersonal phone call.

For a successful video chat experience, use the right equipment and the right network. Let's face it, using new technology isn't always the easiest, and focusing on a small screen while trying to talk to another person can be frustrating. 

Focus on finances, not on a bad video connection, by connecting with a quality smartphone on a good network. The Galaxy S8, paired with T-Mobile's 4G LTE network, for example, is a great combination. 

The Galaxy has a 5.8-inch infinity screen with a sharp display, and 4G LTE will give you a high-quality video connection.

It's never too late to start saving for and investing in retirement. Personalize your investment strategy with your smartphone, whether you use it to connect with a financial adviser or choose to manage your own investment apps.

Buying a Home and Acquainting Yourself with Finance and Real Estate

Choosing the right way to finance your real estate purchase is as important as finding the right property. 

It is easier to find a suitable home loan when you have the information you need to navigate the loan process. Real estate is an important investment that requires you to be financially prepared.

Down Payments

The down payments that you are required to make will depend on the lender and loan. Down payments range in percentages of the value of the home you want to buy. A budget will make it possible for you to set aside money each month for the down payment. 

After determining what your budget will accommodate, you can arrange for automated deposits to your savings account to ease the process of saving money every month. If you are unable to make a substantial down payment, you can consider a loan that will help you if you are limited to a smaller down payment. 

Credit Report and Financial Documents

Good credit scores attract better deals for home loans. Before you start the process of purchasing a home, you need to get your credit report to find out how it will be perceived by prospective lenders and improve it of you need to. 

When you make a home loan application, your lender will need various financial documents. Preparing these documents in advance will speed up the loan application process. 

Investing Successfully in Real Estate

Investment property is among the top options for investors. It helps you increase your wealth and secure your future financial situation. 

While investing in residential properties can deliver positive returns, managing your investment effectively will determine the ability of your investment to help you achieve your financial objectives.

Getting the Best Price for the Right Property

• Owning property can be a low-cost undertaking when you consider tax benefits and rental income. Capital growth is a fundamental aspect of real estate investments. One of the most important decisions you can make is to choose property whose value is likely to increase. This is where you need to ensure that the price is right. 
• Information and patience are essential components of getting the best deals when acquiring assets. Work out the value of property by researching on what property sells for within the area. When you know the value of property, you will be able to recognize bargains. 
• Avoid buying real estate in locations that you are not familiar with as you become a victim of highly inflated prices. If you identify property that you want to buy but are unaware of its worth, independent valuations can be carried out. Different types of residential property showcase varying levels of performance in terms of aspects such as rental yields and capital growth.

Cash Flow

Real estate investments have proven to be a good way to build wealth on a long-term basis. Ensure that you have the financial capacity to keep up with the mortgage repayments to avoid selling your investment property before you are ready. 

Owning property is relatively inexpensive along with servicing the loan because of rental income and tax deductions. Rent is also likely to increase over time, subsequently increasing your income and making it easier to manage your investment.

Bio

David Wicks is a consultant in the real estate sector and previously worked as a broadcast journalist. When he is not busy helping his clients make the right investment decisions, he enjoys spending time with his family and dogs. View Matunga residential projects here.

Importance of Freelancing Accountant Service for Your Personal Firm

For a start-up, medium sized and large business, accounting service is mostly needed. Accountants usually play very significant role there because without them a company cannot grow up properly. 

Accounting resolution can be done in various ways while a huge company is consisted with multiple transaction, pay roll and department related services. It is not so easy to run an accounts department and so, experts are needed to continue it completely. 

An experienced and reliable guy is needed to design the whole accounting framework. An effective technique should be applied to accomplish this challenging mission. A company cannot stand without right financial solution and it is possible by taking correct decision.

• If a business owner is not interested to keep the permanent employee in his firm, then they can hire freelancing or part time accounting service. It is a cost cutting resolution which helps to fulfill the accounting service in one of the best ways.
• A business account is accumulated with multiple services. A businessman can assure himself/herself financially by getting the help from freelancers accountants. They can understand your complicated financial situation and according to your requirement, they usually solve them. They have to apply their knowledge and confidence to provide those clients exact solution.
• There should arise a question that why a freelancers accountant is necessary for on-going firms. Financial activities are included with business start-up, business plan, corporate finance, corporate tax, company formation, business plan, tax planning and pay roll services. Freelancer’s accountants are very professionally expert to provide those services.
• You can also get the consultation service from them and especially in case of company formation; you can take a right decision from them. If you are going to set up a new company, then you can get rid of all confusions by hiring this freelancing service. A better plan can give you ultimate company growth. Setting up of personal company is quite serious decision and you have to design this plan very carefully. For this company formation related plan, you can get the help from  freelancers accountants.
• Freelancing service is almost like part time job and it is quite admirable and affordable than full time job. In case of full time job, people have to give better dedication and commitment but with the invention of “freelancing” concept, a service can be hired at anytime from anywhere. Payment procedure is quite easy for the freelancers. It is less hectic job than the full time workers. This service can be hired from online and in case of accounts related solution, this is one of the best procedures to contact with them.
• In UK, this type of accounting service is quite popular because most of the businessmen like to hire this service for their own firms. This is short term bonding and better than maintaining the employee headaches. If they hire full time workers for their firms, then it shall compel them to invest more. Freelancing service has helped them to get one of the most effective services in reasonable price.

Advantages:

In Europe, freelancer’s accountants are quite popular for having some significant activities in them. In case of budget and related queries, they can prepare all of them within your given timelines. Their provided solutions can match well with your requirement.

• Now it is possible to get the support and assistance for your personal accounting solutions.
• Online freelancing service is possible by logging in the internet. You can find there numbers of freelancers are waiting for your response. They are very professional and experienced in their key responsibilities. By proving the expertise works, they will also keep your confidential accounts related information secured. You can get fully assured reliable services from them.

Summary:

If you are confused enough to get the freelancing service from online, then you have to check the online reputation of that service provider. If it is trustworthy enough, then you can get this service from online. If your query is about accounting service, then you have to be very careful.

Company bio:

True dynamic is a well-known accountant firm in UK which provides you an ultimate solution for your accounts. If you are worried about your accounts related requirement, then it can be solvable by this company. The accountants are very experienced and professional in their works. They are committed to provide the clients accurate services within their given timeline.

Seven Steps For Creating A Budget That Works For You

Money management is an important skill to have at any age. Creating a budget is the central discipline of financial stability and freedom. Often times, many people fall into serious debt without even realizing it because they don't have a budget to follow. Making a budget doesn't have to be a tedious process, however. Here are seven steps for creating a budget that works for you.

Monthly Expenses

Make a detailed list of needs versus wants in your daily life. You will likely be cutting back on some of the wants, and you should be honest about things that you do not need so that budget cuts can be made. Take a look at your expenses from the past six months and find out how much of your money is really going to needs. Of course, there can be some money budgeted for wants, but it's important to know how much. 

Get Rid Of Extras

As you create your lists, you will likely come across duplicitous items. Choose the most effective option for your budget and prepare to cut the other one completely out of your life. Making everything as simple as possible will help you an effective budget you can stick to. 

Learn To Make Lists

One of the main reasons that people are not able to stay on a budget is impulse buying. However, if you make lists before you go to the grocery store and places similar to that, you will be much less likely to spend your spare pennies on useless items. This includes making a list for other things like clothes shopping. Be sure to not overbuy, and maybe even include a price max for lists like these. 

Consider Other Responsibilities

If you have people that depend on you, they will obviously take up some percentage of your budget. Make sure that you keep them in mind when you are making your budget so that you do not incur the much more serious cost of losing friends and family.

Remember Taxes

The breakdown of many a budget is the fact that many people do not calculate taxes when they are making them. Consider your tax bracket, and make sure that you place all of the proper calculations in your budget. No one likes paying taxes, but this is not a reason to try to make them disappear as you move towards financial freedom.

Create A Savings Plan And Emergency Fund

Although you may be planning for a budget that you will hope to stick to, life does not happen on your schedule. Many people use unexpected emergencies as a reason to completely destroy any discipline that they had on a budget. Having an emergency fund will keep you from acting on this temptation. Anything from a job loss to medical expenses or car accidents can quickly put anyone into debt. You should have at least three to six months worth of income save for an emergency fund. This will help if keep stress levels down and allow you to make payments if you suddenly loose income or have huge expenses to pay. 

Put Your Budget Into Action

After you have done all of the planning, it is time to begin building the discipline that will create the budget that you can live with. It's important to remain flexible, though. If you find that something isn'y working, be sure to make changes as needed to keep your budget realistic.

Staying on a budget can be difficult for anyone. However, it is definitely a good idea for anyone who is looking to explore true freedom later in life. Follow the steps above for the budget that will work for you. If you don't know where to start with your finances or are recovering from bad credit, seek the help of financial experts to get back on track again. Informational credit to Keith G. Collins Ltd.

Divorces Don't Have To Be Expensive: Six Tips To Save Money

One of the main reasons why many people stay in unhappy marriages is because of how cost-prohibitive divorce can be. Remaining in a marriage that makes you miserable can be emotionally crippling. If you want a divorce, don't be afraid of the costs involved. You can reduce your expenses if you follow these tips to save money throughout your divorce proceedings.

Take Your Time Finding An Attorney

Many people end up spending too much money on legal costs because they hire the first attorney they find online or in the phone book. When it comes to choosing a divorce attorney, be sure to take your time and compare costs. You don't want to spend too little money and find yourself with a sub-par attorney, but you also don't want to spend too much on a simply average lawyer. While some couples may avoid getting an attorney to try to save on costs, this a bad a idea. An attorney can help you speed up the process and get a fair outcome for you and any children involved. 

Try To Settle In Mediation

The longer your divorce proceedings, the more you'll spend. If your divorce actually goes to trial, court costs can really start to pile up. If you can settle in mediation and keep the proceedings out of a courtroom, you can save a lot of money.

Close All Joint Accounts As Soon As Possible

If you and your soon-to-be ex share credit or debit accounts, close them immediately. As long as both of your names are on these accounts, you can be held accountable for anything that he or she spends. Telling these creditors that you were in the process of getting a divorce won't get you off the hook. Not taking this critical step can quickly leave in you in unintended debt. Open up a different bank account to continue paying your bills without worrying about your partner spending all of the money. 

Create a Budget and Stick To It

Even if you're behaving smartly, cash will be tight during your divorce process. Create a budget based on your income and expenses and stick to it. Remember that a time will come again that you will be back on your feet and able to live comfortably. During your divorce, however, you can't be a spendthrift. Take a look at your budget and figure out how it will need to change until the divorce is finalized. Many people jump to what things will be like after the divorce, and don't take financial steps during the process to avoid financial problems. 

Don't Take Out Any New Loans or Lines of Credit

Many divorcing individuals will take out loans or open new lines of credit to take the place of the support they used to receive from their spouse's income. However, this is a one-way ticket to bankruptcy down the road. This is a time to monitor your finances carefully, not to assume new debts.

Don't Be Afraid To Sell Assets

Many people develop sentimental attachments to luxuries procured during their marriage. Items like boats and jewelry may have been a breeze to finance when you were in a two-income partnership, but they're extraneous and unnecessary when you're trying to save money during a divorce. There's no shame in selling off luxury items and creature comforts to get a little extra cash.

By following these tips, you can get through your divorce financially. It's important to understand all of the costs to not overspend or go into debt. With the right planning and effort, divorces don't have to be expensive. Informational credit to Kitchen Simeson Belliveau Llp.

Dealing with a Pension Divorce

 (Photo credit: Wikipedia)

Divorce rates have risen considerably for the over-50 demographic. In the US, for example, the rate at least doubled between 1990 and 2009. In fact, the number of divorcees over the age of 50 now exceeds the number of widowed seniors in the US. Likewise, in the UK, divorce rates for those over 60 years of age are now seven times higher than they were in the 1950s.

While statistics show that the likelihood of a couple getting divorced decreases the longer they are married, we are still seeing a spike in the number of pension-aged couples looking to split. In fact, the New York Times recently reported that divorces in the over-50 category have outpaced those of younger demographics.

Any time a marriage ends, a variety of problems come into play. The following are just a few of the most common:

• Economic strain
• Poor health
• Strain on the extended family
• The need for government sponsored assistance

When younger couples get divorced, the stakes are generally lower. For example, married couples around the age of 30 are less likely to have children or substantial assets that need to be divided. Pensioners, on the other hand, have a lifetime of property and assets to contend with – not to mention an extended family that has only ever conceived of the couple as a unit.

However, one financial consideration that deserves more attention than it receives has to do with the pension itself. You see, getting a divorce can actually affect the amount of your pension. And it’s not as if the amount is simply cut in half and divided amongst the two. The actual algorithm employed is much more complicated, which makes it all the more important to seek the advice of family law solicitors before going through with the divorce. At the very minimum, both parties need to understand how this dramatic change is going to affect their finances.

Generally speaking, there are three common ways to deal with a pension in divorce:

1. Pension Off-Setting

In this situation, the pension is drawn entirely by one person (who is, more often than not, the husband). In its place, the financial equivalent to sum total of the pension is given to the other party in the form of cash, property and other assets.

This is often a more attractive option when one person has been the primary income earner for the family. In this case, the person may feel like their pension is a direct extension of their professional performance. It is a personal asset that results from years of hard work. With that in mind, splitting the pension after a divorce may make the person feel uncomfortable. 

2. Pension Splitting

This is precisely what it sounds like. The pension is simply divided evenly between the two people when the divorce is finalised. There are usually a couple of options in this scenario. Half of the pension can be withdrawn and deposited into a different scheme. Likewise, the entire sum could remain in the original scheme and simply be paid out in halves to both parties over time. This is usually only an option where government agencies have introduced specific legislation. 

3. Pension Earmarking

This is a less common approach to settling the pension. In this case, a portion of the pension is legally attached to spouse. When he or she retires, this portion will be paid as a pension benefit.

Valuing Your Pension before Divorce

If a divorce is on the horizon, it is essential that the couple arrange a pension valuation. This ensures that both parties understand exactly how much they are going to receive form a split pension in the future. This is complicated business, and you will almost certainly require legal assistance to effectively determine this.

Valuing a pension is going to cost a bit of money up front, but it is most certainly worth the expense – especially if the size of the pension is going to play a critical role in one or both person’s quality of life after the divorce.

Divorce is painful and rarely easy, and the difficulty in divvying up a pension only adds to the stress and anxiety. That’s why it’s so important to fully discuss your options with an attorney before going through with the split.

The GOLDen Years: Five Financial Changes You Need to Make When You Hit 60

After spending a lifetime building a career and working toward your retirement goals, it can be an adjustment financially once hitting the age of 60. Although you may be used to living a certain lifestyle, financial adjustments may need to be made to preserve your retirement savings and have your needs met. There are a few changes to make to ensure that the funds last for several decades and are well preserved—keep reading to learn about the most influential changes you should make to your finances once you hit those golden years. 

Reallocate Your Investments

To protect your assets, you might consider shifting to low-risk investments to prevent loss from occurring if you feel comfortable with what you have saved for retirement. If you expect to live longer, you can shift to more aggressive investment options for a few years before you evaluate the success and projected future of your investments. Depending on your financial situation, reallocating your investments could provide you will a little buffer cash to put your mind at ease.

Establish Scheduled Distributions

It's important to reassess your budget each year and make adjustments where inflation may occur for the cost of living. Contact your financial services provider to schedule payments weekly or quarterly, which will ensure that you live within your means and preserve your retirement fund. Look for areas where you can and should make adjustments so that you can take care of payments in a timely manner while still enjoying your finances set aside for retirement.

Downsize Your Home

For those who are in their 60s and have children who have moved out of the home, they are likely living in a property that is too large for their needs. After raising a family that is now on their own, it may be time to downsize and reduce the cost to maintain the home. Consider relocating to gated community or condo where landscaping and maintenance won't be a concern and costs for home upkeep will be lower. When it comes to home insurance, the professionals at Underwriters Insurance Brokers Ltd who specialize in Vancouver home insurance suggest that you increase your deductible so that you can enjoy lower monthly premiums. Living in a house that is too big, and paying too much for home insurance will drain your hard-earned retirement funds much faster than necessary, so consider downsizing before too much money is wasted.
Use the Money from Taxable Accounts First

To avoid paying more in taxes with your 401(k)s, make it a point to use the money from the accounts that will be taxed the most after also using the accounts that are not a part of your IRAs or 401(k)s. Using your taxable accounts first will be more efficient, and will keep you from cringing too much when tax season rolls around.

Take Advantage of Tax Breaks

Each state has age-related tax breaks that offer deductions and exemptions for ample savings each year. Research what you qualify for through the state department or talk to a financial advisor to find out what types of tax breaks you might be eligible for. Many people have no idea that they qualify for any tax breaks, so they miss out—do your research and talk to your accountant or financial advisor to see if there are any breaks you should know about or look into.

By making a few financial changes once you turn 60, it can preserve your retirement funds and make it possible to live more comfortably in your golden years. Although it may take time each year to manage your investments and downsize in certain areas, the changes will ensure that you enjoy a happy and healthy retirement while taking advantage of the fruits of your labor.

3 Ways Financial Debt Can be a Family Killer

A bad economy has a trickle-down effect. First big banks and corporations take the hit. Then employers can't afford to cover payroll. Next come forced layoffs and terminations. It is important to remember that one of the often overlooked casualties of money problems is the family. According to D Thode & Associates, there are several ways that financial debt can destroy the family and the best time to hire a financial consulting firm like to help before things hit rock bottom. Once a family hits rock bottom is usually when the family starts to fall apart and it is usually from the inside out.

Spouses tend to shut down communication

Whenever the primary breadwinner is no longer in a position to contribute financially, they tend to pull away. They pull away because they may still be stunned at the turn of events or they may be a little ashamed, even though they had no control over losing their income. It can be emotionally devastating to the point to where that person just completely shuts down and has no idea what to do next. Often times they will fall into a slump rather than bounce back and find another job to support their family. This causes stress between a husband and a wife, because there has to be some kind of financial support to pay the bills, buy the groceries, and keep clothes on every ones back, and a roof over everyone’s head. When it becomes next to impossible to make ends meet, often times it causes a husband and wife to turn on each other. If there are kids involved, it becomes even harder because you need money to make sure they are taken care of and that they are being provided for.

Children fear a loss of security

Young children and teens alike, though they would be quick to deny it, crave a sense of security. They may rebel and fuss about having so many rules, but the truth is children thrive on a sense of stability in their formative years. Without it they can become sullen and fearful. This can manifest itself in them withdrawing from their normal activities and a noticeable slide in their school grades. It also increases the chances of your kids getting involved with drugs and alcohol. Bottom line, the less stability your children have, the more likely they are to turn away from the rest of the family and rebel.

Health takes a turn for the worse

As if the first two weren't enough, just when you are least likely to be able to afford medical bills, the burden of financial debt can cause serious health issues. Stress, frustration, and anger can all boil over leading to deadly heart attacks or debilitating strokes. The family then has to worry about losing a loved one, in addition to all of the debt. This is also a significant problem when you or one of your loved ones have a serious medical condition as they will increase the amount of medical bills and add to your family’s financial stress.

For ears the United States has been mired down in a sluggish economy and high unemployment rates. Everything seemed to tank when the housing industry took a big hit during the years of 2007-2009. Many have said it is the worst struggle the country has been in since the Great Depression. While the economy is slowly improving, it will be years before things are once again on an even keel. The right financial advice can help you weather the storm with your family intact.

Roles of Accountants for Small Businesses

An accountant performs different functions in the financial operations of a business or organization. He or she may perform various administrative roles. Smaller businesses may require the help of a qualified accountant for collection, entry and presentation of financial data. He may also deal with customers, vendors, financial institutions and other third parties. Professional accountants are well trained, they are supposed to add value to your business if you are just starting out or help you save money. It is important to know the roles of an accountant before you start your small business and decide how you can hire yours. 

Managing Financial Data

Financial data in business, regardless of its size, is essential to its operations. An accountant collects and maintains data as it relates to business. He ensures that financial records are intact in compliance with the legal obligations. This information should be stored in a safe system because these will also be used in managing the business. Depending on the structure and size of an organization, the role of an accountant in managing data could include rather sophisticated duties including implementing databases and control procedures.

Analysis

Accountants may serve as analysts. This is also a reason why some opt to outsource accountants. The role of analyzing data could be crucial because it affects business operations. Thus, it has to be done in an accurate manner. In many parts of the world, hiring accountants from third party providers is already a common practice. It is done even in the small city of Glasgow in England where small to medium sized businesses are widely supported. Professional accountants in Glasgow help decide on important matters, and advise them on critical business operations. He could also analyze financial data to resolve some discrepancies and eventually make recommendations. 

Compliance

Another important role of accountants is to ensure that financial reporting obligations are met on time. This involves both internal and external reporting. Internally, businesses may require quarterly or annual reports. This is equally important to managing taxation matters. Companies choose to outsource accountants also for this purpose. They want to be sure they comply with taxes and avoid penalties. This also makes third party accountants in Glasgow and other cities in demand. 

External Affiliations

Accountants also work with other finance professionals from the government, internal auditing and other industries. They provide data to public accountants, and advice creditors, executives and even tax personnel. They work with the government to maintain records in connection with taxation and other government regulations. 

Value Addition

Every jurisdiction has a guideline which demarks which kind of businesses is exempted from audit. This is where the accountants play a vital role. They advise you on the unavoidable compliance. No matter what kind of business you are involved in, business accounts provide valuable services. An accountant can even advise you on how you should initiate one’s business, what type of business you must opt for, give assistance to execute business plans and can also help you with various tax aspects and legal bindings involved in a business. Professional accounts are furnished with book-keeping and accounting expertise.

Accountants play a vital role in every organization, which is why it is important to hire the right professional. They perform a key function that affects the business. Growth of small businesses is related to capabilities of internal finance function. Their expertise is needed to run and grow small and medium enterprises. Companies these days have the option to outsource accountants from third parties. This offers a cost-effective solution of hiring someone who can devote their time and expertise according to the needs of the client. Professionals such as accountants in Glasgow are hired to ensure all vital roles are performed.

The Best Budgeting Tools You Need To Be Using

A budget is more than just another headache that eats up your spare time. Budgets help you to live within your means, save for the future, and pay down your debt. Of course, building a budget isn’t always easy. If math and organization aren’t your strong suits, here are 4 budgeting tools you need to be using.

Automatic Savings Deposits

Automatic deposits into your savings account can go a long way toward helping you stay on budget. If the money goes directly into savings, it limits the temptation to view it as disposable income. Most banks provide you with options to designate a fixed amount or percentage of direct deposits to be diverted into savings. If you don’t get direct deposits, you can typically set up a transfer from checking into savings for a fixed amount on a fixed day. 

Credit Card Repayment Calculators

Credit cards make it easy to buy now and fret later. The more credit cards you have, the more fretting you’re likely to do in the long run. Abakhan & Associates Inc., a company that assists with debt consolidation in Vernon, recommends consolidating credit card debt from higher interest cards onto lower interest cards. A repayment calculator shows you how long it will take to pay off the consolidated debt, but you can also use them to compare how much you’ll pay if you leave balances on the higher interest cards. 

Mint.com

Mint.com is a very useful tool for those who go bleary eyed at a page full of numbers. It’s free, online budgeting tool provided by the makers of Quickbooks. It’s visually based, defaulting to charts, and brings most of your financial information together in a single place. In additional to allowing you to track your available money over time, it also lets you set up reminders about bills, track investments and set goals for future purchases. 

BillCutterz

Billcutterz is a money management tool that helps you save money. What you do is send them your monthly bills and they will contact your providers and negotiate a large discount without you having to sacrifice your service or switching providers potentially saving you hundreds a year. 

Wave

If you are looking for an app designed for small businesses and freelancers but also has a personal fiance section Wave may be the answer. They also have an accounting portion that works great if you want details about your finances. Wave connects your online accounts such as mint and manilla and downloads your transactions. The app will learn your habits and automatically categorize your transactions so you don't have to. 

BudgetPulse

BudgetPulse doesn't make you give them your banking account information for tracking, they let users manually enter or import banking data from their files. Using social media they let you post your financial goals and have friends and family help you meet those goals through Paypal. 

Software

If the idea of linking all of your financial data to a web-based application makes you nervous, you can also invest in budgeting software to use at home. Some of the best paid software options are Quicken Starter Edition and AceMoney. If paid software isn’t feasible, free software options include Buddi and AceMoney Lite. Free software often comes with limited features, but is far preferable to having no budgeting tools.

As with other tools, budgeting tools take some work to set up initially. For example, you need to link accounts, enter transactions, or set up categories. Over the long haul, however, they simplify your life and help you to take control of your finances.

How Bitcoins Can Revolutionize The World Of Finance

Bitcoin Art (Photo credit: btckeychain)

Bitcoins are a new kind of currency that shows promising value to the financial world. They are digital coins that can be exchanged between two individuals involved in a transaction without the involvement of any bank or finance company. They are used with the help of an open sourced project that enables users to review the code freely. 

This project is named – Bitcoin Miner, where bitcoins are created at a limited rate. These coins are being used despite none of the financial institutions officially approving of them. Bitcoins are assigned to you with the help of a secure electronic signature. Currently there are only 7 million bitcoins in use and the total number of bitcoins cannot exceed 21 million for security reasons. 

It is being said that bitcoin is going to grow further and become an indispensable E-commerce tool. This is strengthened by the fact that the bitcoin has emerged as the independent and transparent currency bringing about the great financial revolution. Due to the low transaction fees associated with bitcoins, many merchants prefer to use bitcoins. 

Apart from this, another advantage is this that you can make faster transactions just by paying a voluntary transaction fees in case you need to make emergency money transfers.

No Centralized Authority And Global Presence

Since there's no one individual or company involved as an intermediary who looks after or controls the transaction between two individuals using bitcoins, they are catching popularity with many users. Only a secure network is involved in the transactional process thus created greater freedom for the investors and users alike. 

Bitcoins have also managed to replace wire transfers such as PayPal and others. All that one needs to use bitcoins is Internet access, bitcoin wallet and bitcoin address of the person whom you want to transfer. All this is achieved once you create an account online that is going to be secure and cannot be frozen either.

Competitive Enough

Bitcoin offers you to make transactions through various currencies including Euros, Dollars and others. You can make easy money transfers by transferring these bitcoins to the recipient’s accounts. 

They are termed competitive because they can now be compared to the electronic mail that helps you send or receive mails from anywhere in the world or Skype , that helps you make video and voice calls and messaging to anyone across the globe.

Faster And Secure Transactions

You can easily make transactions over the distributed bitcoin networks, that too within no time. Unlike banks and other financial institutions, bitcoins never let you go through rigid and time consuming processes. 

Military grade cryptography for transactions makes payments safe for the users as only the user will have access to the private keys assigned to him to make the transactions. So you need not worry about money transfer security. It will be better to go for the best Bitcoin investment companies that are perfect for providing better results.

Conclusion

If you really want to save time with that very essential security that entails bitcoin money transfer, then log on to Invest Online Ltd. The Invest Online is termed as the best investment company that deals with all other kinds of new investments.

Are Baby boomers Happy with Their Financial Life?

According to a new study, 80% of over-fifty reporters are citing high levels of financial well-being, but younger generations are not so optimistic.

A global study of financial satisfaction has found older Britons to be happier than their French, German, and American counterparts. This research, collaboration between scholars at Bristol University and The International Longevity Center, must be read in the correct context: the current political agenda is focused on the financial struggles of the middle- and lower-classes, who must grapple with rising energy bills and other problems.

The controversy surrounding the baby boom generation and whether or not they are benefiting from a range of financial factors that younger generations will not have access to is one that has been hotly debated for some time. Earlier this year, Richard Chartres, the acting Bishop of London, said that baby boomers are a fortunate generation. But whether it is just a matter of luck has yet to be determined.

In any case, the numbers speak for themselves. In Britain, eighty percent of people over fifty reported that they are satisfied with their financial situation, putting the United Kingdom in seventh place among fifty-six countries. Beating out Britain were Norway, Sweden, Finland, and Switzerland, which was at the top of the list; it reported that almost ninety percent of its over-fifty population are satisfied with their financial situation. Sixty-five percent of same age group reported being satisfied in France; for Germany, it was sixty-one percent, and for the United States, sixty-four percent. Only two-thirds of Britons under the age of fifty report feeling as satisfied as their over-fifty counterparts.

Professor David Hayes, who is in charge of the project, reported that the United Kingdom showed a substantial different between financial satisfaction of different age groups. For example, the international average of financial satisfaction among individuals aged from sixteen to forty-nine is fifty-two percent, which is slightly lower than the percentage reported by those above fifty. In the United Kingdom, however, these numbers are different enough to merit a second look: only two-thirds of those under fifty feel the same.

Part of an on-going project between the Personal Finance Research Centre at Bristol University and think tank ILC, this dataset includes twenty-five thousand reports from participants from across fifty-six countries. That being said, the information will be mined further for a more clear understanding of what these satisfaction levels mean and imply. And its implications are nothing to underestimate: people over sixty-five spend more than one hundred billion pounds per year, which accounts for almost fifteen percent of international home expenditures. 

Nevertheless, the increase of financial pressures as people age, for things like health care, can have significant effects on their quality of living with many struggling to get out of debt before retirement age. Representatives of the study want to emphasize the importance of keeping policy-makers informed of the risks and threats facing people over fifty and over sixty-five the world over.

About Jonathan Matthews

Jonathan Matthews has over 15 years experience working as a senior debt advisor for some of the most prestigious debt management companies in the UK. Jonathan has been helping people get out of debt, is well respected within the finance industry and enjoys blogging and sharing news regarding debt and finance.

Savings Plans for Those Hitting Half Century of Their Lives

retirement (Photo credit: 401(K) 2013)

If you will be reaching the age of 50 this year, it is assumed that your savings for the rest of your life is already halfway through. However, the chances are that you are lagging behind in the savings area and need to start collecting money for your future. The good news is that there are plans which give opportunity to you to work on your financial security for post-retirement life.

Making Contributions:

It is possible that you decide to make savings for post-retirement life at a later stage of your life. You are not an exception and there are many who like you, have just begun with their savings. The concept of ‘catch-up’ is applicable to such citizens who are 50 years or above in age so that they can make contributions above the limit decided for various savings plans.

You may have just reached 50 years of age but you still have a window of opportunity for adding to your savings by making contributions to any IRA or by making ‘salary deferral’ contributions to a 457 plan or 403(b) or a 401(k) plan.

IRA Contribution- To make IRA contribution you can either opt for 100 % compensation or lesser part of $5500. But for those who will reach 50 years you can make additional contribution of $1000 to the account.

Plans Sponsored by Employers- For plans that are employer-sponsored you are granted the permission to make more contributions that the limit that is set only if you are to reach 50 years with the end of the year- a privilege only to those that are of and above 50 years.

• In case of 401(k) and SIMPLE IRA plan where you are allowed to make deference of 100% of the compensation up to an amount of $12,000, you can make a payment of extra $2,500.
• In case of 457, 403(b) and 401(k) plans where the deference amount can reach up to $17,500 an additional amount of $5,500 is allowed for those that are 50 and above in age. 

Multiple Plan Limitations:

While participating in more than one plan that is employer-sponsored, contributions made through the ‘salary deferral’ features should not surpass the ‘dollar limit’ that is applicable for the particular year.

Miscellaneous Issues:

There are other issues too that have effect on all that you plan for your retirement like sponsoring your child’s college tuition fees or supporting your fully-grown child rather than adding to your savings for life after retirement. You might as well think of investing in ‘long-term care’ or LTC insurance for prevention of retirement savings usage to cover long-term illness expenses rather than using it to finance your retirement life.

Conclusion:

Hopefully the ideas mentioned in the above paragraphs will help you to make your life post-retirement a financially independent one. Those of you who fall in the range of mid-forties and mid-fifties, you still have the time to retrace your steps and make financially wise decisions. You should consider investing in insurance plans to cover unexpected expenses like accidents. This will help you to financially secure your post-retirement life.

Author’s Bio: Alisa Martin has been authoring articles on various subjects related to finance. She has knowledge on Second Citizenship for investors and other such topics for contributing articles.

Investing in Cars: 5 Money-Saving Tips for Buying a New Car

The mere thought of getting a brand new car causes some people to become filled with excitement. Although purchasing a new ride can be a wonderful experience, it will be much better if you strive to get the most value for your money. In some instances, you may have to make a few compromises when shopping for a new vehicle. Here are five money-saving tips for buying a new car.

Develop a budget

Before heading out to search for a new ride, you will first need to develop a reasonable budget. Being stuck with an expensive car that you can barely afford can be very frustrating. When establishing a budget, be sure to factor in the cost of insurance and the interest rate. Knowing your financial limits will give you more leverage when making a car deal.

Sell your current ride

Although you generally have the option of trading in your old ride, it is usually not as beneficial as selling it. The vast majority of car dealerships are unlikely to give you nearly the cash for your current vehicle on trade in that you could get for it otherwise. Selling your car on the open market is often a far better option if you want to get the most money from it. That money can then be used toward making a down payment on a new car.

Obtain the necessary funds beforehand

Waiting until you visit the dealership to seek a loan puts you in a very compromising position. Acquiring a pre-approved loan will eliminate the need to obtain a loan through the car dealership. Do not hesitate to get several quotes from a variety of lenders. This will help you to get the lowest interest rate available.

Purchase aftermarket upgrades

Often times, optional car features will add thousands of dollars to the total cost of a vehicle. If you desire to save some money, you can opt to purchase your own aftermarket upgrades. For example, you may be seeking a high-performance set of tires. Instead of paying the expensive premium demanded by the car dealership, you can save money by shopping at discounted online vendors such as http://simpletire.com or others.

Have patience

When searching for a new vehicle, it is critical that you exude patience. Do not settle for a vehicle that you really do not even like. Veteran car salesmen can smell a desperate car buyer from a mile away. Always be prepared to walk away from a deal that seems too expensive.

Buying a new car does not have to be a financial burden. You can find an amazing deal by taking the proper steps.

This article was written by Rianne Hunter with assistance from Rhett Stone. Rianne is a mother of three and an avid finance, auto, and family blogger.

7 Steps to Wealth

The bills are piling up. You keep trying to save money, but every time you get a little nest egg going, something happens (a car repair, a broken appliance, etc.) to wipe it out. And to top it off, your employer has hinted at layoffs.

When times are tough financially, it can be difficult to even think about amassing wealth. You’re so busy trying to keep your head above water and pay off your debts that a life with a seven-figure bank balance may seem like nothing more than a pipe dream.

While almost no one becomes a millionaire overnight — and no, playing the lottery is not a legitimate wealth strategy — it is possible to rise above your circumstances and attain considerable wealth. All you need is a strong commitment to achieving your goals and some knowledge of the proper steps involved. 

1. Develop a Written Financial Plan

The first step to achieving any goal is to develop a plan. You wouldn’t try to drive to a destination in an unfamiliar city without a map or GPS, so why would you try to make it to a major “life destination” like considerable wealth without similar navigational tools? Regardless of whether you’re at the beginning of your career and earning an entry-level salary or already have some experience and the paychecks to prove it, you can change course and get on track to wealth. Meet with an experienced financial adviser and get professional advice and feedback on how you can meet your goals — and then act on those plans.

2. Eliminate Debt

As long as you are paying a significant portion of your income to someone else, you will struggle on the path to wealth. Live below your means, and never charge anything you can’t pay off in a month or two; some advisers suggest never charging anything you consume, including clothing, as you’ll be paying interest on it long after it’s outlived its usefulness. If you must finance a home or car (which most people do), don’t max out your budget. Choose the loan terms that allow you to eliminate the debt as soon as possible.

3. Make Your Money Work for You

One reason the wealthiest people are so well-off is they make their money work for them. Even if you invest a modest amount of money in the stock market, you can expect to earn a rate of return of around eight percent annually. As your investments grow, so will the amount of money you make. 

4. Start a Business

According to one study, almost three-quarters of all American millionaires are entrepreneurs. While it is possible to build wealth working for someone else, you are far likelier to have success when you are your boss.

5. Change Your Mindset

Many Americans, even those with steady incomes, operate under a “poverty mindset” in which they fear they could lose everything at any moment, so they must hold on to every penny they get. Or, they feel they will never attain the highest levels of financial wealth, so why even bother? They become complacent, and while they may be comfortable, they are never going to be wealthy. If you want to be wealthy, you have to think wealthy, and emulate the thoughts and actions of those people who have reached the upper echelons of wealth. 

6. Create Multiple Income Streams

Few millionaires have made all of their money from one income source. Most have income from multiple streams. When you’re earning money from multiple sources, you don’t have to panic when one dries up and you can better leverage your resources to keep the money coming. 

7. Save Money

The best way to amass wealth is to save money. An emergency fund is a must, should things go awry, but you should also find ways to save money wherever you can. The wealthiest people are not generally spendthrifts; while it’s easy to imagine them dropping thousands of dollars on shopping sprees and parties, most are far more careful with their money. As money comes in, make saving a priority. As your income increases, so should the amount that you are saving.

Becoming a millionaire takes hard work, perseverance and a focus on the goal at hand: a healthy bank balance. By changing your approach to money and taking cues from those who have already achieved that level of wealth, you can write your ticket into the “millionaires’ club.”

About the Author: Isabelle Fontaine holds a marketing degree and has started several successful businesses in the course of her career.