Planning Your Budget? 5 Monthly Costs You Can Alter to Lower Your Spending

Preparing a budget is a great way to start getting your finances in order. If you actually want to start saving money or improving your finances, you will need to start making changes in how you spend money. 

In some cases, you don’t need to make cuts, but you can certainly lower some of your costs for the same thing. Here are five ways to alter some of your monthly costs to lower your spending.

Food

Obviously you aren’t going to cut out food entirely, but it is important to look at how you spend money on food. If you spend $10 a day on lunch, that adds up to between $200—$250 a month just on lunch alone. 

If you spend $5 a day on coffee, that’s $100—$150 a month. You don’t have to cut out eating out entirely, but the point of a budget is to budget the money you spend on eating out.

Cut the Cable

The average cost of cable in the US is around $100. Conversely, you can pay for several premium subscription services each month for less than $10 each. Even better is you can start and stop them on demand. 



You might want to do Hulu, Netflix and HBO for a few months until you get caught up on your favorite shows, then switch to Amazon Prime and Showtime for a few months.

Car

If you drive an SUV, you might consider switching to a smaller, more fuel efficient car. You can also check to see if you qualify for refinancing at a lower rate on your current auto loan. Another great way to save some money is to walk more, bike to work or take public transportation a few times a month. You might be surprised at how much you can save.

Pay down (or Off) Your Credit Cards

When you add up all the interest you pay every month on your credit cards, you might be shocked by just how much it is. In some cases people can be spending $200- $300 a month in interest alone. While it may only be $10 or $20 per card, if you have a number of store cards or credit cards with high limits, the interest each month can really add up.

Insurance

While getting quotes on insurance can be a pain, it’s something you should do at least once a year. While getting online quotes may be easiest, you might get better rates calling an independent agent, such as Bear River Insurance. Much like accountants, agents can often help you find discounts you didn’t even know you were eligible for.

You don’t have to give up everything good in life to lower your spending. In fact, by getting rid of some of the things that don’t actually matter much to you, you may find you have even more money to spend on the things that really do.

Things To Know to Get a Low Interest Car Loan

Once a person becomes capable to satisfy the basic needs for survival, it looks for certain luxuries. A person often tends to seek an up-gradation of living standards. Owing a car is one such instance. 

During the olden days, only the rich and privileged could afford a car. However, this is not the case today. Anyone from a sustainable financial background can afford a car, thanks to the several schemes and low interest car loan offered by the banks. 

You need to visit your nearest car showroom where you'll come across bank representatives. If you can meet up with specific criteria, you'll be furnished with the cost of the vehicle as a loan.

What amount of Loan Will You Be Granted?

Buying a car loan is not associated with your budget; however, EMI should not exceed 20% of your monthly income. You need to keep in mind that the loan has been given to you against the ownership of your car. 





If you fail to reimburse the loan, the bank has all the right to seize your car and sell it to recover the loan. However, you have to ransack the market to come across an authentic lender who will offer you a low interest car loan.

Tenure of the Loan

A bank furnishes the loan from anywhere between 1-7 years. It depends on your repayment capacity. Based on your financial ability, you can opt for the suitable tenure. The lower the tenure is, the lower the interest. Since the mandate is less, you have to pay a higher EMI, and hence you'll have count lesser interest.

How to Find a Low-Interest Car Loan

Mentioned below are some factors which will help you get a low interest car loan sanctioned:

1. Having A Secure Job: A bank will give more importance to your loan application if you have a stable job or you are holding onto your job for a long time. Changing your job signifies instability.

2. Having A Good Credit History: If you have a good credit history, you have more chances of having a low interest car loan and a good deal. Paying monthly installments on time and keep a good credit utilization ratio creates a good credit history.

3. Offer Deposit: Lots of bankers will be willing to lend you the full amount to buy the car. If you can afford a cash deposit or own a car to trade-in, you can borrow less and get a lower interest.

4. Shop Around: Never accept the first offer you come across, shop around and see what the different suggestions provided by different bankers. Question about the loan terms and whether the rates are fixed or variable and if there is any pre-payment penalty.

Documents Required

To get a car loan a person needs to produce certain documents such as a proof of identity for which you can provide your passport or a driving license. The person is also required to submit proof of age and recent passport size picture. 

For the proof of income, the person is required to submit the salary statement, at least 6 months of bank statement and income tax return. A residential proof is also required to avail a car loan.

Conclusion

On a different note, the market is filled with frauds. While looking for low interest car loans, beware of falling prey to fraudulent activities. When you are going to invest on something as expensive as a car, it is always smarter to buy from the trusted supplies and contact directly to the bank to avoid any fraud and miscommunications. 

Do a proper research and comparison before choosing a lender. Check the documents carefully and understand the terms and conditions before signing them and handing over to your bank agent.

Is It Good to Fund Your Investment with a Personal Loan?

With the rise of available loans and investment options in India, an increasing number of investors seem to opt for unsecured loans to invest in equity funds and Initial Public Offers to earn a profit and repay the loan. As the equity market stabilizes in the last fiscal quarters and the Sensex reaches an all-time high, people are capitalizing borrowed money to earn a substantial return against their investment.

There are certain things that an investor should look out for before they put borrowed money into investments. They should know about the best short term investments, along with the benchmark index to earn the maximum returns at the end of each year.

Is it right to fund your investment with a loan?

You can fund your investment options in India with a loan if you take care of a few things. For example, you should not put your money into an investment scheme that will mature after your credit is due. You should also consider whether the return on the investment is higher than the sum of credit. If the benchmark index (Nifty) shows returns of at least 13% annually, you will earn approximately 24% on your investment portfolio for the years ahead.




A personal loan is one of the best options if you want to invest the borrowed money. Personal loans come with various features and benefits that can assist you to earn the highest against your investment. Financial institutions offer flexible tenors on this type of unsecured loans, which puts less strain on your finances and eliminates any worries about losing an asset in case you fail to repay in time.

Things to look out for before investing

If you are looking for how to apply for a personal loan to invest the funds, you should check out a few precautions before you invest that money in the market. Let’s take a look.

• Have an alternate source of income – Financial experts suggest borrowers to have an alternative source of income to pay the EMIs if they plan to invest the funds from such loans into investment options in India. Systematic withdrawal from the market to pay the EMI can prove detrimental if you want to earn a high return.
• Carefully choosing the investment plans – Ideally, you should invest in the best investment plans for 3 years or 4 years. These often carry stock options that are fundamentally strong, and you also won’t have to pay for short-term capital gains.
• Check the loan rates – The interest rates on a personal loan play a critical factor to determine you get a substantial return. If you choose an advance with a high rate of interest, you will have to hand over a significant amount of money to the lender when the payment gets due. You will also pay larger EMIs during the repayment tenor.
• Opt for low interest rate personal loans - To earn the best returns without straining your finances during the loan tenor. You can use a personal loan EMI calculator to determine a preferred monthly installment rate for repayments.
• Know about additional charges and fees – Along with the interest rates, you should also learn whether a lender asks for any fees and charges. Ideally, you should check it while you look for your personal loan eligibility criteria.

Various financial institutions charge a minimum processing fee and interest rate on personal loans.

• Know about the investment option – Before you invest in a particular stock or mutual fund, know how it performed since it was introduced to the market. It will help you shortlist the best investment options in India and prevent you from losing money.
• Understand the risk level – Certain investment schemes come with more risk but higher returns. You should opt for a scheme that you are comfortable with. For example, if you prefer a safer investment with guaranteed returns, you can put the money in fixed or recurring deposits or government debt bonds.

Investments via funds from a personal loan should be a careful and deliberate task with proper planning and strategies. While it is easy to meet a personal loan eligibility, you should consider the pros and cons of the credit along with the investment option itself to ensure a guaranteed gain.

Preparing for the Unexpected: 4 Tips to Consider if Your Spouse Can’t Work Anymore

When the unthinkable occurs, it can be easy to get stuck on all of the “what ifs” that run through our heads: Am I the family breadwinner now? What happens to the kids if something happens to me too? Fortunately, there are many steps you and your partner can take to ensure a stable financial future for your family.

See If Your Spouse Is Eligible for Unemployment

If your spouse is still able to work in some capacity, unemployment is a great way to providing stable income for your family during the job hunt. According to the Department of Labor, your spouse is eligible for unemployment as long as they are unemployed through no fault of their own and they meet state requirements for time worked or wages earned. 

They may be required to document their search for a new job weekly or biweekly in order to continue receiving benefits. Laws vary based on state and based on which type of unemployment your spouse is applying for.

Consider Working from Home

Working from home can give your spouse a greater sense of confidence and autonomy than you might expect. The online workforce has a variety of engaging jobs from content creation to being a virtual assistant. 





Freelancing platforms like Upwork or Textbroker can help your spouse get started building their new business and finding clients. However, freelancing isn’t always reliable; slow seasons and competition make the online market an iffy option for families with immediate financial needs.

File for Disability

If your spouse is totally unable to work, filing for disability can take much of the financial pressure off of you and your family. Social Security disability is available to anyone that has worked in a job covered by Social Security that also has a medical condition meeting Social Security’s definition of disability. 

Consider streamlining the application and approval process by using Social Security disability attorney services to make sure you and your spouse receive the amount of monthly compensation you deserve.

Stay Calm and Avoid Catastrophic Thinking

The most important thing to do when life throws you a curveball is to avoid catastrophic thinking. Spend a little time everyday focusing on the positives in your life. It’s important to separate the person from the pain; unemployment and disability place strain on any marriage, making it vital to lean towards each other rather than away from each other during this trying time. 

Consider setting aside time every week to spend focusing on your romantic relationship with your spouse, whether it be family dinner night or watching television together.

No one ever wants to deal with another of life’s trials, and if your spouse is struggling, chances are that you are too. Always remember why you got married in the first place and never forget the age-old adage: this too shall pass.

Teach Yourself the Basics of Business Without the College Fees: Recommended Reading for Tech Entrepreneurs

Once you’ve found the perfect tech idea, it’s time to get under the noses of investors and learn more about the workings of the business world. Every eager tech entrepreneur must start somewhere and take some time to build their skills and knowledge. If you don’t have the cash to spend on college courses or business workshops, then we recommend an alternative cost-effective option… head to your local bookstore and hunt down the top reads for start-ups.

Why not learn from books written by well-renowned business leaders and entrepreneurs? We’ve called in the help of Where The Trade Buys, a leading supplier of display panels. Grab some inspiration from their recommended reads for entrepreneurs starting out on their business journey.

The Industries of the Future by Alec Ross

Penned by the former Senior Advisor for Innovation to Hillary Clinton during her time as Secretary of State, Alec Ross released this book in 2016 and just as relevant as it was back then. The New York Times bestseller will always ensure that you’re one step ahead and will ensure that you acquire the right information that is extremely valuable.

The books author has been influenced by some of the most powerful people in the tech industry and has even been granted access to them through his professional position. Unlike no other, you’ll learn more about the sector’s quickest advancements, including cyber security and robotics!

Bold: How to Go Big, Create Wealth and Impact The World by Peter Diamandis and Steven Kotler

If you’re launching your own business, this book should be early on your list. With two authors, two opinions and two different experiences being brought to the table, you’ll be able to understand how businesses can go from an initial idea to a multi-million-pound corporation using innovative tech such as 3D printing. 





This book understands the importance of learning from the best, and even has the secrets Richard Branson lives by which could help you when deciding on direction. From building the company itself to orchestrating impulsive campaigns, this book is great for any creative with big dreams.

The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future by Kevin Kelly

Former Executive Editor of Wired Magazine, Kevin Kelly, released this book in 2016 which forecasts the next three decades of technology. In this book, Kelly perfectly demonstrates how various technological forces will overlap, mix and co-depend on each other — something that a lot of firms aren’t thinking about already, but should be.

Within this book, you’ll be able to see how tech will continue to impact our day-to-day lives. Make sure you’re prepared for the inevitable changes and stay ahead of your competition.

How Google Works by Eric Schmidt and Jonathan Rosenberg

Everyone’s heard of Google — even those who try and avoid technology like the plague. Written by two Google executives, this book takes us inside of the biggest firm on the planet and reveals how its been able to stay on top for so long.

By reading this book, you’ll be able to view the corporate strategy used by Google, as well as an insight to its workplace culture; this includes collaborative decision-making, management and the overall philosophy of the company. Make sure this one is on your list, especially if you want to use your creativity to push your brand forward.

Networking Like a Pro by Ivan R. Misner

If you’re new to your sector, this book will be your Bible. It’s all about networking, which is crucial when it comes to leaving your mark among industry peers. From this read, you’ll learn how to boost your knowledge and combat any challenges that could be faced.

If you want to leave a lasting impression on both your customers and competitors, you must create genuine relationships that could be beneficial in the future. With tools, templates and a results-measuring system to help you action your networking strategy and make valuable business connections.

Which book will you be reading first?

How Consumers Should Be Choosing Homeowners Insurance

Finding the best homeowners insurance company that fits your needs can be challenging, even if you’ve gone through the process before. There are so many elements to take into consideration while shopping around, and consumers should keep these tips in mind when choosing their homeowners insurance.

Identify The Type of Policy You Need

Know that not all insurance policies are created equal. While many homeowners opt for the basic form (HO-2) or special form (HO-3), the type of dwelling you have purchased also plays into the policy as well; older homes, mobile homes, condos and townhouses are all considered and need different types of policies. Here’s how it’s broken down:

• HO-2: Only covers damage that’s caused by an event listed within the policy.
• HO-3: General homeowners insurance policy that safeguards against perils except for specific acts named within the plan.
• HO-5: Premium homeowners insurance policy that protects recently erected structures and safeguards against perils except for specific acts named within the policy.
• HO-6: A Homeowners insurance policy for condos as well as liability and personal property.
• HO-7: Insurance that is generally the same as HO-3, but for mobile homes.
• HO-8: Premium policy for older homes. Similar to the HO-2 policy.

For reference, damages covered in HO-2 insurance are generally the same for all companies:

• Fire
• Lightning
• Wind
• Hail
• Snow and Sleet
• Damage caused by the weight of ice
• Smoke
• Falling objects
• Riot or civil commotion
• Vandalism
• Theft
• Damage caused by vehicles or aircraft
• Damage caused by "accidental" bursting or overflowing from plumbing, heating, or AC systems

Getting To Know Your Location

After you’ve identified the type of coverage that works for you and your dwelling, you’ll also need to assess fine print or exclusions in your policy due to your area. Standard home insurance will not cover natural disasters like floods and earthquakes. So, if you live in an area that has these types of risks, you may have to pay more for additional coverage. Identifying the best homeowners insurance in your state is important as not all insurance companies write in each state.

Choosing The Cost and Level of Coverage

While many factors come into play to determine the cost of your coverage, one you need to think about is deductibles. This is the amount you pay upfront if an accident occurs and you file a claim. For example, if you choose to bump your deductible from $500 to $1000, you can save more on your premium. Just be sure you can easily pay the set deductible amount before your insurance kicks in! 





The next thing you’ll have to consider is the two levels of coverage. One is the replacement cost, which will pay the full cost of replacing your home or property up to a certain amount, or the actual cash value which gives you the cost of the item or dwelling. Note that this will depreciate over time. Most tend to go with replacement cost, and it is generally the one available within average insurance policies.

Research Ratings & Reviews

While it sounds like something that’s a no brainer, many shopping around for homeowners insurance do not take the time to actually sit down and research the companies. Clearsurance has crowdsourced ratings and reviews of companies so you can learn from the experiences other homeowners have had. For instance, you could identify Amica as a company you’re interested in and then read Amica insurance reviews from consumers to see what the company does well and what it doesn’t do well.

Don’t Be Shy To Ask About Discounts

Going with the cheapest plan shouldn’t be how you find ways to save. Don’t be shy to ask about discounts you can receive if you go with certain insurance companies and know that many offer some sort of savings on the following:

• Bundling (insuring your home and auto through the same company)
• Burglar alarms
• Dead-bolt locks
• Smoke detectors
• High-tech sprinklers that alert first responders

Once you feel confident in your choice, and you’re sure the insurance reviews and ratings reflect the homeowners company that is right for you - it’s time to make your decision. Making a choice with these educated steps will surely help you in the future when seeking other types of insurance!