Getting Money Wise http://www.gettingmoneywise.com Actionable Personal Finance Advice For Everyone Thu, 04 Jun 2015 13:45:10 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Secrets Your Car Insurer Won’t Tell You?http://www.gettingmoneywise.com/2015/06/secrets-your-car-insurer-wont-tell-you.html http://www.gettingmoneywise.com/2015/06/secrets-your-car-insurer-wont-tell-you.html#comments Thu, 04 Jun 2015 13:45:10 +0000 http://www.gettingmoneywise.com/?p=13713 As a grown adult, one of the first thing you have to learn is how to take care of your money. The moment we dive into that conversation, things like HMO (Health Maintenance Organization), investments and insurance comes in. Why? Have you ever heard of the old adage in business that the only way to ...

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As a grown adult, one of the first thing you have to learn is how to take care of your money. The moment we dive into that conversation, things like HMO (Health Maintenance Organization), investments and insurance comes in. Why? Have you ever heard of the old adage in business that the only way to generate money is to spend it? Likewise, when you’re trying to hold on to your hard earned income, it’s best to accumulate knowledge about the three topics previously mentioned.

car insurance secrets

Insurers, as much as they would like to obscure the fact, cannot deny that their first priority is to stay in business. That’s what every businesses do. Before they can protect customers, their first line of thought is to protect share holders, owners and management. They have to make sure they continue to exist for the foreseeable future before they can spew out any promises to their target demographic. Don’t be naïve and believe the mission and vision statement on your insurers office by the letter; hence, be an adult about it.

An auto insurance company will treat you like a king the moment you walk through its doors. However, they are most certainly withholding more information than what they are sharing. As the customer, how can you make sure that you’re not getting the shorter end of the stick? You have to be well versed with their best kept secrets.

The following are what an auto insurance agent won’t tell you whether it’s in person, quotes or cheap online auto insurance.

How do they come up with your car’s value after it’s deemed a “total loss”?

Insurers don’t want to get into the details of how they determine your car’s value because — well, it’s confusing. For one thing, there is no standard method of calculating the value of a totaled vehicle. Yes, they will be using software where they will input factors such as your car’s odometer and pre-damaged condition, but the values within that software are all “propriety”. This means that there is no way to compare it for certain. Another factor they take into consideration is local market value, other than that, the amount they’ll give you is ridden with mystery.

Here’s a lifehack you can do — disagree. Doing so can actually affect the valuation depending on how persistent you are. Some of the steps you can do are:

  • Show them your records (regular oil change of every 3,000 miles, tune-ups, and mechanic repairs) of how you’ve managed to maintain your car in tip-top form.
  • Present proof of any upgrades you’ve purchased to improve the stock parts of the car.
  • Drive to three dealers nearby and grab price quotes of potential replacement cars, which you can submit to your insurer.
  • If you’re still unhappy with the amount they’re giving you, you can ask the help of a lawyer to step in as a mediation or arbitration. Depending on the experience of the third party you’ll bring in, you can strike a higher valuation due to compromise.

Don’t forget to officially cancel your insurance policy when you switch insurers.

One product feature that auto insurance companies clearly iterate is the ability to terminate at any time. Customers misunderstand this as a major convenience, but in reality, you have to make sure everything is official even before you leave to another insurer. Most think that all one has to do is to ignore the bill and that the insurer will automatically perceive it as cancellation of policy. What will happen though is that the company will add another month’s worth of bill, which you have no choice but to pay.

How much your car model affects your premium?

No insurance agent will divulge this to you at will, not even the ISO, because frankly the insurance company pays for its bills, not consumers. The hidden truth is, each car model is given a rating of three to 27 by your auto insurance company — internally. You have to outright ask them before you purchase a car to make sure you take advantage of a policy you’re comfortable with.

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How to Pay Less on Your Home Loan While Increasing Your Net Wealth Significantlyhttp://www.gettingmoneywise.com/2015/04/how-to-pay-less-on-your-home-loan-while-increasing-your-net-wealth-significantly.html http://www.gettingmoneywise.com/2015/04/how-to-pay-less-on-your-home-loan-while-increasing-your-net-wealth-significantly.html#comments Wed, 22 Apr 2015 21:50:35 +0000 http://www.gettingmoneywise.com/?p=13684 When you ‘buy’ a house you will incur the necessary evil that is interest. Necessary because there is no way of avoiding interest repayments unless you have saved up enough money to buy a home outright. However, below I explore a way to set up investments so that I pay the bank even MORE interest. Wait. What?! (Both scenarios below ...

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When you ‘buy’ a house you will incur the necessary evil that is interest. Necessary because there is no way of avoiding interest repayments unless you have saved up enough money to buy a home outright.

Sold Home For Sale Sign in front of Beautiful New Home.

However, below I explore a way to set up investments so that I pay the bank even MORE interest. Wait. What?!

(Both scenarios below rely on a voluntary contribution of $25800 per year and an initial $40,000 home loan deposit) 

SCENARIO 1

Okay, so I have $40,000 deposit saved – I put all of this to buying a house. I borrow $300,000 from the bank to buy a house worth $340,000.

Let’s say the average interest rate is around 4.3% per year. So I will pay $12900 per year interest on my loan. But let’s say that I want to pay more because I want to own my home eventually. So I double it to $25800 each year.

This is what my loan will look like over the next 17 or so years:

Scenario1-homeloan

So when I’m roughly 43 I will have paid off my house and I have paid the bank $124,313.30.

My net wealth would be:

 $340,000 (the total value of the house)

=$340,000

SCENARIO 2

Now for my alternative.

I pay interest only on the bank loan and put the remaining $12900 (from my $25,800 contribution budget) into an investment portfolio I set up that gives me a return of 10% per year.

This is what my home loan will look like instead:

Scenario2-homeloan

Now that’s a lot more interest right? $232,200! But remember the other money I was putting into the investment portfolio as well? Well this is what that’s looking like at age 43:

Scenario2-homeloan1

So I haven’t paid a cent off my house and I’ve paid WAY more interest. Hmm, do you think my alternative is working so far?

My net worth is:

$642,036.36 (portfolio value)

– $300,000 ( I still owe the bank the full loan)

+ 40,000 (deposit-equity from initial deposit)

= $382,036.36

So at the same time in my life – my alternative gives me a $42,000 higher net wealth. This alone is enough to justify my alternative but let’s go a bit further down the track.

SCENARIO 1 – THE NEXT 13 YEARS

Back to the first scenario – what do most people do when they have paid off their first home? Buy another of course – an investment property.

So I buy another house for $400000 (they’ve gone up a bit since last time) and I put a tenant in. I keep my $25800 contribution going plus I’m getting $310 p/week in rent ($16,120 per year, remember though – income from your tenants could be taxed too!). 

So here is my next 13 years:

Scenario2-homeloan2

I have paid the bank another $125,285.15 interest and when I am 56 I own my second house.

My net wealth is now

$340,000 (first house)

+ $400,000 (second house)

= $740,000

That’s pretty good, but how would my alternative be shaping up now?

SCENARIO 2 – THE NEXT 13 YEARS

Well, I’m still paying interest only on the original home-loan so that would mean another $232,200 paid to the bank. Yikes! I’m over $450,000 interest now and I still haven’t made a dent in the home loan!

But remember I’m still contributing to the portfolio and, well…..have a look.

Scenario2-homeloan3

So in scenario 2 at 56 my net wealth is:

$2,561,763.42 (portfolio value)

– $300,000 (I still owe the bank the full loan)

+ 40,000 (deposit-equity from initial deposit)

= $2,301,763.42

So let’s set this straight. I STILL don’t own my home and I’ve paid the bank significantly more interest but:

I’m now $1,561,763.42 better off and a MULTI MILLIONAIRE. How can this happen?

 

IT’S THE 8TH WONDER BABY!

The graph below is reflective of what Einstein called the 8th wonder of the world – the wonder of compound interest, have a look:

compoundinterest

What is important about this graph is the behaviour of the line, look at how it gathers momentum. In our above scenarios, the reason that after the first 17 years Scenario 2 was only barely in front but then rapidly took over was caused when the eighth wonder effect hit full force.

If I was to take these scenarios through more years, you would simply get even further ahead. We are only just starting to ride the effects of that upwards curve.

The key takeaway is this:

I strive to make sure that any debt I have either gets a return that outweighs the interest or is instead offset by another investment that gets this desired return. 

The common approach to home loans is to pay them off as quickly as possible to minimize the amount of interest paid. But remember the years spent doing this are years that are taken away from starting a wealth-generating investment elsewhere that, if given enough time, will completely destroy the interest on your home loan.

Note: I am aware in these examples I haven’t factored the capital growth of the second property owned in scenario 1. This is for good reason – being that property growth is difficult to project (even solid historical data is hard to come by). I wouldn’t argue against the second property achieving growth but I would argue that it is unlikely the property will grow in value exceeding the value in scenario 2. 

Author: My name is Tom. I am obsessed with anything to do with personal finance. I sleep a little. I read a lot. I dream big. I’m an admitted legal practitioner and hold qualifications in share investing.You can find me at saveinvestrepeat.com

 

 

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Some Simple Tips & Some Realistic Tips to Become a Millionairehttp://www.gettingmoneywise.com/2015/04/some-simple-tips-some-realistic-tips-to-become-a-millionaire.html http://www.gettingmoneywise.com/2015/04/some-simple-tips-some-realistic-tips-to-become-a-millionaire.html#comments Mon, 13 Apr 2015 13:27:10 +0000 http://www.gettingmoneywise.com/?p=13679 Everyone aspires to be a millionaire. The young professionals are curious to know if they are on the right path to realize their dream. Here are some most trusted ways to sire wealth worth millions. Some inherit wealth; some win by chance while others accumulate it with their wise planning and earnest effort. If you ...

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Everyone aspires to be a millionaire. The young professionals are curious to know if they are on the right path to realize their dream. Here are some most trusted ways to sire wealth worth millions. Some inherit wealth; some win by chance while others accumulate it with their wise planning and earnest effort. If you are hard-working and make the right decision, it is most likely that you will have a handsome figure in bank account.

how-to-become-millionare

Here are some simple (but unrealistic) tips to become a millionare

Win lottery: It is, without doubt, the quickest way to be a millionaire. You need careful planning to make a good use of your sudden gain. If you take a good decision, your primary gain will be flowered into more money, paving a way for you to become a billionaire.

Have ground-breaking ideas: With every day passing away, more gadgets are rolling into the market. There are a lot of ideas flourishing into new launches. You just need to put on your thinking caps, which is a way to catch attention and the result will reflect into your bank account.

Corporate Career: Being a corporate slave does not mean that you will not be able to build up significant amount of wealth. Obviously, the corporate crews feel battered after hectic work throughout week while climbing the ladder to the top and are also forced into paying a handsome tax amount. Still, those will not stop you from having a good amount of financial assets.

Marry a rich person: Drop in a restaurant or bar and you will see many pretty ladies. Even if you don’t believe in fairy tales, there is no harm of trying to impress someone….

Here are some more realistic ways to become a millionaire:

Generate more income: Though it’s true that a penny saved is equal to two pennies earned, you cannot remain satisfied with earning only two pennies per day. As you want to be millionaire, concept of saving becomes very important but you can save a lot only when you start earning a lot.

Save wisely: When you earn a handsome income, you must save a significant part of it. But how much will be enough? Well, that figure depends on your income slab and how fast you want to accumulate wealth. A good way to save is to pull plug on your current expenses if that eats up a lion’s part of your income.

Invest in diversified funds

Most of the common people make an unwise decision by channelizing their saving to a single medium like stock market. And they get into massive trouble if they lose a lot of money. To be on the safe side, you must invest your saving on diversified funds, so that even if one sinks, there are others to lend you solid support.

What is new in it – you will be most probably thinking as you are already aware of all those tips mentioned above. But then if you know all, why have not you become a millionaire? It means you need to revisit those and imbibe the same. Most of the time, we know everything but tend to ignore them just become these are very simple to follow.

Jack is the founder of Finance Updates Today. Jack received his Ph.D. and Masters in Economics from the University of California at Los Angeles. He has extensive experience as provider of financial and investment services.

 

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Five Simple Ways to Save Money at the Pharmacyhttp://www.gettingmoneywise.com/2015/04/five-simple-ways-to-save-money-at-the-pharmacy.html http://www.gettingmoneywise.com/2015/04/five-simple-ways-to-save-money-at-the-pharmacy.html#comments Tue, 07 Apr 2015 23:59:16 +0000 http://www.gettingmoneywise.com/?p=13669 Americans spend over $1,000 each year on prescription drugs. That’s more than the rest of the developed world spends by a wide margin. In 2013, total prescription drug spending topped $271 billion. While the reasons for these staggering costs are complicated, the solutions for the individual consumer are less so. With a small investment of ...

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Americans spend over $1,000 each year on prescription drugs. That’s more than the rest of the developed world spends by a wide margin. In 2013, total prescription drug spending topped $271 billion. While the reasons for these staggering costs are complicated, the solutions for the individual consumer are less so. With a small investment of time and energy, consumers can trim their pharmacy costs by a surprising amount. Even 10% savings can add up to $100-plus dollars a year for the average consumer, and combining multiple strategies can easily net much bigger savings.

ways-to-save-money-pharmacy

Copay Coupons

Medical insurance is hit or miss in terms of prescription drug coverage – many consumers are still left with high copays when they visit the pharmacy. To remedy this problem, drug manufacturers sometimes offer copay coupons through sites like http://www.manufacturerdrugcoupons.com/ to ease the initial costs of a new prescription medication. Some of these coupons will eliminate the copay altogether, while others trim off a certain percentage or flat dollar amount. In many cases, manufacturers will offer a coupon rate such that the cost of a new drug is roughly equivalent to competitor drugs in the same category. Consumers should talk to their doctor and check manufacturers’ websites to learn more about these opportunities. Copay coupons generally have no strings attached and cost the consumer nothing.

Prescription Discount Cards

Multi-use discount cards or vouchers, like those available from http://medicationdiscountcard.com, are indeed one of the most convenient ways to save money on prescription drugs. These free, third-party savings cards have no strings attached and no forms to fill out, and they’re accepted at all the major national chain pharmacies. Cardholders can save upwards of 75% on prescription medications. Typically, these cards can be printed from home and presented only once – after which the pharmacy keeps a record of the customer’s discount card status.

Patient Assistance Programs

Pharmaceutical companies understand many of their drugs’ end users are living on fixed incomes or otherwise have limited means. That’s why nearly every pharmaceutical company has patient assistance programs for consumers of their medications. A web search consisting of “[company name]” and “patient assistance program” will typically reveal useful results. Doctors and pharmacists are likewise excellent sources of information on such programs.

Generic Drugs

When the patent expires on a new drug, other manufacturers are free to begin making the same formulation, typically at a massively reduced unit price for the consumer. Per FDA guidelines, generics must be functionally identical to their brand name counterparts.

Generic formulations can cost as much as 95% less than brand name drugs. Consumers should always ask their doctor or pharmacist if a generic version is available.

Unfortunately, doctors don’t always know or think to ask about their patients’ financial situations. Because healthcare isn’t free, it’s important for people to have this kind of conversation with their primary care physicians, even if it’s a little awkward. Knowing about their patient’s finances can help doctors suggest alternative treatment plans that will not overburden people, while still delivering excellent care.

Comparison Shopping

Many people assume that drug makers set prices and pharmacies fall in line. In fact, individual pharmacies have a lot of leeway in setting prices. The same prescription can cost a lot more or less at different pharmacies, even within the same community. So, the obvious strategy is to shop around for the best possible price. Some pharmacies even have in-house discount programs for specific drugs. Walmart, for example, has a $4 prescription list that easily rivals its competitors for covered drugs. Most if not all national pharmacies have similar programs – just call or visit and ask for prices and other details.

Summing Up

In short, there’s no reason for anyone to exhaust his or her savings just to cover the cost of prescription drugs. Likewise, the choice not to fill a prescription should never be on the table, especially in an industrialized nation like the United States. The above tips and strategies, taken together, can in most cases make prescription medication much more affordable.

About the author:

Jeremy Duboys is the founder of Medication Discount Card LLC.  Medicationdiscountcard.com was started to provide discounts on prescription medication to those who need it most.  MDC’s main goal is to provide its users with largest savings possible and have saved members over $10,000,000 in the past 3 years.

Note: The information above is intended to supplement, not substitute for, the expertise and judgment of your physician, pharmacist or other healthcare professional. It should not be construed to indicate that use of a drug is safe, appropriate, or effective for you. Consult your healthcare professional before using any drug.

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Choose a Home that Allows You to Live Below Your Meanshttp://www.gettingmoneywise.com/2015/04/choose-a-home-that-allows-you-to-live-below-your-means.html http://www.gettingmoneywise.com/2015/04/choose-a-home-that-allows-you-to-live-below-your-means.html#comments Fri, 03 Apr 2015 16:40:01 +0000 http://www.gettingmoneywise.com/?p=13658 Conventional wisdom advises that, to the best of our ability, we should strive to live within our means. What conventional wisdom fails to do is define what that actually means in practical terms. If you bring home $4,000 per month, how much should you apply to a mortgage payment? No one can answer that. Though ...

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Conventional wisdom advises that, to the best of our ability, we should strive to live within our means. What conventional wisdom fails to do is define what that actually means in practical terms. If you bring home $4,000 per month, how much should you apply to a mortgage payment? No one can answer that. Though finance companies try. But their goal is not for you to live your life to the fullest. It is for you to spend as much as possible, and still be able to make the monthly payments on time, for the next thirty years.

home-finance-mistakes.jpg

Some companies insist that you must earn three times the amount you spend on mortgage or rent. Others insist on four times the amount. Both figures feel somewhat arbitrary. Some people could live perfectly well on half. While others require twice the recommended income. What most people seem to do is buy the most house they think they can afford. My advice is to buy the least house in which you can comfortably live. Rather than living within your means, try living below your means. Here’s why:

The Real Action Is in the City, Not in the House

When going on a cruise, some people spend way too much money on the cabin, as if that is where they plan to be for a significant portion of their waking hours. If money is an object, that is a rookie mistake. You didn’t go on the cruise for the sleeping quarters. You went for the excitement and adventure of seeing new places and doing interesting things, almost none of which are in the cabin. Save your money for the good stuff.

If you are lucky enough to live in Cincinnati, Ohio, you find yourself in one of the greatest cities in the country. It has been recognized as among the best cities included, but not limited to the following categories:

  • Best places to live
  • Safest city
  • Best walking city
  • Top fun city
  • Most social city
  • Superior healthcare
  • Top city for young people
  • Most affordable

The last thing you want to do is spend all your available resources on your living quarters in a city like that. You want to reserve as much of your income as you can for being out and about, doing and seeing and living.

Most real estate agents will steer you towards the most expensive home they think you can afford. After all, the more you spend, the more they make. Do your own homework. Check out all the Cincinnati real estate listings in the area of your choice. Assess all the MLS results plotted on a Google map and do your due diligence.

When you take control of your house buying experience, you can save money for what is truly important.

We Have Not Seen the Last Economic Downturn

We have just gone through a recession with real estate at the epicenter. This is the second recession many of us have lived through. Had the bursting of the tech bubble effected more people, that might have been the beginning of a recession.

The point is not to frighten you with a bunch of fear, uncertainty, and doubt. It is to remind you that bad things happen to good economies. And we are not exactly in a good economy. When economic downturns happen, most people are not prepared for them. They have no idea what is about to hit. Buying a home below your means gives you the cushion to still be within your means when the next downturn hits.

Savings and Investments Become a Realistic Option

Finally, one of the most common reasons people do not have a savings or investment account is because they are living within their means, exactly within their means. There is simply no room for anything else. By living below your means, you free up that money for options like savings and investment accounts that would have, otherwise, been out of reach.

Save money. It might come in handy in the next economic downturn. Regardless, you will be able to continue to enjoy all of the amenities of your fine city. All of this is made possible by living comfortably below your means.

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Make your shopping dollars stretch farther with CostShredderhttp://www.gettingmoneywise.com/2015/03/make-your-shopping-dollars-stretch-farther-with-costshredder.html http://www.gettingmoneywise.com/2015/03/make-your-shopping-dollars-stretch-farther-with-costshredder.html#comments Mon, 23 Mar 2015 13:44:38 +0000 http://www.gettingmoneywise.com/?p=13642 Shopping – a universal activity that we all partake in. For some, it is about buying essentials like groceries and for some it includes shopping for clothes and what have you. While the shopping list for most of us can be endless, the shopping dollars aren’t. To counter that, retailers & brands have for the ...

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Shopping – a universal activity that we all partake in. For some, it is about buying essentials like groceries and for some it includes shopping for clothes and what have you. While the shopping list for most of us can be endless, the shopping dollars aren’t. To counter that, retailers & brands have for the longest time lured us with paper coupons through mail or newspapers & magazine. I remember my mom carefully collecting and storing coupons from retailers she preferred for late use.

However, collecting & storing coupons in paper form should already be a thing of the past considering the internet enabled world we live in. So it is only natural that couponing goes digital too and CostShredder is a website that enables you to just do that. To add to that, coupons are not the only way to save money on Shopping. There are gift cards that can be bought from cheaper, a specific credit card that offers you cash back on your purchases etc. Essentially, saving money on shopping is much more nuanced than just relying on coupons

This is where Costshredder is differentiating itself from other digital coupon sites because it is building a holistic experience when it comes to stretching shopping dollars to help you save money on your online shopping. With that, let’s take a deeper look into what CostShredder is building

Curating both in-store and online offers

One good thing about CostShredder is that the UI instantly allows you to specify your favorite store and then search for specifically online only or in-store & online gift cards. Most online coupon sites focus entirely on online coupons which makes it difficult for people who are less digital savvy to utilize savings on their favorite store

CostShredder

The coverage of both online and in-store offers provides the flexibility to users depending on their preference. The in store or online option will include physical gift cards and electronic gift cards. The online only option will only include electronic gift cards that will be quickly delivered to your email.

Good coverage on major categories and brands

While the site is fairly new, the coverage on brands is really good. A quick look showcases saving opportunities across major categories (Food, Electronics etc.) as well as major retailers (Amazon, Best Buy, Macy’s etc.) making for a much simpler experience if you are looking for deals on different categories because you don’t have to visit 3-4 websites to get specific coupons.

cs2

Quality of coupons, deals itself

The site aggregates all kinds of saving options available and gives the freedom for choosing the one that makes the most sense for you. As mentioned earlier, the site does a good job at curating every possible way to save money on your favorite store and it is evident from a Kohl’s offer page as seen below

cs3

Again, you may not find these many saving options on all stores. It is driven partly by the offers available in the market and also that the site is fairly new so the curation process should only get more extensive with time. Based on the few categories I checked, apparel seems to have the best coverage at this time so if you are looking to go apparel shopping, it might be worthwhile going on CostShredder and checking if they have your favorite store listed.

Overall, CostShredder is a great attempt at making shopping dollars stretch farther and as the site continues to improve itself, the utility of the site should only increase.Give CostShredder a spin and let us know what you think!

 

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5 ways to generate extra money in your spare timehttp://www.gettingmoneywise.com/2015/02/5-ways-to-generate-extra-money-in-your-spare-time.html http://www.gettingmoneywise.com/2015/02/5-ways-to-generate-extra-money-in-your-spare-time.html#comments Mon, 16 Feb 2015 03:06:04 +0000 http://www.gettingmoneywise.com/?p=13622 My monthly pay check just about covers all of life’s essentials; from bills to rent to food to bills. I ask a lot of this modest little pay check and yet, at the end of each month, I am still hopeful of some money left over to transfer to my savings account or spend on ...

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My monthly pay check just about covers all of life’s essentials; from bills to rent to food to bills. I ask a lot of this modest little pay check and yet, at the end of each month, I am still hopeful of some money left over to transfer to my savings account or spend on myself. However, more months than not, I find myself without a penny to spare and so, in order to combat this, I have begun to generate some extra cash in my own time.

make-extra-money

Easy, effective and virtually effortless – the following tips are inclusive to all and will ensure that there will always be a little pot of gold waiting for you at the end of each month after all of the essentials have been covered.

Sell unwanted clothing on EBay

To all those with a penchant for hoarding: the host of spur-of the-moment purchases and unwanted presents that accumulate over the years have the potential to become a retail goldmine through the power of selling on EBay. These items need not be discarded at the back of your wardrobe with the false promise of being worn one day – someone out there will want them right now and they are ready to pledge the cash to prove it. Selling your old clothes on EBay serves as an ideal way of clearing space in your wardrobe and justifying new purchases – out with the old and in with new!

Tutor for an hour or two each week

Capitalise on years of studying hard at school and university and turn your knowledge into cash by offering to tutor in your local area. Private tutors who specialise in subjects such as maths, sciences, and languages are in high-demand and can earn between £20 and £30 per hour. In essence, dedicating a couple of evenings to tutoring could see you pocketing around £100 extra each week to spend as you wish.

Turn a skill into a freelancing opportunity

Make money out of what you already love doing in your spare time and get paid for it. All of us have a skill or hobby that we love to do and garner praise for doing it well so why not financially optimise this and put a price on your expertise? If your interest lies in photography; start out taking photos at a friend’s wedding. If you are skilled in craft; why not bake, paint or make jewellery to sell at an upcoming local fair? Or perhaps your passion is fitness; offer up a personal training programme to friends and family and word will soon spread. Whatever your interest – there is a way to make quick and easy money out of something you enjoy and are already doing for free.

Swap to a high-interest current account

Check the rate of interest on your current account – if your bank pays a low rate of interest then opt for a better one which allows you to capitalise on your interest each month. Further to gaining a little more each month in the form of interest, some banks offer cash rewards for switching accounts which equates to instant riches in your account!

Make money while spending online

When making a purchase online, always use cashback websites like Quidco and TopCashBack. By accessing a retailer’s online store via one of these, you are able to claim back a percentage of the cost of everything you buy. From holidays to clothes to mobile phones – cashback sites will ensure your post-purchase pocket is never empty; either easing the guilt of an expensive splurge or adding a bit of sparkle to an everyday purchase.

Rhona, a Marketing & Spanish graduate with a keen interest in photograph-taking, jewellery-making and money-saving. She currently writes for Spend It Like Beckham

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How To Claim Back Your Mis-Sold PPIhttp://www.gettingmoneywise.com/2015/01/how-to-claim-back-your-mis-sold-ppi.html http://www.gettingmoneywise.com/2015/01/how-to-claim-back-your-mis-sold-ppi.html#comments Tue, 20 Jan 2015 19:27:02 +0000 http://www.gettingmoneywise.com/?p=13598 With millions of people so far having claimed PPI compensation for mis sold policies it is no surprise that the scandal is regarded as the worst in UK banking history. The High Court has ruled that any policies that have been mis sold to customers must be fully refunded, with compensation added. To claim back ...

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With millions of people so far having claimed PPI compensation for mis sold policies it is no surprise that the scandal is regarded as the worst in UK banking history. The High Court has ruled that any policies that have been mis sold to customers must be fully refunded, with compensation added. To claim back PPI you need to have been mis sold the policy in the first place, and there are many examples of mis-selling. We have so far helped many people get back the fees they are owed, and we can help you too.

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PPI – A summary

Payment protection insurance (PPI) is a form of cover that is designed to keep up the monthly payments on a loan, mortgage or any form of credit agreement in the event of incapacity to pay for reasons of redundancy, injury or severe illness. Such policies are not uncommon, but in many cases they have been mis-sold to customers.

You have a basic legal right to make a claim if your policy was mis-sold. If you have yet to claim back PPI charges yet believe you have valid claims it is recommended that you do so quickly, and you could be surprised at the amount you may be awarded.

Have I been mis-sold PPI?

There are many examples of mis selling, and among the most frequent is that in which the consumer was not advised of their right to look for the best deal on the market. Many people were not given this right, and some were led to believe that they needed to take out a policy with the lender in order to be granted the loan. Other examples where consumers have been able to claim back PPI costs include policies that were not needed (as being retired or self-employed meant you were never eligible for PPI), and occasions where there was no explanation of a policy at all. This not even knowing that PPI has been automatically, without your consent, added to your credit amount has meant many people actually have had or still have a PPI policy in place.

If you find yourself asking, have I got PPI on my loan or other borrowing, it is definitely worth looking through any paperwork you might have to find out. The average PPI refund is just under £3000.

How to Claim Back PPI Costs

HaveIGotPPI have a team of expert claims advisers who can help you claim back PPI charges and many people have so far used our claims handling expertise to make successful claims. We can provide you with a no win, no fee* deal so you do not have to pay in the event your claim is not successful, and we will make sure that you are kept up to date with progress at all times.

Remember, there may be more than one policy on which you can claim, so ensure that you check all the paperwork you have that is relevant to past and present credit agreements. Even if you do not have the paperwork, you can check your credit file to see your credit history, and see where you might have had PPI. We can help you investigate further and claim back your mis-sold PPI.

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A Beginner’s Guide to Real Estate Investmenthttp://www.gettingmoneywise.com/2014/12/a-beginners-guide-to-real-estate-investment.html http://www.gettingmoneywise.com/2014/12/a-beginners-guide-to-real-estate-investment.html#comments Wed, 10 Dec 2014 03:41:52 +0000 http://www.gettingmoneywise.com/?p=13575 Venturing into the world of property rental can lead to a fulfilling, rewarding experience. Before you hit that sweet success point, however, you need to be prepared for what lies ahead. Contrary to most reality real estate TV shows, where houses are flipped or rehabbed in an incredibly short period of time, filling the owner’s ...

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Venturing into the world of property rental can lead to a fulfilling, rewarding experience. Before you hit that sweet success point, however, you need to be prepared for what lies ahead. Contrary to most reality real estate TV shows, where houses are flipped or rehabbed in an incredibly short period of time, filling the owner’s pockets just as rapidly, it takes a lot of hard work — and often failure — to become a successful real estate investor.

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Knowing what to anticipate, and potential pitfalls you might encounter along the way, can help you successfully navigate the world of real estate investment. According to landlordstation.com, 89 percent of Americans are non-investors. Of the remaining population, 3 percent (7 million) of Americans think of themselves as real estate investors and aim to buy property within the next year. Additionally, eight percent already own investment property but do not have current plans to buy more. The same source indicates that 39 percent of active investors want to increase their purchases, while 26 percent plan to buy as much real estate in the coming year as they did in the past year. Only a handful remain undecided or say that they would not buy any more investment properties.

Feeling encouraged by these statistics? Real estate investment can undoubtedly be a lucrative business. As a beginner, however, you’ll want to start off slow and work your way up. This often means starting with a list of goals, such as how much time you can consistently devote to searching for the best bargains or whether you have the skills to deal with tenants if you purchase a rental property. Figure out how much money you want to invest — and ultimately earn — from your investments.

Whether it’s a Certified Property Manager (CPM) — expert in real estate management — or a real estate investment expert, having a guide to help can be a huge benefit, especially when you’re just starting out. Some organizations specialize in specific areas. Crawford Park Financial focuses on urban apartment investment, which is becoming increasingly important due to the rising demand among millennials who are entering the market and baby boomers looking to downsize. An expert can also help you understand which properties to research while navigating pitfalls along the way. For example, investment apartments vacancies often rise during periods of economic trouble or downturn. In 2009, the rate of nationwide vacancies rose to eight percent, and many young apartment renters moved back home to save money. Whether you’re focused on a particular area or are simply curious, having a trusted guide to assist you along the way is a great start.

Before you pony up for that first investment property, make sure that you are financially stable enough for the venture. If not, you might want to wait a few years before attempting your first real estate investment. The ultimate goal is to invest with enough money left over to ease any concerns about repairs or maintenance. It’s better to purchase a property with the goal of having extra cash flow, rather than desperately needing the rent money to maintain or pay off the unit.

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7 Steps to Your Cookie Dough Fundraising Successhttp://www.gettingmoneywise.com/2014/12/7-steps-to-your-cookie-dough-fundraising-success.html http://www.gettingmoneywise.com/2014/12/7-steps-to-your-cookie-dough-fundraising-success.html#comments Tue, 09 Dec 2014 18:38:39 +0000 http://www.gettingmoneywise.com/?p=13561 When thinking of a fund raising event, selling cookie dough can prove to be one of the most cost-effective ways to do raise money. There are several distinct differences between a cookie sale and a cookie dough fundraiser. Most significant is that there are more participants to cookie dough sales. It is easier for a ...

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When thinking of a fund raising event, selling cookie dough can prove to be one of the most cost-effective ways to do raise money. There are several distinct differences between a cookie sale and a cookie dough fundraiser. Most significant is that there are more participants to cookie dough sales. It is easier for a lot of people boys, girls, pre-teens, teens and adults to sell cookie dough. For another, It is easier to sell a lot of cookie dough, than just plain cookies. There is also the merchandise to consider: it lasts longer in the freezer, compared to cookies, in addition, it is more economical to buy cookie dough rather than baked cookies.

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Choose the right cookie dough maker

Getting the right supplier is a big help, whether it is in the earlier stage, or assistance in selling the cookie dough, or even in understanding the business end of the fund raising.

Initial Planning

A cookie dough fundraiser is basically a sales campaign, where the profits go to the organizing group’s planned activities or expenses. This could be team uniforms, or expenses for a trip to a state or national competition. In order to run a cookie dough fundraiser, the organizer has to get in touch with a cookie dough manufacturer. A deal is arrived at where the organizing group will sell cookie dough which the manufacturer will supply. The supplier gets paid for the merchandise at the same time they also give technical assistance in running the campaign.

Sales Monitoring

As with any venture, there should be a thorough and well-thought out plan. During the campaign itself, there should be constant monitoring of the sales by individual members. The sales monitoring can help simplify the record-keeping of the cookie dough campaign, as well as follow up on members who have not been able to sell as much as the leaders. There can also be some sales competition among the members of the team. This can help motivate the members into selling more. During the last stages of the campaign, a close out plan can also be implemented to ensure that every order has been accounted for, and the orders have been delivered.

Potential Income for Cookie Dough Fundraising

With the right supplier, the organizers can choose several options, or packages. This would depend on the amount of money the group would want to have as a goal. In addition, the organizers would have to pay for the transportation of the merchandise.

A high profit cookie dough fundraiser can yield as much as 60% profits. This is a high level and there are warnings or guidelines before the organizers can consider this option. The cookie dough packages usually become cheaper with large volume orders. The shipment cost usually stabilizes to a flat rate after a certain level. It is up to the organizers if they want to aim for their goal, or an even higher goal. But with cookie dough campaigns, there are ways to increase sales, or to upsell the cookie dough.

Help from the Supplier How to Do It

With a well managed plan, and constant monitoring, there should be no problem in setting up shop and selling advance orders to passersby. The sales people can also sell according to seasons. These could be anything like Christmas, Thanksgiving, New Year, and other seasons which can help increase sales.

Cookie Flavors

In order to cater to a lot more people, you can sell different flavors as well. Although chocolate chip cookies might be popular, it is also a good idea to sell other flavors like Chewy Macadamia cookies. You might have to experiment with what the customers might like to buy.

Make Your Cookie Dough Fundraiser Unique

It is not easy to sell anything for fund raising. To have a better campaign, the team can come up with something creative and unique. This can be a big help in meeting the group’s goals. The campaign can use unique cookie flavors, or it can have special offers for large orders.

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