Finance Guide

The guide to living cheap includes ideas on how to save money on transportation costs. This includes gas, service, parking costs etc.

1) Gas is easily wasted if you do not properly plan. Examples of poor planning would be running to the store to buy a staple, such as toilet paper or toothpaste. All staples should be bought in bulk…on sale…with coupons. Running out of a staple is a no-no and the gas you use is wasted. At today’s prices that can add up. Plan your shopping where you can do it all in one day…Thursday is always good the coupons come out on Wednesday. Car pool where you can.

2) Car service…if you are going to the dealer for regular non-warranty service you are most certainly overpaying. Find a reputable service center; use the discounts available from the flyers in the newspaper to cut cost. If you go to the dealer for your oil changes and such you are wasting money. In addition, if your dealer has valets in white shirt and tie…run. Who do you think is going to pay for these extras?…you guessed it you do.

3) Parking costs. If you do any traveling and are not on expense account, you pay excessively to park at an airport. Examine all options you may have. An airport shuttle service may be cheaper if you are gone for any length of time. Can you take a bus (or BART or such) if so it is much cheaper. Look at parking at an airport motel, use their shuttle service…many have reasonable room rates and allow you to park for 2 to 3 weeks. You do not rush to make an early plane this way either.

Your guide to living cheap will address areas with savings potential. Your auto and related expenses can be big expenses. Watch them and save. Enjoy.

There is a lot of confusion about Tax Free Savings Account or TFSA. The situation is borne out by the wrong notion of people about the “saving account.” While it is true that you can maintain a savings account with the TFSA, you can also utilize the TFSA to purchase stocks, bonds, mutual funds and GICs. The TFSA is basically a shell that is similar to RRSP, as both instruments present opportunities for investment growth tax free.

Here are the essential features of TFSA:

1. Any Canadian citizen, 18 years of age or older, is qualified to make an investment up to a maximum of $5,000 annually.
2. No taxes will be levied on any gains and this will include capital gains.
3. There are no withdrawal limitation for the money deposited in TFSA
4. Any amount of money that is withdrawn from the TFSA can be re-deposited after a certain period of time and will not have any effect on the contribution room.
5. Any used portion of the contribution room for a particular year can be forwarded and credited to the succeeding year.
6. TFSA has no lifetime contribution cap
7. Assets from the TFSA account of a deceased spouse can be transferred to the surviving spouse tax free.

Financial experts are seeing the upsides of TFSA. This plan comes as a welcome breather for Canadians amid the declining and low interest rates. Its attractive tax exemption feature is considered as the clincher for this plan. However, there are certain concerns that you must be aware of when considering TFSAs. The contribution cap of $5,000 and the fees that will be charged are the two major concerns by most financial managers and investors.

That being said, there are basic differences between TSFA and RRSP. The main difference is on the time you can infuse funds and the time you can take them out. Under the general guidelines of RRSP, you are entitled to a tax refund once you infuse funds in the plan while withdrawal at retirement will be levied with the appropriate tax. On the other hand, you are not entitled to any refund when you infuse funds on TFSA, but you will also don’t have to pay any tax upon withdrawal. In addition to this, your withdrawal will not have any effect on your contribution room and you can make another deposit in the following year.

During its first year, you may opt for a high yielding savings account in your TFSA which can serve as your emergency fund. But you have to remember that this is not the best option if you are looking at TFSA as a viable tax strategy. It would be better for you to opt for high earning investment instruments in your TFSA since you will not have to pay taxes. Using the same decision parameter, it is better for you to place low earning investment instruments such as GICs and bonds into RRSPs. You will end up getting the same amount of refund for the funds that you infuse. And when you finally withdraw your money upon retirement, the amount of tax that you have to pay will not be as much as that with REITs or stocks.

Another great thing about TFSA is that you can use this as your income tax shelter. If you are going to purchase income trusts such as REITs in your TFSAs, you can withdraw the returns as a tax-free continual income. If you are planning to push your limit then it is wise for you to incorporate stocks since these investment instruments are considered tax efficient and are your best pick outside of TFSAs and RRSPs.

At some point in a person’s life they come to a conclusion that they are paying more for something than they should. If you wish to break out of this cycle and refinance your car loan therefore saving you thousands of dollars in interest and high rates then you are welcome to. Why should you be taken for a ride by a finance company that wants to take advantage of your situation? Don’t put up with this and take your finance into your own hands and read what we have to say about refinancing your car loan so you can stop wasting time and start saving money today! Follow our simple guide to finding a refinance plan to suit you and your lifestyle. Over the years we have received letters from disturbed people who are trapped into paying high fees. We have uncovered a way to help people get out and put a balance back in to their life.

When you apply to refinance your car loan the best you can do for yourself is to alter the terms of the agreement to whatever suits you. If you wish you can shorten the repayment period or reduce the amounts paid out by stretching out the loan over a longer period and this can lower the APR rates at the same time. The first thing you need to ask yourself is, will I save money if I refinance my car loan? It can be quickly determined with factors that include the time remaining on your loan, the amount repaid and the existing conditions, these will determine if you should go ahead with refinancing. If you end up better off then you should apply for refinance.

There are many things that you need to look for when you are applying for refinance. The biggest reason to obtain refinance for a car loan is the thousands that will be saved on the interest the previous loan is costing you. Often the reasons a person may be trapped in their current finance situation may be due to pressure from a car dealer to buy a car on finance. Another example is when a person who may have poor credit history jump into a loan with high interest rates as this was the only option at the time. Later on it is only discovered, after the contracts have been signed, that the APR is considerably high. They may then realise that they cannot afford to make these repayments or had not taken the time to calculate the repayment costs through the excitement of buying a new car.

The best time to apply for refinance is when you want to change the amount of your repayments, either making them less or paying more each month and paying the loan off sooner. If you want to stretch your loan out over a longer period to keep more money in your pocket then we suggest applying with a specialised refinancing company to sort out your needs. Whatever your reason for wanting to change your repayments, check out your options of refinacne companies and compare interest rates, special terms and conditions so you don’t get caught out. The amount of money that will be saved depends on your loan, the period chosen to pay it off your new loan and any other residing factors. Many people have saved from $500 to $3000 and upwards. Rethink your options if you are unsure about refinancing and then you can make a secure step to obtaining financial stability in the near future. If you want a refinance company with great service, competitive interest rates and good terms then we recommend asking your friends for companies they may have deal with in the past.

The internet is a great place to get cash advance it is quick comfortable and cost effective. It is also however, a very easy method of becoming a victim of fraud. Most borrowers apply for pay day loans to pay an unexpected bill, improve their car or for any personal use and don’t have money at the same time. This issue can put many borrowers in frustrating situation and borrowers might even sign a payday loan agreement without thoroughly reading the payday loan agreement.

Scammers are aware to this act and some use the borrower’s confusion for their own benefit. Therefore it is important to compare payday loan rates from at least 3 different online lenders.

Common payday loan scams

One of the most common scams around is when a so called lender offers a payday loan with very low rates. The same lender does not have an address or phone number on his website and requires you to send in more than the basic information. These payday loan scammers will not send you the money and eventually tell you that you didn’t get approved for the loan. Most of these scammers are interested in your identity information such as social security number, copy of passport, credit card number and other personal information. Their main goal is a fraudulent act referred to as identity theft.

Avoiding payday loan scams

It is important to compare rates from different payday loan lenders in order to get a rough idea of the standard rates payday loan lenders offer. If you come across a website where the rate is very attractive (I would say less than 10%) work with the company ONLY if you know from past experience that you aren’t being scammed. Make sure to read the agreement a few times and to pay special attention to the repayment plan and the fine print. Contact the lender (if he hadn’t contacted you yet) after receiving the terms and condition and just before signing the dotted line. It is important you always keep an eye open for lenders that don’t really own legit companies or who offers extremely low rates.

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Looking for a way to fund new home renovations, invest in a second property, or pay for a child’s college education? A home equity installment loan might fit the bill. Consumers often turn to home equity loans as a way to finance a large expense or investment using the money they have already invested in their home, without refinancing their mortgage.

What is a Home Equity Installment Loan?
A home equity installment loan is a loan that uses the equity you already have in your home as collateral. With your home’s equity as a guarantee, lenders are willing to offer larger loans at lower interest rates than many other types of loans.

Unlike a home equity line of credit, most home equity installment loans are standard, one-time loans that are approved for a given amount and must be repaid over a pre-arranged schedule of installments ranging from three to 30 years, similar to a primary mortgage or car loan. Installment payment amounts include both principal and interest.

Lenders offer installment loans based on some percentage of your home’s appraised value, less any outstanding mortgage amounts. The maximum loan amount is calculated according to the loan-to-value (LTV) ratio, which may be as high as 80-90%. This means if your home is worth $150,000 with a $100,000 mortgage balance ($50,000 in equity), at 90% LTV you could potentially qualify for a home equity installment loan for up to $45,000 ($50,000 x 90%).

Who Uses Home Equity Installment Loans?
This type of loan can be used to finance anything from a home renovation to a wedding. Below are some of the main reasons consumers secure this type of credit:

• Finance a home renovation
• Pay a child’s college tuition
• Pay off other, higher-interest debts
• Purchase a second home or rental property
• Invest in a business opportunity
• Pay for a wedding, anniversary, vacation, or another big celebration or event

Installment loans are a good option if you have a large, lump payment that you need to make now but would like to pay off over time. They’re also ideal in a market with unstable interest rates, allowing you to lock in a low fixed rate.

Advantages and Disadvantages
There are pros and cons to home equity installment loans, and times when this type of borrowing is more suitable than others. Read on for some tips to help you determine whether this type of loan is right for you.

A home equity installment loan is ideal for a one-time purchase or investment, such as a home renovation or the payoff of a high-interest debt, where you will only need to draw funds once and are prepared to pay it back on a fixed schedule. An installment loan is probably not a good idea for frivolous purchases that may be difficult to pay back. If you default on the loan you stand to lose your home, so it’s important to be sure you’ll have the means to pay back the funds according to the agreed-upon terms.

On the positive side, because your home serves as collateral, you’ll most likely be able to get a lower interest rate than an unsecured loan – which can mean big savings in interest payments over time. Interest rates are usually fixed for this type of loan, which makes it possible to lock in a lower rate that won’t change with market fluctuations. You may even be able to count the interest as a tax deduction.

Home equity installment loans are perfect for consumers who are interested in one-time loans and are confident of their ability to repay it. They’re also a good fit for those who like the security of a fixed interest rate.