Wednesday, March 3, 2021

4 Household Repairs and Replacements That Will Save You Money Over Time

Part of the responsibility of a homeowner is performing home repairs and replacements from time to time. Performing such projects, of course, requires spending money. However, what if a specific project could actually help you save money over time? In certain cases, the project may eventually pay for itself. Below are just a few examples that can do just that.

Replace Your Thermostat

One thing that will certainly save you money, in the long run, is replacing your thermostat. If you have to get up and walk to your thermostat to change the temperature in your home, you are probably losing a lot of money. 

Instead, invest in a smart thermostat that can be operated remotely and easily programmed via a smartphone app. You’ll save money year-round by only running your heat and air conditioning when it’s actually needed.

Upgrade Your Water Heater

Another home improvement project that could pay dividends for you and your family is upgrading your water heater. A new water heater installation could actually pay for itself over a period of years. 

The reason why is because newer designs for water heaters are far better at retaining heat and require less energy to do so. You could see your utility bills drop significantly as a result.

Switch to LED Light Bulbs

One of the easiest and cheapest replacements you can perform in your home is changing light bulbs. Switching from traditional incandescent light bulbs to LED bulbs can also have significant benefits for your electricity bills over the course of the year. 

LED bulbs use 25 to 80 percent less electricity due to the fact they require less heat to operate. Increasing your savings, even more, they also last a lot longer and will need to be replaced less frequently.

Seal Leaks Around Windows and Doors

Running a home’s heating and air conditioning can result in expensive utility bills. However, those bills don’t actually need to be that high for many homeowners. What they may not be aware of is that there could be significant air leaks around the edges of windows and doors in their home. 

These leaks will force the furnace to work harder during the winter and the air conditioner to work harder during the summer. Sealing such leaks actually isn’t that difficult. In most cases, all that is needed is a tube of calk.

Owning a home is a big responsibility. Part of that responsibility is maintaining the home by performing repairs and replacements when necessary. When the need for such a project arises, consider ways you can use that opportunity to lower costs through energy savings, increased efficiency, and more.

Tuesday, March 2, 2021

How to Get Low CIBIL Personal Loan Offer: Things to Know

You promise the lender to pay it back with interest when you take out a loan. The probability of paying back the loan to the lender is measured by a CIBIL (Credit Information Bureau India Limited) ranking. The CIBIL score is a 3-digit number reflecting your creditworthiness. 

If your CIBIL score is above 750, as long as you follow other significant conditions set by the lender, you are in the safe zone. If you are looking for Low CIBIL Personal Loan Offer, this post is for you.

Based on the following criteria, a CIBIL score is determined: your payment history, types and amount of loans you have, credit inquiries, credit usage ratio, and, if any, the standing pledge to other defaulting borrowers. 

In most cases, your application is accepted without any hassle if the CIBIL score is good. When your CIBIL score goes below the accepted points, the issue arises.

When you have a poor credit score, what happens?

It means that you are a risky customer because you have a low score, and banks are typically unwilling to give you a loan. A credit score is largely dependent on how well your past loans have been repaid, whether you have defaulted or pre-closed any loan, what kinds of loans you have taken and how much of your revenue goes into repaying loans.

So, if you are looking for Low CIBIL Personal Loan Offer, you might find some lenders who are willing to give you the money but typically charge a high-interest rate. Many creditors also charge up to 30-40% p.a., which is very high.

How does a person achieve a good CIBIL score?

The CIBIL score is determined with an individual's credit history in mind. This credit history provides descriptions of repayment through various forms and institutions of loans. A CIBIL ranking not only represents the repayment habits against loans but also against credit cards.

For what a good CIBIL score is, various organizations have different thresholds. Generally, for personal loans from banks, a score above 650 is expected. Some non-banking financial companies (NBFCs), however, lend loans with scores as low as 550. 

But still, without CIBIL, formal financial institutions do not offer a personal loan. Therefore, it is important to look at your CIBIL score to verify your eligibility, whether you are applying for a small business loan or an emergency loan to stay at home moms to manage funds in unavoidable circumstances.

A personal loan for a CIBIL defaulter is complicated to obtain. It is necessary to keep your CIBIL score high as a result. Since the CIBIL score is determined to consider previous financial actions, it cannot be adjusted overnight. 

There are, however, a few forms that will put you on a better path to improving your credit score. These activities include items such as withdrawing the balance on your credit card, paying your EMIs on time, raising the credit cap, and holding old debt accounts on your record that were paid on time.

Why do I need a high score for personal loans?

Personal loans, because they appear to be unsecured, are also high-risk loans for the lender. As a result, lenders need to make sure that their loans are repaid on time by the borrowers. 

A high CIBIL score indicates that the creditor is accountable and pays on time for their EMIs and bills. Having a personal loan with a low CIBIL score is always difficult.

A high CIBIL score means that borrower defaults are less likely to pay back their loan. As compared to borrowers with low ratings, banks also easily give out loans to borrowers with high CIBIL scores. 

Since their CIBIL scores appear to be poor, newly working borrowers, new companies, etc., can find it difficult to secure loans. For this cause, people turn to look for an instant loan without CIBIL being a deciding factor for such loans.

Eligibility for a Low CIBIL Score Personal Loan

A major part of personal loan eligibility is your CIBIL score. That said, other factors also play a key role in approving your application on Low CIBIL Personal Loan Offer.

Check your CIBIL score. You can do this online quickly. The likelihood of a personal loan being sanctioned is improved by a fair to decent ranking. With a low score but at a slightly higher interest rate, you might still be able to get a loan.

Your best choice is to try with the NBFCs to get a private loan for a low CIBIL score since they have more flexible eligibility conditions than banks. 

If, for legitimate reasons, you have defaulted on a loan in the past, be sure to explain it to the lender. Lenders can consider giving you a personal loan at a lower interest rate as long as the reason is justifiable, such as a medical emergency.

Key Takeaways

Even with a bad credit score, these steps will help you get your personal loan, but you need sufficient funds to repay it on time. Your CIBIL score would go down further if you default on the loan.

Monday, March 1, 2021

10 Major Benefits of Using a Credit Card

A credit card is one of the most powerful financial tools that we have at our disposal and if used responsibly, it can provide many benefits in the long run. Today, we are going to look at top reasons why everyone should use a credit card for their expenditures

1. One-Time Bonuses

People with good credit scores can get their cards approved with added bonuses. You can avail of these bonuses by spending a certain amount in the first few months when your credit account is open. Other bonuses may include travel points, gift cards, and more.

2. Convert transactions into EMI

This is a great benefit that every credit card comes with. When you make a big purchase using your credit card, you don’t have to make full payment, you can easily convert that transaction into monthly installments, which gives you time to pay off the money over a period of time. This benefit allows you to fulfill your wishes without the burden of paying all the money at the same time.

3. Cash Back

The most significant benefit of using a credit card is cash-back. Whenever you use a credit card for making a purchase, you receive a percentage of total expenditure in the form of cashback. This allows you to save a lot of money in the long-run. 

If you are a platinum member, you might get cash-back offers up to 2% to 3%. So, before applying for a credit card, look at the list of partners that a financial institution is associated with.

4. Rewards Points

Another major benefit of using a credit card is the reward point system. The more you spend using your credit card, the more points you earn. These points can redeem to earn discounts, buy merchandise, groceries, and more. 

For example, if you get Citibank credit card, you can earn reward points when you spend money on fuel, restaurants, movies, and more. Contact your bank to learn more about the reward points.

5. Frequent-Flyer Miles

This point is for those who travel a lot. When you purchase your flight tickets using your credit card, you get flyer miles that can be used for either discounts or purchase tickets (if you have enough points). 

All major airlines have at least one bank that is partnered together and offer this benefit to their customers. So, make sure you check whether your credit card has this benefit or not.

6. Safety

Paying with your credit card is much safer than your debit card. When you use your debit card, the money is deducted from your account instantly. 

Similarly, if you lose your debit card, you are at major risk of losing your hard-earned money. But when you use a credit card, and you encounter any fraud, the bank will take it immediately. Plus, your money is also secured.

7. Grace Period

When you make a purchase using your debit card, your money is gone instantly. On the other hand, when you spend money using your credit card, your money remains in your account until your due date. 

This time between the end of the billing cycle and the due date is called the grace period. This allows you to repay your credit card while having the luxury of keeping your money in your account as well.

8. Insurance

Credit cards come with a number of customer protections that people are not aware not like insurance. Many banks offer insurance services to their customers who use their credit cards. This benefit is usually available to those who have a high credit limit.

9. Universal Acceptance

This is by far the main benefit of why everyone should have at least one credit card. All credit cards are accepted universally, this means if you are traveling, you can easily make payments in a foreign country using your credit card. 

You can rent a car, spend money on shopping, use to pay your hotel bills and more. You don’t have to worry about carrying the foreign currency with you all the time. Simply swipe your credit card and you are done.

10. Building Credit

A credit card helps you in building your credit score, which shows that you are responsible and can handle your finances. This is great for people who started working and looking to build their credit. When you spend money using your credit card and make timely and full payments, it impacts your credit score positively, which helps you in increasing your credit limit and enables you to apply for loans and more credit cards.

There are many other small benefits to why you should use a credit card, but these above-mentioned points are the main benefits that you get to enjoy when you use your credit card responsibly.

Friday, February 26, 2021

How to Find a Way to Afford the Realistic Home of Your Dreams

When it comes to the home of your dreams, you may be holding back because you think that you can't afford it. While it's true that custom-built homes are more expensive than buying an existing home on the market, that doesn't mean that it's out of your price range. 

Here are four great ways they can help you to achieve living in the realistic home of your dreams.

Identify the Characteristics

One of the biggest problems that people run into with their dream home is they don't put it down on paper. They have so many ideas running around in their head that they automatically translate that to mean the price tag of the home will be tremendous. 

It's not until you actually sit down and put all the characteristics that you want in your realistic dream home down on paper that you actually get to discover just what it's going to cost. Take a few moments and consider the exact characteristics that you want in your dream home.

Talk With a Knowledgeable Real Estate Agent

The next thing that you want to do is talk with a knowledgeable realtor in your area or the area and what you desire to purchase a home in. You may be surprised to find out that there are already multiple homes on the market that have what you want. 

Finding a home on the market will usually be cheaper than building a custom home. You should talk to an agent, like those at The Stockton Team: Keller Williams Showcase and other locations, and let them know the qualities that you're looking for in a home. 

Simply giving them the characteristics that you wrote down above will be enough to have them start searching for the right home for you.

Get Pre-Qualified

It's important that you understand how much your home is going to cost you. After speaking with your realtor, they will likely have a couple of places that you can go to look at and understand what the prices are. 

If these homes are what you're looking for, then you'll have an idea of what you need to pay to get them. At this point, it's a good idea to talk to a lender to discover what the loan payment would be for the price of the home that you want to purchase. 

They should be able to explain to you everything that you need including what the monthly payment will be and what your debt-to-income ratio will need to be approved for the loan.

Be Honest About Expectations

As you continue to go through the home searching process, it will start to become clear what characteristics of a home are actually feasible for you and which aren't. Sometimes characteristics may feel important. 

However, as you walk around a home, you may find out that they're not functional for your day-to-day lifestyle. It's important, to be honest about what your actual expectations are of a home that you're going to be living in. It needs to be both functional and have the qualities that make it a special home for you.

Affording the realistic home of your dreams is much easier than you initially may think. The initial overwhelm from the process of choosing your own home can overshadow many aspects of the actual design at the house. 

When you implement the tips that we went over above, you'll soon find out that affording the home of your dreams is actually within your budget.

Thursday, February 25, 2021

Home Repair Budget: How to Save for Needed Expenses

Maintaining a home is often expensive. From repairing the roof to trimming the trees, there are all sorts of jobs that require professional assistance. In order to keep up with all this necessary work, you need to account for home maintenance in your budget. Here’s how you can save up for essential home repairs.

Create a Separate Account

It’s often easier to save money for a specific purpose when you set it aside in its own account. That way, you’re not as tempted to dip into your savings for other purposes. 

Try making a “home improvement” account, and put a certain portion of every paycheck into it. This physical separation of your savings will help you maintain a sense of discipline.

Eliminate Wasteful Spending

If you’re going to save up for home repairs, then you’ll need to eliminate all those needless expenses that chip away at your monthly earnings. To really bring your budgeting game to the next level, write down all your typical expenses. 

This will give you a chance to understand where your money is actually going. You’ll probably be shocked by how much of your weekly paycheck goes toward frivolous purchases. 

If you really want to pay for necessary home repairs, you’ll need to change your lifestyle and cut out these wasteful expenses.

Separate Necessary Repairs From Optional Upgrades

When you’re working on a tight budget, then you need to differentiate between home improvement projects you’d like to do and home repairs that are absolutely necessary. 

After your shingles have been damaged by a storm, an appointment with an interior designer isn’t nearly as important as a visit from residential roofers. Responsible homeownership calls for getting your priorities in order.

Plan Your Projects in Advance

It’s tough to maintain a healthy budget when you’re constantly flying by the seat of your pants. Home repairs are often expensive, so it’s easier for your budget to absorb them when you prepare for them in advance. 

Plot out potential projects for the coming year, and plan your monthly budget around these foreseen expenses. This foresight will also save you money in the long term since it’s almost always cheaper to prevent an issue than to solve it after it occurs.

No matter how nice your home is, it’s going to require repairs. Take the steps above to make sure you can afford to maintain your home.

Tuesday, February 23, 2021

What Can You Do if You Started Saving for Retirement Late?

Despite your best intentions, you might not have been able to save much toward retirement yet, and you might be realizing that it will be here before you know it. Fortunately, there are ways you can begin saving more for your golden years by making some fairly simple budgeting and lifestyle changes right now.

Save More

If you have a Roth IRA or another investment account for retirement, find out if you can have more deducted from your paycheck and put it into the retirement fund. If you don't already have one, it’s time to start a retirement account now. You can open a low-risk investment account that can begin building equity toward your senior years.

Additionally, review your monthly or annual budget to find expenditures that can be cut or eliminated. Then, add those funds to your retirement savings. 

For example, you can cut that morning coffee run by making coffee at home or cut a gym membership by exercising in your house or neighborhood. Then, take the money you saved and invest it. You’ll be surprised how quickly those seemingly small costs add up.

Spend Less

While reviewing your budget, look for ways to trim non-negotiable items. For example, reduce energy costs by turning down the thermostat a couple of degrees in winter and raising it slightly during the summer months. 

Use online coupons or store discounts to save money on groceries or shoes. Consider buying wholesale instead of resale when you can get quality brands. You can also find great deals on housewares and clothing at thrift stores and yard sales.

Earn Extra

If your kids are grown and you have some free time, get a second job for a few hours a week and apply that income to your retirement fund. A financial advisor can explain the amount of added income you can afford to make without negatively impacting your tax bracket. 

You don't have to give up your lifestyle pleasures and leisure time activities, but doing something you enjoy to earn an extra paycheck can be both meaningful and profitable.

Plan Ahead

Start thinking about the kind of lifestyle you want to enjoy when you retire. When you decide where and how you want to live, you can develop a tentative budget. 

Then talk to a financial advisor about how much you’ll likely need to save to enjoy that lifestyle and stick to the budget. They might recommend downsizing your current home or other cost saving measures, depending on your projected income and expenses. 

They can also help you invest and make wise money decisions as you prepare for the years ahead.

You don't need to be wealthy to enjoy retirement. But it does help to prepare now for that special time in your life. Use your current income wisely to be ready when you step down from full-time employment and begin to enjoy the full fruits of your labor.

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