Showing posts with label Cost. Show all posts
Showing posts with label Cost. Show all posts

Thursday, September 26, 2013

How to Plan Best Final Expense Insurance?

No one wants to give trouble to loved ones at the end of the life’s journey. You can plan now for funeral cost with final expense insurance so that all your possible expenses are met. Thus, your family members will be able to celebrate your life in a most dignified manner. In order to make the most of the final expense insurance, you should go through the available insurance options. It is also required to get an estimate of probable costs that will be involved at the end of life’s journey. The insurance plan should not exceed your needs in which case, you will pay higher premiums. At the same, the final insurance plan should not under cover your expenses in which case, it will extend financial burden to your family members. 

Assess your requirements 

You can plan now for funeral cost with final expense insurance by getting a decent estimate on your needs. There will be need to spend money on various heads which include funeral service, casket, burial and cemetery plot. Other expenses include the arrangement of flowers, vehicles, procession, viewing and headstone. In order to reach a decent estimate, you should consult the elders present in your community. If you discuss with local community leaders and organizers, it is possible to get a realistic figure. 

Final expense insurance policies 

There are various kinds of insurance policies. It is true that a traditional senior life insurance policy can cover burial and funeral expenses. However, you will get these benefits at higher face value. The premium that you will pay for a final expense insurance policy is very less. Thus, you will get maximum benefit through final insurance policy. You can plan now for funeral cost with final expense insurance by choosing various important riders as per your needs. 

If you go through the final expense insurance policies that are offered by various insurance companies, you will be able to select the best policy for your needs. By going for quotation from more than two service providers, it is possible to select the best final insurance plan. If you go through reviews offered by experts and customers, you can plan now for funeral cost with final expense insurance. 

Plan selection 

Final expense insurance plan will work on the same lines as that of life insurance. It can be taken on term basis or whole life basis. If you go for term insurance, it will provide cover to a certain age (generally up to 80 years). When you go for a whole life policy, it will cover your entire life. The age limit that is set for obtaining final expense insurance will be dependent on the insurance company that you have chosen. Most of the insurance providers set the age limit of 75 years. 

You should go through the eligibility criteria. The past and present health condition should be shared with the insurance provider. You can plan now for funeral cost with final expense insurance so that your family members are relieved from financial burden and they will organize the proceedings as per your desires.

The Cost of Cars: Is it All Getting Too Much?

We all like to have the little luxuries in life, but getting them is something that is becoming increasingly harder to do as the cost of living rises. There is little room for manoeuvre in financial terms as money is restricted not allowing for the things we love to indulge in. 

Cars are a luxury and in most cases a necessity, but the expense that surrounds them often makes them difficult to afford and to maintain. It is not simply the cost of the car itself that makes expenses begin to build - the running costs and maintenance and fuel prices combined make it something that is now a luxury for most and simply unaffordable for others. 

There are ways to attempt to bring the costs down; diesel cars, a budget direct quote for insurance, smaller engines, and older cars are all factors that play a part in reducing the costs.
Brand new cars have dramatically increased in price over the years; they have risen with the cost of living and in an attempt to be profitable in the time of economic crisis. Parts are more expensive as is labour, which significantly raises the cost of the car and any work that may need to be done to it. There are a higher number of accidents as the world has entered into a ‘suing culture’. 

There are drivers on the road that are looking for the opportunity to make an insurance claim for even the most minor of incidents - they are claiming mainly for personal injuries as a result of an accident which sees them being compensated with thousands of pounds for something that may or may not exist. This has had a direct impact on the cost of insurance premiums, which means drivers are finding it more expensive to insure their cars and even keep them on the road.
It is not just the suing culture that has added to the increased cost of an insurance policy, but the fact that insurance is now equal. There are no longer lower rates for women or older drivers. For cheaper rates, people have to earn a high no claims bonus and be considered a low risk driver, it takes time and can be relatively hard to do, as there are many accidents, which occur that, simply are not the fault of the driver. At the same time, there are more driving offences that have been introduced and will see premium costs rise.
The cost of repairs has increased at the same time as the cost of a vehicle. Parts are expensive, time and labour are costly and its just another area that adds to the expense of car ownership. Insurers are more than aware of this and the higher premiums are a reflection of the cost required to get a car back on the road after an incident. 
Finance tends to be the only option for those that are looking to own a car but cannot pay for it outright. The monthly instalments are spread over a number of years and make a car affordable, provided the financial arrangement contains no hidden terms. 

Often the interest that is added on top of the price of the car means you are paying back far more than initially borrowed, it could even run into the thousands. Car finance is a big commitment and something, which has to be paid every month regardless of the financial situation you are in, the car, will be reclaimed by the finance company if payments are not fulfilled.
It is incredibly difficult to be able to afford the things you want and the things that you need. There are means and measures that can reduce the costs of car ownership, but overall it is an expensive luxury but something that is more than worth it. It provides you with freedom and independence and makes everyday tasks significantly easier.

Monday, March 4, 2013

How to Keep Financial Records for a Small Business

Running a small business can be a time consuming affair. Most small business owners work long hours and the thought of doing admin work at the end of a long day is hardly a happy one. But, unfortunately, admin work is an essential part of running a business and if you fail to keep accurate financial records, you are storing up a truck load of trouble for further down the line. 

Why Do I Need Financial Records?

Financial record keeping is the best way to keep track of how your business is performing. If you have no idea how much you are owed by your clients or how much you have spent on materials, how do you know if you are even making a profit? It is also worth pointing out that keeping accurate financial records is a legal requirement in a number of countries, so if the thought of doing the books gives you a massive headache, just think about how much worse that headache would be if you had a tax audit due and no financial records of any description to hand.

What Are The Key Financial Records All Small Businesses Need To Keep?

  • Income – all income needs to be recorded. At the very least you need a cashbook that records money in and money out, but for the majority of small businesses, this will be too simplistic. 
  • Expenditure – business expenditure can be recorded in a cashbook, but you still need to keep copies of all invoices and receipts for tax purposes. Make sure you file these in a manner that makes them easy to find should it be necessary as part of a tax audit. 
  • Customer records – it is essential to keep accurate copies of orders, invoices, credit notes and anything else related to customer transactions. You need to know how much your customers owe and how long their accounts are overdue as this directly affects the rest of your business. 
  • Bank statements – always check bank statements regularly and reconcile them against your accounts. Banks can and do make mistakes, so spotting these early will save you a lot of grief (and money). 

What Happens If I Haven’t Kept Good Business Records?

The main problem small businesses have if their records are inaccurate or simply non-existent is that at some point the taxman comes knocking on their door. Since it is a legal requirement to keep accurate records, failing to keep useful accounts and maintain financial records could well end up being a very expensive mistake. 

Should I Do My Own Accounts?

If your business is very simple, you should be able to do your own bookkeeping using a simple spreadsheet programme or purpose designed accounts book. However, if maths is not your strong point or your business transactions are complex it is a good idea to hire an accountant to keep your financial records in good order. Alternatively, you could do a combination of both - you do the day-to-day record keeping and let your accountant do the end of year accounts and tax calculations.

Laura runs her own business and keeps an online blog of her experiences. She is well aware of the penalties for failing to keep accurate financial records, so she uses the services of to help her with the bookkeeping and end of year accounts.

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