Ways to Make Managing Your Funding Records More Efficient

You need to effectively manage your financial documents if your business is going to grow. This includes organizing, planning, controlling, and monitoring financial resources to achieve your objectives.

Managing financial documents must be a vital part of all processes within your business. It’s easy to feel that managing your finances and related documents is too confusing or complicated. But since it is so important, you need to find ways to make it a priority.

Create the Right Bookkeeping System for Your Business

Proper funding records management requires you to create a followed system from the beginning. This will allow you to keep track of income, taxes, expenses, and other documentation.

The system you use must harmonize with your organization’s day-to-day activities. Although few and far between, some organizations still keep paper records. However, most use accounting software.

The Benefits of Using Accounting Software

There are advantages to using accounting software in the cloud. In addition to automating calculations, cloud-based applications allow you to access the data you need when you need it.

E-rate compliance software can help you modernize your record management. You have the files you need in one digital location. 

This gets rid of the requirement to store and copy paper documents. You minimize time and energy wasted by looking for lost documents. 

The right software helps you create user-level security and search across classifications or funding years. It comes equipped with a built-in file audit trail, making it easier for your business to demonstrate annual compliance.

Although small businesses may not deal with the same amount of money as large enterprises, much of the records both organizations keep are the same. Keeping good records from the beginning makes things easier.

Create a Schedule

You should set aside a day of the week or day to regularly manage your books. This way you have a period in your schedule dedicated solely to getting the work done and nothing else pressing that could get in the way. 

Instead of cramming everything in at the end of the month or quarter, it’s best to take a “little and often” approach to recordkeeping so it doesn’t overwhelm you.

Up-to-date funding records are not only essential for end-of-year tax planning. They help you throughout the year to evaluate your financial standing and identify potential business opportunities. 

You can see what you owe, who owes you, and your resources for different financial obligations.

Good funding recordkeeping does not happen by accident. You need to find the right software, create the right system, and make recordkeeping a priority to be successful.

Expenses to Consider When You're Going to Court Over a Personal Injury

If you're one of the many people accused of being at fault for a personal injury, you may be thinking about going to court over it. When considering going to court for a personal injury, you need to know about expenses before proceeding with the filing.

Expenses to Consider When You're Going to Court Over a Personal Injury

Court fees

While those fees can be expensive, they're a tiny portion of the overall expenses to consider. These court fees are related to filing the case in court and taking it over, not during the trial. 

The court will require you to pay for filing and serve all documents to the other party. It is a normal procedure when someone sues another party for an injury caused by them.

The most important thing you should know about court fees is that if your claim is dismissed, you will have automatically waived all those required costs upon filing your case in court due to the State or Federal government. 

If the other party has no legal obligation or duty to pay those costs, they won't pay them either.

Judgment fees

Judgment fees are related to filing the case over in court, so they'll be paid by you when the case is over. You'll have to pay a fee to file your case and serve all documents to the other party. 

It could be a relatively small sum of money, but that's only if you didn't have any additional personal injury expenses from the accident or accident-related injuries. 

If you did have those expenses, spending those funds on filing fees is probably not a good idea.

Mediation costs

You can choose to go to mediation with the other party if you want to settle the issue out of court. There are many benefits to resolving the problem, but it's not free. You'll need to hire a mediator and pay their fees, which could be at least $1,000 plus expenses such as travel costs.

Court reporter fees

If you're filing your case in another state, you'll have to pay for a court reporter if there is any record of the proceedings in court. The law firm representing you may not be aware of how many pages your record will be. 

However, if you know how long the actual hearing will last and how many pages will be needed in the transcript, you can calculate the fee that way.

Attorney fees

Attorney fees for personal injury lawsuits are generally not cheap like other cases, like medical malpractice or contract law cases where the opposing party reimburses attorney fees after trial.

These expenses need to be factored in when you're considering filing a case over a personal injury. If the other party has no obligation to pay any of those fees, you'll have to pay them, so consider that before going forward with your plans and filing a personal injury lawsuit.

Reasons to Consider Moving Homes as You Get Older

Living in a large house is essential when you are young and have a large family. This ensures that you are not all cramming into a tiny space. 

However, you’ll not need too much space when your children grow and move out. Besides downsizing being a cause to move homes as you get older, here are other reasons.

House and Yard Maintenance

Undoubtedly, being a homeowner is an amazing experience. You’ll get to do all that pleases you without thinking about what your neighbors think or see. 

The downside, however, is the commitment that comes with it. There are walls you’ll need to paint, broken fixtures that need repairing, and cutting grass. As you get older, these responsibilities become too much to interfere with your lives. 

You’ll reduce the amount of work around your home and yard by moving homes. With this, you’ll have enough energy and time to do what you enjoy.

Being Close to Family

When you are young, you strive to have a better lifestyle or better climate, and this might lead you to move away from home. However, one of the precious things you’d want closer is your family as you get older. 

You want to spend time with your kids and grandkids and enjoy the special events together. Since family is one of the most valuable treasures in the world, moving homes as a senior should be a priority.

To Have a Social Life

Notably, humans are social beings and thus need connection with other individuals to thrive. As stated above, your kids will move out at some point, making you susceptible to social loneliness and isolation. 

This could easily lead to health problems such as depression. Moving homes to a community close to your peers is ideal for preventing this. 

In such a neighborhood, you’ll engage in productive activities with the residents, which will boost your mood. A realtor, like those at Lifestyle Properties at Keller Williams Realty will help you find a neighborhood suitable for you.

Memory Issues

Forgetfulness is a normal part of aging. As you age, many changes occur in your body, including your brain. As a result, you’ll not remember certain information clearly as before. With the increase in memory issues, moving to a good home would be safe.

As you get older, your body undergoes numerous changes. Thus, you’ll have difficulty remembering some things and performing strenuous duties. To have a comfortable life even at an old age, moving homes is undeniably a good idea.

Can You Sell Your Parent's Home if They Died Without a Will?

If your parent has passed away and they didn’t have a will, you may be wondering if you can sell their home and get the profit yourself. 

Unfortunately, there are many factors that may make this difficult or impossible, so you should do your research before selling your parent’s home if they did not have a will. 

Read on to learn more about your options in selling your family home.

What the Executor of Your Parents' Estate Should Do

The executor of your parent's estate is responsible for settling their debts and distributing their assets to beneficiaries. 

The executor needs to pay any outstanding debt from your parents' estate and selling assets from their estate can help with these payments. To sell an asset from your parent's estate, you need a legal authority called probate. 

Probate allows you to act on your parents’ behalf as their representative in court. The probate process varies depending on where you live.

If You Didn’t Live in Your Parents’ Home

In order to prove that you are living in your parents’ home without permission and thus have legal title, you must have openly occupied and used it as your own for five years or more prior to making an offer on it. 

The process can take several months to complete, but once ownership is transferred into your name, you can then legally sell it. 

If you do not wish to live in or keep your parents’ property, you can sell it immediately after paying off any taxes and mortgages owed on the property.

If There Are No Heirs to Your Parents’ Home

An heir with an interest in your parent’s home may ask you to sell it for them. If there are no heirs or they decline, you can choose whether to sell it yourself or try to find someone else who wants to buy it. 

If you don’t have time or expertise, consider hiring an appraiser, estate-sale company, real estate agent, and attorney. Some attorneys might even offer package deals where they handle everything for a fixed fee.

Hire an Estate Lawyer

If you’re not sure what to do with your parent’s house, it might be tempting to just sell it right away. But selling a home without a will could lead to some complications, so your best bet is to consult local estate lawyers before you make any rash decisions. 

An attorney can help you navigate everything from taxes and probate to how much control over decision-making rights your other family members have.

If your parent died without a will, it’s important to know what you can and can’t do with their property in order to avoid serious legal consequences. Keep this information in mind as you determine the best next steps in selling your family home.

Benefits of a Home Loan for Women Homeowners

In recent years, an increasing number of women have become an integral part of the process when making home purchase decisions. 

Coupled with financial independence, they have been contributing equally to home loan repayments, whether as single/main applicants or as co-applicants. 

They have a distinct edge while negotiating favorable terms, the rate of interest, and processing fees with banks and lenders. Home loans, especially, aimed at female house owners are a huge cost-saving opportunity and hold numerous advantages.

Home Loan Benefits for Women Home Buyers

There are several benefits attached to a home loan if it is availed by a woman. Here are some of its merits:

1. Higher loan eligibility - If earning women apply for a home loan with their spouses as co-applicants, their combined income increases the home loan eligibility. This offers them more flexibility in choosing properties and they can even opt for a bigger house.

2. Longer repayment tenor - Home loans for women are offered for a longer tenor. This, automatically, lowers the EMI and helps them make the repayments comfortably. 

Additionally, they can meet all their commitments and regular expenses without feeling the burden of the monthly EMIs, utility bills, credit card bills, etc. 

They also benefit from making foreclosures and part payments on their loans without incurring any penalty or other charges.

3. Lower interest rates - Many financial institutions have low-interest loans for women applicants. A lower rate of interest impacts the EMIs significantly and you can also use Home Loan EMI Calculator for calculating your monthly EMI which helps to make bigger savings over the entire loan tenor.

4. Income tax benefit - If the husband and wife jointly apply for a home loan, they can enjoy more tax deductions on the loan repayment of the principal and the interest amount. 

Individually, each can claim a maximum rebate of Rs.1.5 lakh on the principal (under Section 80 C) and Rs.2 lakh on the interest (under Section 24) components of the EMI. 

Together, they can avail of combined tax benefits of Rs.3 lakh on the principal and Rs.4 lakh on the interest of their home loan. This amounts to significant tax benefits.

However, the actual tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of the principal and the interest, subject to the mentioned limits.

5. Lower stamp duty - To encourage female home buyers, many state governments charge 1-2% lower stamp duty from women property owners. 

This enables them to save a considerable sum on their home expenses. So, if a borrower opts for a house worth Rs.80 lakh, she could easily save Rs.80,000 to Rs.1,60,000 in stamp duty exemptions.

6. Better chances of home loan approval - Market trends indicate women have better savings potential as compared to men. They avoid unnecessary debts, make sound financial decisions, and have lower default rates. 

All these factors establish them as more responsible borrowers. Lenders, therefore, are more inclined to offer home loans to female borrowers with attractive loan terms and specialized schemes.

7. Pradhan Mantri Awas Yojana (PMAY) - Under PMAY, house owners belonging to EWS, LIG or MIG sections of the society can claim government subsidies up to Rs 2.67 lakh on the principal amount of their home loan. 

The subsidy amount is given upfront on the principal outstanding, thereby lowering the interest component. It is, however, mandatory for a woman to be either the sole or joint owner of the property and preference is given to female applicants, especially, widows and single women.

Eligibility Criteria for Women Home Loan Borrowers

Like any other home loan applicant, female loan applicants must meet the eligibility requirements laid down by the lender. Both salaried and self-employed women can apply for a home loan. The eligibility criteria include:

• The applicant should be a residing citizen of India.
• In the case of a salaried woman, she must be between 23 to 62 years of age, while self-employed ladies should be between the ages of 25 to 70 years.
• She must have a minimum work experience of at least 3 years if she is salaried. And, self-employed women should have a business continuity of at least 5 years.
• She should have a credit score of 650 and above.

Interested applicants can, further, check their exact home loan eligibility by using a home loan eligibility calculator online.

Documents Required for Home Loans for Women

The documents necessary for a home loan may differ with each lender. But, the common set of documents that are, usually, required can be summed up as follows:

• Proof of identity - PAN card, Aadhar card, Voter ID, valid passport, driving license, etc.
• Proof of residence - Aadhar card, ration card, copy of utility bills like telephone bill, water bill, electricity bill, and so on.
• Proof of income - Latest salary slips and Form 16 (salaried applicants), P&L statements, TR documents, proof of business (self-employed applicants).
• Other documents - Passport size photographs, duly filled form, and bank statements.

This list is indicative and borrowers may have to furnish other documents, as and when required.

Summing Up

The benefits of a home loan extended to women save on costs associated with buying a house and expedite the entire loan approval process. They also reduce the burden of EMIs. With favorable government laws and the support of financial institutions, women can enjoy homeownership even more easily.

How to Save Money and Plan for Your Financial Future

Living from paycheck to paycheck is a leading cause of stress among much of the population. There are surveys that indicate nearly 50% of Americans would have trouble coming up with the money to pay for a $400 emergency.

This is not a good recipe for financial success. That's why saving money is so important.

Make Saving Automatic

David Bach popularized the concept of the latte factor, which suggests cutting out mindless spending to build wealth over time. While that is perhaps his most famous recommendation, he also encourages people to make their savings automatic. 

Signing up for automatic withdrawals to a savings or investment account is a great way to make sure the money actually gets saved. 

People who wait to save what's leftover at the end of the month generally have no money left over to put toward their long-term goals. Therefore, paying yourself first is a necessary step to start building some savings.

Consider a Credit Union

When most people think of where they might put their savings, a large commercial bank might come to mind. However, credit unions are also a great option. 

Some companies, like Credit Union of Denver, know that these financial institutions run just like a bank. They offer loans at competitive rates, and they also have accounts that allow for savings and investments. 

Sometimes, these accounts come with better interest rates for savers. Members run credit unions, rather than shareholders who may or may not use a commercial bank's services.

Track and Trim Expenses

Many Americans spend mindlessly. Sure, there are bills that you'll have to pay monthly that stay relatively stable. These include things like rent, car payments, and food. 

There are other expenses that are completely unnecessary. Going out to a movie theater every weekend and eating out for lunch every day can get expensive. 

Tracking these expenses and trimming them back a little could put $100 or more back into your budget every single month. Over time, what might not seem like a huge sum of money could grow into a significant nest egg.

Make More Money

There are several options for making more money. The easiest might be simply asking for a raise. It can also pay to do a bit of job-hopping. 

Sometimes, switching employers can lead to some pretty hefty pay increases. Another option is starting a new side hustle that can bring in a few bucks. 

Over time, a side hustle might turn into your primary income, which means that it doesn't hurt to start one.

Putting some money away for emergencies or for the future is key to your financial health. That's why it's important to make savings automatic. 

Taking these tips into consideration can be a great way to increase your financial freedom over time. The earlier you start, the more likely you are to succeed in stashing some cash for your long-term goals.