How to Afford a Mobility Scooter in Your Old Age

If you're a senior citizen with mobility issues, a scooter can drastically improve your quality of life. Not only can it serve as a source of physical comfort, but it can also help you feel better emotionally by increasing your confidence in outdoor spaces. Since they can get expensive, however, you might need help affording one.

Here are a few tips for reducing the cost of a mobility scooter.

Government Assistance

If you're disabled, the Australian government offers assistance through the National Disability Insurance Scheme (NDIS). This program is designed to help individuals with disabilities who can't afford the cost of living with their condition on their own. 

You'll need to meet certain requirements to receive a mobility scooter since they're considered a "specialized" and "complex" piece of assistive technology. Still, if you meet the criteria, it'll be provided for you at low or no cost. NDIS might also cover repairs and replacements needed in the future.

Grants

Outside of the government, there are also advocacy and charity groups that offer to fund senior citizens in need. Some, including the Australian Seniors Technology Grant, give money directly to seniors. 

Others are aimed more toward businesses that serve the elderly, but if you're a member of any church, charity, or community program, it might be worth bringing these grants to their attention. They could use the Grants for Seniors program to fund mobility scooters for everyone in your area.

You can also reach out to advocacy groups like the National Disability Advocacy Program (NDAP) to see if they can connect you with any grant-giving programs in your city.

"Pay Later" Platforms

A growing number of "buy now, pay later" platforms are available in Australia. These include Afterpay, Zip, Klarna, and PayRight. When you utilize these services, you can purchase big-ticket items for only a fraction of the cost, leaving the rest billed to you in small, regular installments. 

Depending on the service that you go with, you can make payment plans that last anywhere from 3 - 36 months. Just know that every service is different, so their terms will also differ. 

 

Afterpay has a maximum purchase limit of $2,000, which will only cover the lower end of mobility scooters. By contrast, PayRight has an upper limit of $20,000, but it requires a credit check.

Mobility scooters can get expensive, but they don't have to be unreachable. Even if they're outside your typical budget, you can use these tips and tricks to reduce costs to something more manageable. Good luck!

What Factors Should You Consider when Applying for a Home Loan?

Buying your ideal house necessitates a significant financial commitment. A house loan can help you buy the home of your dreams. With interest rates at an all-time low, the home loan industry is humming with many appealing offers from multiple banks and financial institutions

Even if an offer entices you, you must exercise extreme caution when choosing a house loan. A minor blunder can have disastrous ramifications for your financial future. Several banks now provide home loans with interest rates as low as 7%. 

However, interest rates will not remain steady indefinitely. Bank interest rates are influenced by a variety of things. In this article, we take a look at all the factors that one must keep in mind when applying for a home loan.

Credit Rating

Your credit score is a crucial deciding factor in whether or not you will get approved for a home loan. Your credit score is a numerical assessment that measures your ability to repay your loan. 

It's a measure of your financial well-being. In basic terms, it demonstrates how diligent you have been in repaying previous bills and credit card payments. Financial companies want to lend to those who have a good credit history. 

A good credit score will help you get approved for a loan more quickly. For obtaining a loan, a credit score of 750 or more is considered good, while anything under 700 is considered bad.

Existing Debt Obligations

You have many loans, and credit card payments due are not an issue. When you apply for a loan, however, consistently missing your EMIs, repaying after the due date, and fluctuating payment of your credit card bills all cause anxiety to the lender. 

Your chances of getting a loan will diminish if the lender notices a pattern. To be eligible for greater sanction amounts at competitive interest rates, it is recommended that you pay your EMIs on schedule and settle any outstanding amounts.

Processing Fees

To process your loan application, the lender will charge you a processing fee. Since most banks and housing finance businesses impose processing fees as a fixed percentage of the loan amount, the processing fee is determined by the loan amount. 

A home loan processing charge typically ranges from 0.5 percent to 1 percent of the loan amount. Some lenders, on the other hand, charge a fixed processing cost regardless of the loan size. 

Because house loan amounts are typically large, even a little percentage change can make a big difference. Make sure to go with the lender offering you the best terms and conditions and the lowest processing fee.

Job Security and the Number of Dependents

Banks pay special attention to applicants who have a higher number of dependents. The more dependents you have, the less likely you are to get approved for a loan with lower home loan interest rates. 

Lenders assume that as the borrower's monthly paycheck is spent more on dependents, the borrower's loan repayment capacity reduces, resulting in late or missing EMIs. Stable employment and consistent income help to create a positive impression.

Type of Interest Rate

When getting a home loan, one of the most significant decisions to make is to carefully choose between the two interest rate plans available in the market: floating and fixed.

In the case of floating interest rates, interest rates fluctuate over time in response to changes in the RBI's base rate and general market conditions. 

Floating rates are typically 1% to 2% cheaper than fixed rates, allowing for long-term savings. If a drop in interest rates is projected soon, this choice is appropriate.

In the case of a fixed interest rate, the interest rate does not fluctuate over time. When the economic climate indicates that interest rates will rise, this alternative is appropriate.

A fixed interest rate is preferable for a loan with a short term (less than 7 years). If the loan is for more than 15 years, it is best to accept a floating rate loan because you cannot forecast changes over such a long time. Finally, based on their suitability, an applicant must pick between floating and fixed interest rates.

Insurance for Home Loans

Home loan insurance, also known as loan cover term assurance, is a form of insurance plan that protects your family financially in the event of your untimely death. 

In the unlikely event that something goes wrong, the insurance provider will return the outstanding loan amount for which the insurance cover was obtained. This assures that your family will not be burdened financially by overdue dues. 

Many banks and home finance businesses require the purchase of a loan cover term assurance plan to avoid defaults in the event of a disaster.

Understand the Laws Regarding Foreclosure

Keeping a close eye on the shifting RBI rules could benefit you on several levels. You avoid paying any additional fees by foreclosing your home loan by repaying the outstanding amount shorter than the agreed-upon deadline. The sooner you pay off your debt, the better your credit score will be.

Before applying for a house loan, it's critical to double-check your eligibility and other criteria. If you plan to apply for a loan, we recommend keeping the above factors in mind as this will help you close the best home loan deal.

What Are Your Options After Declaring Bankruptcy?

When you've suffered from financial hardship, bankruptcy can offer relief after you've accumulated a significant amount of debt that you cannot repay.

Although bankruptcy may give you hope for the future, it can still cause you to feel limited. It's important to understand your options after declaring bankruptcy to ensure you can regain control of your finances.

Begin Saving Money

Start saving money in an emergency fund that you can use on a rainy day when you need car repairs or have an unexpected hospital visit. 

The money you save can give you the necessary funds and help you avoid going back into debt. Building a budget will also allow you to determine how to spend each dollar that you own and can avoid overspending.

Hire a Legal Professional

Hire a bankruptcy attorney to navigate the legal process after you file for bankruptcy to avoid mistakes that can affect your future. A legal professional will review the details of your situation and can determine the best chapter to file, depending on the amount of money you owe. 

They will also deal with the creditors that continue to contact you, which can allow you to avoid excess stress and avoid receiving more phone calls in the future.

Build Your Credit

Rebuilding your credit is necessary to increase your borrowing power when you want to purchase a vehicle, home, or open a credit card in the future. 

Increasing your credit score is possible by disputing any discharged debt that isn't accurate on your credit report. You can also pay off new balances on credit cards and monitor your credit report online each month.

Create Financial Goals

Creating financial goals can allow you to improve your financial standing and learn from your past mistakes. It also gives you a realistic timeline for how long it will take to rebuild your financials, such as credit history, wealth, and debt. 

You may want to save enough money for a down payment on a house or go back to school, making it necessary to consider where you want to be in the coming years to ensure you remain motivated and avoid making mistakes with managing your money.

Once you learn about the options available after you declare bankruptcy, it can be easier to discover the right path to take and recover. 

Obtaining assistance from an expert can make it easier to know the correct steps to take and avoid staying in a poor financial situation.

Ideas to Make Financial Data Monitoring Easier

Financial data monitoring can be complex and have a lot of moving parts, which can make it intimidating to approach. As technology becomes more advanced, there are several ways to make your financial data monitoring easier to ensure you have more control over it.

Here are a few ideas to get started to ensure the financial data is more of a benefit to your organization.

Automate Manual Data Entry

Requiring your customers and colleagues to enter all of their information can reduce the amount of time that you spend manually entering the numbers yourself. 

You can also hire a team of remote staff to input all of the details of each sale while issuing invoices to your customers for increased efficiency. 

This will allow you to remain in control of your finances and can still prevent customers from viewing sensitive information or data.

Consider How You Grab Data

Using a cloud-based accounting solution can prevent your data from sitting on a server and allow it to be easier to access at any time when you're not in the office. 

This is easy to do by allowing individual access to the main dashboard where all the information is in one place, which your leadership team can utilize.

Use Spreadsheets

When using your accounting software, integrating different spreadsheets in the programs can allow you to save time because you don't have to transfer all of the data. 

This can allow you to have a more automated process and still keep your data secure without spending time manually re-keying the information.

Use Automated Bank Fees

You can have a more accurate view of the finances of your organization by implementing automated bank fees. Connect your business bank accounts to your accounting software to have a clear overview of your bank transactions and finances to ensure you're more organized and can see everything in one place. 

This will allow you to save time and energy by avoiding manual reconciliation throughout the week.

Use Live Earnings Transcription Software

Utilizing live earnings transcription software will allow you to understand what is discussed without confusion or a lack of clarity. 

It can save you time during your earning seasons and let you know what’s going on with your earning data in real time when you have multiple calls and don't want to overlook any possible management remarks. 

You'll also be able to track price spikes or drops and quickly search for key mentions.

After you discover the different ways to monitor your financial data more efficiently, you can improve your operations and take the guesswork out of decisions you make for your organization. 

You can also save a lot of time with automated processes that help you to have more control over your company's finances.

What are the best short-term investment options?

Several short-term investments are designed to provide significant returns over a reasonably short period. Specifically, these plans are designed to meet the expenses expected to occur shortly, and you can start investing in short term investment options with a minimum fixed deposit amount.

It is common for investors who are more inclined towards short-term investing options not to be interested in waiting for years to see their money multiply many times over rather than waiting for long periods. As a result, they are more interested in quick and effective results with minimum fixed deposit amount.

One can expect optimal results from short-term investment plans to meet one's financial goals and minimum fixed deposit amount. Still, it will not produce massive results as long-term investment options. 

Short-term investment plans have a lower risk profile because of the minimum fixed deposit amount than long-term, which is why many seasoned investors are attracted to them due to their lower risk.

Listed below are a few options for the best short-term investments

Savings accounts

Having a savings account is one of the easiest and safest methods by which you can easily access your money. There is mainly a concern here with liquidity, not so much with earning. A standard savings account return does not exceed 4% to 7%.

Liquid Funds

The purpose of these mutual funds is to invest in short-term government certificates, and securities of deposit with a minimum fixed deposit amount to increase the return on investment. 

It is safe to enter and exit these investments anytime as they are secure. Investing in liquid funds can yield an expected post-tax return of between 4% and 7%. 

There are a variety of liquid funds that investors can use to park money for as little as one day, as much as 90 days, or even beyond.

National Savings Certificate

Investing in a five-year postal NSC is also an option if you are confident that the goal will be achieved precisely five years from now. Under Section 80C of the Income Tax Act, you can claim a tax deduction, but the interest will also be taxed.

Arbitrage funds

The term arbitrage fund is also known as equity mutual funds, and if a fund is held for more than a year, it is more tax efficient. They are estimated to give approximately 8% of interest after paying the tax.

Fixed maturity plans (FMPs)

This type of investment has a lock-in period of a minimum of 3 years and works like a fixed deposit at your bank. Although they are more tax-efficient, you can expect better returns when investing in them than a fixed deposit.

Short term funds

A short-term fund invests in securities that are expected to mature within 1 to 3 years. As the maturity of securities in these funds is higher than those in ultra-short-term and liquid funds, they are a bit riskier. 

There is no difference in taxation between debt funds and other types. It is essential to remember that banks offer deposits with a range of timeframes, starting with a minimum of 7 days.

Recurring deposits

It is a type of secured investment that can be used by people minimum fixed deposit amount who are not interested in investing in a lump sum but instead would like to invest monthly. RD can help in making a better retirement investment strategy. Regarding RDs, you can either use postal RDs or bank RDs; typically, banks offer RDs for minimum tenures of 6 months to a maximum tenure of 10 years.

Debt Mutual Funds

Most of the money in these mutual funds is invested in debt instruments such as government bonds, commercial papers, treasury bills, corporate bonds, and similar investments to other money market products. 

Those who are risk averse and are looking for better returns in the short term with a minimum fixed deposit amount can benefit significantly from this type of short-term investment.

Options for Keeping Your Home When You're Behind Mortgage Payments

If you're behind on your mortgage payments, you might feel anxious about what will happen to your home. While it's true that you could face foreclosure if you don't catch up on your payments, some options might help you keep your home.

Work With Your Lender

If you demonstrate the willingness and ability to make regular payments, your lender may be willing to work with you to develop a payment plan. 

This could involve making smaller payments over a more extended period or temporarily suspending payments until you can get back on track.

Get Help From a Housing Counseling Agency

Housing counseling agencies are organizations that provide free or low-cost assistance to homeowners who are struggling with their payments. 

They can advise budgeting and money management, help you negotiate with your lender, and connect you with other resources to help you keep your home. 

Housing counseling agency assistance is often available through government-sponsored programs, so be sure to ask about this when you contact an agency.

Consider a Loan Modification

A loan modification can involve changing the terms of your loan, such as the interest rate or the length of the loan. This can make your monthly payments more affordable and help you get caught up on what you owe. 

Another option is to refinance your loan. This can also help lower your monthly payments and make it easier to afford your mortgage.

Refinance Your Loan

This means taking out a new loan with different terms to lower your monthly payments. This can be a good option if your financial situation has changed and you now have a steady income. 

Another option is to negotiate with your lender. This involves working out an agreement where you make smaller payments over a more extended period. 

This can also be a good option if you're experiencing temporary financial difficulties. Finally, you may also be able to sell your home and use the proceeds to pay off your mortgage.

Sell Your Home

Selling your home will allow you to pay off your mortgage and any other debts associated with the property. It can also provide you with a fresh start financially. 

However, selling your home is not always the right choice for everyone. If you're attached to your home or think you can eventually catch up on your payments, you may consider other options.

By understanding your options, you can take steps to keep your home even if you're behind on your mortgage payments. You can avoid foreclosure and keep your home with effort and financial assistance.