Finance

Saving money for a house with an average paycheck seems like a herculean task.

Buying a house in this era is still a dream for many individuals. The cost of real estate properties is mounting with each passing day making it difficult for a common man to even think of making this big purchase.

No doubt there are so many funding options available nowadays to buy properties. However, you have to put a certain amount of money against its down payment. People who are unable to save money often take out loans for bad credit with no guarantor and use this fund to make the down payment.

Residential properties come with skyrocketing price tags. This makes it impossible for many people to move forward with their purchasing idea. But with a sturdy financial plan and disciplined approach, you can easily save up enough money for a house down payment.

This blog will enlighten you with some tricks that are easy to follow that will help you set money aside for a down payment to purchase your dream house.

How much money do you need to save for a house down payment?

Having money is necessary for those who are looking to purchase a house. Some people may know the amount needed for the down payment, but some might have no clue.

Many people drop the idea of purchasing a house as they feel that arranging a 20% down payment is unaffordable. However, some take 15-minute loans from a direct lender to use this money to put against the down payment.But many financiers don’t ask for this percentage of money.

• 3% or even less

Depending on the income and credit score of the person, they can get a conventional mortgage with a 3% down payment. If you successfully qualify for USDA (US Department of Agriculture) or VA (Department of Veterans Affairs). You can easily purchase a house even with a zero down payment.

However, if don’t qualify for either of them, then don’t think you are out of luck. Some states offer help to first-time buyers. You can ask for assistance near your locality to check whether you meet the required qualification.

• 20% is a myth

Many people believe that they are supposed to make a 20% down payment against purchasing a house. But it is not true. This myth came from PMI (private mortgage insurance) rule that many mortgage investors and lenders have.

If you can pay less than 20%, you will be required to pay for PMI. This insurance guards the lender if you default on the loan. Moreover, paying a 20% down payment will help you save money in the long run, but it is not a mandatory rule to buy a house.

• Your affordability

If you have just begun your home purchasing voyage, then knowing how much you can afford is a good step. Once you figure out this factor, you will get a realistic amount you need for your down payment.

Tips to save money for a house down payment and lower the credit burden

By reaching this point, you might have figured out the amount of money you need to save for a house. Now it’s time to start saving it.

If you have already started saving then you can use the below strategies to increase the amount to have a good percentage of down payment.

• Better budget

The primary step involved in the process of saving is budgeting. If you cannot track where your money goes every month, then it is impossible to set aside cash for the down payment.

Budgeting helps you know what amount of money you bring every month. This figure should also include your spouse’s income if they want to contribute towards a house down payment.

Take out your bank statement and payments of all your credit cards. Check areas you are primarily spending your money.

• Categorize spending

Jot down how much money you spend on essentials like utilities, food, rent, mortgage, etc. Check what figure you are spending on unessential like restaurants, entertainment, etc.

You need to categorize your spending into necessities, and non-essential, then look wherever you can cut back. Set a budget for each of the categories and consider sticking to them.

You can also use a budgeting app that is available in bulk online. These apps can help you automate the whole process. It will not make any mistakes you might make while calculating your expenditures.

• Practice downsizing

Downsizing is among the fastest ways to save money for the down payment. A downsizing process helps you minimize your expenses and live within your means while saving money. When you practice this, you follow the rule of spending money on your needs only.

You spend money on necessities and divert the maximum amount of money towards your savings account.

Moving to an inexpensive or smaller apartment, selling unneeded things, or shifting to an affordable locality are fantastic techniques to practice downsizing. Many people practice this process when they plan to make a big purchase.

• Working on behaviour

If you reduce or wholly cut a bad spending habit, then you can put aside a significant percentage of your dollars from your paycheck. Consider eliminating the following bad habit to divert your money towards your savings.

• Impulsive purchase: If you are prone to impulse buying online or in person. You should abandonsuch habits. Consider unsubscribing from emails that persuade you to buy things randomly.
• Going out: Eating out feels great. Nobody denies it. But it is not suitable for your wallet. Cook your meals at home instead of ordering them from a restaurant.
• Monetize assets

Buying a house is not an instant decision. You must start at least 2-3 years ahead of the time to save for your down payment. But if you think you cannot wait for these many years, then you should explore your assets and consider monetizing them to pay your down payment.

For example, if you have fixed deposits, you can either liquidate them or borrow money against them. You can also borrow against policies like life insurance, depending on the terms of the insurance company. Also, you can withdraw some money from your EPF (employee provident fund).

Try avoiding credit cards to arrange for the down payment as it has a high-interest rate. These can create a heavy financial burden in the long run.

Take away

The amount of down payment depends on the property you select. It can go around a few pounds or thousands. It is always recommended to do some research about the property prices around the location you are planning to buy a house.

The research will help you get a good idea about your preferences that fall under your budget or not. You can move ahead with your plan accordingly.

Start saving money at the earliest. The sooner you start a large amount of money you will be able to save for the down payment. Understand your money and manage it well. With the right approach and a few adjustments, you will be able to purchase the house this year.

Gold is one of the most valuable metals. With Indians buying tonnes of gold every year, India made it to the list of largest consumers of gold in the world. Almost every household invest in gold at some point. Much of its popularity stems from the fact that it holds great value even in the face of inflation. So, it is the safest form of investment. People also buy gold to use it as collateral and secure loans in the future to meet their financial requirements. With the attractive Muthoot gold loan rate per gram, you can easily make payments without putting any burden on your budget.

Why is digital gold gaining popularity among younger generations?

Compared to physical gold, investing in digital gold is much more convenient and flexible. You do not need to visit any physical location to buy gold. You can buy 24k gold at market price and have the engine gold redeemed whenever you want to. The best part is that you can invest safely in the yellow metal from the comfort of your home – with just a few clicks on your computer.

Investment in digital gold 

Before you visit an online platform to buy digital gold, make sure you have adequate knowledge of it works. Here are the top points to get started:

• You can still buy gold if you do not have a large investment amount. You can invest in digital gold as low as Rs. 20, depending on your gold seller.
• You can buy gold based on its weight or specify the amount of cash you want to dispense.
• Keep in mind that the minimum amount of gold you can purchase is 1 gram.
• The gold you purchase online is stored under your name. However, the storage periods vary across companies.
• You can sell your digital gold and obtain liquid cash against these transactions. It also enables you to redeem your investment by getting the purchased gold in its physical form.

Reasons to invest in digital gold 

You must be wondering why digital gold investment has gained the interest of the young generation. The reason is that digital gold investment is one of the simplest wealth-creating opportunities, offering ease of access. Here are some of the top reasons to invest in digital gold: No restrictions: There is no restriction on how much you can invest in digital gold. You can start your investment journey with as small a purchase as you can afford. Assured quality: The benefit of digital gold investment is that it ensures the safety of buyers. You are guaranteed to own 24k gold only. Easy redemption: You can convert your digital gold into physical gold coins and bars. You can also avail of the return on investment in the form of liquid cash if necessary. Security for online loans: As a digital gold owner, you can use your asset as collateral and secure loans from the market. Your loan amount depends on the value of your digital gold in the market. With Muthoot’s gold loan rate per gram at its best, now may be the right time to access funds to meet your requirements. Enhanced safety: Unlike physical gold, you do not have to take any measures to ensure the safety of digital gold as it is not subject to theft or loss. Your digital gold is safe in secured vaults verified by the independent trustee. Transaction record: Another reason to invest in digital gold is that you can keep a proper record of transactions. For instance, if you are in doubt about past transactions, you can check them on your online application. This way, you can gain better insight into your investments. Opportunity to diversify investment: Digital gold investments allow you to balance or hedge your portfolio to reduce risk concentration. Instant updates on gold prices: It is worth noting that digital investment platforms are linked with real-time market changes. So, any changes in the gold prices in the market are immediately reflected in your app, allowing you to take advantage of the latest gold rates. No storage cost: Another benefit of investing in gold is that you can keep your gold in a secured vault for up to five years at no additional cost.

In short

Digital gold has been gaining tremendous popularity among young generations. The reason can be attributed to the fact that it offers a much more convenient way to invest in gold. Depending on the digital gold investment platform, you can get your gold delivered as coins, bars, or jewellery at your doorstep. The great part is that there is ensured purity, storage security, and flexibility to purchase gold with little money.

Financial Management is known as one of the important aspects of the business. One needs excellent knowledge to start or run a successful business. It generally refers to directing, strategic planning, organizing, and controlling various financial undertakings in an organization. It also covers applying the management principles to the financial assets of an organization.

Several objectives are involved in financial management, such as maintaining the supply of funds for an organization and efficient utilization of funds. The department of financial management department carries out numerous functions like calculating the required capital, investing the capital, allocating the profits, etc.

Smart money management brings more profit

Financial Management for business is important for various reasons. Some of the common reasons are assisting the organization in making critical financial decisions or helping organizations in financial planning. Financial Management refers to creating a plan that determines the required capital amount and the capital organization. Example – A lender that lends from its own capital needs to work out every budget aspect and capital management.

IF it serves the people looking for bad credit car finance in Ireland, it should work on an effective interest rate policy. Customization to customers with its own concerns of profit should work together. Here in this guide, we will briefly talk about the different roles of financial management in business progress.

Helpful in Capital Management

Capital Management is known as the financial strategy aimed to ensure the maximum efficiency in a cash flow of a company. An organization towards capital management aims to have an adequate means of meeting the day-to-day expenses as well as financial obligations in the short term.

Financial management lets you maintain a good ratio between the assets and liabilities of a company. An effective Financial Management can guarantee the business to handle its expenses and debts without any risk.

Vital for Financial Planning

Financial Planning is known as the process. It refers to a long-term method of wisely managing the finances of your business to achieve certain goals. Effective financial management lets you plan the finances for the business. If, as a lender, you want to offer no deposit car finance in Ireland or a lower interest payday loan, then it should have risk-bearing capacity.

When it comes to running the business, one needs to have a clear plan in mind. Financial planning is important to control the revenue and flow of funds of the organization. Financial planning involves several steps, including setting clear goals, smart budgeting, avoiding risks, and measuring growth.

Supports financial decisions and gives control

Financial decisions and controls refer to the policies, procedures, and means of monitoring and controlling the usage of an organisation’s financial resources. These controls are known as the core part of the resource management of an organisation.

Financial Management lets you manage the financial decisions and controls effectively. Financial controls involve cash flow maintenance, Resource management, Operational efficiency, profitability, and fraud prevention. Knowledge of the market is the best tool to make the right decision.

Ensures efficient utilization of funds

Effective Utilisation of funds is important for businesses to maximise the returns and minimise the cost of capital. It helps an organisation to grow and flourish in the long run if the funds are fully utilised. Effective utilisation of funds consists of various parameters, including working capital management, cash flow management, investment decisions, and utilisation of surplus.

The overall functions of financial management let you enable the efficient utilisation of funds. It includes financial reporting, fund procurement, fund utilisation, and financial control. Every penny is precious, and it should be taken seriously.

Ensures proper cash flow management

Cash flow management is important for every business to measure the cash position of the business. This includes inflow, outflow, and several other cash equivalents of the business for a particular accounting year. Cash flow is considered a vital tool of the company.

It includes short-term planning, providing the details about the overall expense, creating the excess cash, revealing the cash planning results, and long-term planning. Financial management helps to manage the cash flow effects of the business. With financial management, one can know the optimum level of cash balance and analyse the working capital.

Simpler prediction of upcoming market conditions

Financial forecasting is known as the financial plan, which estimates the projected expenses and the projected income of the business. A solid financial forecast or market conditions consist of macroeconomic conditions and factors specific to the organisation.

Businesses need to create effective financial forecasts or predictions. Financial Management helps to create effective business planning and financial forecasts to make better choices for the investments. To stay in the competition, predictions are vital.

Work on business statistics to detect the growth of business

Sometimes running a business can be a huge gratifying task, especially when working on business statistics. Financial management can help analyse the insights and let your work on the business statistics to detect the growth. Business statistics refer to the application of various statistical techniques and tools for decision-making. It involves the study of facts, dates, and figures.

In business statistics, the tools are used to get the relevant information from various areas such as production, marketing, finance, etc. With finance management, one can have the data available from all these respective departments, and hence the process can get easy to work on the statistics.

Stand strong against competitors

Well-planned financial management can also help businesses to stand strong against the competition. Generally, companies use various strategies, right from brand promotion or increasing production. But most businesses tend to underestimate the importance of financial management.

Effective financial management can help keep the additional funds secured for any new product launch or recover from any loss. Finance management involves the distribution of the funds at the right places and effectively managing them. Hence right financial management can save you from sudden losses and also re-establishing the business.

Conclusion

Financial management is a field to deal with financial decisions for businesses. It could be for the short-term or long-term goals of an organization.  It can ensure a higher return on invested capital without any financial risk.

A smart way to grow your money is to invest your money. Investment can be done in various instruments including equity shares, Mutual Funds,Public Provident Fund, gold ETF, Fixed Deposit and more. Before investing, you need to check the return on the investment, risk and liquidity of the asset. 

Fixed Deposit is a very lucrative investment option as it gives out interest rates regularly and has easy liquidity.

For stable returns over time, investors should look for investing in Fixed Deposits.

A bank Fixed Deposit is considered a safe investment option with the least amount of risk and highest form of liquidity.

A fixed deposit is an investment to grow your savings and earn a higher rate of return than a regular savings account. It is offered by banks and NBFCs (Non Banking Financial Companies). A fixed deposit has the lowest risk in the portfolio of investment. Money is invested in a fixed deposit with a lock in period and interest is given either at the end of the maturity date or as a regular payout.

Parking your investment in the correct Fixed Deposit in 2021 will ensure high fixed deposit returns on maturity and also a choice of regular interest payouts throughout the chosen tenure. 

To ensure high returns you must look for a FD scheme with a high interest rate payouts

You can calculate Fixed Deposit interest rates on Fixed Deposit interest rates calculators

For a lucrative return of Fixed Deposit Investment, banks with higher interest rates are a must. Bajaj Finance offers a money making return with an interest within the range of 5.65% to 6.50%. In 2021. Other banks including Bank of Baroda offers an interest rate of 2.80% to 5.25%, Citibank offers an interest rate of 2.40% to 3.50%, Kotak Bank offers an interest rate of 2.5% to 5.3%, IDFC Bank offers an interest rate of 2.75% to 6% and Indian Bank offers an interest rate of 2.90% to 5.25%.

Bajaj Finance also has lucrative interest rates for the senior citizens. It offers senior citizens the best FD Schemes ranging from 5.65% to 6.5% compared to other banks. Bank of Baroda offers an interest rate of 3.30% to 5.75% for senior citizens while Citibank offers an interest rate between 2.90% to 4.00% for senior citizens. IDFC bank offers the same interest rate of 2.755 to 6.50% to those above and below the age of 60. Kotak Bank offers an interest rate of 3.00% to 5.80% for senior citizens.Indian bank offers an interest rate of 3.40% to 5.75% for the senior citizens

For long tenures, Bajaj Finance stands out with a 6.75% interest rate while IDFC Bank offers 6.5% interest rate in the long run. While Kotak Bank offers an interest rate of 5.80% in the long run, Bank of Baroda and Indian Bank both offer an interest rate of 5.75% in the long run. Citibank in the long run offers an interest rate of 4.00%.

Bajaj Finance offers lucrative opportunities for investment in Fixed Deposit and Bajaj Finance Fixed Deposit is a proven solution for falling FD rates. Apart from offering high returns, Bajaj Finance Fixed Deposit offers a flexible tenor, lets you choose your interest payment mode, avail tax benefits and easy access to loan and lets you enjoy high credibility and stability. Customers also get an extra interest of 0.25% on renewing the Fixed Deposit. Senior citizens also get an extra interest of  0.25%  as an additional benefit. Along with the lucrative interest rate and convenient investment procedures, Bajaj Finance is also considered to be one of the safest investment options. It helps to grow your savings easily. When you make a smart investment in Bajaj Finance Fixed Deposit, you watch your savings grow.

India is perhaps the biggest purchaser of gold on the planet. According to the World Gold Council (WGC), the yearly gold interest in India from 1987 until 2016 has expanded by 804%. Also, the pattern doesn’t appear to pass on at any point in the near future. The valuable metal other than being utilized for mechanical, business and speculation purposes can likewise be utilized to get a credit at the hour of a monetary crisis. Indeed, the gold loan is one of the simplest and quickest approaches to get to reserves when it makes a difference the most.

Regardless of whether you have a low FICO assessment yet adequate measures of inactive gold in your storage, the gold loan can be the money related answer for you. With the developing notoriety of gold loan each year, know what gold loan is as well as how it functions, gold loan costs, gold loan interest rate and other related subtleties.

What is a gold loan?

The gold loan, likewise alluded as a loan against gold, is a gotten loan that a borrower takes from a loan specialist in lieu of gold decorations like gold adornments. The credit sum authorized to you by moneylenders is by and large a specific level of the gold’s worth. You can reimburse it through regularly scheduled payment after which you get your gold articles back. Dissimilar to other got credits, for example, a home loan or vehicle loan, there are no limitations on the end utilization of gold loans. So regardless of whether you need to subsidize a wedding, family get-away or your youngster’s schooling, it is an extraordinary method to meet your abrupt cash prerequisite. In addition, a ton of private and nationalized banks alongside NBFCs offer gold loan at reasonable loan fees.

How does gold loan functions?

The whole course of gold loan is very like other got loans. In this, you take your gold articles to a bank alongside the necessary arrangement of reports. The moneylender assesses the gold articles and checks the submitted archives. According to the assessments, the moneylender endorses the loan sum. According to the loan arrangement, you take care of the principal amount alongside the interest sum and get the promised gold articles back.

In the occasion that you have been dreaming for a particularly stretched out an ideal opportunity to have horses as a redirection, and since you’re obtaining more by doing CFD trading, this content was expressly creating for you. Contributing on new horse divider is way easier of late, because of the occasion and affirmation of web business. In case a very long time earlier you need to scout different stores and specialty stores just to ask express horse fencing, by and by with just couple of snaps you will discover which store gives you the easiest offer.More

When you need a small business loan, whether it is to fund the next phase of growth or to keep your business stable during an unexpected crisis, all you have to do is to consider whether you need to provide collateral. The lender is late in payment and unable to repay for any reason. If your company has few collateral assets, then finding an unsecured business loan maybe your top priority.

Steps to follow while applying for small business loans no collateral

Fortunately, commercial loans can be found that do not require collateral as a condition of approval. Before applying for any of these loans, it is important to do some research to understand what will happen.

To apply for small business loans no collateral, applicants can view and compare different loan options that suit business needs. Please follow the steps below to apply for a collateral-free commercial loan for your business.

Step 1: Fill in all required fields, such as required loan amount, employment status, total annual sales or quarterly sales, residence proof, business address, years of operation, collateral type, and mobile phone number.

Step 2: Check the box to agree to the terms and conditions. Some banks provide special deals or the best deals on the loan. If your lender provides, then check on the given box.

Step 4: After you provide all the information, a bank representative will contact you to continue the loan process.

Step 5: After the loan application is approved, the approved loan amount will be transferred to your designated bank account within a few working days.

Various public and private banks, NBFCs, small financial banks (SFB), regional rural banks (CRR), and microfinance institutions (MFI) provide MSME / SME loan interest rates based on several factors, such as loan amount, term, the type and duration of company ownership, as well as the applicant’s data, financial history, solvency, etc.

Must Read: Mistakes That First-Time Small Business Loan Recipients Make

Final Thoughts

The commercial loan application process for secured and unsecured loans is very tight. The lender must check all grounds before he provides credit to the company. The borrower can repay the loan in parts or in full.

However, when providing collateral, the lender must inspect the asset to determine its value. This can be time-consuming and difficult. Financial lenders give small business loans no collateral upon verification and documentation.

Not all business owners own assets, so they choose unsecured commercial loans. This makes it easy for business owners to obtain unsecured funds. Or, the lender will consider market opportunities and business plans when evaluating the business. This is a secured commercial loan transaction in which the lender grants the loan after the valuation of the asset provided as collateral.

Start-up companies without collateral can obtain unsecured loans. Financial institutions or lenders may not require collateral to approve unsecured commercial loans. The documentation for this situation is thorough and strict. However, if the borrower is unable to repay the loan, the lender has the right to recover its assets.

When you need a small business loan, whether it is to fund the next phase of growth or to keep your business stable during an unexpected crisis, all you have to do is to consider whether you need to provide collateral. The lender is late in payment and unable to repay for any reason. If your company has few collateral assets, then finding an unsecured business loan maybe your top priority.

Steps to follow while applying for small business loans no collateral

Fortunately, commercial loans can be found that do not require collateral as a condition of approval. Before applying for any of these loans, it is important to do some research to understand what will happen.

To apply for small business loans no collateral, applicants can view and compare different loan options that suit business needs. Please follow the steps below to apply for a collateral-free commercial loan for your business.

Step 1: Fill in all required fields, such as required loan amount, employment status, total annual sales or quarterly sales, residence proof, business address, years of operation, collateral type, and mobile phone number.

Step 2: Check the box to agree to the terms and conditions. Some banks provide special deals or the best deals on the loan. If your lender provides, then check on the given box.

Step 4: After you provide all the information, a bank representative will contact you to continue the loan process.

Step 5: After the loan application is approved, the approved loan amount will be transferred to your designated bank account within a few working days.

Various public and private banks, NBFCs, small financial banks (SFB), regional rural banks (CRR), and microfinance institutions (MFI) provide MSME / SME loan interest rates based on several factors, such as loan amount, term, the type and duration of company ownership, as well as the applicant’s data, financial history, solvency, etc.

Must Read: Mistakes That First-Time Small Business Loan Recipients Make

Final Thoughts

The commercial loan application process for secured and unsecured loans is very tight. The lender must check all grounds before he provides credit to the company. The borrower can repay the loan in parts or in full.

However, when providing collateral, the lender must inspect the asset to determine its value. This can be time-consuming and difficult. Financial lenders give small business loans no collateral upon verification and documentation.

Not all business owners own assets, so they choose unsecured commercial loans. This makes it easy for business owners to obtain unsecured funds. Or, the lender will consider market opportunities and business plans when evaluating the business. This is a secured commercial loan transaction in which the lender grants the loan after the valuation of the asset provided as collateral.

Start-up companies without collateral can obtain unsecured loans. Financial institutions or lenders may not require collateral to approve unsecured commercial loans. The documentation for this situation is thorough and strict. However, if the borrower is unable to repay the loan, the lender has the right to recover its assets.

The Internet has helped and tested the least difficult of selling experts round the globe. Various they enjoy taken benefit of the promoting advantages of the web, while some have made some intense memories managing the quick and flighty changes.

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The essence of knowing ” What is Forex Trading?” lie in every trader’s ability to utilize a suitable strategy to obtain a better profit. Thus, it is very necessary for us to know not just one, two or three of these strategies but most if not all of them. You may think that the previously stated thought may pressure you to dig into your trading reading materials and memorize every concept that you see. But hey! take a deep breath and relax. What we are trying to do here is not to immediately convert you into an expert forex trading strategist. We acknowledge the fact that learning is best when it is given in frequent small bites. With this teaching technique we guarantee that you are able to have a time to apply your newly learned strategy before finally moving into another set of new strategies to learn. So to start with, we shall begin with the most basic strategies that are applicable for newbies.

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Have you ever thought of what type of trading platform that you want to use? Are there specific qualifications on your mind? A trading platform like MetaTrader 4 (MT4) is a software that allows traders to buy and sell currencies or other financial instruments. There are different platforms to choose from. Each of these platforms is either offered for free by brokers or requires a minimum amount of trading activity every month.

It’s safe to say that these online trading platforms are beneficial in so many ways. One, it’s quick and easy to use. Two, it provides educational opportunities for new traders and investors. Here are the top 4 benefits of using a trading platform.

Access Market Signals From Professional Traders

Professional traders have drawn a line among other traders by giving out market signals. These market signals are very helpful in determining the right trading decisions. By following the actions of the professional trader, you will determine the right entry and exit points and use the right tools that are used by the professional trader. The trading platform lets you do this, the reason why many traders are choosing to use it instead of trading all by themselves.

Access to Demo Accounts

Another advantage of trading platforms is the trader’s access to demo accounts. It is a risk-free environment that allows you to trade without thinking of losing your trading funds. More importantly, if you want to test the capability of the trading platform, it is much better to use the demo account first because it provides a better understanding of how the entire process works. Things like opening a position or closing them, are just some of the things that the demo accounts can teach the trader. In the market, you cannot afford to hesitate because, in split seconds, you can lose a lot.

Access to Analytical Materials and Tutorials

Successful traders know the importance of knowledge in trading. For budding traders, any form of tutorials or trading forums will do you so many good things. With the use of a trading platform, you can access the wide range of tutorials available to traders for free. There are constant updates to these tutorials to cope with the changes in the Forex market. Analytical materials, on the other hand, are quite helpful in giving you insights about the market for you to be able to make the right trading decisions.

Following Top Traders

You can get exceptional ideas if you follow top traders. This will also help you increase your chances of obtaining success in the Forex market. These top traders are more knowledgeable and have vast experience. They are mostly the ones who have known the market better than you do. Through online trading platforms like MetaTrader, you can find these exceptional traders and you can even copy their trading style and moves. This part is beneficial to new traders as this will save you from having too many losses as you get to know more about trading in the Forex market.

It is wise to save for the rainy day because the wheels of fortune can change. When life is bright and one can afford, it is prudent to save a part of the present earnings for the future. It helps tide over unforeseen events that can wreak havoc or meet planned events that can herald joy. Once the decision to save is made, the dilemma is how to save. Bajaj Finance provides the answer through their best Systematic Deposit Plan.

Are You Safe If You Save?

It is not enough to just save. The saving has to be safe and equally important, has to grow. Therefore, it is important how you save and where you save, or else all you have planned for will come to nought. 

Bajaj Finance has the best Systematic Deposit Plan that combines both safety and growth. Safety emerges from the impeccable credentials Bajaj Finance commands. Growth stems from the attractive interest rate they offer when compared to FD interest rates today.

Mitigating the risks that lurk

There are seemingly enticing opportunities in the market, but one has to be mindful of the risks hidden behind inconspicuous fine prints, which read “returns are subject to market risks” or “past performance is not indicative of future returns”. Vagaries of the economy or the market can wipe out savings of a lifetime or render them woefully inadequate to meet your goals.

Market risks apart, the hapless investor has to be vigilant against wolves masquerading in sheep’s clothing. Fly by night operators are on the prowl to deceive investors of hard-earned money. Bank failures are not unique to India; even advanced western countries have not been immune to the disaster. Pedigree and credentials of the deposit-taker are, therefore, of paramount importance.

Bajaj Finance offers the best Systematic Deposit Plan that mitigates these risks because of their impeccable credentials.  

Impeccable Credentials

Belonging to the Bajaj stable founded by Jamanlal Bajaj in 1926, Bajaj Finance manages assets in excess of Rs. 1,47,153 crores (AUM) and enjoys the confidence of over 4,26,00,000 customers as per their Annual Report for ’20 – ‘21. Resultant economies of scale help the Company to extend the best FD interest rates today.

Deposit schemes of the company have been conferred MAAA (Stable) rating by ICRA and FAAA/ Stable rating by CRISIL. Hallmarked with the highest ratings by premier global rating agencies, Bajaj Finance offers the best Systematic Deposit Plan with the best FD interest rates today.

Best of Rate and Convenience

Bajaj Finance offers interest of 6.50% p.a. on deposits for periods from 36 to 60 months with 6.60% p.a. for online investment. Senior citizens earn 6.75% p.a. for the same period, whether invested online or otherwise. The interest rate offered by leading commercial banks for the identical period is only 5.30%. Thus, Bajaj Finance offers the best FD interest rates today, which is assured all through the tenure, insulated from vagaries of the market. This helps to plan for the future with certainty.

For those who cannot afford a lump sum deposit in a fixed deposit, the Systematic Deposit Plan helps build wealth through a monthly deposit of amounts starting from Rs. 5,000, the same way little drops make the ocean.

Of the two options available, under the Monthly Maturity Scheme, the period of each deposit remains the same and therefore, their maturity dates will be different. Under the Single Maturity Scheme, the period of each deposit becomes shorter so that they all mature on a single date. Deposits shall fetch the interest rate prevailing on the date of deposit for the applicable period. With provision for premature withdrawal and loan facility, Bajaj Finance has ensured that the best Systematic Deposit Plan does not lag in convenience.

The Bottom Line

Bajaj Finance offers the best Systematic Deposit Plan with the highest credit rating and the best FD interest rates today. Its user-friendly features make the best Systematic Deposit Plan simple and accessible to all, even to those who are not tech-savvy.

One of the better ways to earn through your savings is to invest in fixed deposit schemes. It is important for you to find fixed deposit schemes that offer an attractive interest rate because it is the interest rate that generates your returns at the end of the FD tenure. 

To find which FD plans offer good returns, you can use an FD calculator. FD calculator is an online tool that can be easily found on the internet these days. Some financiers have included such calculators on their website as well. You need not be an expert in computers to use this calculator as it is designed to be simple and user-friendly. 

You just need to select the customer category you belong to, enter the necessary details like deposit amount, FD tenure, FD type, etc. and the remaining task will be performed by the calculator itself. This calculator can also be used for the following things:

Finding an appropriate FD plan

If it is hard to come across an FD plan that is designed according to your requirements, it is better to use an FD rate calculator. This is because the FD calculator contains the gist of all the information that is required to analyze FD plan on the basis of their tenure range, deposit limit, interest rates, etc. 

Planning finances

If fixed deposits have a major role in your financial portfolio then you can make important decisions concerning your financial plans with the help of the FD calculator. This is because the FD calculator will let you know whether a particular FD plan is suitable as per your financial needs or not.

Many individuals like senior citizens rely on the interest payout of FD for covering their medical bills, utility bills, and other expenses. Hence, the FD calculator can be used by themto determine whether a particular FD plan will provide a good enough interest payout or not. 

Helps in decision making

Many financiers do offer a high interest rate but it is the FD calculator that will help you to find whether investing in a specific FD scheme will prove to be fruitful or not. This is because the interest rates vary with tenure and the FD plan you choose. 

If two or more financiers are offering similar interest rates then you can use this calculator to find the FD plan that is better in terms of tenure flexibility, returns, and other features. You can also use it to compare fixed deposit rates across different avenues like post office FD plans, bank FD plans, and corporate FD plans. 

However, no matter how efficient and useful a fixed deposit interest calculator India may be it is the FD interest rate that ultimately decides whether the returns are good enough or not. As bank FD rates are not up to the mark these days, you can invest in a company FD like Bajaj Finance FD. It offers an interest rate up to 7.25% and also comes with other impressive features that are described below:

• Monthly interest payout option 

If you are a retiree or senior citizen who is looking for a regular pension or salary post retirement then you can invest in Bajaj Finance’s non-cumulative FDs. The monthly interest payout option is available with the non-cumulative FDs and you can utilize it to manage your need for funds easily. 

Also, individuals above 60 are eligible for 0.25% better FD rate that can be utilized for earning better returns. 

• A credible investment

FD plans by Bajaj Finance is considered to be a safe option because they have received high ratings from CRISIL and ICRA. Therefore, your money is safe if you invest it in any of Bajaj FD plans. 

• Easy loans against FD 

You can get a loan up to 75% of your FD value by investing in any of  FD plans. This loan can be used for covering your immediate expenses like foreign trips, marriage of child, etc. The hassle-free online process of investment lets you book an FD conveniently and you also get a 0.10% additional FD rate for using the online FD form. 

All these options and perks have made Bajaj Finance FD scheme one of the most preferred FD plans in India. If you also want to take a closer look into the features and benefits of Bajaj Finance Fixed Deposit plans then you can visit the official website today.

Most often, freshers end up being confused when they get to know about their salary. However, it is imperative to have a clear understanding of salary, its breakups, and every component included in it.

Needless to say, words including CTC, basic salary, gross salary, allowance, reimbursements, tax deductions, employee provident fund, etc. usually lead to confusion for working individuals. If you are one of them, you are certainly in the right place now. We will help you learn how to calculate your salary and we are sure, you’ll be able to do it on your own after completing this blog. Also, HR managers should definitely know every point discussed below as they have a duty to help their new and existing employees when they come up with queries and doubts.

 

Let’s dive in.

 

Cost To Company (CTC)

Cost to Company, abbreviated as CTC is the total salary as well as benefits offered to a working individual in a year.

In simpler words, it’s the amount that an organization decides to give a person working for it.

It is important to note that Cost To Company includes a host of elements. A few of them are mentioned below:

• Basic pay
• Several allowances
• Reimbursements
• Other Elements like gratuity amount, annual variable pay, bonus, and much more.

In India, CTC is particularly used in the private sector to present the total remuneration of an individual.

You can use this formula:

CTC = Gross Salary + [Direct Benefits + Indirect Benefits + Savings Contributions] (or Deductions)

 

Elements of CTC

As mentioned earlier, Cost To Company includes many elements. Let’s talk more about them.

Take a look at the two vital elements of CTC:

• The gross salary, which includes basic salary, HRA, Several Allowances, and Medical reimbursement.
• Employee benefits, which includes EPF as well as medical insurance

In essence, CTC is a sum of Gross Salary and Benefits.

Talking about the Deduction bit, it includes Professional Tax, TDS, and EPF contributions. Simply put, we can say CTC as a sum total of Earnings and Deductions.

 

What is a CTC Calculator?

We are living in a digital era at present. Everything is fast these days. We can get anything and everything in just a matter of seconds. In such a scenario, manual CTC calculations can be a cumbersome task for many. Fortunately, we have a solution to this problem, i.e. CTC calculator. CTC calculator allows employees, HR managers, and payroll accountants to calculate the Net Salary to be paid to employees based on agreed CTC. Using a CTC calculator, a person can calculate his or her CTC in just a few minutes.

That’s it, we have come to the conclusion.

These are everything you need to know to calculate and understand your salary structure on your own. We hope this blog helped you to learn more about Cost To Company, its elements, and the CTC calculator. If you found this blog helpful, do not forget to share it with your friends who are starting to work.

Do you think you are well aware of the basics to create the kind of wealth you dream of? Most often the answer cuts for a sorry figure, and you just might be surprised how specific simple financial ideas and concepts might change your life for better, if and only if, you pay close attention.

Here are a few things to make you sit up and think before you plan your financial future.

Impact Of Taxes and Inflation on Earnings

You might wonder why we began with taxes and inflation instead of something like savings and investment. The reason is being that to save and invest successfully. You need to know about these two fundamentals and how they impact the outcome of your savings and investments in almost any form.

You might have saved a few your earnings at home in cash or set it aside in the form of a safety deposit or fixed deposit to be used later and to earn interest on your savings as well. However, any savings you decide to keep in your hand or a piggy bank are losing in terms of purchasing power due to inflation.

Similarly, your fixed deposit is earning you lesser than you think if you decide to factor in the impact of inflation on the interest earned annually. If you take care of inflation while planning your savings, you might save enough to help your kids buy their first car and save them the trouble of looking for small car loans.

On average, inflation grows at a rate of around 3 per cent annually. It needs to be taken into account when calculating how much you earned in terms of interest or profits on your savings or investments. Taxes are another major factor that impacts the outcome of your investments.

You need to know about all tax deductions to be made when choosing to withdraw your savings or investment. Usually, long-term investments attract higher tax benefits and tend to earn you more in that respect. For savings, if you put aside your money for a fixed term, it attracts fewer taxes in the longer term.

What Is Your Net Worth?

You might have heard about how much the net worth of some big companies increased on an annual basis. So what is this net worth and does have any relevance to you, personally? The answer is yes.

If you take all your assets, earnings, savings and investments put together and then deduct any liabilities and dues from it, what you arrive at is essentially your net worth. In simple words, how much are you worth in financial terms after paying off all your dues and taking into account your total wealth and assets.

You need not despair if your net worth does not account for much if it is at least on the positive side. It only means you have managed well enough so far to avoid falling into the trap of bad debts and perhaps maintain a good credit score as well. It indicates your finances are in somewhat a good shape and there is little chance of you looking for lending options like guaranteed car loans for bad credit and then hoping to find some way to hold things together.

If your net worth is near zero, it is still not that bad, and you need to work on your strategies for wealth creation if there are any as yet. If your net worth is in minus, then it is, of course, a cause for genuine concern and shows that you need to get your act together. Bad debts and poor credit score often make an appearance in such cases and need to be handled deftly to avoid falling into the trap of poor debt management worsening your financial situation.

Interest and the Effect of Compounding

You might think it’s a bit childish or almost embarrassing to talk about simple interest and compound interest or learn the basics as a grown-up. Well, you could not be more wrong. Most of the adult population chooses to turn a blind eye when it comes to the compounding of interest and puts their hard-earned money in any financial instruments or saving schemes based on how much interest they are paying. What they miss out on is whether they will earn simple interest or compound interest on your savings or investments.

In simple words, simple interest accrues interest ONLY on the principal amount for a specified period. On the other hand, compound interest works by allowing the investor to earn interest on principal AS WELL AS on the interest accrued annually. This slight difference in earning interest on the principal amount alone and earning interest on interest can significantly impact your level of wealth creation in the long term.

Compounding of interest needs to be kept in mind both while borrowing and lending or investing money. You need to borrow from a place where you get to pay simple interest, and you need to lend or invest where you get to earn compound interest as far as possible.

Conclusion:

You need to take stock of some fundamentals to plan your finances the right way. Here is an outline to get you started and looks a little deeper, read the fine print to understand things better and not be deceived by appearances when it comes to wealth creation.

A good budget is the right combination of essential and non-essential expenses, leaving aside savings for the long-term goals. Your primary focus remains on reducing the non-essential cost by cutting some amenities from life. However, many people enjoy the same lifestyle while increasing their savings with the help of bills negotiation.

It is the old-school strategy to convince the service provider to offer you some discount or special deal. You can leverage the existing relationship with them and save money. However, the strategy is not as simple as the service providers master the art of negotiation from their experience.

These are some tips to help you save money on the monthly bills with some negotiation and bargaining.

1. Set a Goal

Whatever the bill you target, you need to have a plan of action on carrying the negotiation. Start with the services you want from them. You may want to cut some services based on your current requirement as part of cutting the budget.

The customer representative will offer you the best plan if you have a clear idea of services. Research the market for the prices and deals to strong-arm the representative with a better price. You should convey the price constraint if you want the same set of services at a lower price.

2. Get an Offer from Competitors

The best way to ask for a lower price is to first get a better offer from the competitors. You will have some leverage in the negotiation as the current service provider will try harder to retain the client. These offers will act as a backup if the negotiation doesn’t go as planned.

There are certain charges involved with the installation and security deposits in services such as Wi-Fi and satellite television. Add them to the overall cost before comparing the plan. You can apply for doorstep loans in Ireland to cover the installation cost and save money in the long run.

3. Timing is Important

Only the senior representative or retention management has the authority to approve some significant discount on bills. Therefore, the negotiation needs to reach the upper management level to have better chances of success. And they don’t work 24*7 to answer calls from unsatisfied customers.

You must make the call during the weekdays between the office hours. These are generally 9 AM to 5 PM in any part of the world. Also, do not make negotiation call on weekends as the call volumes are too high.

4. Use Friendly Tone

A firm stand in the negotiation doesn’t require a jerky attitude from any of the parties involved. You need to ensure the tone is polite and friendly to make them understand your point. Calm yourself for the intimidating situation as the customer representative try to force a deal on you.

Say no to the offers you find unreasonable or below the expectations. They are doing their job to retain a client with minimal cost to the company. An emphatic behaviour will make them work with you to find a solution.

5. Explain the Situation

The service providers understand the financial problems of the customers as they are quite common. They don’t want to lose their valued customers over a small discount. Therefore, you can explain to them your condition, and they might turn out to be surprisingly helpful to it.

They might offer you payment extension over a small repayment. If not, you can apply for 24 hours loan in Ireland to manage the payments during a financial crisis. You will get a repayment extension with no extra charges if you cannot afford the instalment in any month.

6. Start with Cancellation Statement

Your negotiation should start with a statement with a definitive goal. “I want to cancel…” is the ideal communication starter during these kinds of conversation. Then you can state the reason for cancellation that is the higher service cost.

Ask for a lower price than you want once the conversation reaches the negotiation stage. It will take time to reach the middle ground, which should already be the price you had in mind. It is an age-old practice used to manage the negotiation.

7. Be Careful with the Words

Representatives are trained to manage the negotiation, especially the customers who want discounts. They have a script ready with answers to every question you might raise. Therefore, you cannot allow them to lead the negotiation with those scripts.

It is recommended to use power words such as “I want to save money” instead of offering the best price. Again, market research will help you find the price the service provider can permit after a lengthy discussion. Avoid words such as maybe, possibly, I think, or try as they show weak commitment.

8. Transfer Your Call to Retention Department

If the customer rep is not providing the right offer, ask them to transfer your call to the retention department. These are the people with authority to approve discounts to the customers only to retain them. They also provide a solution to the other problems considering the service quality.

9. Stop at the Right Time

An endless negotiation is a waste of time for everyone. You cannot expect them to accept your unrealistic price. Therefore, it is essential to know the moment when to end the negotiation.

There is no point in pushing the provider once they have a price that meets your expectations. They might offer the same price as the competitors but not lower than them. With the installation and other charges, it is better to retain them.

Conclusion

To sum up, you need to prepare yourself before dialling the number of your service provider. The negotiation is still a success if you end up paying a little more than the expectation.

 

Non-Resident Indians have brought almost $2 billion last year to make deposits in India to make higher returns as interest rates in most developed countries are at the lowest level. August 2020 has seen the highest number of deposits.

Non-Resident Indian (NRI) investors chasing for the ways to yield a decent profit on their surplus funds without being affected by stock market risks can invest in fixed deposit schemes designed for NRI customers. 

Let us discuss the process of opening NRI fixed deposits. 

NRI Fixed Deposit with NRO Account

An NRI needs to open an NRO (Non-Resident Ordinary) to maintain fixed deposits in Indian Rupees. An NRI manages his income originated in India in NRO account and these funds can be used to make deposits. 

Income earned outside India can also be deposited into NRO account. Through NRO account, all foreign currencies can be converted to Indian Rupee and then this fund can be used to make deposits. Investors will be able to withdraw funds in Indian currency, therefore there is no exchange rate risk involved. They can repatriate the interest amount. Bajaj Finance FDs are available for an NRI, Overseas Citizen of India (OCI) and Person of Indian Origin (PIO) with NRO accounts. 

The Double Tax Avoidance Agreement (DTAA) covers interest income from FDs in India.  Therefore, DTAA benefits are available for NRI investors. TDS is levied according to the rates specified in the DTAA to provide relief from paying taxes multiple times in the country of residence and India. The interest earned is subject to TDS @30% without any exempted threshold. There are some financial institutions that offer NRI deposits with NRE account also. 

How to Apply 

You just need to fill and submit your details in the Fixed Deposit – NRI Application Form, and you will receive a call shortly from a representative of the Bajaj Finance team. Details to be submitted are Full Name, Email ID, Country of Residence, Visiting Status in India and Deposit amount.

Features of Bajaj Finance NRI FDs 

1. Tenor 

NRIs can choose any tenor from 12 months to 36 months for their fixed deposits as per their financial needs.

2. Interest rates 

You can enjoy higher returns at an attractive FD interest rate up to 6.60% with the tax benefits under the Double Tax Avoidance Agreement (DTAA). For senior citizen NRIs, the rate of interest is up to 6.85%.

3. Source of Funds

An NRI is allowed to invest in Bajaj FDs only through Non-Resident Ordinary accounts. No deposits can be made using NRE accounts.

4. Multi-deposits Facility

NRIs are allowed to make an investment in multiple NRI fixed deposits using a single cheque.

5. Higher Safety and Credibility

You will earn assured returns with Bajaj Finance FD as it has the highest safety ratings in the industry – ICRA’s MAAA (stable) and CRISIL’s FAAA/Stable ratings.

6. Online Process 

NRIs can open an FD online following easy steps at the official website of Bajaj Finance. You need to make payment through a cheque or RTGS/NEFT through your NRO bank account only. No payment will be accepted through debit card, demand draft, IMPS or UPI.

7. Renewal 

Depositors can choose the option of renewal at the time of opening the FD account. Investors can enjoy additional interest rates of 0.10% over the applicable interest rate/card rate on auto-renewal of the fixed deposit.

8. Interest Payouts 

It is easy to manage NRI fixed deposit accounts. You can receive periodic interest payouts or receive total accumulated interest on maturity, as per your wish and needs.

The Bottom Line

Keep yourself from market fluctuations and take the advantage of the convenient online process to open NRI fixed deposit account at higher interest rates. See your funds grow even in the global downfall.

Income Tax is a direct tax paid by an individual on his or her earnings in a particular financial year. Such earning or income may be generated from salary or pension, profession or business, house property, capital gain, etc. It may include income from other sources as well, such as interest from fixed deposits, savings accounts, etc.More

Stock market is a really big game. People usually use to invest their money in various fields where they want to secure their future both for themselves and their family members. To get more return you need to invest your money on the AAPL stock where you can get more money from. Less investment will give more money as compared to investment money. But for larger cash need you need to take much risk and wait for longer-term years to receive. The stock market gives much more value which you have except the most over it. The stock market is the best choice for investing your money in a safer way on it. The stock exchange pays way to increases the stock market investment from it. More

Debt collection brings to you the opportunity to knock your debtor’s doors to repay the loan.

It involves a lot of legal formalities and documentation.

Debt collection companies in the USA are always there to guide you through the process of debt collection whether the debtor is in a local province or international area. 

If you are looking to get back your debt then you must be surrounded by clouds of confusion. So partnering with the European debt collection company makes the process easier and straightforward. 

Here are the most frequently asked questions about debt collection in France and what you must do if you encounter such a situation to save your business from the sin of blocked funds.

1. What payments are considered late?

The payment which has not been made after 30 days of being invoiced then it is considered late. There is a period of 60 days for business transactions to become due. 

For many businesses to start the credit period from the date of the invoice sent, concluding at the end of the following month. You can have different terms for your credit and the payment becomes late only after the expiry of this credit period. 

To avoid confusions you must send reminders to your debtor to repay the loan 7 days prior to the due date. Once the payment has not been made it’s important that you remind your debtor for the payment or set in a new procedure to recover the payment as soon as possible.

2. How should you charge interest on late payments?

If you want to charge interest on the late payments then you must make your debtors aware of it. You must do this in writing and add the rate of interest in the terms and conditions. 

You can set the rate of interest according to the statutory rate that is the base rate + 8% or you can have a contractual rate of interest for your agreements. In case it is totally up to you.

3. What should you do if the debtor changes his last known address?

If data is not reachable or you cannot contact the debtor through different ways like telephone, letters, emails. If you get a no reply then a debt collection company would help you out in this case. 

A debt collection company discovers the debtors and issues a solicitor specialist Letter Before Action(LBA). once the debtor is located and communicated with the debt collection company resumes its process of recovering the dues.

4. How will you be paid?

You will be paid according to the payment proposal. Your debt collection France partner proposes a settlement plan. If you settle for full payment including the cost and interest this is the best for your company because you get the largest possible amount. 

The debt collection company charges a large percentage of the funds recovered. When the debtor agrees to settle but not in full, this is known as the disputed payment.