Strategic Financial Solutions

5 Ways To Ensure Your Assets Are Safe

Strategic Financial Solutions

It doesn’t matter how good you feel about your wealth. It’s important to protect yourself from unforeseen events. Damages and lawsuits can bleed you dry. Since the society is becoming more litigious, your assets could become a target for those looking to make a profit. You need to be more proactive about the protection of your assets. It doesn’t matter where your assets come from. It’s important to stay safe from potential threats. Here are some ways you can ensure the protection of your assets.

Re-Consider Your Retirement Plan

Did you know that your retirement plan is protected by the federal government and the state government? Moving this money into your checking and savings accounts is a great way to protect it until you use it. Keep in mind that you can’t access these funds until you’re at a certain age to avoid fees or loss of assets. Discuss the details of your retirement plan with your lawyer regarding the laws of your particular state.

Release Your Ownership if Necessary

If you feel that your assets are at risk, you should eliminate the assets altogether. It’s best to transfer the ownership of your property to a trusted individual that will provide safekeeping. You also have the option to give the asset to a trusted family member, friend, or another individual. However, there are state and tax regulations depending on the cost of the asset. You should talk to a lawyer before releasing the ownership of your property to make sure you’re doing it right.

Review Your Asset Titling

Titling is one of the ways that property is seized. Look into your asset titling and determine if it’s the title of your home or other property. This will ensure if you’re protected. Since every state has their own titling exemptions, you’ll need to determine your state laws to find the best method for your situation. The best way to protect yourself and your family when it comes the ownership of your assets.

Invest in the Right Insurance

This is one avenue that most people overlook. There are so many professions out there that require more insurance than others, but it’s important to determine your coverage. You should have an insurance plan for each of your assets. This should include automobile insurance, health insurance, homeowners insurance, and life insurance. Speak to a local lawyer who can determine your current coverage to ensure you’re protected in an unforeseen incident.

Place Your Business Assets Under a Business Entity

If you have your own business, then you need to protect it as well. Separate your business assets from your personal assets. If someone goes after your business, this can trickle into your personal assets since there’s no define separation of the two.

This means that you should form a business entity such as C-corporation, general partnership, limited liability company (LLC), limited partnership (LP), sole proprietorship, and S-corporation. It’s the right step in the formation of your business and the protection of your business. Meet with an accountant or tax professional to determine the best business entity for your particular situation.

Protecting yourself and your assets are important. You shouldn’t put off these practices. The sooner you can evaluate your situation for any strengths and weaknesses, the sooner you’ll feel protected. Talk to a trusted lawyer and study the state laws, so you can ensure that your assets are protected.

Strategic Financial Solutions can help you manage all of your assets. Debt relief is also available to individuals and businesses. This company understands the needs of its clients and dives deep into their financial hardships.

Lance Advisors

The Differences Between Good Debt and Bad Debt as Explained by Lance Advisors

Not all debt is bad. That may seem jarring to some people, but it’s true. Businesses use debt all the time to growth their business and work their way to profitability. It’s no different in personal finances. 

What makes a debt good or bad has very little do with what kind of debt it is, whether it’s a credit card, student loan, car loan or mortgage. What makes it good or bad is how and why it’s used. 

Good Debt Defined

What makes debt ‘good’, from a purely financial perspective anyways, is if it is being used to generate more cash. Look at that debt as an investment. 

What is the investment and what is the expected return on investment? If you can answer that question, you can determine if a debt is good or not. 

For example, student loans could be considered good debt, since the idea is that you’ll get a degree that’ll ultimately get you a job. I’ll explain later why student loans can’t automatically be considered ‘good’ debt. But for now, you get the idea. You go into debt to get a degree and come out with a job with good future income prospects. 

Bad Debt Defined

On the other hand, maybe it’s easier to define what ‘bad’ debt is. Bad debt is when it is used for goods and services that are purely consumed without any expected financial returns. 

For example, you and your girlfriend go out to eat at an expensive restaurant and then go bowling and put it all on a credit card. Or maybe a more extreme example. You take a 3-week cruise around Europe and you put it all on a 20% APR credit card because you don’t have the cash to pay that trip off right away. That’s bad debt.  

There will be no financial return on that spending. It’s purely consumed.

Turning Bad Debt Into…

There are ways to turn really bad debt into not-so-bad debt. One way is to consolidate your debt with an organization like Lance Advisors. 

By consolidating, you can take your super high interest credit card payments and refinance them into something more manageable. Depending on what you spend it on, it may still be bad debt, but you chip away at the consequences of it by reducing your interest rates. 

Examples of Good Debt and Bad Debt

The following are some examples of good debt. Interest rates, terms and alternative sources of funding also play into this, but for now, let’s give you some simple examples. 

I already mentioned student loans because the idea is that it’ll help you get a higher paying job. Again, let’s talk about why that may not always be the case. 

If you go to a high-ranking public university and come out with $20,000 in student loans, that can be good debt if that gives you entrance into a career that eventually makes $100,000 or more. That is clearly good debt, and is seen as a wise investment in your future. 

According to research, bachelor’s degree holders make $32,000 more annually than non-degree holders. So, you can easily see how this is an investment. 

Another example is a mortgage. The fact is, you have to live somewhere. It’s either paying rent, which goes into a financial black hole, or you put it back into the equity in your home. 

Another example is a car. If you buy a reliable, reasonably priced car to get to and from work, that is good debt. If you buy a Maserati that you can barely make the payments on and you don’t have a job, that is bad debt. 

Even credit cards can be good debt. Let’s say you find a great opportunity to sell a certain kind of niche product and you can do it all online. 

You may use a high interest credit card to buy the initial pallets of product at wholesale. If you turn around and sell that inventory at a high margin and are able to pay back the credit card soon thereafter, that is good debt, even though it’s a credit card. 

Even if you rack up a high credit card debt, if it was to buy product that you’re selling for a profit, it can be good debt. That’s even more the case if you consolidate that debt with a group like Lance Advisors where you are also reducing your interest payments. 

I probably don’t even have to go into examples of bad credit card debt. These are debts accrued for purchasing concert tickets, fast food, or Netflix memberships. Any debt without an expected return is bad.

If you think about debt properly, it can work in your favor. But if you consistently go into bad debt, you’ll end up broke.

Gladiator Lending

Gladiator Lending Breaks Down the Types of Loan and When You Should Consider Them

There are many types of loans, and each one is useful depending on your needs. Before you take out a loan, it is important to understand this type of loans that you are trying to apply for. Understanding what these loans are for would help you decide which one you should take. Be careful about taking out too many loans, and make sure that you will be paying it back based on the terms and regulations of the financial institutions. You can also work with financial professionals or lending businesses like Gladiator Lending to help you understand the perfect loan for your situation.

The most common loans applied for by many people today are personal loans, student loans, business loans, mortgages, auto loans, and equity loans. These loans are further subdivided into different classes, each having its own pros and cons.

Personal loans are the most common types of loans applied for by an individual, and can be applied to any financial institutions. Personal loans are further divided into two types: secured loans and unsecured loans. People who are applying for a secured personal loan should offer one of their properties to become collateral, and it can be provided to those who have a poor credit history, or those who are applying for the first time. Unsecured loans, on the other hand, are provided based on someone’s credit score, and there are no collaterals involved.

Business loans are somewhat different and are used to fund a business and supply the capital funding needed to keep the business going. There are term loans, short-term loans, equipment financing, lines of credit, and small business administration loans. The terms loans should be paid before the deadline, or within a prescribed time. Short term loans require someone to pay their business loans for less than a year. Equipment financing is used to help those who wanted to invest in high-quality equipment for their business, and the equipment can also become collateral, for security purposes. Lines of credit have to be paid immediately, and it can be used to cover payments for emergency situations. Finally, Small business administration loans are provided by banks to those who own a startup and wanted a reliable source of funding to continue their operations.

Student loans are provided to those who would like to go to college but do not have the financial capacity to do so. With a student loan, the government will provide an individual who wanted to go to a college or a university with a loan that would help them pay their tuition fees, boarding, and other expenses incurred during their stay in an educational institution. Student loans managed to help those who came from poor families to graduate from some of the most prestigious schools in the country, but there are currently many students who are having difficulties in paying their loans.

Students often lack the management skill that will help them manage their finances. Those who are having issues with their student loans should work with professional financial advisors to help them repay the government. For those who are interested in applying for a student loan, they should work with a particular government agency that will redirect them to a website called the Free Application for Federal Student Aid, and further instructions will be provided.

Mortgages are another type of loan, used most commonly when someone is planning to buy his or her own home. There are two types of mortgages – conventional mortgages and government mortgages. The conventional mortgages are offered either as variable-rate or fixed-rate. Variable-rate depends on the real estate market performance, and fixed-rate will provide a steady rate depending on the length of the loan terms. Many people are applying for a mortgage loan because it is the easiest way to ensure they can purchase a property. Make sure to work with a financial institution that has the best deals when it comes to mortgages, like Gladiator Lending, which has quickly become one of the preferred providers.

Equity loans are divided into three types – home equity loans, home equity improvement loans, and home equity lines of credit. To understand how this loan works, think about a property that you have owned for years. The current value of the property minus the value of the property when it was purchased will be its equity value. Homeowners can use this loan for any purpose that comes into their mind.

Finally, there’s the auto loan, which is the fastest way someone could own a vehicle. Most banks offer auto loans, and you should look for the best ones that offer the lowest interest rates in the longest term possible. With an auto loan, you could immediately take out the vehicle that you wanted and pay for it monthly or depending on the terms and conditions that you signed for.

CHENOA-FUND

Financial Tools Loans Officers Should Discuss With Credit-Worthy Borrowers

CHENOA-FUND

Finance is one, if not the most important thing in our society, across every single nation. People are paid based on the value of their work, products, or services and most often trade hours of their time for a set amount of money based on what the market dictates. If you do a good job at work, sell valuable products and services, and have a well-defined plan for keeping, growing, and investing your money then you will need some financial tools. That’s why in this article Chenoa Fund Loans will be discussing the topic of financial tools that loan officers should discuss with credit-worthy borrowers.

Personal Financial Tools

A “credit-worthy borrower” will be seen differently depending on the lending company, but also by the individual loan officer. If the loan officer decides that the person may be able to increase their credit-worthiness even more, then they can offer to show and explain how some of the following financial tools work and how they should be using them:

  • Income and spending tracking
  • Credit monitoring
  • Investing software/companies
  • Automatic credit payments
  • Budgeting software

Because you are more than likely working a job, you will need to know how much you’re making every month, and subtract that from how much you’re spending. An income and spending software will show you all of this in an easy to understand manner and may also help you create a budget. You need credit monitors like Credit Karma so you can check your credit scores every month to see if they went up or down, and what is affecting the changes. With automatic credit payment tools you will also stay on top of your bill and will help your credit increase.

Business Financial Tools

If you are an entrepreneur and have a business or businesses, then you will require a different set of financial tools. You may need the following, and a loan officer can also help explain how these tools work:

  • Software for accounting
  • Tools for budgeting
  • Payroll management
  • Tax software
  • Invoicing tools

When you take the leap from worker to business owner or self-employed, you have other things to worry about. If you don’t have the money for an accountant, you can use software to help you sort everything out. Because a business needs income to grow, just like you, it is essential to understand income and expenses and budget money for certain expenses. If you have employees then you’ll need to manage payroll to know who you’re paying and how much. Because you’re spending money on certain things, it is also a good idea to have tax software which will save you a lot of money come tax season. It may even save you a trip and the money you were going to pay your accountant. Finally, because your’re doing business and people are paying you money, it’s better to have invoices to send so you can keep a history of your business, as opposed to simply taking cash.

In conclusion in this article we discussed the topic of financial tools and how a loan officer can help you understand them better. Because the United States revolves around money and finances, it is imperative that one understands how to keep, manage, grow, and invest the money we earn. Because these things are not taught early on in life, the majority of the population remains poor for the rest of their lives unless they seek the knowledge and put it to use in their own lives, as well as others who may need it.

10 Reasons Why Your Real Estate Business Needs A Property Manager

According to Brian Setencich investing in real estate is a risky but lucrative business. However, it also comes with some challenges. Since real estate is an illiquid asset, it is difficult as well as time-consuming to get customers. Another problem is lack of experience in managing properties. For this and many more reasons, it will be worthwhile for you to consider hiring a property manager.

There are numerous property management companies. Some manage residential properties while others like First Service Residential in San Francisco manages both residential and commercial properties. According to First Service Residential General manager Brian Setencich, Property management companies make money when they have a wide range of customers. You need to work with a property management company with a sound reputation.

Time Consuming

The idea of becoming a landlord may seem appealing, but the role comes with its challenges. One of them is time. As a landlord, you will need to dedicate much of your time to attend to the needs of your tenants. This may not leave you with enough time to relax and attend to your family or personal issues. Hiring a property manager will ease this burden.

Legal matters

Sometimes you may get into a legal tussle with a tenant. Rentec direct suggests that by hiring a property manager you benefit from a wealth of legal experience which will be a great advantage when facing such legal issues. This will save you a lot of time and stress of appearing before a court of law.

Right customers

Because you will not have enough time to do a thorough inspection of tenants, you might end up with unruly tenants. A property manager has all the time to conduct a rigorous tenant screening process.

Law abiding landlord

Another reason why you need a property manager is that you might not be familiar with property laws. A property manager will help you in making sure your property complies with the existing property laws.

Part of homeowners associations

It is always good to join an association. It gives one a higher bargaining power. Associations can even influence legislation. As a member of the homeowners association, you will need to attend various meetings. You might not have time for attending every homeowner’s association meetings. This is where a property manager comes in handy. He or she will represent you in homeowners’ association activities and meetings.

Market research

As an investor, you need to keep track of the changing property markets. All property management argues that by having a property manager, you will benefit with an extra pair of hands that will help you establish the current trends and prices.

Business advice

The truth is that you cannot be a jack of all trades. There are certain decisions that you need to seek advice before you make. Such trivial things like increasing prices or changing from renting to selling may require an expert’s advice. A property manager will advise you accordingly when you will need to make a few business decisions.

Safe distance

You need to keep a professional distance when dealing with your tenants. A property manager will act as this barrier that keeps you away from interacting intimately with your tenant. According to Home Basics, keeping a safe distance ensures you make a sound business decision that is devoid of emotions.

Regular Maintenance

A landlord’s work is not just collecting rent every month. It also involves other strenuous activities like doing repairs and regular maintenance. Also, responding promptly to tenants’ problems. All these activities will break your back.

Advertising your property

Another reason to hire a property manager is that he or she will go a long way to offering extra services. He will market your property on your behalf. He will also help in the moving-in and moving-out procedures.

Why do you need a property manager? Well, property managers give you a host of advantages as mentioned above. Hiring a property manager might cost you some extra cash, but it is worth it. The adage sums it up, Use money to get more money.

Associates Home Loan

5 Tips To Stay Strong and Budget Conscious While Searching For A New House

Associates Home Loan

It’s easy to fall in love with the first house you see while doing some shopping around the neighborhood. People hastily put a down payment on a property that has an appealing price tag or great curb appeal, only to be disappointed later on when they stumble upon better properties that are priced more affordable, have more amenities and space, or is in better condition or a better area. To help you avoid this common mistake when shopping for homes, here are five tips on how to stay strong and budget conscious:

Know Your Outer Limit

With real estate being a hot market right now, there is a good chance you’ll want to make an offer above the asking price of a given property. But this is only possible when you know what your ceiling or cap is. Identify an outer limit and stick with it. There is nothing more upsetting than feeling like you’ve overpaid for a purchase, especially if it’s a big-ticket item like a house.

Know Your Options

Staying strong and conscious of one’s finances entail knowing what options are available. Hard money loans, for instance, are a good way to finance a new house for homeowners who do not have a good credit score or history. Hard money loans, as the name implies, receive funding based primarily on the property value. Keep in mind. However, that hard money loans come with higher than standard interest rates. The loan amount for these loans is often calculated on a max of 65 percent of the present value of the real estate.

Bring Support

Buying a house is a monumental task and a milestone in any person’s life. Unless you’re a billionaire and have the resources to splurge on properties, you are probably only going to be able to buy a house once or twice in your lifetime. As such, bring people who can help you make better decisions. Different people tend to notice different things. You might be overly focused on the chandeliers or marble countertops, but your companions might spot potential health hazards and child-unfriendly features.

Narrow Your Search Parameter

Let your budget decide which areas and neighborhoods you conduct your search. It doesn’t make sense to look in an area where median home prices are upwards of a million if you only have a $200,000 budget. You will only be wasting your time as well as your broker’s time. Aside from price, you should also narrow your search parameter based on cost of living. Between the closing costs, property taxes, and cost of living, you are looking at a few thousand dollars extra each year.

Expect it to Be a Long Search

Buying a home isn’t like any other purchase. It’s hard enough to buy a car, which is ten times less expensive than a decent property. Don’t expect the search to end after a day or even a week. Allot at least a month of regularly searching houses before you find one that best suits you. Acknowledging the fact that it will be a long search helps you maintain a rational mindset when shopping for properties.

Staying strong and budget conscious can be especially challenging when you have no concrete plans or knowledge of your finances. Nevertheless, the decision you make when searching for a new house can greatly impact your life for the next 10 to 30 years. The last thing you want to do is be hasty and trigger-happy.

JMD-Furniture

5 Ways To Expand Your Business

JMD-Furniture

When your business was starting, you must have done a lot of business research. Business advisors must have been involved, and you might have read magazines, books, and other different sources to seek knowledge on how to build a business. Different kinds of investments like time, money, and other types of equity might have taken center stage, but what next?

For a business that has survived the start-up phase and come up with successful ventures, taking the next step might be what you are trying to figure out. There are very many ways that you can choose to grow your busiesns, and JMD Furniture would like to highlight six possible ways to go for. Let’s go through them.

Start a new branch

Expanding your business is not a common thing that most businesses do, and it is also not the best option to start with. Why is it not the best growth strategy? Because you need to conduct a thorough research on the new location and plan extensively on opening a new branch. Before you open a new location, go through the list below:

  • Ensure that you maintain a consistent low margin of profitability provided that the past few years have shown a steady increase in growth.
  • Look at the consumer and economic trends for indications on how your company is going.
  • Ensure that your administrative management and systems are working exceptionally well because you will have to use them to run the new location.
  • Write down a complete and separate business plan for your new location.
  • Determine your source of financing.
  • Go to a location that suits your business and not your profitability.

Patent your product

This is a low-cost, but effective way to grow your business, especially if your product or service is branded. Licensing can help you get upfront royalties and cash from the consistent sale of your product or service. This medium can help you to minimize risk. It is also cheap compared to starting a company to produce and distribute your product or brand.

Research for companies if you want to get a licensing partner. But before contacting any company, look for an attorney who is experienced with intellectual property rights to lower the risk of losing autonomy of your product or service.

Diversify

JMD Furniture would like to share several ways of diversifying your service or product line: make sales of complementary products or services, export your products or import other products, or become a paid columnist or speaker.

Diversification allows you to come up with multiple income streams to increase your profit margins and sales. JMD Furniture scholarship also advocates on getting employees who can help your company grow. That is why JMD Furniture scholarship ensures that education is paramount to equip students with opportunities to be skilled people in various fields.

Go for other markets

If your current market is serving you well, look for others. If your target market starts with teenagers to college students, think about where your audience spends its time. You can either introduce your service or product to school or colleges. You could even offer discounted services to associations or schools. Take the product to other markets that might be in need of it.

Target a government contract

If you can manage to have the government as your customer, you can quickly grow your business. To make it clear, the U.S government is the largest consumer of products and services with a consumption base of $235 billion in the year 2002 alone.

To determine the types of contract you can go for, work with your local, state, regional Economic Development Agency, or your local SBDC and SBA. There is also a business matchmaking program that is offed by the SBA and the U.S Chamber of Commerce that matches buyers and entrepreneurs.

But you must know that when you work with the government, you have to be patient because a lot of research is done for requests of proposals. If you are not able to go through the due process of complying with the RFP conditions, then you will be wasting time.

It might look like its a lot of work, but it can be worth the time. If you manage to win the bid, you will not be on the same playing field as your competitors.

sean-seshadri

4 Tips On How To Take Out Loans To Get Started In Investing

sean-seshadri

Borrowing money to invest requires a strict assessment to avoid common pitfalls. According to Investopedia, the loan should only be invested in low-risk areas that promise high returns on Investment. The timeline is the other important factor to consider. It is not always wise to make an investment that matures after the loan reaches its due date. To be on the safe side, the ROI should be higher compared to the cost of the loan.

Borrowing money to start a business is commonplace. With the right collateral or security, you can obtain a secured loan to invest in a company. Investors who take secured loans usually enjoy low-interest rates due to reduced risk, even though a default in repayment can cause you to lose your asset or property. You can also secure a personal loan to kick-start your investment. Before signing the loan, you need to know the underlying risks tied to the loan, these include:

  • Interest rate
  • Early payoff penalties
  • Big upfront fees
  • Inculcated pre-computed interest
  • Privacy safeguards and concerns

Investment strategies

The decision to apply for an investment loan can be rewarding with benefits like financial stability and wealth building standing right in your sights. With the right information, idea, and focus, investing can also save you tax money and help meet long-term financial goals. If you are starting out, you need to learn how to invest the loan money wisely. A seasoned financial or investment advisor with a track record of success and investing can guide you through the process. According to Nerd Wallet, here are three helpful tips to invest your loan money:

Set a goal

Start by articulating your investment goals along with how and when you want to achieve these goals. The focus should be on defining aspects like an investment time horizon, liquidity requirements for the investment and your risk tolerance level. Besides attaining short-term growth and guaranteeing strong financial future, you can set your sights on securing your retirement as part of your long goal.

Choose your investment wisely

The areas to invest your money will significantly depend on the goals you want to achieve and the risk you are willing to take. The most popular and preferred investment opportunities include bonds, stocks, real estate and investment funds. Investing in real estate through a rental property, REITs or online investing platforms offer investors a chance to divest outside traditional stocks and bond portfolios. A growing number of beginners are also looking at investment funds as an alternative. The most rewarding investment funds include exchange-traded funds, mutual funds, and index funds.

Pick the right business and investment account

Once you have decided to invest your money, you need to choose the right business and investment account to facilitate trading and all the other business processes. You can go to a bank and open an account that fits your business description, whether savings, checking or money market account. While at it, take cognizance of the different incentives tied on each account. If you are thinking long-term, consider highly rewarding investment accounts like Roth, IRA and 401(k) among others.

An investment expert can guide and help you overcome investment worries and pitfalls that lay in your way. Sean Seshadri is a well-known investment consultant. The trading strategist studied at Queens College, a constituent of the City University of New York. Seshadri has been educating high net-worth persons on various investment strategies, including capital transfer with the goal of enhancing short-term ROI gains. His tips and advice have also helped many clients ride and take advantage of up and downside market moves. Through his blog, Sean Seshadri continually tracks and offers insights on trends taking place in the Forex and stock exchange markets in the US and across the world.

6 Tips To Take Strain Off Your AC System

Keeping your HVAC system running well is a crucial part of enjoying your home and your lifestyle in southern Florida. Take these tips from All Year Cooling Florida to ensure your air conditioning keeps you cool and comfortable all year long!

1. Have a yearly check-up
Yearly maintenance is strongly recommended, especially in a climate like Florida where your HVAC system gets a real workout. Having a reputable company come out once, or even twice a year to check your unit for debris, freon levels and other regular maintenance can save you thousands of dollars in the long run by catching larger issues in advance. It’s a good idea to have the same company come out every time too, as they will have a better handle on your needs and the state of your HVAC system overall, since they’ve seen it before.

2. Have a yearly cleaning
All Year Cooling Florida duct cleaning can alleviate stress on your HVAC system and stop major issues before they even get started. When your ducts and system are clean the system doesn’t have to work as hard to move air through your house. The HVAC system can do it’s job and focus on cooling the air, and not have to deal with dirt and debris that could be over taxing it.

A regularly scheduled cleaning is very affordable and will make a huge difference on the performance of your HVAC system. If undertaken yearly, a professional cleaning can extend the life of your HVAC system.

3. Change your filter
Be sure to always have an extra AC filter on hand, and make sure that you know how to change it. If you don’t know how to change it, ask your friendly All Year Cooling owner or contractor to show you how next time they are out for your yearly service and cleaning appointment. Most filters are easily available at big box retailers or online, and your serviceman may also supply them for you. You should also know what a dirty filter looks like and when it’s time to change them. This is just another easy and affordable way to keep your HVAC system running in tip top shape.

4. Keep an eye out for problems
Many HVAC units are out of view of your normal routine, but it’s always a good idea to keep an eye on your system. Make a trip past your system once a day or so, no matter where it is located in your house to check for leaks, water, or other unexpected complications. Knowing you have a problem as soon as it starts can save you hundreds of dollars in clean up fees.

5. Plan your days for optimal run times
If you’re not in the house all day, don’t just keep your AC system turned to 70 degrees, and never leave it. Much like any mechanical and electric system, your HVAC system isn’t meant to run all day, every day. Try to decide when you need it to be cool, and adjust your system accordingly. Do you prefer it cooler at night? Or do you work at home and need a steady 68 degrees to concentrate? Whatever your preference is, be sure to decide when you want to run your system the most and make compromises to save power and save stress on your system.

6. Know who to call, and when!
If your AC system is acting up or you notice a problem, call your trusted service person immediately, after you turn off your AC system, that is! Getting a problem checked out as soon as possible can save you lots of money in the long run.

 

How To Reduce Your Monthly Payments

Debt Negotiation

If you have piled up debts that just make your head buzz and your budget is so restricted, you probably feel like only a miracle can get you out of your misery. The miracle you may desire to have can be in the different ways listed below to reduce your monthly payments. You need to start up and work your way to the bottom. One of these strategies will help you to get your monthly payments to a manageable standpoint.

Negotiate with your creditors

You have to ask your creditors for a break. To do this, you need to use your current billing statements and your credit report to formulate a list of your creditor’s and your lender’s, which you will then calculate the debt you owe to each creditor. Once you have that figured out, compute the amount you can make to each creditor, call them and inform them that you can manage to pay a certain amount.

You can have a hardship plan from your credit card to lower your interest rate for some time or lower your payments. If you find that the customer representative is unwilling to lean on our side, avoid arguing, simply talk to the supervisor and table your request. If there is an agreement, have it in writing on a company letterhead before you start making payments for debt reduction.

Prepayment

You can save money on interest if you prepay. If you pay larger sums of cash than you would otherwise, you will reduce the amount you owe. If you divide the remaining amount with the number of months that you need to complete the loan, you will have lower payments on a monthly basis. If you put some money like bonuses, you will reduce your payments. Before you get to this level, ensure that your loan does not include a penalty on the prepayment that will take effect if you decide to make the loan repayment much earlier.

Extend the payment time line

Lenders can reduce the monthly payments and extend the repayment time. This means that you are going to pay more interest if you don’t refinance. On the other hand, it creates an opportunity to invest the money you save or spend it. If you place investments that give you better returns than your loan’s interest rate, it will cover your interest on the loan and even leave you with some extra cash.

Transfer Balances

A good credit score allows you to balance your transfer lower interest rate credit card compared to other credit cards. There are instances where you can get very low introductory interest rates, and pay off your monthly payments interest free, thanks to the introductory period.

Consolidate

You can get a low monthly payment for your debt reduction if you combine your home equity loan or debt consolidation with your debt. Make an average of the interest rates that are on your existing debt and find a loan that is easier to pay because of its low interest rate compared to your average.

If you get a loan, use it for debt reduction, and plan on making one loan payment. You can use a home equity loan, a personal loan, or a cash-out refinance to consolidate your debt, instead of banking on debt consolidation loans.

Take caution when you are getting a loan that extends for a long time with an interest in making your payments low. You might end up paying even more interest over the course of the loan repayment period.

File for bankruptcy

Occasions happen when your debt cannot be paid by lowering your monthly payments. When this happens, you should consider filing for bankruptcy. New bankruptcy laws expect individuals to undergo consumer credit counselling and to submit an income-debt comparison to avoid abusing bankruptcy.

Chapter 7 will allow for a complete wipe out of some debts, while Chapter 13 will form a loan repayment plan.

Look for credit counselling

If you want to negotiate lower payments and interest rates, then you need to outsource the services of a consumer credit counsellor. If you enroll in a DMP or a counsellor’s debt management plan, you will reduce your monthly payments to help in your path to debt reduction. You can also be equipped with money management skills by your credit counsellor.

Ensure that you go to a reputable credit counsellor and avoid confusing them with companies that settle debts because they will help you to reduce your monthly payments, but they will worsen your credit in the long run.