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Monthly Archives: October 2016

The Benefits of Recurring Deposit

When you begin to earn one must learn to save this finance to create a stable financial future. The only way this is possible if you set financial goals for the near future. The steps to create a financial goal are not very tough and if it is started early, it will be beneficial. In this article, we give you information on how to set your financial goals with a recurring deposit.

Set Up Small Goals

The first step that has to be done is to create several goals that are realistic and small enough that can be executed or reached within a short tenure. This tenure can last anywhere between 6 months to 1 year. Thus, when you start earning, keep a small amount of your income aside for a recurring deposit. This term deposit can be kept for anywhere between 6 months to 10 years, but ideally it can be started for a minimum of 1 year. This will help you plan your future once you have settled down financially in your initial stages of your job.

Prioritize Your Goals

Once you have created your goals, you must prioritize them in order. Based on factors like importance, tenure, financial income, future job planning etc you can create your goals and be assigned in accordance of significance. For example, if you are earning a small amount and you know you will get a raise in the near future, you can plan your recurring deposit scheme is such a way that in the initial months, you can deposit small amounts but later on, you can deposit a larger amount, increasing your returns subsequently. Ensure your goals can be achieved easily and leave space for flexibility if possible.

Consider Possible Drawbacks

There are certain factors that can hamper your goals. However, if you want to ensure that these factors do not cause any long term or hinder your goals permanently, you must take into account these possible drawback, example inflation rates. Inflations rates affect the rates of interest that is normally offered by banks on all possible interests for term deposits. Thus if you are planning a term investment, you must take into account the possibility of certain drawbacks during the tenure.

Match Investment And Tenure

Your investment must match the period of tenure. For example, if you are setting a goal for saving for education or a special occasion in 3 years, you must keep tenure of 2.5 years. This helps in planning for the future and the possibility of more changes or future investment. You can also plan for your retirement in this way simultaneously. Thus in this way, multiple goals can be achieved for your financial future.

The Benefits of hiring a Strata Management

Strata management has become a very important concept in New South Wales. But, it is important for us to understand the pre-strata period in order to learn strata management in a proper way. More than five decades ago, people who want to own a part of a building has to buy shares of the company who owned that building. People used to acquire shares certificates in order to claim the right on the property, unlike today where property certificates are shown to the authorities. It was the year 1961 when the government introduced a new method called ‘Strata’ or Stract Act that enabled an owner to hold the authorization for a part of the building. It also allowed the owner a certain degree of freedom and security, which was denied to him earlier. The Strata schemes have become more lenient over time. Basically, this scheme ironed out the wrinkles that were present on the property acquiring procedure until 1960.

What is the use of strata management?

Have you even visited the NSW Fair Trading site? If yes, then you must be aware of the fact that how important it is to get an assistance in striking a good deal for your hard earned money. There are some major differences between the ownership of an independent house and the ownership of a part or apartment under the strata scheme. Due to this reason, the implementation of Strata management becomes necessary. It is important for you to have a good knowledge about the concept or else you can land into trouble. You should know everything about the owner’s rights, duties and all the laws. If you are looking for an efficient Strata management NSW, then you can search for the top management companies on the internet. I would like to mention top ten benefits of hiring a strata management company.

  1. A Strata management company will provide you with professionally qualified and certified strata managers who will guide you in the right direction.
  2. A Strata management company is well equipped to give an honest and transparent picture to you regarding your property and answer all your queries patiently.
  3. They will not charge hefty fees from you because they know that you are running low on budget, so they will try to make your life less cumbersome and hassle free. Moreover, there are many other formidable tasks they do to provide benefits to you.
  4. With the help of a strata management company, you can sell, rent, mortgage or lease your property at a good price.
  5. They will maintain your property in order to increase the value of it. All Strata management NSW has well trained staff who will look after the property and ensure that it is sold at a good price.
  6. Strata management companies have great skills in managing and selling properties. These companies can raise the income of your properties.
  7. If you have given your property for rent, then they will make sure that you get the highest price as rent.
  8. These companies have a deep knowledge of the real estate business, especially about buying and selling of properties.
  9. Before starting the project, the strata management companies will inspect the property to understand the needs and requirements. They will work hard to maintain a good relationship with you, the owner.
  10. They will manage your property in the best way possible. They will discuss each and everything with you so that there is no room for doubts or uncertainty.

Benefits of a Platinum Credit Card

Even though the irresponsible use of a credit card can have some unpleasant and serious consequences, if you use it wisely, there are many benefits to owning and using a platinum credit card. All it takes is making sure you pay your monthly instalments in full each and every month, and being careful not to spend money you can’t afford to pay back.

Perfect for building a stellar credit history

One of the greatest benefits of using a platinum credit card is that you increase your chances at getting finance applications approved. Whether you apply for a loan, for a dream holiday or your first home, when you have a sound credit history, you will be seen as a low risk client. Conversely, apart from not being able to get a loan, bad credit history can have a negative effect on various other aspects of your life. It can hinder you in getting the things you need on a day-to-day basis, it can result in you having to pay higher insurance premiums and it can even cause trouble when it comes to finding employment. The importance of a sound credit history is often overlooked, and using a credit card responsibly can make an enormous difference.

Enables you to get great rewards

Rewards are another great benefit of being a platinum credit card holder. Basically, the more frequently you swipe your card, the more points you earn, which can be exchanged for air miles, cash back on day-to-day purchases and discounts on travel related expenses, which will be described in more detail in the next section. All these rewards translate into extra cash in your pocket! To earn as many points as possible in the shortest possible time, use your platinum credit card to pay for your daily expenses such as groceries and when filling up at the petrol station. Credit cards are also very useful when paying online and for large purchases such as furniture for your new home or for booking an exotic holiday, and with large purchases you can get a lot of points in one go.

Can give you many benefits while travelling

You can look at your platinum credit card as a welcome, even essential, travel partner. One of the challenges when travelling abroad is getting foreign currency. These challenges are easily overcome with a platinum credit card, even if it means incurring some extra charges because these fees, in comparison with international ATM fees and traveller’s cheques, are minimal. Some other travel related benefits include discounted accommodation and car hire, concierge services, access to luxury airport lounges, emergency assistance, lost baggage insurance as well as cancellation and flight delay insurance.

In closing

In order to get more information about what a platinum credit card can do for you, check the websites of different banks and other financial institutions. This will allow you to make comparisons in terms of benefits and costs so that you can choose the platinum credit card that best suits your interests, lifestyle and other requirements.

Optimize Banking Cards Strategically

Banking cards like credit, debit, ATM and pre-paid card give the client access to funds, either through a credit account of the bank or from the client’s own account normally. These cards will physically have the name, a unique card number and magnetic chip on the back that enables various machines to read and access information. You can create your own password that allows you to use the credit card or debit cards online. So, you use these cards to withdraw cash, make purchases, pay bills and more. Here are some techniques to optimize the banking cards.

Take 50 day credit on your credit card:

If you want large sums of money urgently and don’t have the money at that moment, you can use the credit card. With a card, you can get an advance or the superfast loan from the bank at any time. You cannot use ATM card like that because you need funds in your bank account. But, the card allows you to repay in this loan in installments if you have the credit card, giving you a stronger buying power. However, exploiting this 50 day loan is a bad choice as you may have to repay high interest credit card debts that you cannot afford. It is a great tool, if you use it wisely.

Use prepaid cards to limit shopping expenses:

The pre-paid cards have the limited purchase ability. You can make purchases, pay bills, etc. But you have to use your account’s funds with such cash cards. So, it is limited to the amount of money that is present in your pre-paid card. This mostly prevents you from spending excessively. If you use the credit card to make these expenses, your credit history may get affected. You may or may not be able to repay all the credit card debt back in the near future. This can be a really good practice for shopaholics. It is also a great way to help young teenagers understand about the money and the control. Most of the banks offer various types of prepaid card based on your need and you can even gift a prepaid to you relative or a friend.

Use credit or debit card to make online transactions:

You can use debit and credit card to make all kinds of purchases online. If you have sufficient funds in your account, you can pay utility bills, insurance EMIs and make purchases from e-commerce websites easily. You can use it as the ATM card too. But, if funds are tight, you can use plastic money for the much needed expenses. These kinds of transactions save time and funds, but overuse may harm your credit history considerably. All banks offer ATM cum debit card based on the type of your account and one can also apply for credit cards as per the needs.

Enjoy the special rewards on credit cards:

The advantage of having a credit is the reward programs. With these reward programs, you get an added privilege and exciting incentives when you buy certain products from certain places. There rewards are exclusive to the card holding members only. These rewards are like the monthly offers; some offer a discount or freebies for using credit card in select organizations; some offer cashback for making purchases.