At any age, owning a car is a big responsibility, but it gets magnified when you’re young and owning one for the very first time. If you’re a parent who’s bought their son or daughter a new car for their 18th birthday or as a leaving present before they begin studying at university, you’ll want them to be careful with it, as you may have spent a lot of money on it. If they’re still not experienced drivers and the worst was to happen, they should know that car accident claims can be made through first4lawyers.

One thing you’ll need for your child’s car is insurance. Not having it means that the car isn’t road legal, and besides from preventing any potential problems with the police, car insurance helps to cover the cost of any damage done to the car in the event of a collision caused by someone else or by adverse weather conditions. However, it can be expensive, but there are ways in which you can save money on car insurance without it coming at the expense of the quality of cover on offer.

By putting your name on your son our daughter’s car insurance form, you could save money, as you’re likely to have more experience of driving than them. If the car they own is a small one, then their insurance will be cheaper, and it also pays to shop around for the best deal, whether it’s through a price comparison website or by contacting insurers directly.

One thing that’s covered by many car insurance policies is accidents, but if your son or daughter becomes injured in an accident, what do they do? If it wasn’t their fault, they could make a claim for compensation. By hiring a lawyer or solicitor with the relevant experience, they stand a good chance of being reimbursed for the costs they’ve had to face post-accident.

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Originating post: Save Money On Car Insurance

Save Money On Car Insurance is a post from: The Family Wallet.

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No matter what your income level, having an emergency fund is of the utmost importance. You just never know what could happen. Here are some potential scenarios to consider.

* You could lose your job. There is virtually no such thing as job security any more. Layoffs happen daily, and often with little or no warning. If you don’t have a financial cushion, job loss could render you unable to afford basic necessities.

* You could incur large medical bills. Accidents and unexpected illnesses happen to the best of us. If you have to have emergency surgery or spend some time in the hospital, you may end up owing a hefty sum and lose income from being out of work. Without an emergency fund, that double whammy could be financially devastating.

* The car could break down. Car repairs are rarely cheap. If you do not have any money put back, you could end up without transportation for a while.

* A major appliance could tear up. Having appliances repaired is often costly, and replacing them can cost a small fortune. But ovens and refrigerators are not things we can easily do without.

* Home repairs may become necessary. Some may be covered by homeowners insurance, but many are not.

* A family member could become ill. If it’s your child, you may need to take time off work to care for him. If it’s your spouse, he or she could lose income. Having an emergency fund can make such situations less stressful.

Some argue that they do not need an emergency fund because they have credit cards. It’s true that credit cards can be useful when something unexpected comes up, but you will have to pay interest on any amount you charge unless you pay the balance in full right away. If you’re on a tight budget, the last thing you need to do is rack up more debt.

So how much should you keep in your emergency fund? Most experts recommend a goal of three to six months’ pay. That sounds like a lot, but job loss or disability could keep you out of work that long or longer. It will take some time to build up such reserves, but it can be done with consistent saving each month.

When the unexpected happens, having an emergency fund can prevent it from sending your finances into chaos. By including a set amount of savings in your monthly budget, you can have a financial cushion to fall back on if needed.

Originating post: Why You Should Have An Emergency Fund

Why You Should Have An Emergency Fund is a post from: The Family Wallet.

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In years past, lenders almost always required a down payment of at least 20% of the purchase price of a home. This requirement was a major obstacle for many would-be homeowners. For a home that sold for $200,000, they would have to come up with $40,000 up front. It would be nice if we all had that much money sitting around, but few people do.

Today there are programs that allow home buyers to make smaller down payments. Some mortgage programs for first-time home buyers make it possible to buy a home with nothing down. Others require a down payment of as little as 3%. This has opened the door for those who otherwise could not have afforded to buy a home to do so.

Still, there are advantages to making a larger down payment on your home. Here are a few to consider:

* A larger down payment will give you equity in your home from the start. If you pay little or no money down, it can take years to build up any equity.

* The higher your down payment, the lower your monthly payment will be. Not only will the amount of principal be smaller from the start, but you’ll also be able to avoid paying private mortgage insurance (PMI) each month if you pay at least 20% down.

* A large down payment may qualify you for a lower interest rate. The higher amount of your mortgage loan, the larger the risk the lender is taking. Making a sizable down payment is a sign of financial stability and it lowers the amount of money you’ll need to borrow, so a lender has incentive to offer a more competitive interest rate.

There’s no universal down payment amount that is best for everyone. Some home buyers don’t have a lot of money saved up, but they can afford to make their payments each month. In such cases, it’s best to take a careful look at your finances and determine how much you can afford to pay down. Even if you qualify for a mortgage with no money down, paying as much as you can up front will work to your advantage.

Not everyone can afford to make a 20% down payment. And with the programs are available today, you don’t necessarily have to. But it’s not necessarily a good idea to get a mortgage without making a down payment at all. It may save you money in the short term, but it will most assuredly cost you more in the long run.

Originating post: Thoughts On Home Purchase and Down Payment

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Not all investments are high-risk. Some come with guaranteed rates of return, ensuring that you will not lose your money. Others carry some risk, but are managed in such a way that the risk is low, especially over the long term. Those who put all of their money in very risky investments can experience significant gains, but they may also lose their money.

If you can manage to scrounge up a few extra dollars each week, investing is a good idea. Here’s why:

1. Investing can help you beat inflation. When you stuff money under your mattress, the amount you end up with is limited to the amount you put in. When you take it out a few years down the road, it won’t be worth as much as it was when you put it away, thanks to inflation. Had you invested that money, it would have drawn interest. If the interest rate is higher than the inflation rate (and it usually is), you will have more money than you started out with, even after accounting for inflation.

2. Investments can reduce your dependence on credit. If you start investing a few years before you plan to buy a new car, for instance, you could have enough to pay cash for it when the time comes. And if you start investing a few years before you plan to buy a home, you could have a sizeable down payment ready when you find your dream home.

3. Long-term investments can set you up for a comfortable retirement. Social Security is not as sure a thing as it once was, and it doesn’t pay very much anyway. If you start investing at a young age, by the time you retire you should have enough money to live on for years to come.

4. Investing can provide for your children’s education. College is expensive, and it gets more expensive each year. Starting a college fund while your children are young can help you make sure that you have the money you need to put them through school.

5. Investing just makes sense. Given a choice between two amounts of money, would you take the smaller amount or the larger one? By investing a small amount, you can turn it into a larger amount with no work on your part. Even if you don’t have a specific goal, investing your money is wise.

Anyone can invest money. You don’t have to be rich, you just need a little bit of disposable income. Invested properly, just a few dollars a week can add up to a decent amount in a few years, and an impressive sum over a couple of decades.

Originating post: Why Invest?

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Lower utility bills
Because of federal regulations, newer appliances are less expensive to run than older ones. Consider refrigerators – according to the American Council for an Energy-Efficient Economy, a typical refrigerator with top-mounted freezer made in 1990 uses twice the energy of a modern refrigerator. Thus, replacing old appliances with new, energy-efficient ones will save you money and help finance the appliance. In the case of dishwashers and washing machines, the newer models not only use less electricity but they also use less water.

More money in your pocket
In these uncertain economic times, being able to keep more of your hard-earned money is a definite advantage. While the purchase of a new, energy-efficient appliance will probably be a significant expense, it will pay for itself long before its average lifespan (15 years) is over. Also, there are federal tax credits available to green consumers, according to energystar.gov.

Support of energy-efficient manufacturers
When you spend money on an energy-efficient appliance, you are helping to secure the future of the company that manufactured it. The consumer dollar speaks, and this sort of purchase sends a message to other manufacturers to produce more energy-efficient models. As the demand increases, the supply will also increase, and ultimately the price for such appliances will come down. Your purchase helps ensure that these appliances will be available and affordable in the future.

Less use of fossil fuels
Fossil fuels such as coal are burned to make electricity, and these fuels will not last forever. We are, however, still dependent on them as our primary source of energy. As researchers continue to seek alternative energy sources, you can help “buy us some time” by investing in appliances that require less energy, and thus use less fossil fuel.

Fewer emissions and less pollution
The burning of fossil fuels to make electricity produces emissions and pollutants, such as sulfur dioxide and carbon dioxide. Sulfur dioxide is a by-product of burning coal, and when it rises into the atmosphere it mixes with moisture and forms acid rain. High levels of carbon dioxide in the atmosphere have been implicated in global warming.

In fact, the Environmental Protection Agency officially declared fossil fuel emissions a health threat this past April. If your appliance uses less electricity, then it is ultimately using less fossil fuel, and that means fewer emissions, cleaner air, and a more stable climate.

When you decide to make your purchase, look for the yellow EnergyGuide that is required on every new appliance. This will tell you exactly how much energy the said appliance is expected to consume. You can fully expect that your household utility bills will decrease, and your peace of mind will increase ? because investing in energy-efficient appliances is an investment in the future.

Originating post: The Benefits of Energy Efficient Appliances

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The first thing to do when creating a budget is to make a list of all of your monthly income. This includes your pay from work, any self-employment income, and interest and dividends from investments. Some months you may have extra income such as bonuses or tax refunds. And if your work hours vary, your pay will fluctuate. So it’s important to figure the amount you have coming in each month.

Once you’ve listed and totaled your income, it’s time to list your expenses. Start with the necessities that are the same each month, such as rent or mortgage, car payments, insurance and loan and credit card payments. Then figure variable expenses such as electricity, groceries and gasoline. You might want to compute an average over several months to use for these figures, use the highest figure you have on record, or estimate.

Last on the list should be discretionary expenses. These are things you can live without such as entertainment, hobbies and collectibles. Use a realistic figure for these items so you can see where you stand.

Add up all of your monthly expenses. Are they more or less than your total monthly income? If they’re less, you’re off to a good start. If they’re more, you have some work to do. Look at your discretionary expenses and see where you can cut back. If you cut them out completely and still come out in the red, see if you can find ways to cut back on your variable necessity expenses. Some ideas include driving less and using coupons.

Once you have your expenses at a manageable level, you should have some extra money left over. If you have loans or credit card balances, consider using that money to pay a little extra on them. Doing so will reduce the amount of interest you pay and get you out of debt faster. Otherwise, the best course of action is to put it into savings or investments. This will help you be prepared if something unexpected happens.

A household budget plan will help you track your expenses and determine where adjustments need to be made. It can put an end to juggling bills and ease financial stress. If you don’t have a budget, now is as good of a time as any to make one.

Originating post: Tips For Getting Your Household Budget Under Control

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With the property market as unpredictable as ever, it’s extremely important that you buy a house that matters to you. If you fail to take into account a few key yet oft overlooked issues about a prospective property prior to buying it, you could find that even the biggest steal on the market could turn into an investor’s nightmare.

Firstly, it’s worth looking past the initial cost of a home and factoring in many other financial outgoings that will be later associated with the home, such as energy bills, buildings cover and council tax. While price comparison sites and specialist providers such as Castle Cover house insurance can often provide the best deal regardless of circumstances, your home will still be itemised individually depending on its size and location, so bear this in mind.

Given that you can’t move your home unless it’s a caravan, and with the previous issues in mind, it’s important to focus strongly on the location of a future home. To choose a successful location, you must look at the amenities that surround it. Make sure you have a food shop – however small – close to your house so you can get the basics when necessary. Of course, a nearby supermarket is always handy, though not absolutely vital given that most tend to be built out-of-town these days.

A doctor’s surgery and dentist are also good things to have on your doorstep, especially if there’s an emergency. Schools are also integral to a move, should you have a family. Make sure you understand catchment areas and league tables, picking the best school available within a reasonable distance – preferably walking, should the institution be for those approaching secondary education.

Neighbours are also a major part in your future comfort. If you have good neighbours, chances are that you’ll live in peace and benefit from community programs to a greater degree. However, bad neighbours can make a life hell. A lot of it can be simply to do with the age of residents, though you only need to walk up and down a street a few times, at different hours of a day, to understand what it’s like. Be careful with the situation you move into, especially if the house price is suspiciously low.

From here, you can make your own more traditional choices relating to the type of house you want, the number of rooms and the other decisions you’ve undoubtedly made already. Just remember these other factors and you should be much better-placed than ever before.

Originating post: Overlooked Things To Consider When Looking For A New Home

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Here are four key steps to take to maximize the value of 0% balance transfer offers:

1. Transfer the highest rate balances first. Credit card users often accumulate debt across multiple accounts. While an applicant may be granted a fantastic promotional financing offer, their new line of credit may not be large enough to cover all outstanding balances. In this situation, it is important to prioritize the balances that are incurring the highest interest rate.
By transferring these balances first before those with lower interest rates, cardholders can maximize the savings realized by their new account.

2. Stop incurring new debt on non-promotional cards. As part of a debt reduction strategy, the worst thing that people can do is to continue to incur new debt. Once a new card with a promotional interest rate is received, cardholders should stop using their old cards. It can make sense to stop using all credit cards, or to just confine new charges to cards that have a 0%
promotional financing offer on new purchases as well.

3. Keep track of the terms of the offer. Promotional financing offers are wonderful, but the terms must be closely adhered to. For example, cards may offer 0% financing on balance transfers, new purchases, or both. To receive these terms on balance transfers, cardholders must complete the transfer within a specified period, usually just 30 days after opening the account.
Of course, cardholders should pay close attention to the length of the promotional period. Note that the qualifying time periods usually begin on the date that the account is approved, not the date the care is applied for, received, or activated.

4. Always make payments on time. Part of adhering to the terms of these promotions is making on time payments. Failing to do so can invalidate the promotion and trigger the application of penalty interest rates. By understanding the ways to utilize promotional balance transfer offers, cardholders can use these powerful tools to emerge from debt while paying the least possible amount of interest.

Jeffrey Weber is Editor and Chief Card Analyst at Smart Balance Transfers. To learn more about balance transfers, you can read more on his blog at www.smartbalancetransfers.com/blog

Originating post: 4 Ways to Maximize the Value of A 0% Balance Transfer Card

4 Ways to Maximize the Value of A 0% Balance Transfer Card is a post from: The Family Wallet.

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Originating post: Buying a Family Property Abroad – Have You Considered The Following?

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Why Should You Open a Savings Account?

Many people live from one paycheck to the next without succeeding to put any money aside. This is not necessarily a bad thing if nothing goes wrong. However, you are lucky if a single month passes without having to face unforeseen expenses like an emergency repair for your house or car, hospital treatments that are not covered by your health insurance and so on. What will you do then?

You will probably use the credit card and end up paying a larger amount of money than the initial bill due to the interest.

You could also apply for a loan. However, the only type of loan that can give you fast access to the money is a payday loan. It involves an easy process and you have the money in your bank account by the next day. Of course, at the deadline, you have to pay the interest too. The later you pay it back, the higher the interest rate will be. In both cases, you are caught up in a debt cycle.

The Utility of Savings Accounts

A savings account can be perfect if you are looking for a way to save enough money to pay your current debts or if you need additional money for emergency expenses. The procedure is very simple and you can set automatic deposits. This means that when you receive your paycheck, a part of the money will be directed straight into your savings account. This will prevent you from forgetting to transfer the money each month.

If you have decided on opening a savings account, you should first see what the market offers. You should select the most advantageous offer in terms of interest, rates and fees and other additional costs. This might prove the best way for you to be debt free UK.

Originating post: Saving to Avoid Problems

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