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canstockphoto17165937There are plenty of times in life when you may need to raise a large sum of cash in a hurry. You might need a new car. Perhaps you need to pay for medical expenses, a lawyer, or education fees. When it comes to large sums of money, many of us head to our bank and ask for a loan. But there could be several reasons why they say no. And when that happens, you could struggle to get a loan anywhere. Before you fill out that loan application, check your credit score first.

Checking your credit history and rating is easier to do than you think. And it doesn’t need to cost you any money. There are authorized online companies that can provide an up to date credit report about you. Once you have requested it, you should be able to see all the credit you have applied for before. This may include phone contracts, utility company payments, mortgages, credit cards and loans.

If you see anything on there that doesn’t look right, you may need to find a company to help you tackle the problem. Check out websites and read CreditRepair.com reviews to find the best credit repair company to help you. Sometimes bills don’t get paid on time, or we’re simply not able to pay a loan back. This will all appear on your credit report. Your report may also alert you to fraudulent activity like identity theft. A low credit score will impede your chances at getting that all important loan.

It’s not just your loan right now that may be difficult to get. When the current terms on your mortgage expire, you may not be able to move it to a more preferential rate. This could mean your repayments jump up dramatically. And if you’re unable to keep up the repayments on your mortgage you may even lose your house. This is one of many reasons why you should make sure your credit report is accurate and favorable. You may be able to improve your credit rating by paying back any outstanding loans.

Second jobs are becoming more commonplace as the cost of living continues to rise. This isn’t always practical, especially if you have a young family. But you may be able to earn a little extra income online. Affiliate marketing, product review websites, and even private teaching can help you work your own hours. Passive income is often best, leaving you the quality time with your family that you need. But it can be quite hard work setting that up!

Reassessing your household budget may help you find some costs you can cut. Tightening your belt is one way to reduce your outgoings. That way you can start saving up toward the figure you need. Selling your belongings can also help raise much-needed cash. This could reduce the amount you need to borrow. A smaller loan may be easier to agree with the bank. It may also make you eligible for more preferential rates. Finally, choose the lender carefully. Picking one that specializes in helping customers like you could help you find a loan successfully.

canstockphoto12216357Tax-saving investments are an essential part of every effective financial plan. A smart tax-saving plan can offer dual benefits to an individual by helping him meet his financial goals and save loads of taxes while doing the same. The best tax-saving investment is the one that allows tax benefits without having to compromise on the investment benefits.

Given below are some of the investment plans that offers tax benefits and can help you save substantial amount of taxes:

Life insurance

Life insurance plans are amongst the best investment plans that offer both, protection and tax benefits to a policyholder. Life insurance being a protection plan is a must have in an individual’s financial portfolio. At the same time, life insurance policies, from traditional endowment plans to ULIPS, are the best tax-saving investments. Life insurance premiums up to Rs. 1.5 Lacs a year can be claimed as a deduction from the taxable income under Section 80C of the Income Tax Act.

The 4 kinds of life insurance plans are as as follows:

  • Term plans
  • ULIPs or unit-linked plans
  • Endowment plans
  • Money back plans

Each of these life insurance plans offers equal tax benefits to the policyholder.

Pension plans

Pension Plan is also a kind of life insurance plan and thus a great tax-saving investment. Along with offering tax benefits, this investment plan ensures financial security of the policyholder and his family during the golden years of his life.

The total amount contributed towards the premiums of a pension plan (not exceeding Rs. 1.5 Lacs per annum) are eligible for a deduction from the taxable income under the Section 80CCC of Income Tax Act, 1961.

Also, 1/3rd of the maturity proceeds from a pension plan are exempt from tax, while the remainder is applicable to a marginal tax rate. However, in case of beneficiary’s demise before maturity, the entire maturity sum is free of tax.

Health insurance

A health insurance policy is amongst the most essential tax-saving investments to be included in the financial portfolio. Considering the skyrocketing medical costs, it is imperative to be covered against medical costs arising out of an accident or hospitalization. As per Section 80D of the Income Tax Act, health insurance premiums up to Rs. 15,000 are available as a deduction from the taxable income. The amount of this deduction for senior citizens has been fixed at Rs. 20,000. Therefore, an individual can claim up to Rs. 35,000 as a deduction against health insurance premium. However, this should not include more than Rs. 15,000 for self and spouse and Rs. 20,000 for senior citizen parents. The entire sum received under a critical illness plan is tax-exempt.

New Pension Scheme

The New Pension Scheme, common known as NPS have recently emerged as a popular tax-saving investment due to its excellent tax benefits. NPS is basically an investment plan managed by PFRDA (Pension Funds Regulatory and Development Authority). Any Indian citizen between the ages of 18 to 60 years can participate in the New Pension Scheme. The fund-management charges associated with this investment plan are considerably low.  Under the NPS there are allocated fund managers who manage the funds through 3 different accounts with diverse asset profiles, namely, Equity, Government securities, and corporate bonds. Investors can choose to manage their portfolio actively (active choice) or passively (auto choice).

The amount invested towards the NPS can be claimed as a deduction from the taxable income under the Section 80CCD of Income Tax Act, 1961. The maximum deduction allowable under the section is Rs. 50,000. However, this limit is over and above the limit of Rs. 1.5 stated under section 80C and 80CC of the act.

canstockphoto21593030When it comes to managing your personal finances, it’s important to keep the ideal of balance firmly in mind. This means that your incoming profits should balance favorably against your outgoing expenses. If the weight is shifted toward the debit side, you’re going to feel the negative effect this imbalance brings to your financial independence and quality of life. This is why it’s so important for you to know and understand the essential elements of personal money management.

Keep Track Of Your Personal Spending

Perhaps the simplest element of personal money management – and, in more than one instance, the trickiest – is to keep a tight eye on your personal spending. While it’s an excellent idea to seek the help of a professional money management firm, such as Fisher Investments, to keep track of your investments, the truth is that your personal financial history can easily be kept track of using a simple pencil and notebook.

Carry a Notebook Around With You

Get into the habit of carrying your notebook around with you. Jot down every penny that you spend during the course of your day. This includes every expenditure from your morning coffee and danish to the money you spend on a parking space in the city. By noting each expense, you will be able to solidify yourself into the habit of keeping full track of finances, second by second. You’ll never be brought up short by a decline on your credit card again.

Transfer Your Notebook Data to Spreadsheets

Once you have accumulated a full month’s worth of financial data, you may find yourself with an unwieldy mass of information that could easily get misplaced. It’s an excellent idea to transfer this raw mass of data to a spreadsheet. While this is hardly a high tech solution, you’ll find it to be extremely effective. Even major players in the investment industry, such as FI among many others, use strategies that are basically high tech versions of the one outlined here.

Use Your Spreadsheets to Identify Your Major Spending Trends

Another advantage of using spreadsheets is that you can keep track of trends in your monthly spending habits as they develop. After a year or so, you can look back through your spreadsheets to identify particularly larger peaks or troughs in your spending. This can give you a much more accurate idea of which times of the year you should be saving money in order to be prepared for those months when additional spending cannot be avoided.

Why Do You Need A Personal Balance Sheet?

It’s important for you to create a personal balance sheet for yourself in order to take full account of all of your incoming profits and outgoing expenses. This balance sheet goes hand in hand with your expense spreadsheets. The difference between your present assets (the sum of what you own, both in capital and in cash) and your liabilities (the amount that you owe your creditors) forms the amount of your net worth.

Your net worth is the most significant amount for you to keep track of in order to maintain your financial solvency and independence. Your continuing financial health and quality of life are the reasons why you need to develop excellent personal money management skills.

canstockphoto0550848The impact of mergers and acquisitions on business many differ on the condition of the company and further plans. The main objective of merging is to reduce the expenses of the company. However, the process is not always successful for every firm. It depends on number of factors considered. According to the studies, M&A can affect senior executives, labor force and shareholders in many ways, which certainly may effect on profit and reputation of the firm.

Let us now check the impact of merging on various departments of the firm:

Impact of Merger on employees:

It is a well-known fact that, when there is a merger, employees are bound to be laid off during bringing down the cost or closure of certain departments. Company may require only good performing employees for the given task. These employees in turn have to look for another opportunity either in less package or similar package. Employees have to compromise in terms of work and pay once the merger takes place. Many employees see this as an opportunity to seek job at a new company and go for a higher package.

Impact on Top Management:

One of the major impacts on top management is the clash of ideas and egos. This happens because of the variations in the culture of two organizations. New management team might ask for change in policies or implementation of new policies. When such situation arises, the top management finds it hard to work as a team. Moreover, the main focus of bringing up the company gets aside, and executives become busy settling their own matters.

Impact on Shareholders:

Of Acquired Firm: Shareholders of the acquired firm benefit the most, because acquiring usually pays less excess. In this situation, shareholders forgo their shares and offer amount more than the actual price. For a local company, buying another company at a higher price can be a fruitful deal.

Of Acquiring Firm: Shareholders of acquired firms are most affected. Acquiring company looks for larger sum of loan to acquire other company, leading to the debt and loss for shareholders.

As mentioned above, the impact of M&A depends on the company’s condition and method of merging. Seeking advice from professionals like Generational Equity executives will certainly help you to gain more knowledge about the merger and overcoming the problem of aftermath. The advisory company will certainly help both companies to understand the method and how to successfully run even after the merger. The advisory company conducts seminars for different company to have fruitful communication on merging and how a firm can tackle with problems. It is highly essential for a company to plan and execute it properly without facing any loss of cost and trust. There are certain acquisition norms which needs to understood and followed by both the companies.