Pennysaverblog – Page 136 – Smart Finance and Money Saving Tips

5 Reasons Why You Should Book A Cruise This Year

Many people are deterred from trying a holiday afloat because of outdated stereotypes and ill-founded notions of what it’s going to be like. But cruises are growing in popularity and are quickly becoming the perfect budget family holiday. So, why not try looking for last minute cruises next time you and your family want an adventure? Here are five reasons why going on a cruise will make your year:

1) You can go almost anywhere in the world

Access is a major factor contributing to the growing popularity of cruises. Stick a pin into any blue area on a world map, or locate any river and the chances are you can get there by cruise ship. So, instead of being deterred from visiting all of those places you’ve longed after due to extortionate flight prices, why not hop on a cruise and travel in true comfort.

2) The entertainment

You might be under the illusion that a cruise will leave you and your family feeling bored. You couldn’t be more wrong! If anything, cruises will take the stress out of a family holiday, with a diverse range of itineraries to keep the whole family entertained, and almost all of it covered within the price of the holiday, having fun has never been so relaxing. With everything from wine tastings, kids clubs, yoga, thermal pools and scuba diving, there will be something for everyone.

September 11, 2015

Retirement

Reasons Why A TFSA May Be Better Than An RRSP

Traditionally, most Canadians thought that taking advantage of the immediate tax savings of a Registered Retirement Savings Plan (RRSP) for their retirement savings was the smartest choice when it came to saving for their retirement. But now that the Tax Free Savings Account (TFSA) has been around for a while, some people, including tax specialists and personal finance planners beg to differ. Why? Here are some reasons:

1) The TFSA has perks that the RRSP just doesn’t have. For one, the funds you contribute to a TFSA have already been taxed, and because any earnings you get from your investments are not taxable ever, this is a great vehicle for retirees who want to access funds from their investments with absolutely no tax consequences. Although the RRSP allows you to reduce your income tax payable right now, you have to also consider the future – when you are older and ready to retire – do you want to be paying a lot of tax at that time? Just because you may be retired, it doesn’t necessarily mean that your income will be really low, and it’s likely that the tax rates will continue to increase in the future, so you may end up paying just as much or more tax later. So, when deciding how to save for your retirement, you want to consider not only the present, but also the future consequences.

2) The TFSA won’t likely be around forever. As many other government initiatives have come and gone over the years, it is very likely that the TFSA won’t be here forever, so it’s a good idea to take advantage of this account while it’s still around. If you are in the position to max out your contributions, then by all means, consider it. You also have to understand that you should be treating this account as an investment and not a simple savings account – meaning in order to maximize your potential earnings, and therefore benefit from the tax savings, you should be investing in something that can earn you more than the 1 or 2% interest rate on the regular savings accounts.

September 10, 2015

Debt

Am I Eligible For A Home Loan?

It’s now harder than ever for young people to get on the property ladder. House prices are rising astronomically. They’re far outstripping the increase in wages. That means the gap is getting wider and wider for first-time buyers. It’s a difficult time to invest in property, and that’s why home loans are more important than ever.

The only question is, do you qualify for a home loan or mortgage? To answer that question, there are lots of factors to consider. You income, credit history, and your location all determine your eligibility. We’ll start by running through the basic questions that all mortgage lenders will ask. It should give you a rough idea of whether you could qualify for a loan.

Do you have a deposit saved up?

To purchase any property on the market, you need a deposit. Mortgage lenders unfortunately won’t even consider your application without a deposit. Typically, you’ll need between 5% and 20% of the house value just to get started. Many brokers ask for 10% minimum. This minimised the lender’s risk slightly, and proves that you can afford a substantial portion of the property. So, before you approach a mortgage advisor, make sure you know how much deposit you can afford.

September 8, 2015

Household

Get Saving In The Kitchen With These Handy Tips

Saving money is on most people’s mind these days. There are some areas where it is difficult to save money, but there are also areas where savings can be made relatively easily. The kitchen is one such place where you can find savings in many ways. Here are six to get you started.

Shop at the right time

Don’t ever go to the supermarket hungry as you will want to buy everything. Also don’t go shopping until you have planned out meals for the week and you have a list of the ingredients you need. This way you will only buy what is required and, as a result, save money.

Bulk buy and don’t buy often

Buying in bulk will often bring the biggest savings, so it’s a good idea to do a big shop once a month. This allows you to buy in bulk and then only go shopping in between when you need to replenish fresh foods. Going to the supermarket less frequently means less temptation to buy things you don’t really need.

Joanne from kitchenhome.co.uk would tell you that buying in bulk is a great idea as long as you have the space in your cupboards or fridge/freezer as doing so saves you both money and time.

September 7, 2015

Investing

Reasons Why Traders Fail To Make Profits In The Forex Market

It is true that the forex market is perhaps the most accessible and the largest financial market in the entire world. Although you will find many forex investors in the nation but very few are successful enough. As it is the forex trading market is fraught with different kinds of risks, on top of that if someone doesn’t take the right steps, it might lead to huge losses. If you’ve long been into the forex trading market, you should be aware of the steps that lead to failure in the market. However, if you’re not, here are some most common reasons behind failing to make profits in forex trading.

August 26, 2015

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