Whether you are managing a business or managing your own finances, saving money can be challenging. Saving money entails that you spend within your means and eliminate unnecessary expenses. Having more money saved up can help you achieve your long-term goals.
Start by downloading these free Android-friendly budgeting apps.
#1: YOU NEED A BUDGET
HIGHLIGHTS
a. Easily connects all your accounts in one place
b. Offers real-time updates
c. Creates an easy-to-visualize plan to help you get out of debt for good
d. Tracks the progress of your financial priorities
e. Has a chat support team that can assist you
f. Free for 34 days
As the name suggests, this app enables its users to create a budget using its easy-to-use interface. You will learn to prioritize certain expenses and find ways to save more money for unexpected costs. Its app and software work both for Windows and Mac computer as well as iOS and Android devices.
HIGHLIGHTS
a. Free app
b. Has an investment tracking system
c. Offers TransUnion credit scores
d. Gives payment reminders to avoid late fees
e. Lets you sync your financial accounts within the app
f. Showcases monthly bill tracking system
Mint is one of the most popular financial apps in the market. It stands out for a variety of reasons. Firstly, it is a free app that can help anyone looking that aims to improve their spending habits. The app is free, but you will be able to see product advertisements.
Secondly, Mint lets you sync your financial accounts within the app or manually add the transactions. This will enable you to keep track of your spending daily. Moreover, it has a monthly bill tracking system that includes payment reminders to avoid late fees. It also offers the ability to view your investments and check portfolio fees.
HIGHLIGHTS
a. Free app and no fee for joint bank accounts
b. Exclusively designed for couples
c. Has in-app product recommendations
d. Features include early direct deposits, contactless payments, and bills payment
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If you are looking for a budgeting app that you can use as a couple, search no further than the Zeta. This app caters to all types of couples including those who are living together or are new parents. You can sync several accounts to track spending, manage bills, and see your net worth. For instance, this app offers a free joint bank account to help you spend and pay bills together.
As our finances are affected from spending more time indoors, budgeting for the coming months might reduce a degree of uncertainty. Read this list to discover the top-rated budgeting applications of iOS users. Having a budgeting app will help you stay on top of your finances to reach your goals.
#1: POCKETGUARD
HIGHLIGHTS
a. Knows what is in your pocket
b. Gets valuable insights on your spending habits
c. Tracks and lowers your bills
d. Identifies unwanted subscriptions
e. Helps you set and reach your goals
f. Establishes your debt payoff plan
PocketGuard is one of the simplest apps that does an excellent job of tracking your bills, income, and savings throughout the month. It stores your financial account in one place to help you manage your spending. Moreover, it analyzes your bills to look for ways to potentially save money.
This app is helps you manage your cash flow by projecting your expenditures in the near future and accounting for your expected income. PocketGuard offers apps for your iOS devices including your Apple Watch. It also has a desktop version.
HIGHLIGHTS
a. Free app
b. Has an investment tracking system
c. Offers TransUnion credit scores
d. Gives payment reminders to avoid late fees
e. Lets you sync your financial accounts within the app
f. Showcases monthly bill tracking system
Mint is one of the most popular financial apps in the market for both Android and iOS users. It stands out for a variety of reasons. Firstly, it is a free app that can help anyone looking that aims to improve their spending habits. The app is free, but you will be able to see product advertisements.
Image credits: unsplash.com
Secondly, Mint lets you sync your financial accounts within the app or manually add the transactions. This will enable you to keep track of your spending daily. Moreover, it has a monthly bill tracking system that includes payment reminders to avoid late fees. It also offers the ability to view your investments and check portfolio fees.
HIGHLIGHTS
a. Check envelope balances
b. Has an expense tracking system
c. Uses the proven envelope budgeting method
d. Tracks your bank balances
e. Enables debt management and payment
f. Allows scheduling of transactions
g. Ad-free with the inclusion of 10 envelopes for free
Previously known as the Easy Envelope Budget Aid, the Goodbudget uses the traditional envelope budgeting method on a digital platform. It is an effortless way for users to view their budgeting categories across their devices in real-time. It also has some unique features that can help couples to save money for long-term goals such as purchasing a car or going on a vacation. While it is a useful app for couples, it is equally efficient for single users.
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You can add money to your digital envelopes and label them accordingly. Once the money is allocated, it is easy to see how much income you have left. Users can stay within their means and avoid overspending. The basic features are free and allows up to ten envelopes.
Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise.
Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that the average personal loans and overdraft balances for those under 30 elevated by about 23% in the first quarter of this year over the last three months of 2020.
To illustrate, the average personal loan and overdraft balances for borrowers aged 21 to 29 increased to S$49,689 in the first quarter of this year. This is about 42% higher than the average of S$34,941 in the first quarter of last year.
It is important to note that the borrowing limits in Singapore were capped in 2015 to help keep unsecured debt in check. Experts say that the higher debts observed recently could have been fueled by the low interest rates among other factors.
RISE OF UNEMPLOYMENT
Last March, the unemployment rate among residents below the age of 30 was 6.4 per cent. Unemployment and lower earnings could be the reasons why young adults take personal loans and overdrafts. They try to borrow their way out of the crisis.
“If it is due to youth unemployment, it is often transitory. And the Government already has the SGUnited Traineeships programme and other relief to help young people and help small firms hire young people.” – Singapore Management University’s Associate Professor of Finance, Mr. Song Changcheng
LACK OF PERMANENT JOB
Ms. Selena Ling, OCBC Bank Chief Economist, said that the impact from rising personal debt among younger people will depend on when things turn around in terms of their professional life.
She added: “If subsequently they can find permanent jobs, then they can pay off the debts. But if the duration is extended, then loan delinquency or default rates may rise.”
MANAGING YOUR DEBTS
Awareness of your overall debts and assets is the first step. Include every document, billing statements, loans, and mortgages you have. Take immediate action when you notice that your debts are getting harder to manage.
After seeing the bigger picture, it is time for you to reduce your expenses. Cut down unnecessary expenses such as designer bags or artisan coffee runs. Add the minimum payments of your debts and the cost of your necessities to your monthly budget. To aid your realistic budget, you may sell your unused or underused items online.
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Lastly, you can seek professional help. Start by seeking help from your family and friends. Then, consider hiring a professional to reduce your interest rates and penalties at forgiving timeframe.
A car loan is perhaps one of the best loans to be ever created by lenders. It allows you to finance a vehicle easily that can help you cut down on commute costs in the long run. If managed properly, you will end up a proud owner of a new or used car. However, if you mishandle the loan and make delays in the monthly payments, you might end up in emotional and financial stress.
You could be struggling to reach a decision. We are sharing a list of pros and cons to help you make an informed decision.
Pros
You Get a Card Without Paying a Dime Out of Your Pocket
Technically, the car you buy is paid for by the bank. Financing this loan 100% has now become a common practice. Not everyone can buy a car no matter how much money they have in their savings account. Hence, a car loan is such an attractive option.
It Improves Your Credit History
Unlike small loans that don’t add much to your credit score, a car loan allows you to improve your credit history. As long as you keep making the monthly payments on time, you will see your score increase gradually. The improvement in your credit score will help you get approved for a home loan later.
Low Rates
In most cases, a car loan is secured. Banks or lenders, such as Jacaranda Finance, typically offer a 5-year term. On a $25,000 loan at a 3.5% interest rate, you will only have to pay a few thousand dollars. Plus, with the extended period, you can divide the payments either by weeks or months.
Tax Deductions
If the car you purchase is for business, the cost of running the car and its interest payments will be tax-deductible. Your claim for the business portion cost depends on how the car is used for work-related errands.
Cons
The Bank Owns the Car Until Your Make the Full Payment
A car loan is secured where the collateral is the car itself. Meaning: if you fail to make the full payment, the lender or bank will repose the car. This could also affect your credit score and leave a negative marking on your credit history.
Depreciation
As time passes, your car’s value depreciates. The depreciation rate depends on the model of the car. In some cases, the remaining amount of the loan is higher compared to the car’s market value, which means you are paying more than its price tag. If you decide to sell the car and get another one, you will have to cover the difference between what you make from the car’s sale and the remaining loan amount you owe to the lender, and this can pose a problem.
So, you now know all the intricate details of a car loan. The pros outweigh the cons, which, in our opinion, makes the loan a great option. Just imagine getting in your car every morning rather than waiting for the bus and then finding no seat.
“Buy them pre-built or customize the floorplan?” That question is one of the most compelling aspects of a new home purchase for many people in Canada. It’s a choice that comes with complications including cost and terms associated with building your own home.
To determine which option is most advantageous for most, this guide delves into various facets of pre-constructed home purchases processes and their influence on buyers in Canada, most especially Ontario.
Taking Advantage of the Pre-Construction Process
One distinct feature of pre-constructed homes is the opportunity for buyers to deposit smalldown paymentsin early project phases and watch them appreciate over time. Individuals who purchased such buildings back then have seen these structures risen in value.
Intending buyers are encouraged to invest futuristically by purchasing newly pre-constructed homes that will appreciate some years from now, provided that the Canadian real estate market continues to expand.
Most of these residential homes are developed in the Canadian suburbs where competition is low. Is this a significant factor? Of course. These homes are more likely to be situated on larger lots and have increased living space, compared to earlier residential structures. But there is more.
Buyers don’t have to compete aggressively in bidding wars as seen in urban housing markets in locations like Montreal, Greater Toronto Area, Greater Vancouver Area, and Calgary. But before venturing on a hunt for pre-construction homes, take some precautionary measures to prevent unforeseen issues.
Understand Legal Requirements and Purchase Agreements
As with other building types, pre-construction homes come with legally binding agreements, which both parties must honour. On the surface, these agreements appear harmless and mouth-watering. However, upon closer study, some unfavourable provisions may be lurking in the fine print.
Signing such contracts on the spur of the moment without reading the fine print may lock the buyer in a never-ending cycle of disparaging commitments, most of which would be financial. In Ontario, buyers can wait within a stipulated timeframe to ascertain their decision to sign the contract.
This duration is commonly referred to as the “cooling-off” period, which is a legal obligation. The province also mandates warranty coverage on pre-construction homes, which buyers can leverage to ensure that they are not receiving a terrible bargain.
A buyer would also need to sign a purchase agreement with the builder. This legal document is a prerequisite to claiming full ownership of the pre-construction home and it comes with the Tarion Addendum, which comprises:
The Addendum — Documentation showing the critical dates
The Purchase Agreement — Purchase and sale agreement forms
Before signing the agreement, the buyer should seek legal advice from a lawyer to ensure that the transaction is fair and that the buyer is protected legally against potential difficulties.
Know More About the Pre-Construction Builder
Finding out more about a home builder is one method to guarantee that a pre-construction property does not come with any unlawful baggage. One way to do that is to use the Ontario Builder Directory (OBD).
OBD is an online database that provides detailed information about home builders in Ontario, including probable convictions for unlawful construction projects. Potential buyers can use this resource to figure which builder to consult.
Reputable builders in Ontario are licensed to construct new residential structures. They also have a track record of previous homes they’ve built, as well as genuine testimonials to back up their work.
Explore the Warranty Coverage
As previously noted, Ontario legislation provides for warranties on new houses. This coverage is available in a variety of warranties (one, two, and seven years) and caters to:
Materials
Workmanship
Defects
Ontario Building Code violations
Water penetration, and many more
Keep an eye on hidden costs
Charges may appear out of nowhere, leaving the homeowner perplexed. Purchasers may be unaware of them until a few days before closing. In certain circumstances, the fees might be as much as 6% of the initial purchase price.
To be cautious, purchasers should enquire about additional fees and create a budget to avoid unexpected expenditures such as development fees, utility installation fees, and the rest. The maximum charge should ideally be 2% of the purchase price.
Anticipate Pre-Delivery Inspection (PDI)
During the construction process, the builder will invite the buyer over to inspect the home. This is to ensure that the building meets the client’s requirements and satisfaction.In case of an unusually large project, or as a part of the pre-delivery inspection and acceptance, some aspects of the building may be examined.
The builder may furnish the buyer with detailed data in respect of the plumbers, electricians, plasterers, tiler, drainage consultant, roofing company, and other professionals, as part of the pre-delivery inspection and acceptance process. As a tip, buyers can review the PDI checklist available online to know what to examine when on a PDI.
A month before the warranty expiration highlighted in the Addendum, the buyer can conduct a second inspection. Why is this necessary? It is advisable to give the pre-construction building time to settle over the course of varying seasons.
As a result, the customer will be able to assess the structure’s performance under various situations. During this time, possible flaws in the construction may begin to show up. After the second inspection, the buyer can decide whether or not to proceed with the deal.
If Unsatisfied, Get a Real Estate Broker
Working with a real estate broker or agent, particularly one who is familiar with pre-construction properties, expedites the transaction process and guarantees a decent bargain. In most cases, house buyers are only shown model homes to get a sense of what the finished construction will look like.
Real estate brokers, on the other hand, are familiar with the ins and outs of pre-construction developments as a result of their relationships with developers and builders. What exactly does this imply? Builders and developers frequently hire real estate agents to represent them. They are, in other words, the sellers’ agents.
As a result, these professionals work in the best interests of their clients, not the buyer. They guarantee that the builders receive the best deal possible by offering pre-constructed homes at premium prices. It is then in the best interests of house purchasers to choose real estate agents who will represent their interests.
In Conclusion
Most Canadians spend a lot of money on a new house and then find out that’s not the one for them. Before buying a pre-construction house have an experienced broker or agent with a large network to strike a good bargain. A lawyer will come in handy as well. Finding the ideal agent and lawyer may necessitate an extensive search, but the outcomes are rewarding.
