Many potential buyers believe that closing costs are almost negligible, and when they compare mortgage rates, they often ignore the added fees that closing costs can create. Comparatively, the closing costs are often minimal when viewed next to the down payment or the cost of the interest over time, but when viewed separately, these fees can add up quickly.

Average closing costs vary by state, but they can often be in excess of $6,000 dollars. That’s enough to buy a well-maintained car. Many people see a mortgage refinance as a way of simply reducing the interest rates on their loans. They forget to consider closing costs, which can often amount to quite a bit.

Even with high closing costs, a mortgage refinance at today’s low interest rates will almost certainly save you substantial money in the long run. But be aware of all the expenses and all the variables that go into the refinance transaction. Don’t jump in without doing some research.

Digizaar

This is a site that connect folks looking for almost any type of service with local service providers. If you are in need of a photographer, mover, dog walker, or whatever this site is a must. You simple sign up for a free account and post what you need with a description and pictures and providers will send there best offers to you email. It is very private and other users do not see the bids you get from service providers nor do service providers see you contact information. Once you have an offer you like you can contact them and have what you need done. Digizaar is a good site to help you save time and money.
Gas Buddy

Gasbuddy is a site the helps you find the cheapest gas stations in your area. Other members report the prices of the gas they see to earn points and win prizes. You simple go to your city and find the gas station with the lowest price. The site tells you exactly when the price was reported, have directions to the gas stations, let you know if the price went up or down, and show you prices all over the US. Win prizes and save money on gas, what else could you ask for.

Rentometer

Ever wonder if you were paying too much for rent, well now you can find out with rentometer. Simply input your address, zipcode and your monthly rent payments. Rentometer will let know how good of a deal your getting or how much you are over paying. You can even pay your rent, find a new apartment and compare prices. The site is very easy to use and can save my a bunch of money on your rent.

NON RECOURSE FACTORING

Think of it as selling your invoices at a discount to the factoring company. This is when you the business owner turns over all legal responsibilities of the invoice to the factor. Leaving the factoring company with the risk of never being able to collect from the customer. You do not have to repay the advance or try to collect payment from the over due customer. Non recourse factoring is more expensive because of the higher risk and usually requires you to pay interest for a set period of time. This helps the factoring company recoup some of there lose if they are unable to collect the debt.

RECOURSE FACTORING

This is the opposite of Non recourse factoring. You can think of it as a loan until the customer pays the debt. The factoring company will try to collect until the due date of your advance. If they are unsuccessful, it will be your responsibly to collect from the customer and repay the advance to the factoring company. There are less requirements and fees associated with recourse factoring because of the lower risk.

TIPS TO HELP YOU DECIDE

If you have been working with a customer for a long period and are confident they will pay, it is in your favor to use recourse factoring. On the other hand, if you and the customer have a new partnership then you may want to use non recourse factoring or give it some time to gauge there ability to pay. You should also consider bundling your invoices to save on fees.

While receivables financing is a great tool, you will have much to consider if you ever need to use it. Make sure it is your last option because you will still lose a portion of your profit for the quick cash advance.

FACTORING COMPANIES

First we will take a look at selling your accounts receivables to factoring companies or what is called accounts receivable factoring or accounts receivable funding or accounts receivables financing. There are many companies that offer this service as there sole business practice and some that has it as a side service like a bank for example. Usually there is a minimum to work with the latter, some where around $5 million in annual sales revenue. The first thing you should know is that you will be selling your accounts at a discounts of the face value. The discounts is dependent on your customers credit and the age of the invoice; the average is around 5%. The older the account the less you will be able to get for it, companies usually do not buy receivables that are more than 90 day old as it is likely a noncollectable account. The second thing is should you opt for non recourse factoring or recourse factoring.

When dealing with a factoring company you can expect to pay a fee for their services. Most companies charge anywhere from %2 to %6 of the total invoice or invoices. Some companies will collect payment directly from your customers and send you what’s left after taking there fees. This can be a good thing for you; it frees you of trying to collect from that customer. There will also be other fees outlined in your agreement so, be sure to read it carefully or have your attorney look at if for you. After you have agreed to the terms you will receive the money within a few days depending on the company.

TRADING ACCOUNTS RECEIVABLES YOURSELF.

Unlike selling your receivables to a company, you auction them in a marketplace similar to Ebay to investors. A receivables marketplace gives you more control than a factoring company. You will still have to sell your accounts at a discount, but you will have more say in how much of a cut you are willing to take.

You will not be selling accounts to individuals, but to commercial entities that has passed the membership process of the marketplace. This process includes a background check, legal paperwork and a minimum in investing capital. This is a secure alternative when looking for receivables financing ( receivables funding ). There are fee to use the marketplace which includes registration, posting, closing transaction and administrative fee.

Both are great avenues to getting to cash flow you need for your business when you need it. Do your research before deciding which way you will go. Be sure this is the last option for your business because you will be taking a lost for the benefit of immediate cash.

Here is how it works: The method requires you to take out a low interest loan which usually stretches out your payments for longer than your current payments. You use this low interest loan and pay all your current debts and now you only have one low monthly payment.

Here is what you should know: The universal first rule of becoming debt free is to stop acquiring more debt. The new loan you just took out with its low interest, just broke to first rule. Interest is the sole reason your debts take so long to pay off. The longer it takes to pay off any loan the more you pay in interest. If you owe $10,000 on all your debts combined and it would take you 5 years to pay off at your current rate of payment. Getting a loan for $10,000 at an interest rate even half your current interest rate will cost you more and take longer to pay off. On top of all this you will not gain the knowledge required to stay out of debt once you do get out.

Here is what you should do: Take the time to learn real debt eliminating methods such as the debt snowball method and building up an emergency account. These techniques will not only get you out of debt faster and completely, it is more likely you will stay out of debt forever. Non profit debt consolidation companies have there place, but 90% of people in debt do not need them.

In many cases when you borrow money you sign a contract agreeing to settle your debt through debt arbitration instead of through the court system. This is much cheaper because court fees and attorney fees can be avoided for both you and the lender. You may still find yourself in court depending on your situation, but still have the option of arbitration if the judge sees fit. You will need significant proof that you have been making payments on your debt and both you and the creditor has to agree on this as a solution.

Over the years debt arbitration has gained popularity among creditors, even though its main goal is to help debtors. The reason for this is because creditors usually recover more of their money than other debt collection methods. This does not mean it is not a great solution for you, actually it works great for all parties. Debt negotiators already have relationships with creditors making it easier for them to negotiate a lower percentage on your debt, you end up paying much less on a debt you want to pay off while avoiding filing for bankruptcy and creditors get to collect on the debt without all the expenses. If you have a huge outstanding debt and is on the edge of bankruptcy credit card debt arbitration may be the solution you need. Consult a debt negotiator and find out what help he/she can provide.

Well, first you have to ask yourself where do you want to be a 5 to 10 years. A financial planning consultant will not make your goals for you, they are there to create a clear plan to help you reach your long and short term goals as fast as possible. If your goal is to expend your family, you might need a bigger house or more income. Your consultant will help you with your questions about mortgage, investing for your child’s future and when and how to start a college fund. If your goal is to get out of debt, they will work with you to find a plan the fits you. Help you set up payment plans with your creditors and show you ways to stay on track while paying off your debt.

People that need financial consulting are those that live busy lives or find it hard to manage their money. If you find it challenging to put together a retirement plan or to choose the type on investments to fit your goals, then you may need the help of a financial consultant. When you are ready to hire an advisor, look for one that is both professional and easy to get along with. You will have to spend a lot of time both in person and on the phone, so it would be best if you work well together. Also make sure you check their credentials before you decide to hire them. You don’t want someone with little experience giving you advice abut your financial future.

You will need pen and paper, a text editor or Microsoft excel if you have it. For the sake of this article I will show you how to make your wedding budget spreadsheet using a text editor, simply because every computer has one.

1. Create a new document and name it “Wedding spreadsheet.”
2. On the first line, type Vendors, Estimated cost, Actual cost, Phone number and Completed.
3. Skip the second line an move to the third. Under vendors type every service you plan to use to put your wedding together such as transportation, printer, flowers, entertainment and so on. Try to keep your list organized so you will be able to easily scan an find what you need.
4. Next to each vendor on your list put the prices your were quoted when you call and their phone numbers, when you go and actually make your payments, put the amount you under the “Actual cost.” Once everything is delivered and approved by you, mark it off as completed.

It is that simple to make a wedding budget spreadsheet. Try not to forget to put anything new that comes up later on your spreadsheet. This one will be tailored to your wedding, but you can find some already made if you do a search in Google. Congratulations and do not forget to practice you vows.

HOW IT WORKS.

First you should save a little backup just in case you hit a bump down the road you can continue making your payments on time. About 2 months of all you minimum payments combined and the current bill you are working on.

Make a list of all your bills and depending on which method you chose place them in lowest amount owed first or highest interest first. Start paying all the minimum payments on all you debts except the first one on you list. Take all the money you have from paying only the minimum payments on the rest of your bills and any extra you can come up with every month and pay off the first bill. After the first debt is paid move on to the next one on your list. Add all the money you use to pay on the first bill to the minimum payment you are paying on this bill until it is paid off. Continue the process until all your debts are paid in full.

As you can see, it is like a snow ball rolling down a hill. The best part of the debt snowball is that you can see your progress as you finish paying of a debt. This will help to keep you motivated through out the entire process.

What are sub-saving accounts?

These are accounts within your bank account.  If your bank has the feature to have multiple saving account, you can open saving accounts online to save for whatever you want.  Let say you want to buy a new car in two years, you can open an account and call it “New car fund” and have a percentage of your savings automatically sent to that account every month.  This will help you from spending your new car money and give you a little back up if your old car need fixing.

Sub-saving can be use to save for anything and is a great way to help you get in the habit of planning ahead.  This can also help you complete your goals on time, you eliminate one of the main two reasons our goals get side tracked… lack of funds.

There are a couple things to watch out for when setting up these sub-accounts.  I have found it is best to have money routed from you main saving account. Having it taken from your checking account can lead to the risk of being overdrawn.  If you need to, you can increase the amount being sent to your main saving account to accommodate and since more money is being taken out of your accounts be sure to keep a close eye on your checking at first.  Be careful if your bank has fees related to their saving accounts,  some banks still offer free checking and saving accounts.  If you have no idea how to setup these accounts, go talk to you account manager at your branch or call your bank.  You account manager is there to help and most people never utilize there service.  A good account manager should have the answer to all your questions and be able to help you with all your banking needs.

Having these sub-accounts will help reduce over spending and is simply just another great way to help you manage your money.