As you welcome the new year 2022, it might be a good idea to reflect upon how well you did last year. This also includes the financial aspects – how your investments have fared in the last year and if you are still on track in achieving your financial goals at the deduced time horizon. It’s a good time to revamp your financial planning checklist if needed. In this article, we will cover five items that you must check off in your financial planning list in 2022.

1. Prepare a new budget
   Every year, an individual must ideally exercise new budget preparation taking their present financial situation and other factors into consideration. One must begin by evaluating their current income levels and their expenses. Reviewing your expenses will help you to monitor your expenses and avoid unnecessary expenses. A simple way to achieve this is by following the 50-30-20 budgeting rule. As per the rule, an individual must ideally allot 50% of their income towards basic necessities such as rent, food, etc. Next, 30% of the income can be used to support one’s lifestyle such as going out for dinner, taking a trip, buying new apparel or furniture for the house, etc. And the remaining 20% must be saved and ideally invested in the right investment options.
2. Evaluate your financial objectives
   Evaluating your investment goals will help you stay on track with achieving your financial goals – big or small. You must also evaluate if you are on the right path to achieve your retirement and tax saving investment goals as well. You must also review if you have made necessary contributions towards your financial goals such as retirement, child’s higher education or marriage, buying a house, etc.
3. Evaluate your cohesive portfolio
   A cohesive investment portfolio comprises of different types of investments such as mutual funds, gold, fixed income securities, stocks, real estate, money market instruments, cash and cash equivalents, etc. Next you must work towards aligning your investment portfolio as per your desired asset allocation mix. If needed, rebalance your investment portfolio as well as per your financial needs.
4. Clear your debts
   It is always a good idea to be financially independent and debt-free. Being debt-free does not add on to your stressful life. You can begin by getting rid of high-interest bearing types of debt such as personal loans or credit card bills. Keep in mind that certain debts such as home loan provide tax benefits to investors. So, you must plan your debt repayment plan in a way that focusses on home loans at the last.
5. Maximise tax savings
   An individual can avail of several tax saving investments to lower their tax outgo. With different tax saving investment options to choose from – ELSS (equity-linked savings scheme) mutual funds, tax saving fixed deposits (FD), Sukanya samridhi yojana (SSY), public provident fund (PPF), national savings scheme (NSC), senior citizens savings scheme (SCSS), etc. choose a type of investment that aligns with your financial portfolio.

 

 

Forex Trading Markets is a global online network wherein forex traders and traders might also purchase and promote. It has no physical site and runs for 5 half days every week, 24 hours a day.

FX Trading Markets are one of the maximum sizeable economic marketplaces inside the international. It is difficult to underestimate their role within the international charge gadget. Their operations/dealings should be sincere to fulfil their function efficaciously. Trustworthiness refers back to the fulfilment of contractual commitments.

If you plan to do forex trading in Pakistan, you should understand approximately the numerous markets to change Forex first.

Major FX Trading Markets encompass-

• Spot Markets

• Forward Markets

• Future Markets

• Option Markets

Spot market

In FX trading markets, those are the quickest foreign money transactions. This marketplace permits buyers and sellers with on the spot payment primarily based on the current alternate fee. The spot marketplace bills for about one-third of all Forex, and trades normally settle in a single or two days. This certifies traders to be observable to the currency marketplace’s instability, which can supply the fee to upward push or fall between the settlement and the exchange.

Forward Market

An ahead agreement is between two parties ( companies, individuals, or authorities nodal corporations) to behaviour enterprise at a certain fee and amount at a future date. Because no cash is transferred while the contract is signed, there is no requirement for a security deposit.

They are hedging and speculating benefit greatly from forwarding contracts. A wheat farmer forwards his crop at a regarded set charge to keep away from rate risk is the standard case of hedging utility through forwarding contracts. Similarly, a bakery needs to reserve bread in advance to help with manufacturing planning while averting fee modifications. Speculators expect an increase in charge based totally on their information or records.

Future Markets

Future markets can assist with a number of the issues that arise in forwarding markets. In phrases of centre precept, destiny markets are similar to ahead markets. On contary, contracts are even more standardized, and buying and selling are centralized (on an inventory change like NSE, BSE, KOSPI). Because exchanges have a commercial clearing enterprise that acts as the counterparty to both facets of every transaction and ensures the change, there’s no counterparty threat. Compared to forwarding markets, the futures marketplace is far more liquid since it allows a limitless number of human beings to take part in the equal exchange (like, buy FEB NIFTY Future).

Option Market

An option is type of contract that allows the option purchaser the right, however now not the obligation, to buy or promote the underlying at a destiny exact date (and time) and a defined charge. A name option lets in your buy, whilst a placed option allows you to sell. Because currencies are exchanged in pairs, one is bought, and the other is offered.

Etoro is one of the most famous Forex market buying and selling systems to exchange. If you need to know about the withdrawal fee etoro, check the website or do research to discover the identical.

A savings account, utilized properly, can be an exceptionally valuable tool. A savings account, especially one with a debit card attached, can be used in ways that both allow for emergencies while also ensuring an individual never lives beyond his or her means. Banking experts like Dan Schatt and others say that these tips can help you get the most value out of a savings account:

Start an Emergency Fund

Emergency funds are often mentioned in personal finance circles but rarely put into practice by individuals who either do not have them or choose to ignore their existence. An emergency fund can be implemented by creating an account with one financial institution and then opening sub-accounts within that institution for every expense you anticipate having throughout the year. For example, if you need $500 for groceries per month, create a sub-account in your bank labeled “Groceries” and transfer $500 to it each month. If you do this, when an emergency arises and you need to purchase groceries for $700 in one month, the difference will come out of your account labeled “Groceries.” In this way, if money is tight, you can live on less than what is available in these accounts without incurring overdraft fees or using a credit card. This is a great way to ensure you never spend more than what you can afford and provides peace of mind for those times when the unexpected happens.

Save Regularly

Regularly saving your money is an excellent habit to develop; even if it’s only $25/week, saving this amount each week will result in $1,300 after one year. That may not seem like much, but that same individual who saved $100 twice per month would end up with $4,200! Those small expenses that we all incur weekly – a cup of coffee here, 25 cent app there – can add up and quickly divert funds away from savings accounts if they are allowed to do so.

Pay Yourself First

A smart way to ensure that savings remain a priority is to pay yourself before paying any other bills. By “paying yourself first,” as Dave Ramsey would say, you’re ensuring that you always have some money on hand for those emergencies and unexpected costs that we all face from time to time. If you make a habit of saving this way, it will become second nature, and your savings account balance will grow over time without you having to think about it.

Utilize Direct Deposit

Direct deposit has been around for decades now but remains the most convenient way of receiving a paycheck. When using direct deposit, avoid the temptation of transferring funds into your checking account – which can easily lead to spending mistakes if not done carefully. Instead, have your paycheck deposited directly into savings. This ensures that money is being put aside for future use without you doing anything extra other than setting this up with your employer.

Save Whenever You Can

These days, it seems like there are opportunities to save your money at every corner. For example, do you go out to eat frequently? Try cooking meals at home instead and using those leftovers for lunch the following day. Is your heating bill excessive? Lowering the temperature on your thermostat or closing off rooms that are not in use can lower that cost substantially throughout the winter months. The point here is simple: whenever possible, find ways to save additional amounts of money wherever possible – even if it means taking advantage of free offers like samples at the grocery store (which can often save you well over $20 in a single visit).

 

Many families all over the world have credit card debt. Credit cards are a good way to get access to extra money that you don’t have on hand right now, but relying too heavily on them is a good way to end up with an unexpectedly high amount of credit card debt. If you currently have so much credit card debt that you’re barely making an indent into your balance every month, a balance transfer card like the Citi Simplicity card could be a good option. Here are a few of the benefits that a balance transfer card can offer.

1. A Way to Pay Off High-Interest Credit Card Debt

One of the reasons credit cards can be so dangerous for debt is because the interest rates can be extremely high. High-interest credit card debt is very common, and it can completely destroy the amount you’re able to put toward paying off the debt every month. A balance transfer credit card can give you low or 0% APR on your balance transfer for a period of time.

2. May Offer an Introductory APR on Future Purchases

Most commonly, balance transfer credit cards are geared toward helping you avoid some amount of interest on your purchases. The Citi Simplicity card, for example, offers 12 months of introductory 0% APR on new purchases. That means if you have a large purchase coming up, you might want to put it on this card to pay it off over time with no interest.

3. Commonly Doesn’t Have an Annual Fee

It’s very common for balance transfer credit cards not to come with an annual fee. You’ll likely pay a percentage fee when you transfer the balance from your old credit card to the new one, but it’s less common to have to pay a yearly fee to keep the card open. That means you’re not losing any money just by having the card open, and you can put that money toward paying off your balance.

4. Allows You to Consolidate Debt

You don’t have to just transfer balances from a single credit card to the new card. Many balance credit cards allow you to consolidate debt from a variety of credit cards. This can make it easier for you to make your monthly payments and avoid forgetting a payment for one of the credit cards that you have open. This debt consolidation is a great way to manage your current debt.

Conclusion

Families often suffer the most from credit card debt, as it can be even more difficult to routinely make more than minimum payments when you have extra expenses as a family. This is why balance transfer credit cards can be so helpful for many people. If you’re looking to invest in a balance transfer credit card, make sure you do some research first. It’s also a good idea to have a plan for how you’re going to pay off the whole balance over the introductory APR period.

You have heard about Binance and Coinbase, both are popular and the trusted cryptocurrency to get hold of in the current times. If you are thinking about which one to choose, you cannot easily decide as both have different features that make your cryptocurrency payment easier and hassle-free. Some think that how these two platforms come to mind at the same time. If you are thinking deep into cryptocurrency platforms, you might come across these two items on a research basis.

One company was established in the tech towers in Shanghai, and the other one was established in the VC-ridden hills at Silicon Valley. Despite being the two most popular among the three large cryptocurrencies, Binance and Coinbase are different platforms for different users.

Like the other crypto-related items, Binance and Coinbase provide access to the various coins and the platform features depending on the user’s location. However, some countries take it harder to check the retail trading for cryptocurrencies, whereas the other nations completely embrace it.

This makes it too difficult for these exchange platforms for determining the universal rules for all the users. Sometimes, it causes legal issues. Therefore, it is very important to understand the local laws and regulations to determine whether coinbase Vs Binance or any other cryptocurrency that is far better than this. In this blog, you will get a deeper look on the features of these two platforms, currencies offered and their benefits and disadvantages.

An Overview of the Coinbase

Let’s check this; it is one of the largest and the most popular cryptocurrency exchange platforms available in North America as per the trading volume. This American trading platform was founded in 2012 by Brian Armstrong, who was the Airbnb engineer before in his life. It has grown from the obscure San Fran start-up to the $85 bn+ trading company. This exchange platform now has 40 million verified users, and it is the 3rd largest cryptocurrency exchange globally after Binance and Huobi.

The Features Of This Crypto Currency Platform

This platform operates in more than 100 nations as the mobile app and the web platform on iOS and Android, Mac, Linux and many more. This platform allows you to buy, sell and also exchange 50 available crypto-currencies. This also will enable you to check the price chart and data for many other coins available.

The Benefits Of Using This Crypto Currency Platform-

It is one of the easiest solutions for users looking for ways to buy Bitcoin. In crypto, there is a slight barrier for the users to enter U.S. bank accounts. However, this platform makes it easier to link with the bank account. Though the process seems simple, the more you enter the process, you will be involved in the tricks and tips. It has excellent infrastructure and also customer support. If you are looking for the best cryptocurrency to invest in 2021, this platform can be the best solution for you.

On the other hand, the Binance platform is the largest cryptocurrency in the globe. It was founded in the year 2017 by the developer and Fintech entrepreneur Changpeng Zhao. The function of this platform is similar to the Coinbase, but here, the users can trade more than 500 crypto-currencies. The best part of this platform is that it has the lowest fees in this industry. It has lots of options for the beginner as well as for the advanced traders too.

For U.S. traders, there are so many other options available in the market. But, if you are searching for the best types of cryptocurrencies, Binance and Coinbase are the best ones. Now, you can choose as per your requirement.

 

Lincoln has a lot to offer residents as the capital of the state. Although apartments in Lincoln, NE aren’t as expensive as in major cities like New York City or Los Angeles, Lincoln apartments can still get quite expensive. When you factor in rising rent prices and the impact of the COVID-19 pandemic, it’s easy to understand why some people may struggle with affording an apartment in the city. Thankfully, there are some steps you can take that can land you a better deal on an apartment, and better your financial situation. Here’s how to afford an apartment in Lincoln, Nebraska.

Save Up

If you’re looking to afford a new apartment, then you’ll want to save up some money. When you sign a lease, not only will you have to pay rent every month, you’ll also have to pay some money upfront. For example, many landlords require a security deposit as a way to protect their property, with the deposit usually equaling one month of rent. Although you’ll get this money back when your lease is over if you take care of your apartment, that could be months or years down the line. Additionally, many landlords require you to pay the first month’s rent upfront, and some may even require the first and last month’s rent along with a security deposit. This can add up to quite the hefty initial payment. In order to afford this, you should cut expenses and save money every month. Not only will this allow you to pay the initial fees, if you save up enough, it’ll also create a buffer that can help you pay for rent down the line.

Live with a Roommate

A fantastic way to cut down on rent prices and make an apartment more affordable is living with a roommate. Living by yourself will result in high rent prices and will mean you’ll have to pay utilities by yourself. On the other hand, living with a roommate can slash your rent and utilities in half, making the apartment much more affordable. However, when you do this make sure your apartment is big enough to house 2 people with no conflicts. Additionally, try to room with someone you know and are comfortable with, just to prevent any roommate disputes in the future. Although living with a roommate may not seem like the most attractive lifestyle option, it can make paying rent so much easier.

Supplementary Income

If you’re already struggling to make ends meet, you might think it’s impossible to save up money or afford another bill. If this is the case, then you might benefit from adding a form of supplementary income. There’s plenty of freelance work available for a side hustle, and options like rideshare and food delivery are becoming more common. Doing these activities may only take up a few hours a week, but can provide you with enough income to have the financial flexibility to afford an apartment.

Shop Around

While you’re looking to get your financial situation in order, it’s important to continually shop around for the cheapest deal possible. Not every apartment listing will be easy to find and you may have to shop around to find really good deals. When shopping for anything, you should always compare prices and try to find the best deal. Many people make the mistake of jumping at the first apartment listing they like, meaning that they potentially miss out on other deals. Remain diligent in your apartment hunt, and you should find a listing that is more than affordable.

 

For most people, retirement seems like their big financial goal. However, once you reach retirement, it doesn’t mean that all of your money problems will go away. In fact, you might find that being in retirement means that you’re needing to manage your money even more than you were before since you don’t have a steady income from working anymore.

To help you prepare for this, here are three tips for better money management once you reach retirement.

Make A Plan For Your Spending

Before you were retired, you likely had at least some kind of budget for your money. And while a budget can seem restricting to many people, it can really help to ensure that you’re not spending more than you’re making.

Once you’re retired, you can and should start thinking about your budget a little differently. Rather than trying to keep things balanced in a budget, you should start making plans for how you’ll be spending the money you have saved up and invested. With this plan in place, you’ll ensure that you’re spending money on the things that you actually want to do or enjoy now that you’re retired, like travel, activities, and more. Otherwise, you might find that you waste all of your hard-earned money on things that don’t actually mean that much to you, since it’s easy to lose track of what you’re spending if you’re not accounting for it.

Continue To Invest

Just because you’re not working anymore doesn’t mean that you can’t still be working to bring in money each month or year.

For most retirees, the best way to do this is to put your money to work for you through investments. There are many ways to invest your money, but one of the best ways once you’re retired is to buy annuities. By spending some of your money this way, and potentially finding other options for investment as well, you’ll ensure that you have the money you need now and in the future.

Plan For Spending More As Time Goes By

One of the hardest parts about planning for retirement is knowing how much money you’ll need. Since no one knows what the future will hold, it can be hard to know how many years you should plan to be in retirement and what your expenses will be like down the line.

To be safe, it’s wise to plan on spending more and more of your retirement money as the years go by. Things like moving into a retirement community can get expensive. So although you might not have any health issues or other problems now, it’s wise to assume that more of these costs will begin to pile up as you age. And with this in mind, you should plan your finances accordingly.

If you’re nearing retirement age and want to ensure that you have what you need financially throughout these years, consider using the tips mentioned above to help you adjust your money management strategies.

 

One of the worst money problems a person can have is that there’s simply not enough. More money tends to lead to more expenses, which is why it’s important to always keep working hard to build your stash.

If you want a comfortable life, you need money. Learning the best way to save and compound your money is a great way to better prepare yourself for a cozy future. Take a moment now to read through these helpful tips for saving more money, and look forward to a stable financial future.

Automate your savings account

Given that saving money is something you integrate into your lifestyle, you should integrate an automated savings plan into the budget. Finding a savings account that really pays out a good interest rate is priority.

Once you’ve set up a savings account that makes you happy, it’s time to start adding money. Automate your savings deposits, so you never even have to worry about letting go of the funds. You’ll quickly grow accustomed to the process, and your savings will grow in the meantime.

Learn to navigate the stock market

Most people have a little fear of stock investing, because they aren’t entirely sure how the whole process really works. You can invest in the stock market in many different ways. You can even use your IRA for stock investments.

The only barrier you have to conquer is knowledge. Educating yourself is made easy through the infinite resources offered on the internet. All you have to do is take the time to really apply your mind, and you’ll open up a whole new investment opportunity.

Cut down on your everyday expenses

You can likely save hundreds each month by simply cutting down on your everyday expenses. Eating take out food less often and cooking at home is a good start. Take a look at all the various streaming services you pay for each month, and simplify the list of revolving charges you are responsible for paying.

Hone your value detector

Learning how to find a good value is a good way to save money along the way. Paying more for a purchase may not always be the wrong move. Sometimes you can pay a little more for a bigger package and get a better price per unit. It’s worth the savings to do the math.

Work hard for as long as possible

You can save more money when you have more money, and you’ll have more money if you work hard for more time. Don’t slack, and use your youth to build your financial empire. Take full advantage of your able mind and body, and apply yourself to a lucrative career path.

It’s important to work hard, save, and set goals for the long term instead of waiting until it’s too late. For example, you should start making plans for retirement now to make sure you have enough money to retire comfortably in the future.

The average Canadian owes $73,532, going by a recent Equifax report.

Despite your best effort, debt can get so overwhelming that you become uncertain about your ability to be debt-free. If you have been in debt before, you might understand the burdensome feeling that comes with it.

How do you lessen this burden amidst numerous other competing financial needs? Here are some tips to help you get on a debt-free path.

Consolidate Debt

If you have several loans from different lenders, tracking different repayment dates and interest rates can be an uphill task. Consolidating debts means taking a one quick money loan to cover all your small loans.

This action does not make you debt-free, but it leaves you with one loan to repay. Be sure to look at the costs of the loan Vis a Vis repaying multiple ones.

Create a Household Budget

To create a debt repayment plan, you need to know where all your money goes. This is impossible to do without a household budget.

To get started, list down all your income sources and the amounts they bring in. then sum up all your expenses regardless of how negligible the amount might be.

The difference between the two amounts is your surplus income. The best outcome is when the amount is positive because a negative balance means you are living beyond your means.

If the figure is positive, you can purpose to use this entire amount to repay your debts. This move will help you clear your loans faster.

Cease All Borrowing

When getting on debt elimination, the last thing you want to do is take on more debts, unless it’s a debt consolidation loan.

If you keep borrowing more, you are essentially taking one step forward and one backward, meaning there is no progress at all.

If you find it very tempting to apply for new loans, consider freezing your accounts so that none can be availed to you.

Increase Minimum Repayments

The premise behind loan repayments is straightforward. The longer the long term, the more interest you pay, and of course, the longer you remain stuck with the loan.

If you are looking to be debt-free as soon as possible, consider restructuring your repayments to make larger payments so that you clear the loans sooner.

This might require you to make some changes to your lifestyle but being debt-free will be worth the sacrifice.

One Step at a Time

Debts take time to accumulate, so don’t expect them to go away overnight.

Your only goal should be to make small, consistent efforts towards a debt-free life.