Saving money can be hard. But especially during times of economic and personal uncertainty, it’s often the money that you’ve saved that allows you to have a safety net in the event that things get a little unstable for you. However, getting money into your savings account isn’t always what people wish they could do with their money.

Because of this, it’s wise to try to make savings as easy as possible for you. To help you see how this can be done, here are three ways to simplify your savings plan.

Know What You’re Spending

Before you can really start putting money toward savings, you first have to know how much money you’re spending out of the funds that you’re able to bring home each month.

For some, creating a good, old-fashioned budget that they can keep track of manually is the best way to accomplish the tracking of their spending. However, for people who may want to streamline this process, Courtney Jespersen, a contributor to NerdWallet.com, suggests that you find a budgeting app that can take care of this for you. With many of these apps, you can link your bank accounts to the app and have everything tracked for you automatically and in real time. With this information, you can see where your money is going and then find ways to get more savings from areas that you can afford to be spending less.

Make Savings Automatic

When you’re saving money, it can be hard to see money from your paycheck move into an account that you’re essentially not using while another portion of your money is set aside for bills or other spending.

Because manually moving this money into savings can be difficult for many people to remember or to stomach, Joshua Kennon, a contributor to The Balance, suggests that you make your savings automatic rather than doing it yourself every month. By having a certain amount withdrawn into your savings account on its own, you can set it and forget it without really realizing that that money is moved.

Work Toward Investing

Having your money just sit in a savings account is a step in the right direction, but the money you’re committing to save can grow even more if you invest it so that it makes dividends or interest.

To do this simply, Melanie Weir, a contributor to Business Insider, recommends that you find an investing app that will help you take small amounts of money that you’re willing to set aside and then invest that money into a vehicle that will grow it for you. Even if it’s just a small amount, it will all start to add up soon.

If you’re looking to find ways to make saving easier for you, consider using the tips mentioned above to help you achieve this goal.

 

With the increasing prices of automobiles, the surge in health issues, and mortality rates, insurance plans’ cost is also increasing throughout the country. Unfortunately, the insurance premium is not going to reduce anytime soon. It is expected to continue growing in the future. However, there are a few ways that will help lessen the financial burden. This article will share some essential tips to reduce the cost of an insurance plan with you.

Multiple health plans

A health insurance plan for a single person is needed due to frequent health issues faced. But many of the medical conditions are not insured under one single plan. So it is always better to have top-up or multiple health insurance plans. This is a good way to reduce the sting to some extent.

Install Safety Features

Auto insurance companies charge less premium to those owners who have installed safety features in their car. This is because the possibility of stealing, or theft, is less in such cars.

So, by installing anti-theft devices such as steering lock, anti-theft alarm, and gear lock features in your vehicle, you can reduce the overall yearly premium by five percent. If you are associated with agencies such as WIAA, then you are entitled to get special discounts.

Increase the deductible amount

Another way to reduce insurance premium costs is to increase the deductible amount. It is the amount that the policyholder pays from his side at the time of making a claim. It is important to decide the deductible amount based on your financial condition. Ideally, this amount is less than the “No-Claim Bonus amount” that the policyholder is authorized in the next year.

Transfer No Claim Bonus

You can reduce the auto premium cost of the new car by transferring NCB to the new car. A policyholder can do it like auto insurance is associated with the person who holds the policy and not the vehicle.

This is the ideal strategy when you are selling your old car and buying the new one. You need to hold the insurance of the old vehicle even after selling it and ask the insurer to transfer an NCB certificate. This will lower the auto insurance premium cost of the new auto insurance policy bought for the new vehicle.

Buy insurance online

To get better insurance deals, a lot of people are opting for the online mode to buy a general insurance plan. The digital platform allows them to compare the premium cost and features in just a few minutes. Also, the process is hassle-free and quick.

Avoid making small claims.

You are eligible for a no-claim bonus for every claim-free year. When you renew the insurance policy, the NCB amount gets deducted from the premium cost and lowers the premium’s cost. Skip claiming for the repair of small issues not to lose your NCB amount.

Conclusion

Buying insurance is a wise decision. It saves you any unforeseen financial risks associated with your vehicle, health, and life. However, if an insurance plan’s price stops you from buying it and then implementing these strategies. These tips will surely help you lower the insurance premium.

 

Mutual funds are an ideal choice for several investors. They are simple to use, and there are many benefits of mutual funds. But, what is a mutual fund? A mutual fund is a financial instrument, set up to manage the money pooled from investors at large professionally. By pooling the capital together in a mutual fund, individuals can enjoy economies of scale. Mutual funds are managed by Asset Management Companies (AMC). Each AMC operates several schemes suited to different types of investment needs.Instead of investors fretting about which scheme to invest in, professional fund managers do the job.

Several investors do not have the time and resources to study and research the market. Mutual fund investments serve to be one of the best investment options for these investors. This is because the investors can reap the benefits of different types of investments with minimum effort and at a lower cost.

Types of mutual funds

There are different types of mutual funds with a wide range of profit potential, risk levels, and kind of fund management. Equity funds have the potential to provide higher returns, but they come with a higher risk. On the other hand,some funds invest in short-term bonds that have the potential to fetch relatively lower returns than equity mutual funds but at a much lesser risk. There are several intermediate funds availale to investors as well that offer varying degrees of risk vs returns. For instance, hybrid funds, also known as balanced funds, are a mix of equity funds and debt funds.These mutual funds combine the characteristics of equity and debt. Then there are international funds that invest in foreign securities without individualsneeding to contribute to foreign currency.There are also gold funds that are a way of investing in gold without having to purchase physical gold. They allot mutual fund units that hold physical gold as the underlying security. These funds fetch returns similar to that of physical gold but without the hassles of purity checks, storage, liquidity risk, etc.There are also index funds that track the performance of the underlying index, such as the BSE or the NSE. These funds try to replicate their underlying index and produce similar returns.

Investors should keep an eye on the track-record of individual funds and their fund managersto make the right decision.

Mutual funds offer the convenience, diversification, tax efficiency as well as many other benefits. There are various types of mutual funds available for a wide variety of investing needs. If you are new to the world of investing, you might invest in mutual funds to get the best of the equity markets. Before you invest in mutual funds online, just make sure they align with your personal goals, investment horizon and risk profile. Happy investing!

 

A wedding is one of the most important days of your life while it marks the start of something fantastic. Indeed, getting married is something the potentially only happens once-in-a-lifetime while you will want it to be one of the best days of your life by planning the event to perfection. However, you should also be aware that carrying out a wedding can often be expensive, while you will have to plan a variety of aspects of this particular type of event. In addition, you should also think about the budget that you will need to pay for a particular type of wedding. As a result, if you do not have enough funds to cover the expenses that are involved in holding a wedding, then you should be aware that a number of lenders are available that you can contact. For more information about how to go about the process of applying for a loan, you should think about consulting an online business directory as you will be able to identify a variety of lenders that you can contact.

• Think about your requirements
• Understand the terms and conditions
• Know the interest rate

1. Think about what you need

One of the main considerations that you should make before taking out a Nimble loan for wedding expenses is to determine your budget. Indeed, you should think about the type of wedding want to hold as well as the number of guests that will be attending. By determining your budget before you begin the wedding planning process, you can consider the various aspects of your fantastic day according to a particular budget.

2. Understand the terms and conditions

Many short-term loans will not require you to provide collateral in order to be accepted for a particular type of loan. As a result, you should understand the terms and conditions of a variety of types of loans from a number of different providers before you make a final choice. Taking the time to carry out some research is essential if you want to make sure you take out the right type of loan for your needs while you should also ensure you have insurance if you need it for a certain type of loan.

3. Find out the interest rate

Finally, another important consideration that you should make before taking out a wedding loan is to find out the interest rate that you will have to pay. In addition, you should also determine the repayment period to understand the total cost of taking out a particular type of loan. As a wedding loan is considered as a personal loan, you can use the funds exactly how you need them. However, you should always take your time to read the terms and conditions to make sure you understand how much you will have to pay in the long run, especially for no or low interest loans.

Therefore, in conclusion, if you are thinking about getting married in the near future, you should determine a budget for your event, while you should also understand the terms and conditions of loans from a variety of different lenders so that you can determine which one would be most appropriate for your needs.

It is easy to see why people who were in the position of needing a loan were attracted to guarantor loans. A guarantor loan can make borrowing money more affordable and manageable. Companies like Amigo Loans have developed a friendly image, making people feel as though this is a lender that cares, and who is looking out for borrowers who require financial assistance.

It is not as though Amigo Loans are a terrible company, or that they are doing anything wrong. However, there are many issued associated with this type of loan. The number of problems related to this style of loan hides the frightening truth about your costly Amigo Loans, and it is vital people are aware of these problems, and how to resolve the matter.

If you cannot afford to make your guarantor loan payment, Amigo Loans will turn to your guarantor. They might claim the amount from them, or they might take the payment directly from their bank account.

At the point of signing up for the loan, the borrower and guarantor will likely have provided permission for Amigo Loans to take Continuous Payment Authority (CPA). This is often a condition of the guarantor loan being approved, and it can cause a lot of problems.

Many guarantors have suffered because of lending companies, such as Amigo Loans, have taken payments directly from their account. If the guarantor is unaware of this payment is due, they might not have sufficient funds to cover it. Alternatively, this payment might lead to the guarantor being unable to meet other fees, causing financial difficulty for them.

Sometimes debt collectors get involved

If the lender has been unable to collect money owed to them, they will often undertake the normal debt collection process. This can involve a collection agency taking on the debt, and these organisations are often relentless in pursuing money. Alternatively, court action might be raised against the borrower and/or guarantor.

Dealing with court action or a debt collector can be extremely stressful. Coping with money worries causes problems in many parts of life, so the added stress of facing court action or being pursued by a professional debt collection agency will only exacerbate the worries at this time.

Your credit file will be affected

Defaulted payments will be recorded on the credit file of the borrower and the guarantor. This can make it harder for either of these parties to arrange finance in the future. This might hamper your plans for homeownership.

There is also a human cost with debt

Money worries place people under pressure, and this often impacts relationships. You can imagine how strained relations will be between a borrower and their guarantor if problems have arisen due to payments being missed.

There are significant problems associated with costly Amigo Loans, but help is available in reclaiming payments. Anyone looking to make a successful claim against Amigo Loans, or any lender of this nature, should seek guidance from professionals with a strong track record in this field.

What happens when your bills keep piling up with no spare money in your hand? You have to knock on a few doors to ask for help, but sometimes you don’t get when you need it the most. Living on a salary not paying so well could be very painful. You cannot manage to save enough money for the rent, food or bills let alone for monthly leisure shopping for the items you want to have. It would be best if you took a resort to car title loans phoenix, which is a short-term loan engineered to get you out of your bad financial times and situations. There are no rigid contractual terms for you to oblige through three years.

Why to Opt for a Car Title Loan?

It’s not advisable to lock yourself into a long term deal to meet an expense. Therefore, you should better go with a short-term loan that is easy to handle and you don’t have to pay it off for more than a year. In these kind of car title loans phoenix, you put your car title as a collateral and based on your car value you can expect to get a reasonable amount.

Getting into a contract with the high-interest rate can furthermore affect any financial freedom that an individual already has. There is a new type of loan known as car title loan facilitating the most individuals needing quick cash to pay the school/college fees, monthly house rent, and utility bills.

What’s Required from your side?

Every time you think about a loan then you want to know what its requirements will be and what you need to furnish. One thing without which you can’t expect a car title loan is lien-free title.Know about title insurance. It means that you own a car and at-least its equity. If you have got this car from car financing and you haven’t paid off anything to your dealer then you can’t expect to get this loan amount.

Proving your ownership is not enough. You must include the car payments documents, to be able to acquire the title loan, the payments of the car should be settled first. If you are still clearing the car’s installment, you are not eligible for the loan. Make sure that your vehicle’s payments have been cleared up, and there are no outstanding installments on your part. If there is any, it may hinder the approval process for sure.

Other requirements for a car title loan is car insurance. Some lenders ask you to apply for another insurance if your existing insurance doesn’t work for it. The purpose of this new requirement is to make sure that in case your car meets an accident then it’s repair expenses will be covered fully.

Your ID details, proof of income and residency are among the other requirements for getting approval of this loan.

Why Do You Need to Consider this Loan Option?

Here are two reason due to which a person should give a due consideration to car title loan

No credit Check: A bank will never lend money to the borrower with a bad credit history. On the other hand, you can get a car title loan quickly if your credit history is not that impressive or positive whatsoever.

Fast approval- When you need immediate cash and you don’t have any other option to tap onto then certainly car title loans phoenix the best finance choice one can make.

 

 

Gone are the days when personal loans were associated with higher interest rates, slow loan disbursal, and tedious paperwork. Today, instant personal loans are available online that can be availed without any hassles.

A personal loan is a unique and highly useful financial instrument that can help you fund urgent and not-so-urgent priorities. Let us find out the many reasons for which you can take a quick personal loan.

Common Reasons to Avail a Quick Personal Loan

Following are the most common reasons for which you can take an instant personal loan –

• Funding your dream wedding

“Faith makes all things possible; love makes all things easy.” There’s quite no other occasion where both faith and love work in tandem than the sacred act of matrimony. The wedding ceremony leading to the nuptial is one of the most special moments in any person’s life, and as such, demands a grand celebration.

It could be possible that while planning out your expenses, you may run short of funds needed to fulfil certain aspects of your ideal wedding. Thankfully, you do not have to settle for less; just apply for personal loan. With an instant personal loan, you can have the wedding of your dreams.

• Checking off that dream destination

We all have an inner travel bug that wants to explore the ends of the earth. However, often, what keeps us from checking off our travel bucket list is our bank balance. Here’s where a quick personal loan can come to your aid. Since you can avail a personal loan online without much paperwork, the process goes smooth and easy. You no longer need to compromise on your travel plans. After all, travel is the only thing you buy that makes you richer!

• Paying college fees

“An investment in knowledge pays the best interest.” If your child is interested in higher education, but a lack of funds is holding you back from fulfilling this dream, apply for personal loan. Compare between lenders and choose the one offering lower personal loan interest rates and flexible repayment options.

• Meeting medical expenses

Medical emergencies are one of the top reasons for financial crunches. Unpredictable as they are, expenses such as doctor’s fee, hospital bills, prescription drugs, surgery, etc. can drain your sources of finance real quick. If you’re finding it hard to meet a loved one’s medical expenses, opt for a personal loan. Instant personal loans are designed to help meet urgent situations that demand immediate funds.

• Debt consolidation

Unpaid lending instruments like credit card dues, home loan EMIs, etc. can become extremely difficult to manage. To pay them off, you may end up emptying all your savings; instead, you should opt for a quick personal loan. Though taking another loan may seem to be a bad idea, it will indeed work in your favour as personal loans are offered with competitive interest rates and can be used for meeting immediate monetary needs.

Do you want to apply for personal loan to fund your needs? Lenders offer personal loans for self-employed as well as salaried individuals. Check your personal loan eligibility, determine your comfortable EMI amount using an online personal loan EMI calculator, compare lenders to bag low personal loan interest rates, submit the relevant documents with your chosen lender, and that’s it! Getting a personal loan today is that easy!

Have you ever being thought in a rut and had no idea how to crawl out of it? Maybe you’re in one right now, or hope to avoid the pitfalls that dwindling finances can cause?

As virtually everything in today’s world revolves around money, a lack of it is one of the stressful things a person can go through. Bills are overdue and need to be paid. On top of that, the car has decided to break down and needs urgent repairs. The mortgage is due. Interest rates just went up. The list can go on and on.

Rather than fall into a depression about your financial state, it’s far more productive to remain positive and be proactive about turning things around. In this post, we’ll take a look at a few tips that can help you do that.

Don’t Live On Credit.

It can be tempting to avail those credit cards when times are tough, but if you rely solely on credit to help you survive, your situation is only going to be far worse down the track. We all know credit cards attract high-interest rates, so if you spend too much on them while going through a financial crisis, in a few months time that crisis is going to be even direr.

That’s not to say you shouldn’t use your credit card to put food on the table if you have no other option, but be wise about their use and use credit sparingly and only for emergencies.

Work Out Where You Can Cut Back On Spending

Almost everyone spends money unnecessarily, and the only way to discover where those money leaks are is to take note of what you spend and how much you are spending on those things. If you give this some time and thought, you’ll soon figure out ways you can cut back on spending and have more cash to pay for the things that need to be paid.

Talk To An Accountant Or Financial Expert

This tactic will cost you a fee, but it could prove to be worth every cent. A financial expert, whether it be an accountant or consultant, will be able to help you formulate effective budgets, give you ideas on how to make your money work for you and possibly have suggestions on how you can increase your income.

A Short-Term Loan Can Give You a Boost

While any form of credit shouldn’t be your first option, if you really need money desperately, rather than relying on high-interest credit cards, you could opt for a fast cash loan from a lender like Sunshine Loans, for example.

With these loans, you can borrow up to $2000 at low-interest rates and have several months to pay the money back. They are a great option for immediate cash when you know you can cover the upcoming repayments.

Start Saving For a Rainy Day

If finances are too tight to begin now, make it a goal to start putting money away in a rainy day savings account when your situation improves. Even if you save just 10% of your income, this will add up to a tidy sum and give you emergency cash the next time you find your back against the wall financially.

Learn How To Be a Better Manager Of Money

Apart from consultation with an accountant or financial advisor, there are many helpful resources about finances online that are free of charge. It costs nothing but time to educate yourself and learn ways to improve both your money management & tips on how to increase your income as well.

If you can achieve both of those objectives, the chances are good that you won’t find yourself in another financial rut anytime soon.

Having More Than One Income Is a Safety Net

Money ebbs and flows are a natural part of life. Therefore, if you rely solely on one income, you could be putting yourself in a precarious position. Having at least one other income stream – whether it’s a second job, money from investments, an online business or anything else you can come up with – definitely gives you a secondary level of financial security should your primary income go south.

It’s almost like having savings, as that second income could be the very reason you pull through dark times and find success on the other side.

 

Have you been hearing people say, “we’re all in the same boat”, during the pandemic?

I have to honest that I’m beginning to find it annoying because it simply isn’t true.

How severely the sudden lack of income has affected you can be mostly attributed to your pre-virus financial position, and let’s face it, most of us weren’t ready, we didn’t plan for that rainy day, make that a Monsoon!

Now we find ourselves in an unthinkable financial position, any savings drained, no regular income, bills accumulating, debts building, terribly stressful times indeed. However, odds are we will make it to the other side, but what we look like when we get there is mostly down to us.

We can be taking steps to decrease the impact and improve the outcome. The following tips are all actions I’ve personally taken, and I can tell you that they are helping me through, and I know they can help you too.

1. Don’t despair, research Your Options

Seeking financial help by those affected by the Covid-19 crises has become a global economic problem, unlike anything witnessed before. But it can be challenging to know where to find help if you don’t know what assistance you need.

Make a list of your most urgent financial shortfalls, then contact the relevant institutions directly. These could be your landlord, mortgage lender, loan providers, and utility companies. No one’s unaware of what’s going on, and most companies are making allowances for it.

If needed, ask for a temporary freeze on monthly repayments and discuss implementing an agreeable repayment plan that will start once you’re earning again. Many people I know have managed to arrange a three-month freeze, do the same as this will elevate the immediate pressure on you, and enable you to think clearly and plan your way through the crises.

2. Maintain Your Credit rating

It’s crucial to ensure that you’re not crippled financially after the pandemic due to a bad credit rating.

Governments and lending institutions have responded favorably during the Covid-19 pandemic, many temporarily changing their lending policies, but these changes can have an impact on your credit score. Lenders haven’t applied a one cure fits all strategy, and often make decisions on a case by case basis. Contact them and make sure they fully understand your situation to avoid any future problems.

Also, educate yourself on the five factors that impact your credit score and then implement what’s needed to maintain your financial health.

3. A good time to re-evaluate your budget

Necessity’s the mother of all inventions, and during times like these we soon realize where we are possibly wasting our money.

Most of us have a household budget, and it usually includes monthly utility bills, medical insurance, mortgage/car repayments, education, food, and extra activity expenses.

Now that every dollar has suddenly grown in importance, it’s time to re-evaluate, trim the fat, and cut unnecessary costs.

• Start by making a quick budget list and assessing what’s essential and what isn’t, and you will quickly see where you can save those much-needed funds. Then cut all non-essential expenditures like gym memberships, club subscriptions, unneeded paid software applications, etc.
• Now you might have a small amount at the end of the month that you could use to pay off high-interest loans, or it might help you from slipping further into debt. Perhaps it could even be used to start building that emergency fund we didn’t have when this all started.

Let’s look at that next.

4. Think ahead and create an Emergency Budget

Right now, an emergency budget might seem like an improbable concept. But the sooner you start one, the sooner you’ll gain a little bit of security back and be prepared for any unforeseen emergencies that might lay ahead!

A proven approach is to apply the 50/30/20 budgeting rule. It can help guide you in starting your emergency fund, and you can use it in conjunction with your household budget list to maintain a positive bank balance and credit rating.

5. Increase your income by working from home

Budgeting is one thing, but what if you still can’t balance the books!

As a lot of us have just learned, a single income source is not always a reliable way of ensuring your financial security; perhaps it’s time to spread your bets. If you want a job that won’t be affected by a pandemic such as this one in the future, assess your skills, add to them where needed, and look at increasing your income by working online.

There’s a growing demand for part-time and one-off gigs online, and people are monetizing their expertise by advertising themselves on platforms such as Fiverr and Upwork. Now might be the time for you to take that leap that you always said you would and start a new vocation. Take a look at what people are offering on these websites; you might be surprised to find that you either have a skill or want to get one that’s in high demand and pandemic proof!

CONCLUSION:

As the great man Nelson Mandela once said: “Do not judge me by my successes, judge me by how many times I fell down and got back up again.” And while all of our situations are different, we have all fallen in some way. Now’s the time to reassess and regroup, and by implementing steps like the ones in this article, you might just come out the other side of the pandemic a happier, wiser, and more resilient person.

It’s entirely up to you, good luck!

 

 

Retirement is a bit of a paradox. For most of us we look forward to retirement as a happy release from work, a time when we can put our feet up and make the most of a long awaited release from the treadmill. However, once the umbilical of a regular salary is cut, the realisation that the only income you will have is pension money can be quite daunting.

During our working lives most of us will have been able to take out loans, mortgages and credit cards on the strength of full time employment and regular salary. Few banks or financial institutions lend to retirees unless they have sufficient assets with which to use as collateral. The best way to prepare for retirement, to make pension money go as far as possible is to shed the burden of any debt to become financially independent.

The following tips and suggestions are presented here to help you navigate the sometimes ‘choppy financial waters’ of retirement to find a safe haven from the storms created by forces which are beyond your control.

Keep investing 

If you have been a regular saver during your working life, why not carry on with the habit. Often it is possible to find savings accounts and mutual funds which offer preferential rates for savers over retirement age. If you have invested in an ISA in the past, why not carry on with the habit. Providing you stick to the rules, an ISA will pay out at the end of the term with no capital gains or personal tax liability.

The stock market is a good place in which to park your money, but always seek professional advice. The value of investment can go up and down as we’re constantly reminded. Blue chip stocks and government bonds are usually a safe bet; earning income from annual dividends may be subject to tax liability, so sound financial advice should be sought to minimise any potential liability.

Emergency fund 

Always have an emergency fund. At the time of writing the country is in lockdown as a result of measures taken by the government to combat the COVID 19 outbreak. Many people have lost their jobs and income. For those with an emergency fund set aside, it offers breathing space to find a way forward, to be able to continue paying bills and buying essentials. For those among us that do not have an emergency fund set aside, it will surely have focused the mind and caused varying degrees of stress and anxiety.

In retirement, just as in life while you are in work, an emergency situation can arise without prior warning, often with devastating results. Be prepared – the worst may never happen, but if it does, you have a safety net to catch you.

Start changing your lifestyle

As you close in on retirement you should perhaps consider your lifestyle and what changes you may have to make. Pensions seldom match salaries so disposable income may be reduced by a wide margin. Is your car reliable; would it be worth buying a new car, thereby avoiding expensive potential repair and maintenance costs? If you enjoy eating out regularly, that may be something which you will be unable to enjoy as often as now. However, eating in is cheap and you won’t have to put up with the annoying loudmouth stranger at the adjacent table.

Pay off debt

Paying off any debt which is outstanding is paramount. Credit card debt, loans, overdraft and mortgage debt should be paid off before retirement. Credit card debt and overdraft debt often incurs draconian interest charges, money which would be better in your account than in the coffers of the bank or other lending agency.

However, paying off debt isn’t something which can happen overnight. It will need to be planned for and should commence at least five years before you retire. Do not consolidate debt with a loan; it is false economy and will merely add to your debt burden. Pay off as a priority credit card and overdraft dept; these two examples will probably incur the highest interest rates. If any loans are outstanding it is often possible tot get a settlement figure which is far less than the amount outstanding. If you can pay off a loan – or two – at a reduced sum, do so, it is in your best interests.

Buy a property

Regardless of the up and downs of the economy, buying in to property has always been seen as a sound investment. Property prices seldom deflate over the long term. While economies rise and fall with regularity, property prices are seldom if ever hit badly. Compare property investment returns over a similar period to stock market returns and you’ll find the former is always ahead. Whether the property you buy is for your main residence or is an investment property to rent out and earn income, it will always be there.

Buying for retirement is a slightly different kettle of fish. Maybe you’re considering downsizing, in which case to may have a tidy sum left over from your old property sale as a result of buying a smaller property to move in to.

Conversely, if you are selling, for example, a property in London to move to a property in, say, Devon, the sum you have over may be considerable given the disparity in property prices outside of London.

Additionally, if you take the route many retirees take and end up relocating abroad, the sum total of the money left over may be even greater. It could be a way of paying off any outstanding debt if you were unable to do so before retirement. It’s also popular among expats.

One of the most affordable countries to which to relocate is one of the smallest – Malta. Property prices in Malta compared to a like for like in Spain, Portugal or Italy for example is cheaper by up to forty percent real value – stats courtesy of Frank Salt Real Estate. Properties in the country are very affordable, especially in comparison with other European countries.

As retirement looms, making plans is essential to your financial wellbeing and security. The safety net of pension will only go so far. If you plan ahead the pension will go much further and

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