Fight Your Way through Divorce – Financial Tips

Divorce Financial Tips

When the fights get nasty, even the strongest people give up on their marriages. While divorces can be emotionally challenging, the separation process puts additional financial stress on both the parties. Anyone who has gone through a divorce would tell you exactly how painful the struggle is, to settle things peacefully and move on with their lives. It isn’t possible to feel immediate relief, but what can make the situation less frustrating is a little guidance on making the right financial choices. It is important to take sound decisions throughout the settlement process in order to live a relaxed post-divorce life. So, here are some points you should consider, which will help you reach an equitable agreement, beneficial for both parties.

Divorce Financial Tips

There are many factors into consideration: from dividing the property to deciding whether alimony should be paid. It is therefore absolutely necessary to know and understand all the possible consequences of the proposed settlement. Amongst all the emotional turmoil, you need to be focused on what you really want. Think through about what you want to accomplish from the litigation. Have an action plan, and have clear objectives.

Many people, friends, and family are going to pour in advice, just to make you feel better. However, you are only to take legal and financial advice from your lawyer or a financial consultant. Because, a Yes, I know exactly how it feels isn’t true at all. No one has gone through the exact same situation as you are at the moment, and it is therefore really important to take professional help, to get proactive advice throughout the process.

Now, coming to the administrative work you need to do to get your personal finances in order and secure your financial picture during the divorce procedure, there is a list of things:

  • Close all joint credit accounts with your spouse.
  • Remove your spouse’s name from any of your bank accounts, credit cards, and employee’s records. Make sure you make changes regarding your marital status and address on tax records, post office records, driving licenses and other professional licenses, health insurance, and any property titles.
  • Change beneficiaries on your pension and life insurance policies. Remove your spouse’s name from your will, trust, medical directive and power of attorney. (OPTIONAL)
  • Open a new bank account and establish sound credit in your name.

Sorting Out Finances

Make a list of all that you own and any debts you have: your home, your savings, household items, your car, etc. In case you are not clear about what your possessions are worth, you may want to consult an expert. Then comes the tough job of deciding who is paying the bills and the loans, how the house should be divided, what to sell, what to divide, how to support your children’s education and other several aspects that draw up an agreement, which explains how you’ve decided to divide everything.

Out-Spouse and In-Spouse

Understand your role in your marriage finances, by understanding the difference between the above-mentioned terms. The ‘out spouse’ is the one who doesn’t have a relationship with the family financial advisor or attorney and has never been involved in managing bills, insurances, and budgets. While the ‘in spouse’ is the one who has enough experience and contacts to make this transition without having to go through much trouble. Whether you are an ‘out spouse’ or an ‘in spouse’ determines how secure your post-divorce financial security is. No one wants to get stuck with useless illiquid assets, while the other part gets to enjoy the cash.

For the Older Lot

While those of you who are divorcing in their middle age or later have an additional problem of child custody, because your financial situation in your 40s is more complex than it was when you were in your 20s or even 30s. You have lesser time and energy to get back on track after typical financial setbacks of divorce since you are closer to retirement. Plan out a strategy to minimize disruption to personal finance and secure a safe financial future for your family.

Divorce Financial Tips: Some Do’s and Don’ts

  • DON’T run up debts on joint accounts or freeze accounts without giving any prior notice to your ex-partner. Also, do not ignore calls or letters from companies or banks you owe money to. If you are having a money-tight situation, it is always more advisable to reach out to them as soon as possible, the sooner it is, the more feasible options you have.
  • Consider only those conditions which cater to bills to be paid in the short-term.

While we are already struggling to balance our personal financial status, divorces can simply make the balance status significantly more complicated. Most people slip into the web of emotions, as the finances are wholly neglected. What it really takes is strength.

7 Payment Options Every New Business Need to Consider

7 Payment Options Every New Business Need to Consider

Technology has changed the landscape on how businesses can accept payments for goods and services. The old days of collecting cash payments and then taking them to the bank to deposit them into a business checking are becoming outdated, as new forms of payment processing take hold.

If you are starting a new business, here are seven payment options you need to consider to make your payment processing easier and faster.

  1. BACS

The BACS (Banker’s Automated Clearing Scheme) payments system allows you to accept direct debit authorisations from customers and it allows you to make direct credit payments to the bank accounts of your suppliers and employees. You need to get a SUN (Service User Number) number to set up an account up before you can use the BACS service.

The SUN number is used to track the debit and credit transactions your business makes and to ensure that your payments are processed efficiently. You must be sponsored by a major bank based in the U.K. to qualify for a SUN number. As a new business, you typically won’t qualify for sponsorship until you have been in business for three years and you’ll have to rely on a third-party who has a SUN number to process your BACS payments.

  1. PayPal

PayPal is useful to send and receive money from many different areas of the world through your website. PayPal is also useful if you are going to do auctions on your business website as they will bill the buyers and send them reminders about ongoing auctions you may be doing. You need to set up a premier or a business account with PayPal to take advantage of its services.

A premier account is useful for businesses that expect to do a lot of credit card transactions per day through the website. The business account allows you to accept credit card payments and send out mass payments. Signing up for PayPal is easy and is done online. You’ll pick the services you want to use at the time you sign up for an account.

  1. Faster Payments

Faster Payments allow customers to send money directly to your bank account. The customer will need the sort number for your bank and the account number you want the payment to be deposited in. The payments typically get deposited on the day it is sent by your customer. You need to be a member of a bank that utilises the Faster Payments system to take part in the program. You should also be aware that there are limitations on how much can be sent at one time over the Faster Payments system. The limits vary depending on how the payment is sent.

  1. CHAPS

CHAPS (the Clearing House Automated Payment System) is another system people and businesses in the U.K. can use to make payments to accounts housed at member banks. The CHAPS system is typically used when a business has to make high-valued payments to suppliers. CHAPS is particularly useful if you are establishing a real estate business where fund transfers typically have to take place on the same day you are signing the paperwork to consummate a real estate transaction.

The CHAPS system transaction happens in real-time and the recipient doesn’t have to wait for the money to clear. They can use it the moment it is deposited into their account.

  1. Android Pay

Android Pay allows your customers to pay you through their Android phones. You will need to have an account with Google’s mobile payments system and have a Point of Sale (POS) device that accepts contactless credit and debit cards. The customer needs to download an app from a participating bank and enter the debit or credit card information into the app. All the customer does is swipe the phone over the monitor on the POS device and the transaction is automatically processed without handling cash and debit or credit cards.

  1. Apple Pay

Accepting the Apple Pay system over an iPhone is very similar to the process used to set up the Android Pay system. You will need a contactless POS terminal system to accept the Apple Pay system.

  1. Nochex Online Payment Services

You are able to accept online transactions with a Nochex account. You will need to set up either a merchant or a U.K. Trader Account in order to utilise the Nochex system. The U.K. Trader Account is good for new businesses as the account doesn’t have any set-up or monthly fees while you are starting out.

If you’re just starting to break into the world of business, the above are a just some of the key payment options you should consider implementing.

Important Lessons You Can Learn From Sports Betting

Sports Betting Lessons

The only thing more fun than watching the sport that you love is placing a wager on your favorite team. It adds to the excitement of the event. In fact, it makes you feel even more involved in the game! Whether you like to place occasional wagers on your team or are a more serious bettor, there are some things you can do to improve your odds. After all, when your money is at stake, you need to be a little bit more careful about how you place your bets.

If you want to give yourself a better chance at coming out on top, here is what you need to do:

Choose a Sport That You Are Interested In

This may go without saying but it is an important reminder for those who are only betting for strictly financial purposes. Now, you may be wondering why this even matters if you are only interested in making money. Well, it is easier for you to understand the ins and outs of a sport that you actually care about. This means that the analysis that you conduct on the sport is more likely to have a higher level of accuracy. For the sake of argument, let’s imagine that one of the easiest sports to bet on is basketball. However, if you can’t stand to watch the sport let alone pay attention to the statistics, you’re going to find it quite difficult to process any information. Each time you have to crunch the numbers, you are going to find it an absolute bore.

Manage Your Money

There is no getting around it – betting is gambling. Which means that there is always a chance that you will lose some money. To avoid losing more than you can afford, you need to come up with a money management system. This is particularly important if you plan on placing wagers frequently. The system that you come up with depends on how much money you are willing to spend – and lose – at any given moment. Set aside a particular amount to bet with. Of this sum, make sure to only spend a small percentage on any given wager. You should never blow all of your money on one bet, regardless of how certain you are of your victory.

Do Your Research

Although you may not realize it, mathematics plays a large role in sports. Regardless of the sport, each league, association, and team compile an incredible amount of information on games, players, and much more. This is because a large portion of sports can be boiled down to statistics and percentages. By paying attention to these numbers, you can actually predict a particular outcome with greater accuracy. Don’t let emotion or intuition get in the way and instead focus on concrete evidence.

The Importance of Documentation and Evolution

The key to consistent wins (and profits) is to note down everything. This includes all of the research that you have done on the sport as well as your own track record. Keep a record of every wager that you have ever made including the specifications of the bet. Make sure that you incorporate whether you won or lost the bet and if possible, make notes of any mistakes that you may have made. Doing so helps you to see what you are doing right as well as the errors that you are making. In turn, this helps you to improve your strategy and the bets that you place. It is a continuous learning process and the more you know, the better equipped you are to evolve. This simply means more money for you.

These are the most important lessons that you can learn regarding sports betting. Follow these guidelines and you should find yourself quite successful.

Should You Get a Home Loan?

home loan

If you’re looking to buy a new house, it’s always tricky to figure out how to finance the purchase. Whether it’s the first house you’re ever buying in your name or not, house financing is never an easy puzzle to solve. For starters, deciding whether you’re going to buy or simply rent a property is a major question you need to answer for yourself. Depending on where you are in your life financially, you should choose among the two options. When you’re young renting can be the best way to go – it’s cheaper than mortgage and easier to leave behind should you ever have to. However, buying a property comes with its own set of perks. Buying a house means owning that property, a home that’s completely your own. It renders financial stability and gives you strength as a home owner.

For any home owner, old or new, it’s essential to have a home finance budget. Unless you’re loaded with cash, it’s quite impossible to pay for a house out of your savings thus you have to take out a home loan. What you need to do is figure out whether you should take that step at all. To get a home loan you must be prepared to make a deposit at the bank where you’re borrowing from. This deposit is a small percentage of the sum you’re borrowing and it can be hefty or small depending on the price of the house you’re looking to buy. Your first move towards getting a home loan is to map out exactly how much you need to borrow to buy the house you want and if you have enough in savings to pay the deposit. If you find that you don’t have enough savings for this purpose, then you’re not yet ready to get a home loan.

But if you do find that you can pay the deposit fees, then you should go ahead and work out a budget for buying your home. Home loans involve repayments in installments along with interest. Keeping all that in mind, you should make a note of your income and expenditure, and find out how much you can afford to spend on buying a home. Once you’ve fixed the budget, you should try your best not to go overboard or you’ll have trouble paying back the loan later on.

A reverse mortgage is a unique type of loan you can take out against the value of your house. It is called a reverse mortgage because the lender gives you money when you need it, rather than you having to give them money on a regular basis throughout the year. Not only do regular home loans require those regular payments, but the risk of defaulting if you miss a payment is high. That risk doesn’t exist when you apply for this more non-traditional type of loan. So, if you have concerns about your income and security during retirement, a reverse loan can help you to alleviate those anxieties.

5 Things to Consider before a Shopping Spree

shopping

Shopping is a great way to de-stress and most people enjoy doing it. It’s a fun way to indulge yourself without having to involve other people because sometimes, you just need a break from social niceties. Whether you’re shopping for clothes, gadgets, books or something else – it’s an easy distraction from the humdrum existence of your daily life. And sometimes, it’s just a necessity as well. You might need to shop for things you just don’t have enough of. Prepping for the next semester or planning what to wear to your next office party requires shopping too.

While it’s a stress-relieving and a pleasure to shop for things you love it can also turn sour if you don’t plan it out. You don’t want to spoil the fun by burning a hole in your pocket. That’s why you need to make a list of things to keep in mind while you shop.

  • Set a budget before you start out. It’s smart to take a limited amount of cash with you when you go on a spree. It’s better than using your credit card because then you might end up overspending – and you do not want to incur bad credit over an impulsive shopping spree. Always fix a budget and try your best to stick to it so this guilty pleasure doesn’t end up giving you more guilt than pleasure.
  • Time it right. It might be wise to go on a shopping spree at the beginning of the month rather than at the end. Right after you get paid you’ll have more cash to spare and most likely won’t be left with too little to spend on necessities like, you know, food and toilet paper.
  • Coupons are your friends. Be a smart shopper and hoard coupons and vouchers whenever and wherever you can. Keep an eye out for those in magazines, newspapers, past purchases and whatever other promotional material you can lay your hands on. Those can be really handy for saving up some money during shopping. For example, you can use Hudsons Bay promo code.
  • Be picky. While it’s fun to just splurge sometimes, it’s better to picky while shopping. Choose quality over quantity and buy what you really want instead of just picking things up you will never have any use for. It may feel good when you’re buying it, but you’ll only regret it in the long run.
  • Take a friend with you. If you have a penny-wise friend, take them with you when you go on a shopping spree. Trust us when we say you will want to thank them (and us) later.

Repayment Option For the Borrower’s

Before taking a long term loan a person should find out which repayment facility is suiting him. For the repayment option banks have customized their terms as per the requirement of the clients. Let’s discuss the different type of repayment option a loan seeker can get.

SURF (Step up Repayment Facility):

This is the loan which has been set up by banks to facilitate its customers to pay back their loan in the EMI’s. This mode of repayment is for the customers, who are just starting their career. This repayment method allows the customers to get a large amount for the long term with the short EMI’s options. Their EMI can be greater as they earn more. This is a floating loan. [Read more…]