5 Financial tips for the second week of June 2013

By: on 2013-06-16
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Check out the 5 financial tips for the second week of June 2013.

Tip no 1: Do apply for a home loan through the US Department of Veteran Affairs, if you happen to be a veteran of qualifying civilian.

If you happen to be a veteran of qualifying civilian, then do apply for a home loan through the US Department of Veteran Affairs. This is because you can obtain a VA home loan without making a down payment. Moreover, the government has put a cap on the appraisal fees, origination fees and the closing costs. So, you can save money on the fees too.

You don't have to purchase private mortgage insurance for this loan. This helps you save a substantial amount on your home loan. The rate of interest on this loan is also at par with the market rate.

You can get more information here - http://benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp

Tip no 2: Pennies count too and so it is important to save even your pennies.

Save every penny by making little changes to your lifestyle and add up to big savings. Turn off the light during the daytime and save $18 on your electricity bill every month. Try to finish all your works in a single trip so that you don’t have to spend extra pennies on transportation. Drink water when you’re eating at a restaurant instead of buying a bottle of soda. This will again help you save $1.49. Watch out for the weekly and monthly rebate programs offered by different stores. Buy goods when you can get them at heavy discounts.

Tip no 3: Invest wisely to earn greater returns.

Wise investments of your extra money can be a good way to become a wealthy person. Make sure you’ve a diversified portfolio so that you can strike a perfect balance between the risks and returns. Invest in the stock market so that you can get good return of your money at the end of the year. The trick will be to purchase stocks of the companies that offer dividends. Invest your money in the 401(k) plan so that you can lead your retirement life without any tension. If you don’t want to take any risk, then invest in mutual funds, which is a safer bet.

Tip no 4: Recognize the difference between wants and needs to stay out of debt.

Understanding the subtle difference between wants and needs is crucial for the proper development of your financial health. Taking a bite of a pizza or a hotdog whenever you pass McDonalds is not an important requirement of your financial life. You just want it and therefore you don't mind spending bucks for that extra bite of mouth-watering pizza. However, you hardly realize that you're spending hundreds of dollars per month unnecessarily. If you go on spending money like this, then a day will come when there will be hardly any money left in your savings account. So, try to take out your wallet or swipe your credit card to buy whatever your eye catches fancy.

Tip no 5: Try to increase your income and make the most of your capabilities. Every bit of your extra income will lead you to a financially stable life.

Money is important for having the basic necessities of your life as well as the luxuries. So, now you know the power of money and if you do wish to lead a financially stable life, then work up to your maximum capabilities. Try to increase your monthly income so that you can live in a good house, dine at fine restaurants and admit your kids at the best school of your town. If your present job is not paying you well, then work harder to get a pay hike. Look for a part-time job which you can do during the Saturdays and Sundays.

Last Updated on: Sun, 16 Jun 2013

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