If you are on a budget or looking to get on one, tracking your finances plays a major role in how successful your budget will be. A personal finance spreadsheet is a great way to keep track of your income and expenses. By using a Microsoft Excel spreadsheet or a Google docs spreadsheet you can easily see exactly how much you are spending and how much you are saving each month.
The great thing about personal budgeting spreadsheets is they can easily be modified to fit your budget. You can enter the exact categories you use monthly for your income and your expenses. These categories can be really detailed such as having individual credit cards listed by name or they can be broad such as having one group named credit cards for all your credit card bills.
If you are experienced with spreadsheets you can also add extra features such as the ability to create graphs from the data you entered. Graphs make it easy to get a quick view of your current financial situation. The graphs will allow you to easily spot trends and areas that are in need of attention in order to keep you on budget.
If you find creating financial spreadsheets a task that is a little to advanced for you, don’t fear. There are other options for you that can combine and even exceed all the features even the most advanced personal finance spreadsheets can offer. The other options such as personal budget software may cost more than a spreadsheet you create at first, but are also powerful enough to pay for themselves with the advanced budgeting features they provide.
By: Eric Transue
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Intelligent Finance Loans
March 10th, 2010
Offset mortgages and intelligent finance loans were first introduced in 1997 and were an import from Australia. Simply put, an offset mortgage or intelligent finance loans is where you use your savings in a bank account to lower the interest you have to pay on your mortgage. It is easier to explain intelligent finance loans and offset mortgages by using an example.
Jack Jones has savings of $163;40,000 and a mortgage of $163;240,000. To save money Mr Jones opts for an offset mortgage. He therefore pays interest on $163;200,000 rather than $163;240,000. If Mr Jones wanted to finance $163;20,000 for his daughter’s wedding next year, he could ask when he set up his mortgage for a borrowing limit of $163;260,000. That’s $163;200,000 for the mortgage, $163;40,000 in savings + $163;20,000 for wedding. He would then have a debt of $163;260,000 however due to the offset feature of his mortgage and his $163;40,000 savings he would only pay interest on $163;220,000 rather than the $163;260,000 owed after the wedding. The main point to remember with offset mortgages is that you only pay interest on the money you actually owe. In Mr Jones’ case prior to borrowing for his daughter’s wedding this figure would have been $163;200,000 and after the wedding $163;220,000.
During the credit boom of the late nineties and early millennium, banks started to expand the offset principle to include credit cards and current accounts. The lenders who offer offset mortgages and intelligent finance loans usually offer two types of offset mortgages.
1) Current account mortgages – these give the borrower a single account with a large overdraft. The borrower’s savings, current accounts, credit cards and loans are all combined into this single account. The interest rate offered varies from lender to lender. This has the obvious advantage that there is only one payment for the borrower to worry about.
2) The second option available for borrowers is where the borrower keeps their separate accounts however they are linked together. As no interest is paid on savings as it is tied into the intelligent finance loans, the offset mortgage is extremely tax efficient and a great way to lower the amount of taxes that are owed.
As with the example above, both types of intelligent finance loans or offset mortgages have borrowing limits set when the intelligent finance loans set up. The borrower can then spend up to their limit without any penalties being imposed. If you are looking for finance speak to an expert adviser.
By: Mark Inglis
Chicago Hard Money Lenders Can Finance Your Real Estate Projects in the Windy City and Nationwide
March 6th, 2010
Chicago hard money lenders are popular once again, according to finance news. The popularity of private funders fluctuates, a lot like the economy. Years ago, they were considered “last chance” financiers. But, today they are the first and best choice for some borrowers. In particular, real estate investors have found that there are many advantages to borrowing privately. Commercial banks have only so much to offer.
Conventional financial institutions have many rules, regulations and guidelines to follow. The approval process can be lengthy and time consuming, particularly when the funds needed are for real estate investing, rather than a personal mortgage. They require that the borrower has a substantial down payment and typically finance only 80% of the selling price of a house. They have no options for funding closing costs. They can only provide funds for repairs or upgrades if the borrower takes out a separate loan. In short, when compared to hard money lenders Chicago banks take longer and approve less.
Chicago hard money lenders can close on a loan in as little as two weeks. They can pre-approve a loan in just a few days. Many specialize in funding rehabbers and other like them, so they base the amount that they are willing to approve on what the fair market value of the house will be after the repairs and/or upgrades are completed. Because of this, borrowers can sometimes get 100% financing and even roll in the closing costs.
From hard money lenders Chicago rehabbers can get funds for repairs. They can better manage their cash flow. They can make more deals and make more profits. So, now, you might be wondering how to find them. Some financial experts say that it’s tough. We think it’s easy. Because of the internet, it’s easy to find just about anything.
We have found some great Chicago hard money lenders that specialize in rehab funding. They have informative websites. They offer friendly advice about making the right deals and getting the best loan to value ratios. They outline their fees and requirements, right up front, so there are no surprises in the fine print at closing. They have a variety of payment plans to choose from and the fees that they charge are reasonable.
One final reason for the increased popularity of hard money lenders Chicago and other areas of the country are in what is referred to as a real estate slump. Sellers are having trouble finding buyers. There are many reasons that the seller may need to get out of his or her house quickly. It is harder for buyers to get mortgages than it was four or five years ago. We have seem many contract pending signs that stay on the property for months and months, only to be changed back to the standard “for sale”, when the buyer cannot get financing. If you approach a motivated seller with a firm offer, you can often get a great price.
If you use Chicago hard money lenders for funding, you can get the seller their money in as little as two weeks. Everybody wins. We hope the information provided here was helpful and wish you much success in your future projects.
By: James Whitmore
