Planning For Emergency Financial Situations

Emergency financial situations can happen to anybody and any financial arrangement exercise is not ideal without planning for such occasions. The whole idea of having an emergency fund is to offer a cushion against any unexpected expense.

This will ensure it does not have any negative impact on your financial condition and does not rip off the whole financial security.

There are many circumstances which can cause a financial emergency such as a sudden illness, accident, medical emergencies, emergency house repairs, loss of a job, emergency car repairs and much more.

The major reason for having an emergency fund is very clear because when a person falls into an emergency financial situation, they will have to break their savings or make a compromise to get the needed money.

It’s not rare to find people who just take out their credit card and swipe it for hard cash. Opposing popular opinions, credit cards are the worst way to fund any financial emergency. The fastest way to get thousands of dollars its to get a car title loan it is not a long-term solution but a short-term solution.

In a circumstance where you’ve taken a cash advance with your credit card to get the needed money, the credit card company will charge you a cash advance fee with an interest rate. This is a very costly way to borrow and manage finances for emergency situations.

Therefore, what is the best amount that should be set aside as emergency money? There are diverse opinions on it. Some professional’s experts agree that a minimum of 3-6 months’ worth of monthly income should be set aside for an emergency situation. This amount can differ according to marital status, the size of family and lifestyle.

Everyone must reserve some extra cash in case of emergencies. But, the amount to reserve depends on your income and monthly expenses. The amount that is needed for your emergency fund is open to debate, the minimum amount should be sufficient to cover your expenses for daily living for at least 3 months. It’s also ideal to save for 6 months even though some financial advisers agree on a full year worth of cash.

These funds must be kept aside in an instrument, which is easily available when needed. It could be money in a bank account, hard cash, liquid funds or fixed deposits. This will ensure the fund is always accessible instantly or within a short period when it’s needed.

Where to Keep the Cash

Your situations and what can offer you peace of mind are the factors that can help you determine how cautious you want to be. Keep your emergency fund somewhere that is safe and accessible because you may be required to get the cash in a hurry when an emergency arises. The best option you’ve is to open a money market account or savings account. But, always examine their offer with regards to the interest rate, minimum balance, and other terms.

Benefits Of Buying Used From Dealerships Instead Of Individuals

When you are in the market for a used vehicle, many people will tell you that you should buy from an individual and to avoid dealerships at all costs. Truth be told, there are many reasons to consider your next used car purchase from a lot instead of an individual beyond price.

Guaranteed Title

This may be the single greatest reason to do your shopping at a quality car lot. Nothing is worse than paying a person for a vehicle, waiting in line at the Department of Motor Vehicles, and then being told that there is an existing lien that you are now liable for. Dealerships provide a guaranteed title for all of their products, and you can rest assured the title is free and clear.

Inspection

Buying a certified pre-owned vehicle usually carries a manufacturer’s warranty. That means the automobile must meet higher mechanical and appearance standards before it can be resold. Be sure and also request a history report that shows the certification process.

One Stop Shop

Why go through the hassle of scouring the newspaper or internet for people trying to sell their old vehicles and then traveling to look at their one and only car? Instead, visit a dealer’s lot and shop around through many different makes and models until you find exactly what you are looking for. Test drives are also safer to conduct there instead of with a stranger.

Trade In

A quick and easy way to reduce the sticker price on a used auto is to take advantage of the car dealer’s trade in program. If you have your own older car, you can drive in with it and drive out with a “new to you” car. Despite common perception, car lots will pay you pretty close to the private sale amount if it is in decent condition.

After Sales Service

An ongoing benefit you can reap from a dealership is the after sales services they typically provide. Many shops will offer maintenance and spare parts for you when you buy from them. For any services that are not included, they will also provide specials or discounts to customers.

Legal Protection

Purchasing an automobile from a dealership offers immensely greater legal protection for you. Quality dealers must comply with the Fair Trading Act, the Sale of Goods Act and the Consumer Guarantees Act.

The Fair Trading Act prohibits “misleading or deceptive conduct, false representations and unfair practices.” The Sale of Goods Act requires that anything sold must be in decent condition. Lastly, the Consumer Guarantees Act allows consumers to seek damages from the seller if they did not have the proper rights to sell you that automobile or if there was money previously owed on it.

Benefits of Buying Cheap Used Cars

If you have ever dreamt of having your own four-wheeler then now it is the time to make purchases, as these days the demand of used cars is rapidly increasing. No matter where you stay, now you can buy cheap used cars on your desired terms without compromising on the quality aspect. Here are some of the benefits of buying cheap Vehicles:

Saving money

If you are looking forward to buy cheap used cars, definitely you need to put in some extra efforts from your side as this would help you to get in to the best deal. Availing used four-wheeler can allow you to save money and at the same time you might also not have to compromise on quality. From various source of information, collect more details about various used cars. Next step would be to compare different autos you have searched and then take the decision of buying vehicles at affordable rate.

Less depreciation
It is well known fact that used auto have least amount of depreciation as compared to new cars. New car depreciates on higher amount from the day they come out on the road, whereas used cars have already been depreciated before so here the amount of depreciation is less. Buy cheap used vehicles and enjoy lesser rate of depreciation as this is quiet beneficial from buyers point of view.

Extended warranty
Basically if you buy cheap used cars from reputed or well known dealer then you can get extended warranty period. This is moreover possible when you look for certified used cars. Getting warranty period would assist you in curtailing repair expenses and ultimately you might end up saving more money.

Economic stability
There is a good rolling of money in the market due to increase in sale of used car and this leads to more economic stability. While this is not the case in new car, as here the money gets blocked. This is one of the most important benefits of purchasing used cars, which not only benefits you but also your country.