card status – Aadhar UID http://aadharuid.in/ Thu, 24 Nov 2022 06:39:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://aadharuid.in/wp-content/uploads/2021/10/Icon-120x120.png card status – Aadhar UID http://aadharuid.in/ 32 32 Fiscal Responsibility in Changing Economies https://aadharuid.in/fiscal-responsibility-in-changing-economies/ Thu, 24 Nov 2022 05:18:14 +0000 https://aadharuid.in/fiscal-responsibility-in-changing-economies/ MIKAN Dealing with different economic climates is a part of life – from the impact of hurricanes on discretionary income, continued interest rate hikes to counter inflation numbers that barely seem to be moving, and approaching holidays – but whatever the situation, the age-old lesson of being prepared for the unexpected rings true. One of […]]]>

MIKAN

Dealing with different economic climates is a part of life – from the impact of hurricanes on discretionary income, continued interest rate hikes to counter inflation numbers that barely seem to be moving, and approaching holidays – but whatever the situation, the age-old lesson of being prepared for the unexpected rings true.

One of the most important concepts in economics, the value of money, is constantly put to the test. In these uncertain times, protecting your nest egg is a key consideration. Potential market volatility and changes in interest rates can be stressors in the financial process.

Strengthening fiscal responsibility in changing economies means trying to avoid costly pitfalls. There’s no better time than now to think smart.

Create a budget.

According Bankrate.com, more than 55% of Americans don’t use a budget and don’t know how much they spent the previous month. Building a budget forms positive habits toward spending versus overspending and allows you to consider where financial sacrifices can be made, helping to reduce stress by providing a realistic roadmap for your money.

There are several options for creating a budget, either with traditional pen and paper or with online tools that often do much of the work for users after entering numbers. Whichever method you choose, a good budget helps prioritize spending and determines ways to achieve financial stability. It’s also a resource for achieving important milestones, like renovating a home, planning for college, or saving for a dream vacation.

Know your loan options.

If you own a home and want to make improvements, financial responsibility helps set a clearer path to achieve that goal.

A home equity line of credit (HELOC) is a way to leverage the equity in a property. Tapping into a HELOC can fund a repair project or a much-needed repair, which could increase the value of a home. It is also helpful that debt consolidation pays off those with higher interest rates, such as credit cards, and can improve credit scores.

Access to HELOC funds means you only pay for the amount you use, offering flexible spending that can have lower interest rates than other types of loans. With more purchasing power comes great responsibility. A HELOC is a poor choice if the borrower cannot make their payments and risks losing their home, or is looking to finance a vacation or depreciate an asset, such as a car.

Interest rate increases have created an uncertain environment for many homebuyers. A long-term fixed rate mortgage is a traditional method of home ownership, while adjustable rate mortgages (ARMs) are a second option that may be a better choice today for some, as it offers the possibility to lock in a lower IPO interest. rates, lower monthly payments, and the borrower can usually qualify for a higher loan amount.

In Naples, ARM applications are on the rise. ARMs typically start out with a low fixed interest rate for 3-10 years, and after that the rate adjusts periodically based on market conditions. The current economic climate is atypical in that the ARM rate is unlikely to rise after the fixed rate expires.

Plan for business growth.

If you’re looking to start a new business or expand a company’s product line or footprint, there are a number of ways to make your money grow.

According to the Economic Innovation Group, nearly 5.4 million applications were filed to set up new businesses in 2021 – the most for any year on record. By partnering with a local bank for a Small Business Administration (SBA) loan, business owners are offered more flexibility in the borrower’s required capital investment, funds for working capital , repayment term and other factors designed to improve the chances of business success. .

The SBA may be more familiar to you because of its important role in helping small business owners navigate the COVID-19 pandemic with programs such as PPP and EIDL, both offered at Centennial Bank. Although these programs were targeted to provide relief from COVID-19, the SBA offers many financing options to help small business owners.

Know the options available.

Difficult times will arise; it’s only a matter of when. As Warren Buffett said, “Risk comes from not knowing what you’re doing.”

There is some level of risk in almost everything we do, but being prepared – by understanding the economic landscape – plays a vital role in everyday life. Knowledge is power, and as a current or future home or business owner, knowing what loan options are available will help you make the best money and life decisions. ¦

– Jodi Mikan is senior vice president of commercial lending for Centennial Bank in the Southwest Florida market. Centennial Bank, a Home Bancshares (NYSE: HOMB) company, is a full-service financial institution with branches in Florida, Arkansas, Alabama, Texas and New York and total assets of nearly $25 billion. . For more information, visit www.my100bank.com.

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SoFi Technologies, Inc. (NASDAQ:SOFI) Receives Consensus “Buy Moderate” Recommendation From Brokerages https://aadharuid.in/sofi-technologies-inc-nasdaqsofi-receives-consensus-buy-moderate-recommendation-from-brokerages/ Mon, 21 Nov 2022 06:39:50 +0000 https://aadharuid.in/sofi-technologies-inc-nasdaqsofi-receives-consensus-buy-moderate-recommendation-from-brokerages/ Shares of SoFi Technologies, Inc. (NASDAQ: SOFI – Get a rating) received a consensus “moderate buy” recommendation from the fourteen brokerages that currently cover the business, Market Beat Ratings reports. Five equity research analysts gave the stock a hold rating and seven gave the company a buy rating. The 12-month average target price among brokerages […]]]>

Shares of SoFi Technologies, Inc. (NASDAQ: SOFIGet a rating) received a consensus “moderate buy” recommendation from the fourteen brokerages that currently cover the business, Market Beat Ratings reports. Five equity research analysts gave the stock a hold rating and seven gave the company a buy rating. The 12-month average target price among brokerages that have covered the stock over the past year is $11.69.

Several brokerages have recently commented on SOFI. Seaport Res Ptn reiterated a “neutral” rating on SoFi Technologies shares in a Friday, September 9 research report. Bank of America upgraded SoFi Technologies from a “neutral” rating to a “buy” rating and raised its price target for the stock from $8.00 to $9.00 in a Wednesday, September 14 research note . Bank Of America (Bofa) upgraded SoFi Technologies from a “neutral” rating to a “buy” rating and raised its target price for the company from $8.00 to $9.00 in a Wednesday 14 research note. september. Goldman Sachs Group cut its price target on SoFi Technologies from $8.50 to $7.50 and set a “neutral” rating on the stock in a Wednesday, November 2 research note. Finally, Credit Suisse Group raised its price target on SoFi Technologies from $8.00 to $8.50 and gave the company a “neutral” rating in a Wednesday, August 3 research note.

SoFi Technologies shares down 3.7%

Shares of NASDAQ: SOFI opened at $5.18 on Monday. The stock has a market capitalization of $4.81 billion, a price-earnings ratio of -10.36 and a beta of 1.57. The stock has a fifty-day simple moving average of $5.38 and a two-hundred-day simple moving average of $6.09. SoFi Technologies has a 12-month low of $4.77 and a 12-month high of $21.10. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt ratio of 0.88.

Institutional investors weigh in on SoFi Technologies

Institutional investors have recently changed their stake in the company. Riverwood Capital Management Ltd. acquired a new stock position in SoFi Technologies during the first quarter worth approximately $207,873,000. State Street Corp increased its stake in SoFi Technologies shares by 76.6% during the second quarter. State Street Corp now owns 11,686,894 shares of the company valued at $61,590,000 after purchasing an additional 5,068,034 shares during the period. Vanguard Group Inc. increased its stake in SoFi Technologies shares by 7.8% during the third quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company valued at $326,027,000 after purchasing an additional 4,846,633 shares during the period. Point72 Asset Management LP increased its stake in SoFi Technologies shares by 35,197.2% during the third quarter. Point72 Asset Management LP now owns 3,509,722 shares of the company valued at $17,127,000 after purchasing an additional 3,519,722 shares during the period. Finally, Banco BTG Pactual SA acquired a new position in SoFi Technologies during the first quarter worth approximately $18,467,000. 38.19% of the shares are held by hedge funds and other institutional investors.

SoFi Technologies Company Profile

(Get a rating)

SoFi Technologies, Inc provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

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Analyst Recommendations for SoFi Technologies (NASDAQ: SOFI)

This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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Foot Locker: Consumers want affordable luxury and fun https://aadharuid.in/foot-locker-consumers-want-affordable-luxury-and-fun/ Fri, 18 Nov 2022 15:38:32 +0000 https://aadharuid.in/foot-locker-consumers-want-affordable-luxury-and-fun/ Consumers’ desires for affordable luxury and a fun shopping experience are driving sneaker sales, even in the face of inflation and uncertainty, sports retailer says Foot locker said Friday (November 18) during its quarterly earnings call. Responding to these trends, the company performed better than expected in a volatile macro environment in the quarter ended […]]]>

Consumers’ desires for affordable luxury and a fun shopping experience are driving sneaker sales, even in the face of inflation and uncertainty, sports retailer says Foot locker said Friday (November 18) during its quarterly earnings call.

Responding to these trends, the company performed better than expected in a volatile macro environment in the quarter ended Oct. 29 and raised its outlook for the rest of the year, according to a earnings Release.

Total sales were up 3.3% year-over-year in constant currency terms, and same-store sales were up 0.8% from last year’s record results, it said. the company in the press release.

“Sneakers are an affordable luxury – a dynamic that we believe helps maintain our category’s resilience in the face of strong inflationary pressures,” said Foot Locker Chairman and CEO. Mary Dillon said during the call.

Foot locker actions were up 13% early Friday.

The sneaker category is driven by enthusiasts’ passion for products, a desire for individual expression, and a love of novelty and innovation.

“Sneakers are fun,” Dillon said.

Shoppers in this category value both physical and online experiences, and they want products to be fun to buy, she added.

In stores, Foot Locker’s Frontline store associates love sneaker culture, are experts in the category and create energy in stores, she said.

Online, the company’s Instagram following is five times larger than the combined total of its top four competitors, according to a presentation published at the same time as the call.

Going forward, Foot Locker will primarily focus on its omnichannel capabilities, loyalty program, overall digital marketing strategies, and the technology platform that enables these features.

“Our current omnichannel customers in the US spend nearly four times the amount of our single-channel shoppers, yet they only represent 6% of our customer base,” Dillon said. “This represents a vast opportunity to improve our engagement with customers across all of our channels and attract more of their spend.”

With its better than expected results in the last quarter, Foot Locker has improved its outlook for the remainder of 2022.

“This is a growth category with a long track ahead of us,” Dillon said. “We’re at the intersection of sport, fitness, fashion and societal insecurity, and I think the tailwinds for sneakers will persist for many years to come.”

For all PYMNTS retail coverage, subscribe daily Retail newsletter.

How consumers pay online with stored credentials
Convenience drives some consumers to store their payment credentials with merchants, while security concerns give other customers pause. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and reveal how merchants can overcome holdouts.

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“I can’t afford to pay my credit card bill this month” https://aadharuid.in/i-cant-afford-to-pay-my-credit-card-bill-this-month/ Wed, 16 Nov 2022 05:00:26 +0000 https://aadharuid.in/i-cant-afford-to-pay-my-credit-card-bill-this-month/ I was recently inundated with calls from my credit card provideroffering me a better limit on my card. Even though I initially ignored the calls and unsolicited credit limit increaseI was tempted by the offer and ended up accepting it. I went on a spending spree to take advantage of higher credit limit on my […]]]>

I was recently inundated with calls from my credit card provideroffering me a better limit on my card.

Even though I initially ignored the calls and unsolicited credit limit increaseI was tempted by the offer and ended up accepting it.

I went on a spending spree to take advantage of higher credit limit on my map. My new card limit is Dh50,000 ($13,614), an increase from Dh30,000.

Previously, I was guilty of only paying the minimum amount on my credit card balance, which affected my credit rating.

Even though I jumped on the offer and gave in to the temptation to spend, I now feel guilty and worried because I don’t know how to repay the debt.

This month, my credit card bill is almost 20,000 Dh, while my monthly salary is only 12,000 Dh. I don’t know how to pay my credit card balance.

Shouldn’t banks be more careful about who they offer higher credit limits to? Do they not do their due diligence and do they not have access to my Al Etihad credit bureau credit score?

Going forward, what factors should I consider before accepting a higher credit limit from a lender—and how can I pay off my current balance? PB, Dubai

Debt Speaker 1: R Sivaram, Executive Vice President and Head of Retail Banking Products at Emirates NBD

It is very important for you to take stock not only of your current financial situation, but also of your life choices.

If your credit card spending is out of control, monthly payments and accrued interest can also increase and lead to potential financial problems if you fail to pay off the card each month.

A bank would normally look at your income, credit score, and customer history before deciding to offer you a credit limit increase.

A bank can also do this if you are a good customer who pays your bills on time and uses the card responsibly.

If I understood correctly, the bank asked for your consent before increasing your credit limit.

You had a choice to accept it and get a higher limit or decline it and keep your limit where it was. Depending on their needs, some customers choose to accept such an increase, while others refuse it.

This should be done taking into account your future spending needs, your ability to repay, and your ability to save for yourself in addition to your credit card repayments.

However, if your debt is weighing you down, a credit limit increase may not be in your best interest. If you live paycheck to paycheck and use the credit to cover day-to-day expenses, a higher limit means you’ll take on more debt.

One thing you can do right away is talk to your bank and share all the details of your financial situation.

Based on your proactive approach, your bank might be willing to look into the situation and possibly consolidate your outstanding debt into an installment plan or personal loan with a lower interest rate and longer payment term.

Ideally, you should be looking for a low monthly repayment over a longer period, which will give you flexibility while hopefully avoiding having to borrow again.

When approaching your bank for a loan consolidation, you need to have a clear plan detailing your income and expenses – this will help you be clear about how you propose to repay your loans and get out of debt.

It’s also important to work out a budget plan and set a monthly limit on your discretionary spending outside of essentials like groceries, utilities, tuition, and the like. Try to get into the habit of setting aside a percentage of your income as savings to help out on “rainy days”.

Debt 2 Panelist: Jaya Ratnani, Managing Partner at Freed Financial Services

It is important that you understand how to use a financial product responsibly, as it can lead to unwanted repercussions.

Your debt ratio is a factor used by banks in the UAE to calculate your eligibility.

The central bank says your DBR ratio cannot exceed 50%. When approving credit cards, only 5% of the credit limit is taken into account to calculate your DBR.

So, if your salary is 12,000 Dh and you have no other loans, the bank has provided you with a limit of 50,000 Dh. This means that the minimum payment will be 2,500 Dh per month, which is within approved standards.

Paying only the minimum amount each month is a common practice for many cardholders.

However, keep in mind that this can also lead to continued debt growth due to compound interest. This leads to the threat of falling into a spiral of debt.

One option would be to take out a personal loan from the bank where your salary is transferred and use the funds to pay off the credit card in full.

A loan will carry a much lower interest rate than your credit card. If you’re worried about monthly payments, you can apply for a term extension and reduce the payments to an amount you can afford.

I recommend that you cancel the credit card immediately or make sure to reduce the limit to an amount you only need in an emergency.

It’s also a good idea to manage your expenses and budget to make sure you can allocate enough to pay your monthly payments.

Debt 3 Panelist: Alison Soltani, Founder of Leap savvy savers

Credit cards can serve as useful financial tools when used wisely. Problems arise when we overspend and are unable to repay the balance.

Interest, which averages over 30% per year on credit card balances and accrues daily, and late fees can sometimes mean that the balance continues to grow despite efforts to repay it.

It’s true that banks use your credit score and income to assess your credit eligibility and determine your credit limit.

It should be noted that credit cards are a product offered by banks to accumulate profits – your debt will increase their income, so they are motivated to increase credit limits for customers.

Alison Soltani, Founder of Leap Savvy Savers

However, it should be noted that credit cards are a product offered by banks to accumulate profits – your debt will increase their income, so they are motivated to increase credit limits for customers.

To meet your current bill, first calculate your savings rate, which is your total income minus your monthly expenses.

This gives you an idea of ​​how much disposable income you need to spend on debt.

Make a plan to pay off the debt using an online debt repayment calculator. You will need your interest rate and balance and you can insert monthly contributions. The calculator will calculate the number of months it will take you to pay off the balance.

If your savings rate is low, write down all your expenses and categorize them into “needs” and “wants”.

Starting with the list of wants, decide which expenses you can cut or reduce while paying off the debt.

You can try a savings challenge or a no-spend challenge to motivate you to reduce your spending. Avoid using a credit card while paying off your debt.

For the future, build an emergency fund of at least three to six months of expenses.

This can be kept in a separate savings account and used for emergencies.

If you’re starting to use a credit card again, you can try paying it off weekly and setting a spending limit for yourself each month.

Track your spending and once you’ve reached your limit, lock your card up or give it to a trusted friend or partner to keep safe until the next statement period begins .

You can start saving money each month in an account and call it “play money”.

This is the account you can dip into without guilt when you feel the temptation to spend money. Having savings keeps you from going into debt when the opportunity to spend extra money arises.

Finally, consider the circumstances that led you to spend too much in the first place.

Common spending triggers include emotions such as boredom, stress, happiness, guilt, a coping mechanism for certain life events, or a childhood experience with money.

Finding more effective ways to address the root cause of triggers can help reduce impulse spending in the long run.

The Debt Panel is a weekly column to help readers manage their debts more effectively. If you have a question for the panel, write to pf@thenational.ae

Updated: November 16, 2022, 5:00 a.m.

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The average American spends 9.5% of their income on debt each month. How do you compare? https://aadharuid.in/the-average-american-spends-9-5-of-their-income-on-debt-each-month-how-do-you-compare/ Sun, 13 Nov 2022 11:32:00 +0000 https://aadharuid.in/the-average-american-spends-9-5-of-their-income-on-debt-each-month-how-do-you-compare/ Image source: Getty Images Debt. Most of us have it, and most of us don’t want to talk about it. But as someone who recently got out of debt (for now at least; I hope a mortgage is in my future!) I’ve found talking about it helps, if only to find out that you’re not […]]]>

Image source: Getty Images

Debt. Most of us have it, and most of us don’t want to talk about it. But as someone who recently got out of debt (for now at least; I hope a mortgage is in my future!) I’ve found talking about it helps, if only to find out that you’re not the only one who has creditors to pay.

By recent search for The Ascent, the total consumer debt in the United States is equivalent to $16.5 trillion. This is a record, according to the New York Fed’s quarterly Household Debt and Credit Survey. Why is this number so high? After the economic slump of 2020 and the early days of the COVID-19 pandemic, the economy has come back stronger and better than ever.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

But this has led to supply chain and inflation problems. As a result, more Americans have had to resort to paying for living expenses with personal loans, credit cards and other forms of borrowing. How does that frightening $16.5 trillion figure break down for the average American? And if you are struggling with debt, what can you do?

What is the average US household debt?

The average American household has a debt of $96,371, per credit bureau Experian. According to the Bureau of Labor Statistics, the median weekly income for full-time workers in the third quarter of 2022 was $1,070, or $55,640 for 52 weeks per year. This is the median, which is not the same as an average figure, but it gives us a rough starting point to see that many US households owe more money than they earn. in one year. And the St. Louis Federal Reserve found that households paid 9.5% of their income for their debts in the first quarter of 2022.

All of those big total numbers are a little scary to contemplate, but it’s important to note that a majority of that $16.5 trillion is in the form of mortgage debt, at $11.39 trillion, and loan debt. automobile represents $1.5 trillion. The most disturbing figure is the $890 billion that Americans owe in credit card debt.

What’s wrong with credit card debt?

Credit card debt is insidious. Whereas compound interest can work in your favor when it comes to investing, it does terrible things for the credit card balance you may be carrying. Most credit cards charge interest daily, and the interest you owe is added to your balance. So every day you carry a credit card balance, the cost of repayment keeps increasing.

I will point out here that if you are indeed only paying 9.5% of your income for your debts, you are probably in pretty good shape. It is recommended that you keep your debt-to-income ratio (DTI) at 36% or less, especially if you hope to qualify for a mortgage, which is probably the largest amount of money an average person will borrow.

How can you reduce your DTI?

There are two ways to lower your DTI: you can repay your debts or you can increase your income. If you can manage both, that would be ideal. There are several ways to make it easier to pay off your debt. You may consider applying for a debt consolidation loan, which pays off your various debts and leaves you to worry about only one monthly payment. You might also consider a home equity loan if you own your home.

It’s definitely worth getting out of credit card debt sooner rather than later, as with the Federal Reserve’s interest rate hikes, it’s becoming more expensive. You can increase your income by seeking a raise at work, finding a new job, or even adding a side hustle. Using a side hustle to get out of debt and put money aside may mean giving up some of your free time, but it could be worth it.

Being in debt can be scary, and if your DTI is less favorable than that of the average American, you might be ashamed of it. But you’re in good company, and with hard work and the right tools at your fingertips, you can lower your DTI and improve your financial life.

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We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Sri Lanka’s 2023 budget aims to get crisis-hit economy back on track https://aadharuid.in/sri-lankas-2023-budget-aims-to-get-crisis-hit-economy-back-on-track/ Thu, 10 Nov 2022 07:47:00 +0000 https://aadharuid.in/sri-lankas-2023-budget-aims-to-get-crisis-hit-economy-back-on-track/ COLOMBO (Reuters) – Sri Lanka’s new government will release the 2023 budget on Monday focused on boosting revenue, implementing tax reforms and fiscal consolidation to secure an IMF bailout to help the country to recover from its worst financial crisis in decades. Rampant inflation, a weakening currency and low foreign exchange reserves have left the […]]]>

COLOMBO (Reuters) – Sri Lanka’s new government will release the 2023 budget on Monday focused on boosting revenue, implementing tax reforms and fiscal consolidation to secure an IMF bailout to help the country to recover from its worst financial crisis in decades.

Rampant inflation, a weakening currency and low foreign exchange reserves have left the island of 22 million people struggling to pay for essential imports such as food, fuel and medicine.

The budget is also expected to include measures to help Sri Lanka restructure its debt as it tries to finalize a $2.9 billion bailout package from the International Monetary Fund. Sri Lanka owes investors about $30 billion in bilateral and bond debt.

“Markets will look for reforms in the budget to move the country forward,” said Dimantha Mathew, head of research at First Capital Holdings.

“We expect the IMF program to be finalized in January and debt restructuring to be in place from mid-2023.”

President Ranil Wickremesinghe’s first annual budget since taking office in July comes as Sri Lanka grapples with a declining economy and fears of a global recession.

The World Bank estimates that Sri Lanka’s economy will contract by 9.2% in 2022 and 4.2% next year.

The government has already made proposals to raise personal and corporate income tax from 24% to 30% and possibly change tax brackets to boost incomes despite criticism from businesses and political parties. opposition.

However, cutting spending is likely to be tricky, given Sri Lanka’s large public workforce and high debt.

Recurrent expenditure in 2023 is listed at 4.6 trillion rupees ($1.3 billion) in the Appropriation Bill, a precursor to the budget, with interest payments accounting for 36.5% of that expenditure. This would represent 2.1 billion rupees in interest payments, a jump of 55% from 2022 levels.

Total expenditure is expected to reach 5.9 trillion rupees in 2023, with capital expenditure expected to account for 20.9% of this total.

Social spending should also increase.

The United Nations this week expanded its appeal for $70 million to help the people of Sri Lanka, 28% of whom face food insecurity. Food inflation in Sri Lanka reached 85.6% in October.

“This means the budget deficit will remain at 9%-10% (of GDP). It will be difficult to reduce it unless interest rates come down,” said Udeeshan Jonas, chief strategist at the research firm on CAL Group shares.

Sri Lanka’s economy could recover in the “last part of 2023”, the central bank said recently, adding that it would depend on the unwavering commitment of policymakers to implement policy reforms in a timely, holistic and timely manner. efficient.

(Editing by Swati Bhat and Ana Nicolaci da Costa)

Copyright 2022 Thomson Reuters.

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How to improve your credit score https://aadharuid.in/how-to-improve-your-credit-score/ Sat, 05 Nov 2022 00:14:22 +0000 https://aadharuid.in/how-to-improve-your-credit-score/ NEW YORK – November 4, 2022 – ( Newswire.com ) iQuanti: If you want to improve your credit score, there are a few simple strategies anyone can follow. This could mean finding financial support services that will help you make more informed credit decisions. Or it could mean using a Personal loan take advantage of […]]]>

NEW YORK – November 4, 2022 – ( Newswire.com )

iQuanti: If you want to improve your credit score, there are a few simple strategies anyone can follow. This could mean finding financial support services that will help you make more informed credit decisions. Or it could mean using a Personal loan take advantage of debt to increase your score. Learn more about improving your credit score with some helpful tips.

Using personal loans is a great way to boost your credit score if you decide to use one or more for debt consolidation. Credit card interest rates vary widely, but most lenders have loans with more manageable APRs. Additionally, receiving a loan can help lower your credit utilization rate, contributing to a better credit score.

Another way to improve your credit score is to make sure you make all your payments on time and in full, including any bills, loans, or other debts you may have. Paying off your debts on time shows lenders that you are a responsible borrower, which improves your chances of being approved for future financial products. And, as an added benefit of paying off your debts on time, it also saves you money in the long run by avoiding unnecessary and costly interest charges and late fees.

You can also increase your credit score by diversifying the types of credit assigned to your credit history. Contacting a financial service provider means using revolving lines of credit, like credit cards or HELOCs, and installment loans, like personal or car loans. Having a mix of different types of credit shows lenders that you can manage different types of debt responsibly.

Finally, you can improve your credit score simply by maintaining a good credit history. You should keep your credit accounts open and active, even if you don’t use them regularly. Lenders who see that you have a long history of responsible credit use, making timely payments to reduce your debts, are more likely to approve financial products for you.

If you’re looking to improve your credit score, here are some of the easiest ways to do it. Following these tips should prove to lenders that you are responsible with the money and that you are a borrower they can partner with to help you achieve your financial goals. Once your credit score improves, accessing financial products of all kinds should be much easier. On top of that, these products may even have better terms, like lower interest rates for personal loans.

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5 things you need to know about how personal loans work before you apply https://aadharuid.in/5-things-you-need-to-know-about-how-personal-loans-work-before-you-apply/ Wed, 02 Nov 2022 15:00:34 +0000 https://aadharuid.in/5-things-you-need-to-know-about-how-personal-loans-work-before-you-apply/ Image source: Getty Images Mortgages pay for the house, car loans pay for the vehicles, but personal loans can pay for just about anything. Key points Not all personal loans are created equal. The higher your credit score, the lower your interest rate. If possible, avoid loans with fees. Like most financial products, personal loans […]]]>

Image source: Getty Images

Mortgages pay for the house, car loans pay for the vehicles, but personal loans can pay for just about anything.


Key points

  • Not all personal loans are created equal.
  • The higher your credit score, the lower your interest rate.
  • If possible, avoid loans with fees.

Like most financial products, personal loans have both good and bad features. Here we explain how personal loans work and what you need to know before applying. The better prepared you are, the more likely you are to have a positive experience.

1. How a personal loan works

Personal loans are a type of installment credit. Once your loan application is approved, the lender will issue you a one-time payment. Typically, this payment is deposited directly into your bank account. You are then responsible for repaying the loan in installments (usually monthly payments are due).

The length of the loan is called the “term”. This is how long you have to repay the loan in full. The APR is the amount of interest plus other fees you will be charged for borrowing money.

Most personal loans can be used for any purpose. For example, to renovate a house, do car repairs, pay for a wedding or consolidate debt.

2. The higher your credit score, the lower your interest rate

The majority of personal loans do not require any collateral. This means that the lender lends you money based solely on your promise to pay. Since the lender bears all the risk, they will base the final APR you pay on how risky they perceive your loan to be. The higher your credit score, the more confident the lender will be that you will repay the loan. After all, your credit score indicates how you’ve managed your debts in the past.

The lower your credit score, the riskier your loan appears to be and the higher your APR is likely to be. If your credit score is low, you are also likely to be approved for a loan with fees, which those with higher credit scores can usually avoid. While your Personal loan may cost more, if you use it to pay off debt carrying an even higher APR, you could have money up front.

3. Some personal loans are more forgiving than others

If you just graduated from college, some lenders forgive you for having little or no credit history. There are other lenders that allow you to defer payments if you lose your job.

4. Fees are eating away at your personal loan

If possible, it is beneficial to avoid loans charging fees for things like loan origination, administration, and prepayment penalties. Here’s how the fee works: Let’s say you borrow $15,000 and the loan fee is $1,500. Before writing you a check, the lender will deduct $1,500 from the amount you borrow. This means that $13,500 will land in your Bank account rather than $15,000. Yet you are responsible for paying back the full $15,000 plus interest.

All lenders are not created equal. One may quote you an APR of 7% while another quotes 9%. Most personal lenders only run a soft credit check before telling you if your application has been approved and, if so, what your APR will be. That’s good news, because it means you can shop around with as many lenders as you want without hurting your credit score.

The caveat is that a few lenders do a rigorous credit check, so be sure to ask before submitting an application.

The sheer versatility of personal loans makes them an attractive financial tool. Before applying for a loan, be sure to read the fine print to know what you’re getting into.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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9 signs your retirement is on the right track https://aadharuid.in/9-signs-your-retirement-is-on-the-right-track/ Sat, 29 Oct 2022 11:50:19 +0000 https://aadharuid.in/9-signs-your-retirement-is-on-the-right-track/ goodluz / Shutterstock.com Nearly three-quarters – 73% – of American workers surveyed say they are “fairly confident” that they will have enough money to live comfortably in retirement. This includes 28% who are “very confident” that they are on track for retirement, according to the 2022 Retirement Confidence Survey conducted by the Employee Benefits Research […]]]>
goodluz / Shutterstock.com

Nearly three-quarters – 73% – of American workers surveyed say they are “fairly confident” that they will have enough money to live comfortably in retirement. This includes 28% who are “very confident” that they are on track for retirement, according to the 2022 Retirement Confidence Survey conducted by the Employee Benefits Research Institute (EBRI) and Greenwald Research.

Meanwhile, a third of workers and 24% of retirees surveyed are less confident they are on the right track due to the COVID-19 pandemic, according to the same survey. More than 2,600 adults, aged 25 and over, were surveyed to arrive at the results.

No matter which group you land in, staying on top of your retirement planning and progress is essential to ensure you have enough money for a comfortable retirement.

Wondering if your retirement planning is going as it should? Here are signs that your retirement is on the right track.

1. You save enough for retirement

man calculating his savings
Prostock-studio / Shutterstock.com

If you plan to work until age 65, you’ll need to produce 20 to 30 years of income throughout retirement, says Tom Martina Certified Wealth Management Professional with Vaylark Financial Services, a financial planning firm in Hartford, Connecticut.

“If you need $75,000 a year to survive today, you’ll probably need $1.5 million to survive to age 85 or $2.25 million to survive to age 95. says Martin. He tells Money Talks News that if someone’s Social Security has to pay $24,000 a year, that could be $500,000 of the $1.5 million needed to cover costs until age 85.

If you have a funding shortfall, Martin suggests increasing retirement account contributions, cutting expenses, and/or scrambling to earn more.

“If you’re behind on your retirement goals in your 50s, you might want to give serious thought to not claiming Social Security until age 70,” says Martin. “By not claiming social security [until age 70]you can work into your 60s without worrying about reduced Social Security benefits and increased Social Security payments. »

2. You have automated retirement savings

An elderly couple take advantage of their retirement savings
Ruslan Gouzov / Shutterstock.com

If you’ve automated your retirement savings and set them to grow each year, you’re probably well on your way to preparing for retirement, says Andrew Rosen, Certified Financial Planner and President of diversified LLCa financial planning firm with offices in Delaware, Pennsylvania and Alabama.

“By automating your savings, you are prioritizing saving for your retirement,” Rosen told Money Talks News. “Adding an automatic increase ensures that you’ll adjust this savings amount each year for inflation. It’s still important to check how you’re saving, but automation takes the guesswork out of saving for retirement and makes it a habit.

To stay on track for retirement, Rosen suggests increasing automated contributions to your retirement accounts by 1-2% each year or 25% of any annual increase received.

3. Most or all of your debt will be paid off

Woman with cut out credit card
pathdoc / Shutterstock.com

Will you no longer have a mortgage, credit card debt, car loan or student loan when you retire? If so, that’s a positive sign that this important part of your retirement is on the right track.

On the other hand, retiring with debt means you’ll have monthly payments that eat into your income. You may even need to work part-time or withdraw additional funds from your retirement account.

“To go into debt in retirement, you need income to pay for it,” says Martin. “That extra income can erode your Social Security benefits, whether through taxes or reduced benefits.”

4. You plan for anticipated retirement costs

Senior couple with financial advisor
Sirtravelalot / Shutterstock.com

The amount your retirement will cost you will vary greatly depending on your retirement lifestyle.

“Find out how much it will cost you annually for food, lodging, transportation and entertainment,” says Martin. “Also be sure to price any retirement activities such as travel, golf or boating and factor in inflation.”

“Normally, inflation is not really a concern. However, when it gets out of control like it is today, everything can cost a lot more and that hurts retirees,” adds Martin. “Although we cannot predict periods of excessive inflation, it is important to consider minimum inflation each year.”

To follow inflationary trends, Martin recommends visiting the US Bureau of Labor Statistics or by consulting the economic data and forecasts site Trade economy.

5. You have financial skills

Woman with financial advisor
Odua Images / Shutterstock.com

If you have a budget and track how much you’re spending, saving and earning and are ready to look at your debt and come up with a plan to reduce that number, you’re already financially savvy to some degree, according to Rosen.

“Financial literacy is a key part of retirement planning, and the sooner you start to feel comfortable with your finances, the better prepared you’ll be for retirement,” says Rosen.

“By frequently checking and monitoring your progress with your budget, savings, retirement account, debt, and financial plan, you’ll notice if something is wrong,” he adds. Rosen suggests reassessing both short-term and long-term financial goals after major life changes, such as moving, having a child, or getting divorced.

Rosen says these frequent check-ins are important to keeping your retirement on track. They give you the opportunity to catch and correct current problems and ensure that your finances don’t go in the wrong direction.

Want to boost your financial literacy skills? Visit MyMoney.gov and the FDIC smart money to learn about saving, earning, investing, budgeting, spending, borrowing and more.

And, of course, by subscribing to Money Talks News Newsletter will bring the latest retirement news and advice to your inbox.

6. You have a sufficient emergency fund

Emergency fund
Ariya J / Shutterstock.com

Having a fully funded emergency account is another sign that you’re on the right path to retirement. This money is essential to enable you to weather any financial storm, such as job loss or medical crisis, without going into debt or dipping into your retirement accounts.

“Not only will you need an emergency fund, but also a cash fund where you will have access to your money,” says Rosen. “If you make it a habit of having access to cash that is available but not intended for everyday use, you will be better prepared to manage your financial situation in retirement.”

If you don’t have an emergency fund yet, see: “9 tips for starting an emergency fund today.”

7. You review retirement account statements

Man working on taxes
Syda Productions / Shutterstock.com

Never looking at your retirement account statements is a ‘recipe for disaster,’ says Chris McMahon, president and CEO of Aquinas Wealth Advisors, a financial planning company located in Pittsburgh, Pennsylvania. Still, some people go years, even decades, without checking their retirement account statements, he told Money Talks News.

“Often these statements will provide additional guidance such as performance relative to the market or level of risk relative to most people your age,” he explains. “In short, these quarterly reminders can have a huge positive impact on where you might end up in retirement. In the quest for a safe and comfortable retirement, your plan statement is worth gold.

“If your account contains a lot more stocks than average, you may be taking on more risk than you think,” McMahon adds. “Be sure to check the performance breakdown of the individual holdings in your account shown on your statement. If one of your holdings is performing significantly worse than the others, this could be a red flag to consider replacing that holding.

8. You plan your future taxes

Woman doing taxes on laptop
Antonio Guillem / Shutterstock.com

To stay on track for your retirement, be sure to anticipate future tax increases.

“Federal income taxes are expected to rise at the end of 2026,” Martin says. “If you are in the 24% tax bracket today, you will be in the 28% tax bracket in 2026.”

Roth Conversions can be a way to avoid future tax increases. By transferring money from a Traditional IRA to a Roth IRA, you will pay taxes on the money at today’s rates. Then the money in a Roth account grows tax-free and can be withdrawn tax-free in retirement.

“The more taxes you have to pay, the more aggressive retirees will have to be with withdrawals from retirement accounts,” Martin notes. “That, in turn, will cause more Social Security to be taxed, which will increase the likelihood of running out of money.”

9. Retirement worries don’t disturb your sleep.

Happy sleeping woman
Andrey_Popov / Shutterstock.com

If you’re confident enough in your retirement plans to fall asleep when your head hits the pillow, that’s a sign your retirement is probably on the right track, according to McMahon. Listening to your inner voice gives you insight into the steps you may still need to take to plan for retirement.

If you’re wondering if you’re okay, have enough money, or need to rely on your kids after you retire, it’s your inner self that’s pushing you to address the issue, McMahon says.

“Often people who realize they can fail just ignore the problem,” he adds. “They rationalize, hijack and divert conversations away from any real conversation about preparing for retirement.”

However, those on the right track tend to review and refine their plans regularly. They are happy to discuss the subject and are open to suggestions on methods to improve their chances of having a fulfilling retirement.

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How to Save Money Fast – Forbes Advisor https://aadharuid.in/how-to-save-money-fast-forbes-advisor/ Wed, 26 Oct 2022 02:45:05 +0000 https://aadharuid.in/how-to-save-money-fast-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. If you’re having trouble saving money, you’re not alone. The personal savings rate in the United States has been falling for most of 2021 and 2022. With inflation and rising interest rates, […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

If you’re having trouble saving money, you’re not alone. The personal savings rate in the United States has been falling for most of 2021 and 2022. With inflation and rising interest rates, people are looking for other ways to save. Whether you’re dealing with an emergency or just want a financial cushion, here are some tips for saving money fast.

Why should you save money?

It’s important to keep a nest egg for unexpected expenses, such as home repairs, car repairs, or medical bills. Beyond that, having money in savings can have a positive impact on your well-being. A recent study by Northwestern Mutual found that adults who work with a financial planner or who are disciplined planners themselves experience lower anxiety levels and better sleep quality.

Saving money is probably one of them. The more you have set aside, the more you can rest easy knowing that if you lose your job or find yourself in an emergency, you have the funds to get by.

How to save money fast

There are ways to slowly save money without sacrificing your lifestyle, and then there are ways to save money quickly. If you need to build your savings account balance quickly, follow these steps.

1. Create a budget

Budgeting is the first step to saving money. List your current income and expenses and print your bank statements if necessary. Categorize your purchases to see how much you spend in different areas.

2. Reduce expenses

Next, comb through each expense category to determine where you can cut the most. If you need to save money fast, you’ll probably want to target non-essential expenses first — categories like shopping, dining, subscriptions, entertainment, and gifts — because those expenses can be sacrificed more. easily than fixed expenses like housing and car payments.

3. Earn more

If you can increase your income while reducing your expenses, even better. Negotiating a raise and landing a side contract are two of the fastest ways to make more money.

4. Change your lifestyle

It can be difficult to do, but it is very effective and rewarding. Eliminating costly habits such as smoking, drinking, impulse shopping and gambling can save you hundreds or thousands of dollars a month.

5. Upgrade to a better savings account

Check if your current account earns interest, and if so, how much. You can save more by opting for a high yield savings account.

6. Limit impulse purchases

Avoid going to malls and stores where you know you’ll be tempted to shop, and unsubscribe from promotional emails from your favorite brands. If you’re starting to feel too restricted, you can “shop” online without spending money by creating vision boards on Pinterest and tossing wishlists on your favorite retailers’ websites.

How to save money fast on a low income

If you’re on a low or fixed income and making more money isn’t an option, there are always ways to save money fast.

  • Pay yourself first. After creating a budget, decide how much you’ll save on each paycheck and have it automatically deposited into your savings. Then comes the most important thing: don’t touch it.
  • Do a month without spending. You can still pay your bills, but for a free month, you’re not allowed to spend money on non-essentials. Make it a game to stay motivated.
  • Reduce utilities. Minimize your heating and cooling expenses by adding or removing layers of clothing. Take shorter, cooler showers. Unplug electrical appliances when not in use and switch to LED bulbs. Seal air leaks around drafty doors or windows.
  • Consolidate and eliminate debt. High interest rates on credit card debt make it hard to get ahead. Examine debt consolidation loans to see if you may qualify for a lower interest rate or lower monthly payments.
  • Do it yourself. Instead of spending on oil changes, home repair projects, or manicures, learn how to handle these tasks yourself. Look online for instructional videos and helpful DIY tips online showing you how to fix or make just about anything, often using items you already have around the house.
  • Ask for help. Depending on your income and living situation, you may qualify for government assistance programs such as the Supplemental Nutrition Assistance Program (SNAP), the Electronic Benefit Transfer (EBT) system, or Temporary Assistance for needy families (TANF).

How to save a lot of money fast

Budgeting and cutting expenses only gets you so far. If you need to save a lot of money, additional income streams like the ones below speed up the process.

  • Get a better paying job. This may mean asking for a raise or promotion at your current job or applying for a new job. Now that it’s easier to find remote workyou may not have to worry about travel or relocation costs.
  • Start a secondary agitation. There’s never been a better time to start a side hustle. Gig Economy apps, like those that offer ride-sharing and food delivery services, make it easy to take on extra work on your schedule.
  • Sell ​​side effects. Consider selling anything you don’t use regularly. You can sell just about anything online through sites like eBay, Poshmark, ThredUp, OfferUp, and Facebook Marketplace.
  • Rent your space. Sites like Airbnb and Vrbo let you rent a bed, while Hipcamp lets you rent campsites on your land, and RVshare lets you rent your motorhome. If you have an unused parking spot in your driveway or side yard, you can earn passive income through SpotHero. And if you have a pool or hot tub, Swimply lets you rent it by the hour.

Ways to save money fast

Saving money fast usually involves minimizing your expenses. Here are some specific ways to cut costs that can make a big difference.

1. Drive less

Ask yourself if selling your car and switching to public transit, carpooling, cycling or walking is profitable. Otherwise, consider driving less to save money on gas and tolls, and maybe even car insurance. If you don’t drive much, switch to car insurance per kilometer may be more affordable.

2. Minimize housing costs

Can you downsize by selling your house or finding a cheaper place to rent? Depending on interest rates, refinance your mortgage can also help you reduce your costs.

3. Reduce recurring expenses

Consider eliminating subscriptions, streaming services, and gym memberships from your budget. For entertainment, organize home gatherings, research free events in your area, and visit free museums and libraries. Stay in shape by exploring the outdoors or exercising at home. You can also consider prepaid phone plans and more affordable internet service.

Conclusion

There is no perfect way to save money. But with a combination of the tools and practices above, you can save more than you think.

Whether you’re facing a life-changing event or just funding a new goal, saving money can be fun, rewarding, and liberating. It helps reduce clutter, cognitive load, and anxiety. Consider saving money not as a chore, but as a way to take control of your finances and your life.

Find the best online savings accounts of 2022

Frequently Asked Questions (FAQ)

How to create a budget?

There are several ways to make a budgetbut the basics are to list your income and expenses, then set spending and savings goals.

Can budgeting apps help me stay on track with my spending?

Tracking your expenses just got a whole lot easier with budgeting apps. Some best budgeting apps include Mint, YNAB (you need a budget) and Personal Capital.

Which DIY sites can help me save money?

You can find DIY tutorials for just about anything on websites like YouTube, Pinterest, and Instructables. Companies such as Home deposit and Lowe’s offer online and in-person tutorials to help you with your automotive, home and garden projects.


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