Category Archives: Finance

Continuous Savings Can Truly Save

Of all these years that you’ve been working so hard to live, have you ever started saving for the future? There would come a time that you’ll reach physical incapability and working is no longer doable. If a person was able to save, reaching this particular time is not something to be feared of.


For a common person, savings are most likely in a form of money in a bank account. It may be intended for a future use like inevitable health-related instances wherein money is of great need. Some savings are also intended for their children’s education while others are investments hoping that someday it will increase its value and add up to their present holdings. Savings are important, however you want to get a grasp on your expenses too to be sure you are saving. Many individuals overlook the insurance plans whether it be car, home, of life insurance. When you are shopping for auto insurance you want to be sure not to overlapped your expenses. For example you could have roadside assistance on your policy and not realize that you may have the plan on your credit card, such as Chase Sapphire. When you truly want to save then you have to look at your expense too and insurance is one area you could look when trying to save.
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The Organized Wallet

Is the state that you are keeping your wallet in making you spend more? There may be more cash in there than necessary, or one credit card too many. Even the most frugal spender can benefit from a wallet that’s kept trim.

More money, more problems

Wallets are meant to hold money, but if there’s too much cash in there, the temptation to spend is also greater. If you know you’re the type of person who gives into impulse buys, only carry enough cash to cover that particular week’s scheduled expenses.

Too Convenient?

With the accessibility of ATM machines in shopping malls, having a bunch of ATM cards on hand is almost the same as having your savings at your disposal. One card for emergencies is okay but leave the rest at home.

Paper Trail?

Always ask that receipts be handed to you rather than dropped in the bag. Reserve a slot in your wallet just for them, and empty this out every weekend. Use the receipts to keep track of cash spent and of credit card bills to expect. Seeing your expenses printed out on paper can help curb your spending.
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Guard Your Assets With a Trust

When setting up an estate plan with your financial planner, expect him to protect your assets by including one or more trusts. They can be worth their weight in gold.

Few people clearly understand what trusts can do or just how they work. A trust can provide for you and your family, allow easy access to property, and help you avoid probate. But there are many different types of trusts, and they won’t all do what you want. You must be careful that your trust accomplishes your specific wishes, has all the necessary ingredients, and will do the job you chose it for.

Grasp the Basics of Trusts

A trust in its simplest form transfers assets from one person to another. It can bypass estate taxes, avoid probate, and revamp your life insurance to benefit your estate plan. A trust is one of the most flexible estate tools available today. It can do just about anything that’s legal and not contrary to public policy.

All trusts, from simple to complex, contain the same four elements:

– The donor or grantor is the person who creates the trust.
– The property includes all assets put in the trust. It’s sometimes called the corpus.
– The trustee is the person who promises to follow the donor’s instructions as set forth in the trust.
– The beneficiaries are those who received benefits from the trust.

Assign Your Assets

Any type of asset can be placed into a trust, from antiques and real estate to bank accounts, securities, or life insurance. But before you fill your trust, you’ll need to pick up someone to be your trustee. You can choose whomever you want, including yourself, your spouse, or your children.

After you decide on a trustee, you need to re-title your assets into the trustee’s name. If you go through the trouble of having a trust, and you don’t put your assets into it, it’s useless. As trustee of your own revocable trust, you can keep control over your assets.

Choose The Right Trust

Everyone’s needs are different, so talk to your estate planner about the trusts that are right for your financial situation. Here are the three types of trusts you may want to consider:

A living trust allows you to sidestep the time-consuming and public process of probate court. And you don’t have to be rich to have one. Even if your estate is small, you’ll benefit because a living trust will keep your estate in your loved ones’ hands – not the government’s. It also avoids probate if you become incapacitated for any reason, allowing you to change control of your assets in an organized, private manner.

A bypass trust allows your estate to bypass taxes. The trust is designed to kick in upon your death, allowing your spouse to have almost full use of all funds in the trust, Upon your spouse’s death, those funds would bypass his or her estate and go directly to your children.

A life insurance trust takes your life insurance out of your estate, allowing it to bypass taxes. To get the tax benefits, you’ll need to have someone else as the trustee. The trust is set up outside your estate, and you have no control over it. Upon your death, the proceeds go into the trust and are held for your spouse and children. It’s very effective and a wonderful loophole.