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Dream Life, Finance, Life Tips

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What Is Elss And How To Invest?

Investors are often on the lookout for good investment opportunities that can help them accumulate wealth, fetch regular and significant returns, and also help them save tax. This is because the more they can save on taxes, the more earnings they can take home. This is why tax planning becomes absolutely essential. Section 80C provides numerous tax benefits to investors with its varied tax-saving investments. Although these tax-saving investments offer tax deductions, they prove slightly incompetent when you take into account the lock-in period and the average returns provided by these investments. Individuals investing in mutual funds often shy away from mutual fund investments due to tax on mutual funds. Enter ELSS tax saving mutual funds, also known as Equity-linked Savings Scheme.

What are ELSS funds?

ELSS mutual funds are referred to as tax saving mutual funds, owing to their tax-saving attributes. ELSS funds invest a minimum of 80% of their assets in equity and equity-linked securities. Investments in these mutual funds are eligible for a tax deduction of up to Rs1.5 lac u/s 80C of the IT Act, 1961. An investor can save up to Rs 46,800 p.a. by investing in ELSS mutual funds. ELSS tax saving funds are accompanied by a 3-year lock-in period, which also happens to be the shortest lock-in period against any other Section 80C investments. These mutual fund tax savers offer dual benefits of wealth creation and tax saving.

How to invest in ELSS funds?

Follow these simple steps to start investing in Equity-Linked Savings Schemes:

  1. Determine your taxable income and tax slab
    It’s important to have a clear picture of your taxable income and your tax slab. This will aid you to decide under what sections you can save tax and what investment options can be useful in achieving that.
  2. Choose the most suitable ELSS mutual fund for your investment profile
    As an investor, you must consider various factors such as the age of the fund, consistency, past performance of the fund, extended internal rate of return (XIRR) of the fund, etc. You must ensure that your ELSS fund aligns with your investment horizon, risk profile and financial goals and objectives. Additionally, if the fund is actively managed by a mutual fund expert, you should look at their history to determine their success ratio and vision.
  3. Invest in ELSS online
     An investor can invest in ELSS online by filling in all the necessary personal details in the application form, providing their bank details, and uploading a picture of a cancelled cheque. This can be done directly on the AMC’s (Asset Management Company) website or through a mutual fund transfer agency like CAMS (Computer Age Management Services). Just follow these simple steps and, voila, you have created an account, and you can now invest in ELSS funds.

Just like any other mutual fund, ELSS mutual funds offer the flexibility to choose the investment style – SIP (Systematic Investment Plan) and lumpsum. SIP follows a disciplined way of investing, wherein an investor invests a specific amount periodically over a period of time that lowers their burden to invest. In the lumpsum mode of investing, an investor puts all their money in one go at the start of the investment cycle. Happy investing!

 

Is Now the Right Time to Buy a Car?

For a lot of people since the pandemic, their commute went from driving to the next town to walking to the next room. Many are having to set weekly reminders to drive the car around the block. That is because cars do not like to be parked for long periods of time. They have to be fired up and driven around or bad things start to happen.

No one is driving for fun these days. Casual driving is a thing of the past. We have everything delivered. Eating out means having a service bring us food from a restaurant. We order groceries, medicine, and hand sanitizer. Some religious people haven’t been to an in-person service since March. This seems like a bad time to invest in a car.

Then again, if you happen to be one of the people doing all that delivering, you might need a second car. First responders, medical professionals, and anyone else with a pandemic-proof job still need to drive. For them, finding good auto body repair in California, and other car cultures, is still a going concern. If their car suffers more severe damage, they have to consider how best to acquire a new one. Here are a few things to consider:

Leasing Is Always an Option

No one knows how long they will continue to have a job, or when everyone will be told to work from home. That means this is not really an ideal time to get into a long-term contract commitment with a vehicle. That is one of the top reasons why you should lease and not buy a vehicle unless you are in a position to buy it outright.

There are pros and cons to leasing. Think of leasing like renting a condo with the option to buy later. You have the option to renew the lease and keep things the way they are. You can opt to pay it off after a couple years. Or at the end of the term, you can just walk away with no further payments.

The downside is that leases carry more restrictions on what you can do with that vehicle. The biggest restriction has to do with mileage. If you do a lot of driving for work, a lease might not serve you well. Still, for many, it is better than a 5 or 6 year financing agreement.

Consider Ride Sharing Services

If you primarily use your car to commute to and from work, you might be better off using Lyft or Uber than owning a car. The monthly cost of owning a car is around $878 when calculating gas and other expenses. Paying $10 each way to a ride sharing service will run you about $450 a month.

Additional benefits to using ride sharing include the following:

  • You don’t have to pay for parking.
  • You don’t have to pay for gas.
  • You don’t have to pay for maintenance.
  • You don’t have to pay when you are not using the car.
  • It makes more sense for the environment.

If you have a longer commute, ride sharing might not work out financially. But for many, it will be a better option than purchasing a car right now.

Public Transportation and Last Mile Solutions

Why bother with a car at all if a bus or train will get you where you need to go? It is ridiculously inexpensive. Electric scooters have become a popular last mile solution for everyone from casual riders to business workers. People have been communing via bicycle for ages. Large cities even have dedicated bike lanes to make it a safer proposition. It doesn’t have to be forever. But it might just get you past the uncertainty of the present crisis.

There is nothing wrong with owning a car, or purchasing one if that is what you need. But while waiting out the pandemic, you might also want to consider leasing, ride sharing, and public transportation.

 

3 Tips For Turning Your Garage Into A Home Gym

With gyms still closed in many areas around the world, people who are concerned with their health or are looking to get fit are needing to find some kind of alternative way to stay active. While being outside is a great option, with the weather moving into fall and winter, you’ll likely need to find somewhere inside where you can workout. So for those who don’t have space in their homes for a gym, looking just outside of the home—like in the garage—could be the next best thing.

If this home improvement project is one you’ve been thinking of taking on, here are three tips for turning your garage into a home gym.

Figure Out Your Storage Needs

Rarely will someone with a garage keep that space completely empty, even if they don’t use it to park their vehicle. Because of this, you’ll need to figure out how you’ll store everything that’s already in your garage in addition to making extra space for training and equipment.

To help with this, Jessica Thiefels, a contributor to Exercise.com, suggests that you try to make the most use of the space on the walls or your ceiling for storing items. By installing rods or shelves, you can hang items from the ceiling or get them up off of the ground so that you can use that lower space for exercising. And as you’re bringing in more storage options, make sure you include extra space for your gym equipment, too.

Bring In The Right Equipment

To really make your garage a home gym, you’ve got to bring in the right equipment. Now, this doesn’t mean just adding some free weights and a treadmill. To be safe, you’ve got to have the right equipment for the foundation and structure of your new workout space.

Ideally, the DIY Network shares that your home gym would include things like a rubberized floor and new lighting to ensure that you’re staying safe while working out in the space. So while your garage might not already come equipped with these items, bringing them in will help to make your new home gym feel like an actual gym rather than just a converted garage.

Allow For Heating And Cooling

As we’re coming into winter, the last thing you’re going to want to do is workout in a cold garage. While keeping things cooler might help you not to overheat or sweat too much, working out when it’s freezing can make you more susceptible to injuries.

Knowing this, Shannon Hickcox, a contributor to The Spruce, suggests that you bring in some additional insulation to the structure of your garage during your process of turning it into your home gym. You could also consider adding some heating or cooling systems, either into the structure of the garage or through add-ons.

If you’re wanting to turn your garage into a home gym, consider using the tips mentioned above to help you accomplish this feat.

 

5 Tips For Managing Your Money

Managing their money is something that many people struggle with. Since not everyone has a basic foundation of money management before they become adults, it can be difficult to know about how to best handle the money you earn. However, getting a grip on your finances as early as possible has a variety of benefits.

Take a look at some of the best tips for managing your money.

Set Goals

Before you can figure out the best money strategy, you’ll need to know exactly what you want to use your money for. Get to know what your priorities are in terms of your long term plan. Perhaps you want to sell your home, or maybe you’re more set on traveling the world.

Having a clear understanding of what you want to do with your money is the best way to create a foundation for your goals.

Get Rid Of Debt

One of the worst things you can do for your finances is to put yourself in a large amount of debt. When your debt surpasses your income, you’re in over your head. The first thing to do to have control over your money is to pay off any debts that you have.

Experts recommend starting paying off the smaller ones first and working your way up to the big ones. The idea is to keep yourself motivated by watching each small debt disappear.

Track Your Spending

The best way to identify where you can make improvements in your spending is to keep track of where your money goes. Keep an eye on your finances and see where your trouble areas are. Perhaps the majority of your expenses go towards bars and restaurants. In this case, you should stop going out as much.

However, other people may find that they have an Amazon addiction that they need to get rid of. By having a clear understanding of where your money is going, you’ll be able to make improvements where necessary.

Prepare For Setbacks

Despite how many goals you may have for the future, setbacks are bound to happen from time to time. Perhaps your car will break down, or you may suddenly lose your job.

Whatever the case may be, it’s important that you have money set aside for those particular situations. Having money set aside specifically for emergencies means that you’re protecting yourself for the worst.

Use Technology To Your Advantage

There are all sorts of apps out there that can help you reach your financial goals. Whether you’re looking to save more or pay off your debts, there is an app out there that can help you manage your money. Take advantage of technology and let it do the work for you.

Personal Finance Tips For Aging Homeowners

Owning a home when you are young and agile is a much different experience than owning a home as you move into the elderly time of your life. Your home has to work more to take care of you when you’re older, as opposed to you working hard to build your home when you’re younger.

Adjusting your home to your aging body will take time and money. It’s important that you prepare yourself for the financial need before the time comes to start spending.

Take a few moments now to read through some personal finance tips for aging homeowners, and prep yourself to age gracefully in every realm of your life.

Prep the budget for changes in your home

When you get older, it’s common to need a little more help getting things done around your home. There are plenty of simple upgrades and augmentations you can make to your home to make it more accommodating to your body’s needs.

Though the changes may not cost much one by one, the bigger picture may show a bigger price tag. It’s important to prep your budget for the changes your home may need to be more livable for you as you age.

Save for a little help with life

Getting older means that you may not be able to tackle all of the things you need to keep your household in order every day. Eventually, you may have the need for an assisted living setup to remain comfortable in life.

It’s important to make sure you have the funds to maintain control over your setting. Your life is what you make it, and proper financial planning will help you feel more empowered as you age.

Let the professionals take care of the heavy lifting

Making the upkeep of your home space is one of the most important factors to consider when planning for the financial side of growing older. Owning a home takes regular maintenance, and you may not have the same drive to spend hours in the yard as you get older.

Leave the heavy lifting and physical labor to the professionals, and take the money you’ve been saving to hire lawn care specialists for landscaping and yard maintenance. Hire a pool cleaner to keep your pool in good shape, etc.

Look out for your financial security

Owning a home means that you have to keep up with mortgage payments and taxes on the property. You may have done away with your mortgage payment by the time you reach old age, but taxes never cease.

Make sure your finances are well secured, and embrace the best in today’s cyber security programs. Make sure there’s not a digital leak in your wallet, so you always have the money to take care of your homeowner responsibilities.

The Top Reasons Why You Should Lease and not Buy a Vehicle

Most people are already aware of car leasing and some benefits it can bring to those who choose it over car buying, but if you are interested in a lease package yourself, it would be in your absolute interest to know what it is really all about – not just because it’s a big decision, but also because it can impact your life in the next few years. Vehicle leasing or contract hire agreements work in just the same way as renting or hiring a vehicle for a day or a weekend; the only major difference is that you will hire or rent the car for a longer time, usually from 24 months up to 36 months. But what else can a contract hire or lease agreement bring to the table? Here are the top reasons why you should lease instead of buying a vehicle.

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How it works

The agreement is simple; in most cases, what you see is what you get. Essentially speaking, you will agree to hire a car or other vehicle for a set period and pay a fixed cost per month for its use. The provider will retain vehicle ownership for the terms of the contract, and at the contract’s end, you will simply return the vehicle to the provider. The rental fee per month is fixed, and it will include the car’s cost, the car’s depreciation, the length of the contract, and the total mileage. If you exceed the agreed-upon mileage for the deal, you will have to pay an additional charge. This will then be computed on a pence-for-every-mile basis.

If you opt for maintenance along with the lease, it will cover routine or standard servicing for the vehicle along with some repairs. You can enhance this even further, so it includes breakdown coverage and 24-hour assistance.

The top reasons why you should lease instead of buy

  • A low outlay

Most contract hire agreements will require an initial payment or outlay, but this will be a lot less than paying a down payment for an actual car that you buy. Providers may ask for about three months of initial payment (equivalent to the rental of the vehicle per month times 3).

  • No more need for negotiations

Since many car lease and contract hire providers buy no fewer than 10,000 to up to 30,000 cars or vehicles annually and spend a lot of money on maintenance, you can already get the best deal available simply because they have already negotiated it for you.

  • Better value for your money – and no more risks associated with disposal

When you lease a vehicle, you only have to contend with the fixed monthly rental, giving you greater control over your budget and finances. You will also remove the risks associated with disposing of the vehicle when you want a new one; you don’t have to advertise the vehicle to sell it, and you don’t have to haggle over the price the way you would do if you had to sell your own car to another person.

Since you are leasing, you can also keep your main credit lines open since the vehicle you have is not counted as an asset. You can then use your main credit lines for other expenses, such as operational funds for your business or investing in necessary equipment.

How to Make Your Dream Home a Reality Faster

It takes time to build a dream house, and you can’t expect to have everything as planned. You need to spend money to purchase the items you need and achieve the desired appearance. Sometimes, even if you already have the spot, it could still take time to complete the project. These tips will help you quickly build your dream house.

Budget your income wisely

If you have a limited income, make sure that you prioritise construction costs. You might have to sacrifice other expenses such as travel and eating out so you can spend more on home construction. Let your friends know that you intend to finish building your dream house, and you might have to decline invitations to eat out or party. If you have a bonus or incentive from work, the amount needs to go to the construction of your dream house. Otherwise, you will spend it on things that don’t matter.

Be involved in the process

You can hire a contractor to help with the project. You can also talk to the other people involved, such as engineers or architects. However, it’s not enough to have an initial conversation with them. You have to be there throughout the process. Otherwise, the project could get delayed. When asked to decide on certain details, you have to give your response right away. You can trust contractors to do the job, but it’s still faster if you get involved.

Find out where to buy the best supplies

You need to decorate your house, and quality materials are necessary. You also have to invest in appliances and furniture. Find the store where you can buy what you need at a lower price. Online stores are also an excellent option. For instance, if you want quality frameless shower enclosures, you can go online. You will find the best model for your bathroom without spending a lot of money. The primary reason for the construction delay is the cost, and finding cheap options could hasten the process.

Don’t be too meticulous

Sure, you have plenty of ideas. You also imagined how your house would look like down to the smallest details. The problem is that if you’re too meticulous, you might not get the project done soon. If similar supplies are available, you have to go for them. If the furniture you want isn’t available in your preferred colour, it’s okay. You can either have a different colour or another design with the preferred colour. If there are details you want to see, you can change some decorations later. As long as the foundation of the house is sturdy enough, you have nothing to worry about.

Save money to finish a phase

Construction projects come in different phases. Ask your contractor how many stages would be necessary unless you can get things done at once. Enquire about the cost breakdown, so you will know how much you need to prepare. You need enough money to finish a phase. Otherwise, some areas won’t look good.

Hopefully, you can finish your dream house soon and enjoy it with your family.

Tips To Buying A Second Hand Car

Dreaming of owning a car? If so, you do not need to buy a brand new car. Just like playing online games which many other players as well on casinos or their sister sites, there are so many advantages you can enjoy from buying second hand cars, like, it is a lot cheaper up front. This is a perfect choice to those who cannot afford brand new ones and those who are not as good yet driving.

There can be many advantages to buying second hand cars, but if you failed to buy the right one, you might end up broken hearted and very regretful. To help you in finding the right second hand car to buy, below are some of the things you need to consider.

Have an expert go with you

If you do not know how to check on a second hand car, have someone to do it for you. It does not need to be a professional, but at least someone who has in depth knowledge about cars, its body, engine, and its overall performance.

Compare different dealership offers

Compare offers from different dealerships. Check which of them can provide you a better offer. When comparing, you have to check on the interest rate, the company’s customer service, their terms and conditions, and so on. Do not rush in choosing a dealership as if you do, you may not be able to get the best offer.

Take as much time as you can, ask around and read reviews.

Always negotiate

Another difference of brand new cars to second hand is you can haggle for prices on the latter. You can always ask for a cheaper price. Most of the time, haggling will happen when you are already on the site and you are already done inspecting the car. Until you are done doing it, negotiating is not a good idea.

You will never know the best price to ask unless you see it in person.

Ask Ask Ask

Make sure that you ask all questions you need to know about the car. The history of the car cannot be seen on its appearance, you have to ask for it. Some of the questions to ask are, when was the last time engine oil was changed, does the car have an existing insurance, previous repairs, etc. Most of this information will not be divulged by the current owner unless you ask.

Take as much time as you can asking the owner about information about the car.

Test drive the car

Before you make an official purchase, it is highly recommended that you test drive the car. Check how smooth it runs and how comfortable you are driving it. If the owner does not allow test driving, you can ask for a warranty.

Make sure that you are speaking with a trusted seller

Apart from the condition of the car, you also have to check on the seller’s reputation. Only deal with trusted dealership or private owners.

 

Things to Do if Your Mechanic Advised Against Buying a Used Car

The first thing that you need to know if you decide to purchase a used car is if the owner allows you to bring your mechanic to inspect. Even if you saw the used vehicle, you won’t have any idea about its quality. You can only check its appearance unless you have in-depth knowledge about cars. These mechanics can check the moving parts and tell you if the vehicle is worth buying.

If the car shop or used car owner doesn’t allow you to bring a mechanic to check the vehicle, it’s a sign that you have to leave. You can’t have this transaction at all. The owner fears that you will discover problems with the car, and you won’t buy it at all. However, if the owner allows you to bring a mechanic, it’s a good thing. You can have someone taking a closer look at the car and help you decide.

Inspecting the car won’t take time. The mechanic will take note of the observations and let you know if you should purchase the car. You will receive information about the repair issues the car has. You will also know if the price is good enough, given the quality of the vehicle. Eventually, your mechanic will tell you if you should buy the vehicle. If you receive a piece of advice against buying it, these are things you need to do.

Leave the transaction politely

You can’t continue this transaction since your mechanic already told you that it’s a terrible decision to buy the car. However, you might have other possible deals with the car shop in the future. You need to leave the door on a positive note.

Look for other models

If the car shop has a good reputation in selling used cars, you don’t have to leave the transaction right away. You can still buy a vehicle from the same place, but you have to look at another model. You can also ask the same mechanic to inspect the car for you. This time, you might already have a perfect choice.

Ask for a lower price

You can still opt to buy the same vehicle if the mechanic provided you the details regarding the repair issues. You might have to spend to fix these problems, but the car is still worth driving. If you can ask for a more significant discount, you can use whatever amount you saved to fix the issues. Another option is to inform the car shop about the identified problems. If the shop got them fixed, you might agree to buy the car at the same price.

Hopefully, you make the right choice. You need to have an expert by your side to help you decide. You can’t deal with this transaction alone. If you intend to look for used cars in Layton Utah, you will find several options. You have to contact your mechanic as soon as you find a model you like.

Useful Tips That’ll Keep Your New Car Clean & Organised

You have many options that will help keep your new car clean and organised. And while there are numerous tips to consider, you should be sure to pay attention to these tips below.

1. Regular Washings

If you fail to wash your car regularly, you can run into issues. And while regular washings protect your exterior, your car’s interior benefits, too.

Dust finds its way in, and build-up in your car from dust is one way your car becomes dirty. Issues like these can hurt your investment. You will be able to prevent natural elements from hurting the outside and inside of your car through regular washings.

2. Vacuuming

Sometimes banging dirt off of your shoes before entering your car is not enough. You will always somehow find a way to get dirt, mud, and debris in your car. And while floormats can help, too, you will have a cleaner car when you vacuum it.

You can find vacuum machines at many convenience stores and service stations. You can also find stand-alone facilities that have vacuums you pay to use. You have handhelds and larger products that can help keep your new car clean, too.

3. Limit Food

If you limit the food in your new car, you can keep it cleaner and more organised. When you eat food in your car, you run the risk of food falling through nooks and crannies. You also could mess up your car’s upholstery.

And it is not just the food that can make your car a mess. Bags, straws, receipts, and napkins can cause clutter, too. If there is no way you stop food from being eaten in your car, you have several tips to consider. If you have kids, these tips might be more useful than ever.

4. Don’t Smoke

Smoking is known for its impact on your health. It can be bad for your car, too. The ash from smoking can fall into crevices and your filters. It also can gather on your dashboard and other areas.

You also run the risk of burning parts of your car’s interior. And the smoke can set into your seats, and overhead area. Even if you get the ash out, the smell can linger. And so can other negative impacts of smoking.

5. Don’t Keep Everything

Do you find yourself trying to clean out receipts, work materials, and miscellaneous items? You do not have to keep everything.

Try to minimise having more than the basics in your car. You will be able to keep your car more organised and keep it clean. If you have a hard time closing consoles and compartments, you are holding too much.

6. Use Wipes

Wipes can help you keep your new car in like-new condition. You can wipe away dust, and if you spill something, you can minimise damage. There are all kinds of wipes you can use, too.

If others use your car, it helps remind them you want to keep the car clean and tidy. Having wipes helps in your efforts to get everyone involved in keeping your car clean and organised.

7. Use Organisers

All types or organisers can be used in your new car. They can be attached to visors, your dashboard, seats, and parts of your rear component. You also have overhead organisers that can be used for trips and with avid outdoor lifestyles.

If you don’t want to purchase car organisers, you can opt for traditional items, too. You can use backpacks, tote bags, and baskets. No matter your budget, you have options.