Buying a house is a big step, no doubt. Since it is a long-term and expensive investment, it requires proper planning and analysis. One should only take out loans after careful research to ensure financial stability. As applying for loans is time-consuming, rushing through paperwork can lead to negative results. One can avoid most such mistakes with better planning and execution. Here are a few common mistakes to avoid when seeking a home loan. Not monitoring credit score Maintaining a healthy credit score before applying for any loan is important. Poor credit or a bad repayment history will lower the score, disqualifying the borrower from beneficial home loan schemes. A credit score of 700 or more can qualify for preferred loan terms and options from the best banks. If the score falls behind 700, take care of any prior settlements or written-offs by paying them back to establish a good record. Making these changes may take time, so always plan before applying for the loan. Overestimating the repayment capacity When estimating their repayment capacity, people frequently ignore their monthly expenses. Financial difficulties may arise from high monthly expenses and a loan with a high EMI. It is advised that EMI payments should not exceed 30-40% of one’s salary.

Travel insurance is an essential financial cover that protects one from unforeseen circumstances while traveling. From losing luggage to hotel cancellations, there are a few incidents against which insurance can be claimed. But before opting for one, it is important to thoroughly understand the policy document, including what is covered in the insurance and what is not. Here are a few common travel insurance mistakes that travelers can easily avoid. Ignoring credit card perks Several credit card companies offer travel insurance benefits to card holders. If you purchase a ticket using the card, you may be eligible for insurance. Credit card-based travel coverage may include claims against delayed, lost, or damaged baggage; trip cancellation or interruption; medical emergencies; evacuation; travel mishaps; or rental car insurance. With these advantages, frequent travelers might not need to get additional insurance. Not reading the details of the insurance Most travel insurance policies have a “cancel for any reason” provision. However, the requirement for this is often overlooked. The “cancel for any reason” coverage often has to be bought 7 to 21 days after paying the original trip deposit. Additionally, one can only receive compensation if they cancel their trip 48 hours in advance. Depending on one’s level of insurance, the reimbursement amount may vary.

In the rush of filing taxes, it can be easy to overlook deductions that could help you save money. Tax deductions are expenses you can subtract from your taxable income. Knowing which expenses can be claimed as deductions is the key to limiting the hard-earned money you owe the government. From student loan interest payments to health expenses, here are some of the most overlooked tax deductions you should know: How do deductions work? Tax deductions lower the amount of tax you owe. A standard tax deduction—a single deduction of a fixed amount—is determined by your filing status: single, married, head of household, or filing jointly. You can claim the standard deduction without providing additional documentation or expense receipts. In contrast, itemized deductions are specific expenses you can deduct from your taxable income, such as clinical expenses, charitable contributions, and mortgage interest. Most overlooked tax deductions Job hunting expenses If you are looking for a new job in your existing field, you may be able to deduct expenses such as those incurred in resume preparation, traveling for interviews, and career counseling services. Charitable contributions Many know that cash donations to charity can be claimed as deductions but often overlook non-cash contributions like clothing or household items.

The goal of a side hustle is to earn extra money to support one’s lifestyle. With the current economic scenario, people are constantly looking for sources of income besides salaries. It provides greater financial security and the freedom to pursue one’s interests while maintaining job security. The most important aspect of a side hustle is that it is exciting enough to keep one interested. Here are some of the most creative side-hustle ideas for 2023. Best side hustle ideas for 2023 Online surveys Filling online surveys is one of the simplest and most popular side hustles to get started with. Although it might not be the highest-paying job available online, it can be a great place to start learning about time management and balancing two careers, which may eventually lead to finding something more significant. For each survey, people can earn between $1 and $20. Writing blogs Starting a blog can be a fantastic option for people with a creative side who want a voice and a creative outlet. Most blogs generate a little money at first, but as their readership and reach grow, they generate more and more money. Bloggers can earn roughly tens of thousands of dollars per month.

Financial planning is a complicated endeavor that does not stop with simply opening savings and certificate of deposit accounts. You need an expert who can advise you on the best investment and diversification strategies for building a solid portfolio to secure your financial needs. But before hiring a good advisor, it is essential to understand how the process works and how to proceed from here. These questions can be a starting point. Here are the five questions you must ask a financial advisor: What are your qualifications? Financial planning is a vast topic with several areas of specialization in practice. So, you need to understand whether the advisor provides assistance for financial planning in general or focuses on a specific aspect of portfolio building. Primarily, they practice with a Certified Financial Planner (CFP) qualification approved by federal regulatory authorities and guidelines for safe practices. What is the range of services you offer? Their experience will vary depending on the type of services provided, ranging from planning for retirement to tax mitigation strategies and real estate trust services. Some CFPs work as fiduciaries, ensuring they keep your best interests at heart when planning and strategizing your finances. You must also check to confirm any disclosures on the record of previous misconduct or legal sanctions imposed on their range of services.

Financial scams are a common phenomenon in the country; according to data released by the Federal Trade Commission, consumers reported losing more than $3.8 billion due to investment scams in 2022. So, it is important to remain vigilant and practice caution before initiating any online interaction or transaction with a business or a stranger. Here is a look at some common mistakes you should avoid to protect yourself from financial fraud: Using one password for multiple accounts You should frequently change passwords for your sensitive accounts, like those on banking apps and other platforms that have access to your confidential information. So, your accounts investment portals and digital wallets should have unique and strong passwords that are not easy to crack. It is also important to note that using one password for all your accounts increases the risk of fraud. When one account is hacked, others with the same password can also be hacked. Falling for shopping scams Online shopping has made it extremely convenient for customers to order anything from anywhere. While this has helped businesses grow, it has made room for all kinds of scams. You should ensure that the business you are buying from is legitimate. Not only that, you should use a secure Wi-Fi network to carry out all kinds of transactions.

Freight factoring is a common financial tool to provide immediate funds to trucking companies by selling their shipping invoices to the factoring companies. This provides financial stability to the trucking companies with quick capital. Although this is a popular financial practice, many fraudsters can see this as an opportunity to commit factoring invoice scams. Read on to learn the three facts about freight factoring frauds and how companies can avoid them. Fake invoices to get immediate cash flow Some companies may be experiencing shortage of cash flow. This issue, coupled with the daily expenses, makes the business owner commit factoring invoice fraud. Trucking company owners may create one or more false invoices and submit them for payment to the factoring company, among other legitimate invoices. This is a quick way to get funds and that is why it is an easy way to get funds even though the main intent may be to return them to the factoring company in full. Many low amount invoices may get sanctioned without review, leaving room for fraud. The best way to avoid such a situation is to thoroughly review all the invoices systematically and ensure that the invoice amount corresponds to the services provided by the trucking company.

Earning a few quick bucks apart from your primary source of income is always helpful. Whether for selling used items or a side hustle, the internet is brimming with websites and apps that let you make money. However, many of these are not as legitimate as they appear. So, if you want to earn cash with apps, here are the best options. Swagbucks This app has an A rating with Better Business Bureau and more than 10 million active users worldwide. It is one of the best apps that lets you earn cash quickly. Swagbucks offers $10 to new users as a welcome bonus. Besides, it is easy to use; all you need to do is watch videos, play games, or take part in search surveys, and the company will deposit the amount in your PayPal account. Swagbucks also gives you the option to redeem the money and use it as a gift card on shopping websites. Dosh If you are an avid shopper and want to earn cash with apps, Dosh is one of the best options for you. Available on both Android and iOS, Dosh lets you make money every time you use your card for shopping online or at walk-in stores.

Making money online has never been easier! The ever-expanding online world is swamped with legit opportunities that’ll help add some extra bucks to your bank from the comfort of your home. And, the best part is that you don’t always need to have certain skills or qualifications to earn money. Don’t believe us? We’ve compiled a list of trustworthy websites that can help you make money online. Try them! Swagbucks If you have a hard time trusting online survey sites, you likely haven’t tried Swagbucks. It is one of the most popular and legitimate websites that will pay you for everything from filling out surveys to watching videos to shopping online. You will receive your earnings in the form of gift cards from top retailers like Amazon and Walmart or cash back from PayPal. Upwork Interested in taking up some freelance work? Consider creating an account on Upwork. It’s the world’s largest online marketplace to find great clients and grow your independent career. Regardless of what skill you have, be it writing, video editing, software development, graphic designing, or marketing, you can find work in no time. ThredUp If you’re looking for motivation to clean up your closet, then check out ThredUp.

Personal loans can help with various expenses, such as planning a vacation, further education, home renovation, or even health expenses. These loans can also aid in completing a renovation project instead of abandoning it halfway due to budgetary constraints. However, the loan application process can be daunting and may lead to mishaps that can prove costly later on. Check out some common mistakes to avoid, specifically those with poor credit scores. Not checking score Not checking the credit score before applying for loans is one of the most common loan application mistakes and can prove to be detrimental. It may be so that the credit reports have inaccuracies that further impact the individual’s credit score. So, before applying for a personal loan, checking credit reports for errors and verifying the score from one of the top credit bureaus is recommended. Applying to different lenders simultaneously Another practice that negatively impacts a person’s credit score is simultaneously applying to multiple loan vendors. When an individual submits multiple applications within a short period, it can damage their scores, especially if they are rejected. Each loan application is handled with proper credit checks that can result in temporarily lowered scores. Individuals can instead research beforehand and apply to lenders dealing with poor credit scores.

A new phone can be expensive, especially the latest models. To help finance it, one can avail of several buy now, pay later (BNPL) plans. These plans make big-ticket purchases more affordable. They let individuals get what they want and pay for it later while charging zero interest and minimal fees in many instances. Read on to learn more about the five top BNPL providers and how they can help users finance their next phone. Affirm Buyers can use Affirm to finance their phone purchases. Before approving the claim, the company may perform a soft credit check and consider the individual’s payment history, debts, income, and bankruptcies. Affirm partners with several major retailers and offers pay-in-four and monthly plans to its customers. While its pay-in-four plans are interest-free, the monthly options may have an interest between 0% to 36%. Afterpay Afterpay offers plans that are similar to Affirm’s. Buyers can avail of an interest-free pay-in-four plan or opt for a monthly plan of either six or twelve months for payments larger than $400. Interest rates on the monthly plans may vary between 6.99% and 35.99%. Klarna Klarna is another famous company that has BNPL plans. It tends to be lenient with past customers who have favorable payment histories or ratings.