Author: Complete Controller

When trying to improve your credit, it will be enough for you to start applying a couple of healthy financial practices, such as the following:

Look for Errors in the Report and, if Found, Make a Claim

Any incorrect data reflected in your credit score report could throw away all your effort. That’s why the initial step to improving your credit score will be carefully reviewing your information. Please pay attention to the points affecting your score and compare them with the data you have on file.

You’ll need your most recent financial report handy to do this. Major credit bureaus like Equifax, Transunion, and Experian offer free essays every 12 months. Request a copy of yours through AnnualCreditReport.com and identify the following:

• Debts
• Late payments
• Delinquent or unpaid records

If you notice errors, for example, that you paid one of your credit card payments after the date and paid it on time, file a claim to remove this record from the report. It is called disputing an error, and agencies must investigate and correct each dispute. You will receive a response to the claim in approximately 30 calendar days.

List the Types of Loans You Have and Combine Them With Others

To raise your credit score, you must prove to financial institutions that you are a highly desirable customer. Therefore, the idea is to have several credit options, even if you do not use them.

This simple practice can improve the perception of your financial solvency, causing your credit score to increase significantly.

Pay All Your Invoices and Debts on Time, No Exceptions!

None of the financial strategies in this guide will work if you pay after the due date. Remember that the payment history has a great weight in the credit score report, and a single delay could jeopardize all the progress you make. Late payments stay on your reports for up to 7 years and are very difficult to remove.

If, for some causes, you don’t have the financial resources to pay all your debts on time, don’t despair! Analyze your pending payments and evaluate which expenses are expendable. Try to eliminate them from your list and keep only the ones you can manage from month to month.

Call your creditor immediately and propose a short-term payment plan if you miss a payment, even for just one day. Take advantage and ask him if he would consider not informing the credit bureau about your delay in accepting the debt rescheduling.

This way, you’ll buy time to get up to speed and not see a blemish on your credit score.

Use Micropayments as Your Allies, Especially in Your Credit Cards

This last factor is significant because credit bureaus study your debt capacity and how much you currently use to prepare financial score reports.

It is not to say that the solution is not to use credit cards. You can do it if you make micropayments during the month. Think that the lower the use of your credits, the more financial benefits you will obtain.

Check Your Credit Limit and Request a Higher One

This point is related to the previous one. The higher your credit limit, the better your score will be if you maintain the same debit balance. Without much effort, your total credit utilization will drop instantly. What is the reason?

So, contact your credit card issuer and ask how you can request a higher limit.

Become the Authorized User of Someone Responsible

The cardholder can keep the plastic to prevent you from using it since you do not need to make movements, payments, or any other operation: all you need is to use their credit history as a boost to improve yours.

Don’t Cancel Your Credit Cards

Although canceling a credit card can be an excellent option to avoid over-indebtedness, you shouldn’t do it! At least not, if you aim to add some points to your score. Remember that closing a line of credit means losing that limit and reducing your total credit.

The lower your credit limit, the more risk you add to your profile. Keeping your credit cards active and using them occasionally would be best.

How Many Points Does the Credit Go Up Per Month?

This question is difficult to answer because the number of points that the credit goes up per month varies depending on the credit history of the person we are analyzing.

Can You Raise Your Credit Score by More Than 100 Points With These Tips?

Is raising your credit score 100 points or easier and quicker realistic? According to the new survey from Experian and the organization’s director of public education, Rod Griffin, yes, it is! Like many other financial specialists, Griffin states, “The lower a person’s credit score, the more likely they are to get a raise of up to 100 points”. The explanation is simple: small changes (like these) can determine whether your score is rated poor or fair.

Is your credit score high? You may not need 100 more points, but if you put these tips into practice, you can raise it to the maximum. With this method, you will have the chance to qualify for loans with better conditions and lower the APR of your credit cards, among other benefits.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

What is Travel Insurance?

Travel insurance is the only way to travel safely and comfortably; it is a tool that protects the traveler from unforeseen catastrophes and, if they occur, assists in addressing them as effectively as possible, preventing or limiting damages.

Health insurance provides peace of mind from the moment of boarding until the traveler’s return to the Nation of origin, regardless of the length of stay, the passenger’s profile, the reason for the journey, or the duration. It’s clear to see that insurance is always necessary and essential.

What are Travel Insurance Coverages?

Travel insurance coverage might vary according to the product purchased or the traveler’s profile or requests, such as travel cases for countries, senior passengers, or previous ailments.

In general, travel insurance covers various charges, such as medical, hospital, and dental expenses, both urgent and emergency, consultations with experts, transfer of accompanied family members, hygienic repatriation, or dead remains.

In addition, travel insurance covers services such as discovering or replacing lost luggage, rescheduling a round-trip ticket in the case of unanticipated medical or climatic occurrences, legal help, and advance bail payment.

 In Which Countries is Travel Insurance Mandatory?

Although having health insurance is vital for feeling safe and comfortable wherever you travel, travel insurance must visit several European countries.

The nations that are part of the Schengen Treaty must get travel insurance. Germany, Austria, Belgium, Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Netherlands, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Czech Republic, Sweden, and Switzerland are the countries involved. Travel insurance is also mandatory for Ecuador and Venezuela.

The Schengen Treaty, an administrative agreement between states that imposes rules for the permanence and movement of people within the territory of signatory countries, requires foreigners visiting the Old World to have travel insurance with minimum coverage of $30,000, or it is equivalent to dollars.

How do You Choose the Right Traveler Assistance Plan to Travel Smoothly?

The best travel insurance is always the one that considers everyone’s specific needs. Pregnant women, elders, and people with pre-existing ailments require extra care. Other aspects you must consider while purchasing coverage are the duration and location of the trip.

The vacation type also determines the best travel support plan selection. Exceptional coverage for teams, for example, will protect their safety when carrying technical or sporting equipment.

Advantages of Having Travel Insurance

Even while you’re on vacation, unexpected situations occur! No one is immune to becoming sick or having an accident when traveling, so having travel insurance is essential for protection.

Travel insurance can help you avoid unanticipated expenses such as medical or pharmaceutical costs, which can be extremely pricey in some locations, such as the United States. It will also be necessary to ensure access to nations with contracted coverage.

Another advantage of obtaining travel insurance is protecting you in various scenarios, including trip cancellation or rescheduling due to medical or climatic reasons, loss of luggage or papers, and legal and funeral help.

What do You do if You are Away from Home and Need to Use Your Travel Insurance?

We hope you stay healthy and safe, but if the unexpected happens, don’t worry! Your insurance company’s Call Center abroad is here to help. They have a team of trained professionals who are ready to assist you promptly and efficiently. Make sure to keep your insurance provider’s phone number handy, so you can reach out to them whenever you need help. With their support, you can rest assured that you’ll be taken care of with kindness, expertise, and care.

They will want personal information, the policy number, the trip date, and the city and Nation where you are situated to demonstrate how to respond in each case.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Paying off your debt is possible when you know how much you owe and what you need to do to pay it off. If you feel ready to pay off your debt, you can start by following these easy steps.

Step One: Learn Strategies to Reduce Your Debt

Two basic methods can help you reduce your debt: The Highest Interest Rate Method and the Snowball Method.

The highest interest rate method

This method focuses on making debts with the highest interest rates, such as credit cards, medical bills, and student loans. The goal is to pay these debts with the highest interest rates as quickly as possible because they cost you the most money. Even if it doesn’t seem like you’re changing anything initially, this approach will help you eliminate your most expensive debts, saving you money in the long run.

The snowball method

This method focuses on paying down your smaller debts. The goal is to get rid of them as quickly as possible. You’ll keep making the minimum necessary payments on all your debts while putting in as many extra funds as possible to pay off your smaller debts. It will help you cancel them more quickly.

Once you’ve paid off one of these small debts, you’ll spend all those funds paying off the next one. That way, you’ll create a “payment snowball” as you pay off each debt. Unlike the highest interest method, you’ll see changes quickly. However, you may award more in the long run since you don’t focus on more significant, expensive debts.

Step Two: Make Your Debt Reduction Plan

Please choose the best strategy for your current situation and put it into practice. Download our debt reduction worksheet and use it to find the plan that works best for you. You’ll need all the bills you owe and information about the interest you owe to use the form. The higher-interest method might suit you if you’re motivated to save more money while paying off your debts. But if you’re motivated by rapid progress, you should consider the snowball method.

Step Three: Organize Your Monthly bills

Understanding how much you owe and when you must pay will help you handle your debt. You can use a bill calendar to keep all this information in one place as you work through your debt. Also, use it to determine which bills you must pay and when they are due. Keeping your monthly expenses can bring you closer to reaching your goals.

Step Four: Eliminate Your Debts, One by One

Once you remove the first debt, move on to the debt with the next highest APR. Pay in portions, then continue until you zero out the balance you owe. With each obligation you eliminate, you’ll free up more cash to use to pay off the next debt.

You can also bring non-priority expenses back into your budget that you’ve cut occasionally. It will guide you to avoid running out of funding, leading to overspending. Experts also recommend that some of the funds used in those accounts be redirected into savings once you deposit your credit cards. So, if you save $500 a month on credit card accounts, set up a $250 recurring monthly transfer to savings. This way, you can build a solid emergency fund, which prevents you from relying too heavily on credit cards.

The Following is the Best Way to Reduce Debt

The abovementioned procedure is considered the best because it is generally the most profitable. However, that does not denote that it is the best method in every financial condition. If you have a large quantity of debt to remove, the above steps may not work with limited cash flow. It is especially true if your most significant balances are on your credit cards with the highest APRs. It’s easy to burn out from lack of progress and can stop completely.

So, in this case, it’s better to begin with your lowest credit card balances than your debts with the highest APRs. You will knock out the “lower fruit,” freeing up more cash to deal with your most considerable obligations. The methods are the same as the five steps listed above. However, in Step 2, you organize your debts, starting with the lowest balance and ending with the highest.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Bulk Purchasing is the Future: How to Save, Streamline, and Succeed

Did you know buying in bulk can lower your expenses by an astounding 27% on average? That’s not just an eye-catching stat—it’s a game-changer for businesses striving to save money while operating more efficiently. Bulk purchasing isn’t reserved for massive corporations; this strategy holds immense benefits for businesses of all sizes. Over my 15+ years as the CEO of Complete Controller, I’ve seen countless companies transform their operations and profitability by adopting this cost-saving practice. Let’s explore how you can tap into the power of bulk buying to elevate your bottom line.

What is Bulk Purchasing?

At its core, bulk purchasing is a straightforward strategy: buying products in large quantities to unlock volume discounts and other cost efficiencies. But beneath this simplicity lies an opportunity to revolutionize how your business approaches expenses and logistics.

Cost savings: Where bulk buying shines

Think of bulk purchasing as the wholesale membership card you never knew your business needed. Suppliers often offer significantly lower prices per unit for larger orders. For example, if you’re paying $10 per unit for a product and can negotiate it down to $7 per unit by ordering in bulk, you’re dramatically reducing your cost of goods sold. An example from LendingTree shows that some common products—like paper towels and batteries—can yield savings of up to 63%!

Efficiency in operations

Order fatigue is real. Placing multiple small orders every week siphons valuable time and energy from your team. By purchasing in bulk, you reduce the frequency of orders, streamline your supply chain, and free up time to focus on growth-oriented tasks—like strengthening client relationships or launching new initiatives.

The Secret to Maximum Savings: Smarter Bulk Buying

To make bulk purchasing work for your business, you need more than just ambition. Being strategic is the key to unlocking the full breadth of savings and efficiency.

Choose products wisely

Bulk purchasing works best for high-use, non-perishable items. Stocking up on printer paper, cleaning supplies, or batteries? Great choice. Buying perishables or seasonal inventory without a solid plan? Not so much. As a leader of a financial services organization that served thousands of clients across industries, I’ve learned this the hard way. Nobody wants a back office overflowing with outdated tech or spoiled goods.

Negotiate like a pro

Suppliers love big, upfront orders. It helps their bottom line, which means they’re often willing to negotiate on price, shipping fees, or payment flexibility. Take a page out of my playbook: don’t stop at price negotiation. Ask for perks like free shipping or extended payment terms. Your suppliers might surprise you with how far they’re willing to go for a steady, large-volume customer.

Master inventory management

Storage constraints are the Achilles’ heel of bulk buying. Without proper inventory management, overstocking can spiral into clutter and, worse, wasted resources. Tools like Sortly or simple Excel templates can make tracking usage trends more manageable. For additional tips, our small business bookkeeping guide can help streamline your inventory management processes.

Wholesale Pricing: The Key to Cost Efficiency

The magic of economies of scale

Wholesale pricing operates on economies of scale—essentially, the bigger the order, the lower the cost per unit. According to LendingTree, products like water and paper towels are particularly lucrative when bought in bulk, offering savings of up to 58% and 63%, respectively. For reference, bulk buying just 500 units of an item priced at $7 each (instead of $10 each) saves your business $1,500—a tangible boost to your budget.

Finding the right suppliers

Your savings hinge on working with reliable bulk-order suppliers. If you’re unsure where to start, industry-respected platforms like ThomasNet or Alibaba can help you find vetted vendors. Transparent supplier reviews and recommendations are game-changers in ensuring you don’t end up with subpar products or delayed shipments.

Lessons from Costco: A Model Worth Emulating

The gold standard in bulk purchasing? Costco. By buying and maintaining massive inventory quantities, they secure unmatched supplier deals and pass those discounts to customers. A major contributor to their success lies in their optimized logistics and strong supplier relationships. There’s no reason you can’t replicate their strategy on a smaller scale by working collaboratively with your suppliers and carefully managing your storage.

Best Practices for Successful Bulk Buying

Let’s address some practical steps to make sure buying in bulk becomes a win for your business:

Invest in market research

The sticker price isn’t the full story. Compare prices, shipping costs, and potential savings across multiple suppliers to ensure you get the best deal.

Build long-term supplier relationships

Goodwill pays dividends. Suppliers are likelier to offer discounts or prioritize your orders if you have a strong relationship. Trust me—loyalty combined with consistent communication has worked wonders for me in securing favorable terms over the years.

Plan before you purchase

Before placing an order, assess your current storage capabilities. Installing shelving systems or utilizing warehouse organization strategies can prevent your bulk stash from becoming a logistical nightmare. A detailed approach to managing business accounting can also help keep your storage and budget in alignment.

The Power of Group Buying

One overlooked bulk purchasing strategy is collaboration. Group buying allows multiple businesses to pool their orders and reap the benefits of volume discounts.

• Schools combining orders for supplies.
• Small eco-friendly brands teaming up for sustainable packaging materials.

This collective approach means shared costs, minimized overstocking, and maximized savings—especially for businesses that cannot use up massive quantities alone.

Making Bulk Buying Accessible for Small Businesses

You might think bulk buying fits only large companies with endless warehouses, but that’s far from the truth. Even small businesses can leverage this strategy.

Start small and scale up

Begin with manageable quantities—office essentials like coffee supplies or shipping materials are great starting points. Platforms like Bulk Office Supply make it easier for small businesses to access tailored deals without overcommitting.

Avoiding Common Bulk Purchasing Pitfalls

While bulk buying is compelling, it isn’t without risks. Sidestep these pitfalls for long-term success:

Don’t buy beyond your needs

More isn’t always better. Overstocking leads to waste and unnecessary storage costs. Proper inventory tracking ensures you know what you actually need.

Vet your suppliers carefully

Not all discounts are created equal. Poor-quality suppliers can cost you more in the long run with delayed deliveries, hidden fees, or defective goods. Always check reviews and request references upfront.

Conclusion

Bulk purchasing is more than a cost-saving tactic; it’s a strategic investment in your business that can streamline operations and free up resources for reinvestment. Over my years leading Complete Controller, I’ve seen firsthand the transformative power this approach has on businesses—from small startups to established corporations. So why wait? For expert guidance, budgeting tools, and storage solutions tailor-made for your business, connect with Complete Controller here.

FAQ

What are the primary benefits of bulk purchasing?

Bulk buying saves money, minimizes order frequency, and simplifies inventory management.

How can I identify reliable suppliers?

Platforms like ThomasNet and Alibaba are great starting points. Always check reviews and request references.

What risks should I be aware of in bulk purchasing?

Avoid overstocking, choose trustworthy suppliers, and always negotiate terms upfront.

Can small businesses benefit from bulk purchasing?

Absolutely. Even modest orders of everyday items can yield significant savings over time.

What tools can I use to manage bulk inventory?

Inventory tracking tools like Sortly help businesses monitor stock movements and avoid waste.

Sources

• LendingTree. “Buying in Bulk Could Save Shoppers 27%, on Average.”
• Mallick Hossain. “Less is More Expensive: Bulk Buying and Cognitive Costs.”
• MagnifyMoney. “Consumers Can Save 25% by Shopping in Bulk.”
• Save time. Save money. Say yes to bulk buying! Reach out to us today for expert-led solutions and actionable business insights.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Several businesses begin on a limited scale, and many people earn their initial money on the side. Maybe you have not yet developed that skill, that perfect business idea that is overcoming the world, yet you still want to start your own business. Then this article is for you.

Become a Virtual Assistant

You usually don’t require any prior experience in the field. Indeed, businesses do not require full-time assistants but need regular assistance. You and your customer agree on the number of hours each month and what you will assist them with. Posting receipts, booking dinners, managing the calendar, sorting incoming emails, researching a given issue, ordering flower delivery to business partners, and other duties are just a few examples.

You Should Transcribe Audio and Video Files

Are you a quick typist? Then you could be on your way to a job as a transcriptionist! You jot down everything stated during an audio or video playback of a lecture, a business conference, or a group interview.

Send Customers to the Appropriate Store as an Associate

Influence is a type of marketing that is based on results. You could, for example, build a website that tests and evaluates speakers, with an affiliate link under each review that directs the viewer to the product page. If the reader decides to buy from the advertising, you, as the distributor, will get a cut. A credible site for investment income! You may make a lot of money on referrals without having to do much yourself if your website gets enough attention.

Make Niche Videos

On YouTube, nearly a billion hours of video are watched every day. A YouTube search is likely to yield results if you need assistance putting together Household goods, learning how to program, or hearing a piece of music. You can monetize the adverts that appear next to your video if you create them yourself. Nevertheless, the advertising money is modest, but if the film receives enough views, companies may sponsor it. Niche videos are always the most effective! Ask yourself, what can you teach that will be useful to others?

Sell Your Photos

Do you have a passion for photography? Whether you’re a rookie or an experienced pro, you can profit from your passion. You can submit your photographs to many major photo agencies, including Shutterstock, iStock, and Adobe Stock. If you publish your images, they will be searchable by all members, and you will be compensated every time someone purchases one of them. A good piece of advice is to look through the pages yourself and see what kinds of photographs you can locate. If there isn’t any material regarding Klarakyrkan in Stockholm, it could be a good idea to go there and take some photos – since someone might need that photograph right now. Those images are frequently used as genre images in newspaper articles and advertisements! Several photo services also accept film and media clips.

Get Paid for Your Opinions

Survey companies are constantly looking for respondents. Many larger companies conduct market research regularly to keep up with market fluctuations. It can be about discovering if existing customers are satisfied with their monthly cost or researching their interest in a new product. The surveys often happen at home through a web form or a telephone interview. You get paid per survey, and if you provide a rewarding answer, you will likely be asked more times.

Work as a Telemarketer from Home

The problem in telephone sales is creating relationships and sparking interest in a product or service over the phone. It’s easy to imagine a large room with a desk, booths, and salespeople equipped with a mic and headsets in front of you, yet some organizations let salespeople work from home. A laptop and a phone are usually all you need.

Homework Assistance

Sweden has had an increasing number of possibilities to receive homework help in recent years! Those who perform the work are frequently students or teachers who volunteer their free time to help children and young adults achieve their objectives. Homework assistance is available from both for-profit and non-profit groups. It can happen in the student’s home, on school grounds, or online. If you’re passionate about language, math, physics, or any other academic subject, you can combine learning with enjoyment to help children improve their skills! Many parents who are too worried or lack the expertise to invest in their children’s future may consider investing in their continuous support and guidance. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Today, there are many methods to get rid of credit debt. Let’s talk about the simplest and most popular.

1. Credit holidays (postponement)

The parties agree to postpone payments several months in advance in this option. Your monthly payments will increase due to unpaid fees.

The legislation of the Russian Federation establishes that access to credit holidays is possible for borrowers whose official income has decreased by 30% or more compared to last year. The grace period can be up to 6 months. The payer must present to the bank all the necessary documents.

2. Debt restructuring and changing conditions

The concept of debt restructuring refers to revising an agreement with a credit institution. If necessary, you can lower the interest rate, increase the repayment period, and change the currency for payment. Also, the bank can change the monthly fee schedule, determine when the debtor will pay only interest on the loan, and other conditions.

The borrower must have good reasons to apply for restructuring. Otherwise, it will not be considered. You will need to attach documents confirming the complex financial condition. For example, dismissal or going on sick leave will need to be proved by an entry in the workbook, a medical certificate, checks for goods purchased at a pharmacy, and so on.

3. Loan refinancing program

It makes it possible to combine several loans into one and make a smaller payment due to a convenient interest rate and an increase in the repayment period. As a result, the borrower has only one debt, which is much easier and more profitable to pay.

You can implement the refinancing program for bank loans and loans received from a microfinance organization. Moreover, this option can provide an additional amount for current expenses and take the property or car out of collateral for their sale.

To implement the program, you need documents such as:

• Citizen’s passport
• References for all loans
• Certificate 2-NDFL or in the form of a bank (in some instances)

You can apply via the Internet. It is usually considered for several minutes.

If, on your part, there have already been delays with a credit institution, then difficulties may arise when trying to agree on refinancing with it. It may require new guarantees from you, for example, the deposit of property on bail, a surety from a solvent citizen, or others. In addition, strict conditions for the loan may be offered: a high interest rate, the emergence of new clauses on late fees, the signing of an insurance contract, and so on.

4. Bankruptcy

Bankruptcy of an individual is a legal and working method to get rid of debt quickly. You need to consider it last if you know you will not pay off the loan for three years. If such a decision happens, you need to consult with an experienced lawyer in advance. Bankruptcy is a paid procedure, but anyone who desires to resolve the issue of debts can afford to pay its cost.

This method suits people who do not have property to leverage. It does not include fines, alimony debts, and everything else that is not related to credit organizations. When the client cannot pay the loan, it can be written off. If he has something of value, the bailiff service will have the right to take it away and sell it to pay off the debt. After the property sale, the debtor releases further payment on loans. The process can take up to 8 months.

The downside of this approach is that a citizen will not get a new loan for five years and engage in entrepreneurial activities after bankruptcy.

The borrower will be considered bankrupt six months after the start of the process, and his debts will be recognized as uncollectible and written off. Such an innovation in the legislation made it possible for poor citizens to free themselves from impossible obligations.

5. Writing off debt due to the expiration of the statute of limitations

The opportunity to get rid of debts for free from the borrower may appear when he has not made payments for more than three years and the bank did not go to court for collection during this period.

The disadvantage of this method is obvious – you need to stop paying in full and wait for three years from the payment deadline. The write-off is possible only if the bank does not sue during this time but applies later.

The debt will grow faster over the entire default period due to interest and penalties. And the borrower will be disturbed by bank employees and a collection agency.

But if such a rare write-off opportunity nevertheless appeared, then you should take advantage of it and fight for it in court with the help of all the evidence confirming your right. Please note that the credit institution may use tools such as suspending and interrupting the statute of limitations. Therefore, find out by what rules it is calculated.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

On this page, we go through everything that has to do with interest rates. We will go through everything you are required to know about interest rates and what it is that affects interest rates.

They are essential to know if you want to make an estimate or predict the future, at least financially. It is valuable information if you, for example, are taking out a loan or investing in something.

After reading the article, I hope you feel that you could not possibly learn any more about interest rates and how they work. But to understand the interest rates and how these are affected, you need to know different concepts and terms; therefore, we go through these as well, what you should keep in mind when it comes to interest rates, and how to act when interest rates move.

Interest rates are a large part of the total economy. Interest rates govern much, and many different societal factors govern interest rates. To make wise financial choices in the future, it is a good idea to familiarize yourself with how interest rates affect your finances.

We will start by looking more closely at interest rates. Then, we will go deeper into what the interest rate is governed by and how it governs your finances in different ways. Interest rates are not as complicated as they seem, at least not once you have familiarised yourself with how everything with interest rates works in practice.

What Does Interest Mean?

Interest means different things depending on the type of interest you are referring to. Deposit interest is the money you get back when you save in a savings account if the account has an interest rate. On the other hand, borrowing interest is the cost of a loan you take out. You can say that the interest rate is an expense when you borrow and an income when you deposit money that you save.

How do Interest Rates Affect Your Finances?

Interest rates affect your finances by making it more expensive to borrow money if the interest rate is high. The interest rate can be explained as the cost of borrowing money. If you want to calculate how much a loan costs, you must also include repayments, i.e., the amount you pay off on the loan itself per month. But interest is also what you get from the bank when you make so-called deposits, i.e., deposit money in a savings account.

In this way, your finances are affected by the current interest rate. Because the interest rate is variable, you may be able to take out a loan at a time with a low interest rate and then must pay more if the interest rate rises. The deposit rate works similarly, governed by the so-called repo rate.

How do You Calculate Interest Per Month?

The current interest rate is calculated by multiplying the debt you have left to pay by the interest rate. If you want to calculate how much you must pay per month, divide the amount by twelve and get the amount you must pay. You then get the amount in kronor that you pay in interest per year, and it is also the answer to the effective interest rate minus other fees that can be added in case of delay.

What Types of Current Interest Rates Are There?

There are, among other things, the following types of interest:

Fixed interest rate

A type of interest rate that is fixed and does not move after the repo rate as variable interest rates do. For illustrate, if you take out a loan with a fixed interest rate, the interest rate will always be the same regardless of how the repo rate moves.

Effective interest rate

To know what effective interest means, you should take all the costs that a loan entails, not just the actual interest on the loan. It means that you must also include fees, interest on arrears, and late fees in the costs, which provides effective interest.

Deposit rate

When you bankroll money in a savings account, you often get interest on your money, albeit very low. The interest rate will then benefit you. Different deposit institutions have different interest rates, meaning you get different amounts of money for good depending on where you invest your savings.

Interest on arrears

This type of interest occurs when a bill is not paid on time, and it can be explained as a late fee that is variable depending on how large the bill is. The default interest is thus a fee in parallel with the amounts you owe.

Borrowing rate

The loan interest rate is the most common in Sweden. It refers to the interest you pay or the cost, in other words, when you take out a loan from a bank or a credit institution. The best loan has a low-interest rate, but the interest rate is usually variable.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Inheritance might include items like:

• Cash
• Stocks and bonds are illustrated as investment assets.
• Property and real estate are examples of real property.
• Jewelry, furniture, antiques, and family heirlooms are examples of such objects.

Consider the case of a grandma who dies and leaves her whole estate to her granddaughter. The granddaughter’s inheritance includes the money accumulated in her late grandmother’s bank, savings accounts, house, clothing, jewelry, and automobile.

How much money will I inherit net after-tax in 2018, 2019, or 2020 if, for example, my uncle, aunt, brother, or sister dies? How is an inheritance from an uncle or aunt legally regulated in inheritance law, and how much tax do I pay on the inheritance? You will probably have to pay inheritance tax, so pay attention to the combination of rates and exemptions for an inheritance. You pay a relatively high tax on an inheritance from an uncle or aunt.

Inheritance in Legal Succession Law

The legal right of inheritance indicates what someone can inherit from another, and the mainline is that the bloodline is followed. Whoever is the closest relative of a deceased person is the first to be offered as an heir. The main exception is the married partner or registered partner of the dead. The law states that the survivor receives the entire inheritance but that a claim is not immediately due and payable from the children against the survivor. It means that the partner has an essential advantage over other heirs. That indent applies to the amount of the inheritance and the tax you must pay. The surviving partner has an exemption of less than $640.000 and will only pay an inheritance tax above this amount. That is very different from inheriting from an uncle, aunt, farmer, or sister.

How Much do I Inherit From an Uncle, Aunt, Brother, or Sister?

What do I inherit as a child according to inheritance law? You can inherit from an uncle, aunt, brother, or sister if a will has been drawn up, but without a choice, if there is no partner, children, or grandchildren. On the other hand, a child will always inherit from his parents without a will and always has a minimum right to a legitimate portion. Therefore, the uncle or sister can go to the notary if they want to leave you part of the inheritance. When no children and parents are left alive, they can leave everything to you. If there are children, they are, in any case, entitled to the legitimate portion, but even then, there may be a lot to divide. The same goes for an inheritance from a brother or sister.

Payless Inheritance Tax through Tax-Free Gifts

They are not that high with an inheritance from an uncle, aunt, brother, or sister, but in 2019 they will still be $2,173 annually ($2,208 in 2020). The way to pay less inheritance tax is also to use tax-free donations. It is less effective for significant legacies but is always a bonus. It saves tax, and a gift is always nice to do. A visit to the notary is recommended if there is a positive inheritance. If the debts predominate, you can reject the inheritance.

Inheritance Dispute

The term inheritance dispute, which is not found in the legislation, the Inheritance Code, refers to all types of conflicts connected to inheritance law. Many inheritance disputes begin with siblings having difficulty agreeing on how the inheritance should be distributed, for example, if the inheritance relates to a property. For example, when a will violates a breast heir’s right to a legal lot, the breast heir goes to court to claim his share.

Common Inheritance Disputes are Between Siblings

Inheritance disputes between siblings can be due to the siblings being allowed to inherit different amounts or not agreeing on who should get what. Maybe the siblings do not have a close and good relationship, making it harder to stay together and have a pleasant tone. One piece of advice is to apply for a probate officer in court directly or if the disagreement arises only when the inheritance is distributed.

Another piece of advice is that before the conflict arises, the testator appoints a will executor responsible for fulfilling the will. The executor or the executor can decide on a forced action if the siblings do not reach a standard solution. You can blame the forced change by bringing an action in the district court. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

An economy hack is when you can develop a fun shortcut or a clever trick to make life a little better, easier, or more fun. Save and Place today gives you six live financial hacks that work – six super-smart financial hacks!

Turn Your Back on the Pros!

Do you want to save in stocks but do not have the time and knowledge to do the fundamental analysis that needs to happen? The “boring” way is, of course, to buy funds. But you wanted to save directly in shares… one way is to seek inspiration from the fund managers, the professionals!

Let us take the bank fund as an example. In five years, the fund has risen an impressive 300%! What is behind this fantastic development? Look at the list of the ten most extensive holdings (which almost all funds present) and look for your inspiration for the next stock purchase there!

Do Not Get Blown Away by the Hotel Price!

We take a hotel booking as an example, but you can apply this tip to many other things, such as rental cars and cruises. Imagine that you are going to travel somewhere and are out in good time with your booking. How do you get the hotel at the right price?

The hotel’s price is a little daily – far left until arrival. The price can be both high and low. Later, as the journey approaches, the price can go up and down depending on the booking mode. The price can be very high or cheap a couple of days before arrival. How to book at the right price?

The solution is to book a cancelable room well in advance at a price you would be happy to pay. Then check once a week if the price has gone up or down – if the room has become cheaper, you can cancel the room and rebook! If not, you keep the reservation. Finally, check the price one to three days before arrival if it has become much cheaper. Then you also know if you will be on your way and can book a non-cancellable room.

Cancel the Online Order

Are you going to buy something online? Do you have plenty of time? A trick can be to complete the entire ordering process, where you fill in your name, address, and most importantly: your email address – but you do not press pay! Many online stores, mainly foreign, can then capture your data and send you a discount code by email to get you to complete the purchase. It can be a 5% discount, 10% discount, or an offer of free shipping. Over the years, we have saved decent sums in this way. However, remember that it does not work every time, but once in 10.

Points on a Credit Card

Credit card points might be the most effective strategy to earn more and save money when finding inexpensive flights and other travel offers. Depending on the card you use, there may be a variety of methods to earn and redeem your points – which may add up to significant discounts if you travel frequently.

Credit card points might be the most effective strategy to earn more and save money when finding inexpensive flights and other travel offers.

Make Use of Loyalty Programs

Meanwhile, check whether the station you frequent has a rewards or loyalty card. If you must charge it, obtain a card that gives you points for buying petrol. Some local grocery loyalty programs also provide gas rewards, which you can redeem for gas when you’ve earned enough points. Check out resale sites for gift cards. You might be able to get a $100 gas card for $90, giving you $10 in free gas.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Interest rates are so low that it is impossible to get rich by keeping money in a savings account. Would it be worth investing in gold? Read what kind of return the $10,000 invested five years ago would bring.

If you leave it in a bank account, there is little return on money. You must choose the form of investment according to the risk you are willing to take.

Invest in Shares

The money invested in the equity index fund is invested entirely in shares. The price development follows the fund’s return.

When you buy shares, you become a partner in the company in which you buy shares. As a partner, you get to participate in the company’s profits. You can also take part in any increases in the share price.

Stocks are the best way to invest money. Historically, equities are the asset class that has delivered the best returns over time. Over the past 100 years, equities have produced an average of about 8-10% return per year. It may sound small, but it gives fantastic results with the interest-on-interest effect over time.

Mutual Funds

Mutual fund returns are divided proportionately between risk-free interest rates and market returns on shares. If the market is doing well, mutual funds that invest more in stocks will perform better than those that take less risk.

Investing in mutual funds is safe and sound. When you put your money in a fund, the fund’s team of experts will invest your money in various securities and assets. The type of securities in which the fund invests your money is determined by the type of fund you choose.

You can choose between, for example, equity funds, fixed-income funds, or index funds. An equity fund invests your money in stocks; a fixed-income fund invests your money in interest-bearing investments; an index fund invests your money so that your return follows a particular index, and so on. We recommend investing in equity or index funds under 50 because they provide the best return over time.

Housing Investment

Buying your own home in the long run is always a good investment. It will probably be your most significant investment, so be careful. Do not buy an overpriced home, but make sure you can afford to stay even in tough times. A long-term perspective is a winning strategy in the housing market.

When investing in a home, try not to consider it an investment. Choose a convenient home you can imagine living in for a long time. The longer you live in your home, the better the investment will usually be.

Rental income is expected to exceed costs, but it isn’t easy to estimate how brightly. Regarding investment, the price change does not tell nearly all about the return on an apartment. In addition to the increase in value, the rental income must be considered, above all, the wear and tear of the apartment and repairs, as well as company compensation.

Saving Account

Having the money in a regular savings account is a boring investment that only gives a few percent or two in today’s situation. However, high-interest accounts offer up to 10% in interest. Still, the deposit guarantee does not cover them, meaning you take a significantly higher risk if you deposit money there. 

Money increases interest (switch to another service) in a savings account, usually less than 1% per year. If $10,000 had been put into a savings account offering an annual interest rate of 0.1% five years ago, the balance would now be $10,050.

Investing in Gold

Five years ago, $10,000.00 could buy 7.5 ounces or about 233 grams of gold. Now, selling this amount of gold would yield $8,170.00, so the investment would be a loss.

Investing in gold is not very common. It is considered a security investment. It is thought that gold will hold its own if something surprising happens in the world. But the precious metal itself produces nothing. It just lies in the vault and incurs costs. It hardly makes sense for anyone to inject all their investment gold.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.