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How to manage your personal debt?

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manage your Personal debt

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Personal debt, this one term has different meaning to different people. Some people see it as an enabler which helps them in getting what they want and some people see it as a burden on their shoulders which they seem to hate. In reality, it can be both.

What does Personal Debt entails in the current scenario?

Personal Debt nowadays means debt incurred by a person to buy something he fancies or needs and he can borrow it from lenders like banks, people and other institutions. People take the money from such lenders and usually pay an interest (depending on the principal and interest rate agreed upon) on debt incurred. It also includes credit card debt, automobile loans, and house loans. Recently many banks have started to offer personal loans, gold loans and loans for buying electronics items like TVs, laptops and even mobile phones.

How it can be good for you?

Personal debt can be an enabler. You can buy things you need and want and you can pay as per your need. A person can pay in easy EMIs and doesn’t need to spend from his personal savings, instead he can pay it out from his future cash flows. Thus in a way it is a good thing for people who are sure of a fixed income. One can also hypothecate some of his belongings like gold and house and fulfill the immediate needs of cash.

With Individual Voluntary Arrangement you can also manage your unsecured debt. An IVA acts like a legal agreement between you and the creditor which usually lasts for 5 years. During this period you pay only what you can afford to pay outside reasonable living costs. All interest charges freezes to 0% and  creditors cannot demand for additional payment as long as monthly IVA payment is made. Once IVA has completed, all remaining debt will be legally written off.

But what are the downsides?

Now comes the tricky part. Personal debt can be an enabler but it can also be a rat trap for you. Personal Debt has many downsides and if incurred beyond a limit, it can destroy your finances and economic wellbeing and you can get bankrupt. It can be a great cause of worry if your personal debt is huge but why exactly? The truth is: most people’s sole asset (let’s assume that asset is something which gives you income) is their monthly

salary only. And they have lots of liabilities (let’s assume that liabilities take something out of your pocket). But how it affects them? Well haven’t you felt the money crunch? Lots of people complain that their salary lasts for one two weeks and they barely get by for the rest of the week. Many people who complain about having no savings are the people who have higher than average salaries and many of them belong to families where many people earn. Why is that? The simplest logic is their expenditure is much higher than their income. And this creates a problem. Most of the people nowadays have low survival ability i.e. if their salary stops coming in, they will go bankrupt very soon. Such people are living from salary to salary and have meager savings and high debts(mostly credit cards). This is really a dangerous condition.

High personal debt means high negative cashflow. Many payments are needed to be paid at the beginning of each month thus the amount you can save goes down. Also the money you have for your immediate needs goes down which causes more credit card debt. Also the interest rates are usually very high for credit card debts. Just imagine, if anyone buys a car worth 5 lakh with 2 lakh down payment and 3 lakh loan, the car might cost him around 7lakh with interest.

Don’t incur high personal debt!!!

How to manage your Personal Debt?

Hopefully by now you will be interested in managing your personal debt. There are some basic guidelines which might help you in managing your personal debt successfully.

1. Try to buy things with cash – If you don’t use your credit card much, you will find that you are buying things less than usual. Also it is hard to choose between a hand full of cash and an item (try it). Your expenditure will go down and you will find that you also save credit card dues and fees (even if it is a ‘free’ credit card, there is usually a limit beyond which, it is free of annual charges).

2. Use tools in the market – There are many tools, available online, using which you can bring your debt down slowly. These are developed by financial experts and you can check them out. I found one such debt calculator tool which I personally recommend. It is an excellent tool which can actually help and is easy to use.  It is the debt calculator at www.IVA.com

An IVA theoretically is an Individual Voluntary Agreement which can help you in managing your unsecured debt. You can take advantage of the fixed rates of IVA and use them to slowly and securely pay your debt. This scheme can thus help you in getting debt free and also offers you protection from creditors which many other debt reducing plans like Debt Management Plans do not.

To avail the benefits of IVA you need to get your financial condition assessed by an Insolvency Practioner (IP). A fixed rate will be chosen and then you can slowly pay off your debt. Mostly IVAs can help you finish your debt in a short duration of just five years.

 3. Save more – There is no alternative to saving more. If you have enough savings you can weather many disasters and it will increase your survival ability. Also you will feel much less anxiety if you know that you have enough financial resources to survive.

4. Get income generating assets – You should always try to get as much positive cashflow as possible. Invest in schemes, buy shares or real estate (which should get you some income every month) or operate some side business. It will also enable to retire earlier and live a tension free post retirement life.

I hope that this article has encouraged you to think and maybe have given you some ideas to how to manage your personal debt and finances effectively. Please do share your thoughts on the subject, I would be glad to reply to your comments.

I am a software engineer in a prestigious MNC. I am NSE certified derivatives professional and I like to dabble in money making schemes a lot. I like to read, play subway surfer on my tab and I am always connected to internet.

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How To Reduce Your Shipping Costs As An Online Seller

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Reduce shipping costs

Shipping costs are something that you are stuck with as an online seller. This makes finding innovative ways to reduce your expenditure on shipping a necessity. This keeps your profit margins high and your stream of revenue flowing steadily. Thinking strategically to reduce shipping costs for yourself and your clients is a major requirement if you want to be successful as an online seller. This is because your customers and clients expect to spend less on shipping and want free shipping in most cases. Here are five smart ways to reduce shipping costs.

Choose lighter packing materials

Protecting items in transit is important, and this means you must get the best packing materials to secure them. However, not all packing materials are the same. To lower shipping expenses, consider lightweight, protective materials that offer the same level of protection as the heavier ones. In this regard, use air pillows and bubble wrap to secure the boxes’ empty spaces—the lighter the package, the lesser the cost.

Use flat-rate shipping

Make the most out of flat-rate shipping. Most major logistics businesses offer some sort of flat-rate shipping, and you can take advantage of this to save some money. If you happen to ship heavy items frequently, this could present a great opportunity to save a lot. Be sure to research your options and make the best choice that makes it economical for your business. You can get significant savings on UPS prices here.

Improve your negotiation skills

Great negotiation skills are key to saving money anywhere, and in the shipping business, your ability to negotiate will save you some expenses. You can negotiate the terms and rates of your parcel volume even if it is on the low side with your shipper to slash your shipping costs. With competition high amongst shipping vendors, being a good negotiator could secure you a good deal. However, note that not all shippers can provide certain services or guarantees. So, be sure you settle on one that can fulfill all your shipping obligations and satisfy your customers’ demands.

Buy in bulk

Buy packaging products, from cartons to air cushions, to bubble wraps, and even pallets in bulk. Buying in bulk usually comes with volume discounts that can save you some money. One more thing to consider is your product packaging. Your packaging is part of your brand, so find suitable branding methods that do not alter your products’ weight by much.

Recycle and reuse shipping supplies

It is more likely than not that you also have items shipped to you before you resell. It is best to recycle and reuse such shipping supplies, to save money on shipping costs and packaging materials. You can repurpose the cartons and packaging material for your own packages. Simply replace the shipping labels with your branded ones. This also ensures you run a green business as you reduce the effects of possible environmental pollution.

If you decide to offer free shipping to your clients, that is fine but remember that it will eat into your profits. In this regard, you must find smart ways to save money on shipping expenses as well as packaging. If not, then as much as possible, find ways to reduce the shipping costs for your customers so that they can continue purchasing your products.

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Ensuring The Best Quality For Your Customers

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Best Quality for Customers

For all businesses big and small, customer satisfaction should be the number one goal, as they’re the ones who make everything possible. Without customer satisfaction, you’re going to see sales decrease, and it’s going to be hard to operate with efficiency! There’s a lot you can do to ensure that your customers are satisfied, and it doesn’t hurt to put in that extra effort to make sure of it!

Data security

Data security is very important for many reasons, but most importantly you want to make sure customer information is not at risk! It’s a legal requirement to protect the sensitive information of customers and employees, and you’re likely going to lose sales if you have a data breach. Make sure that all of your data is secured and away from people with ill intent, else you’ll be risking your reputation and the trust of your audience!

In-house guarantees

If you work in retail, the only way you can ensure customer satisfaction is from product testing, and making sure everything is the quality you want it to be! Whether it’s by tasting products as a food retailer or making sure customers are getting what they pay for. If you sell by weight, consider investing in some scales to make sure you’re selling what you advertise – ones like these: https://www.arlynscales.com/scale-knowledge/industrial-weighing-scales/. You don’t want any mixups with customer satisfaction, and many brands have faced criticism for inaccurate advertising.

Promotions and loyalty cards

Loyalty cards and promotions are a great way to reward your customers for buying from you, they allow you to give back to the customer for their repeating patronage! Make sure to set it up so that you don’t lose out, while also giving back to your customers – you’re trying to please the customer, not sink the business!

A lot of businesses offer credit instead of a loyalty card, finance that can only be used in their stores, encouraging them to come back and buy from you again! These deals are great for building lasting relationships between you and your audience, and should be used by every retailer if they can afford it!

Customer feedback

Allowing customers to give feedback is very important if you’re trying to please them, as they can tell you exactly what you did wrong and how you can do better! A lot of businesses do this through their website with a review feature, allowing them to collect data on their customers and find a general consensus on what the audience wants. It’s never bad to hear what your customers have to say, and you might end up pushing yourself a little closer to success with each change based on customer complaints! You can read more at https://survicate.com/customer-satisfaction/tips/.

You can’t please every customer, but trying to please the majority of them is what’s going to help you climb closer to success. Trying to keep an honest relationship with your customers, and not driving your prices up too high is important if you want to keep loyalty between you; people can tell when they’ve been overcharged – and that’s not something you want!

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Where can I find Ray-Ban’s online spare parts?

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Rayban lenses parts

It has been many years since the aesthetics and fashion sector came to the world of eye wear. Especially in the case of sunglasses. Great brands and designers began then to work to launch to the market interesting models that have conquered the public of the whole world.

One of the most iconic examples is that of Ray-Ban. The American company has been launching sunglasses that are recognized by almost anyone for almost one hundred years. This makes them coveted examples with a high average price, so it is not pleasant that Ray-Ban glasses break and cannot be repaired.

Fortunately, nowadays it is easy to find Ray-Ban replacement parts online in a simple way and without this entailing a great economic expense. And what is so positive about this? In short, you can extend the life of a pair of glasses of this brand to infinity and thus amortize the investment.

Spare parts for all types of glasses

As easy as finding the right store on the Internet, knowing the model of glasses you have and looking for the part you need: replacement lenses for Ray-Bans, screws, Ray-Ban temples or even frames for the most serious accidents. You can find practically any type of part of this brand on the net at affordable prices!

In addition, these reference stores include the possibility of getting other types of lens-related accessories such as Ray-Ban sunglass cases. In this way, you can replace any element related to the optics that is broken, damaged or simply aged. Any of these problems has nowadays an immediate solution and very interesting thanks to reference webs in the sale of spare parts.

Unbeatable price

Options such as Replacementlenses are suitable for all types of Ray-Ban brand consumers for quite a few reasons: their unbeatable prices, the quality of the materials, and compliance with all U.S. brand guarantees.

This has made the web, which allows to receive the orders comfortably at home and in a very short time, become one of the favorites of the ‘Raybanmans’. There are people who are truly addicted to the aesthetic lines of the brand and who acquire different types of frames and brands for each look.

Thus, the Ray-Ban glasses have become a real fashion accessory to combine with the tie, suit, hat or socks every day. And this is partly possible thanks to the possibility of finding spare parts and accessories at very affordable prices in Replacement lenses.

There is no longer any doubt when buying a Ray-Ban: it will become one of the best investments made in terms of optics and eye care, while providing a touch of distinction and beauty on a daily basis. And, in case of any breakage, customers know they can get Ray-Ban spare parts quickly and at very reasonable prices.

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