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Top 5 Financial Tips For First Time Home Buyers By Experts

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Introduction

  • Are you a first-time homebuyer looking for some financial tips on how to buy your first home?
  • Do you know about the best interest rates on home loans, which can make your dream a reality?
  • Have you tried talking to financial experts who can help show you some clear and easy money-saving tactics?

All of us have a single dream. That dream constitutes having a place, which we can truly call our own. Across the world, one of the foremost goals of people includes buying their first home. In terms of career goals, this ranks higher than buying your first car, marriage, and so on.

While many people are more than capable of investing in a new house and life for themselves, there are some things, which hold them back. One of those things is poor information about the financial aspects of buying a new home.

In this article, we speak to leading financial experts and ask them about the problem. However, before we begin, let us first look at some common problems first-time homebuyers face.

Top 5 Financial Tips For First Time Home Buyers By Experts

What are some common problems faced by first-time homebuyers?

According to financial experts, the biggest problem first-time homebuyers face is affordability. Not knowing how big of a house you want, or whether you will be able to afford it or not is a big question. Repaying something for the next twenty-five years of your life does not make sense.

Many homebuyers make an elementary mistake of not getting second quotes. In most instances, if you go by the first quote, you will never be able to reduce the prices. Every prospective home, which goes for sale, always enlists the help of two or three brokers. People looking to buy their first home should always reach out to different brokers for the same house.

Finally, the third biggest mistake financial experts state that homebuyers make is not calculating the overheads. In simple words, this involves checking out the foundation of the building and seeing whether it is termite infested or not. First-time homebuyers should look to cut down on maintenance and one-time rebuild costs as much as possible.

Top 5 Financial Tips for First Time Homebuyers: The List

  • Create a separate Savings Fund for your home-

Experts suggest that having just one savings fund to fulfill all the needs of your future is not a good idea. This is especially a poor decision if you dream of buying your own home. It is important to set up a separate savings fund for your home well in advance. This will help you avoid paying a very small down payment and incurring high-interest rates.

Also Read: Understanding How to Easily Avail Credit in the UK

  • Always reach out to at least three financial institutions for Home Loans-

Every bank or financial institution has its own rules and regulations governing home loans. This is why leading home loans expert, Associates Home Loan suggests going after the one with the best interest rates on offer. This will not only allow you to understand what is best for you but also give you a broader idea as to how you should plan.

  • Try to avoid making a Small Down Payment-

The biggest burden first time home buyers put on themselves is the high-interest rate burden. Making a small down payment might look to be very attractive initially, but it is never a sound financial decision. According to experts, you should try to make the down payment to be at least 50% of the total value of the home. This will cut down on the repayment period.

  • Bargain to include the Basic Maintenance within the final Home Price-

No matter, which house or apartment you will look to buy, there might be some of the other niggling issues. There might be termite infestation or rotted foundations because of a flood. You need to negotiate hard with the existing owners and include those costs within the price of the home. This will help you prevent unnecessary overheads as soon as you buy the home.

  • Prepare a speculative monthly Budget to check the feasibility-

Any first-time homebuyer wants to rid himself or herself of any financial problems. This is why experts suggest that preparing a monthly budget to show where you will stand at the end of the month is a good idea. Take into consideration your interest rates, overheads, maintenance, and your earnings.

Must Read: 10 Best Free Floor Plan Software for Home Design

Conclusion

While buying a home is most often an emotional decision, it is best not to get dictated by them. By following the advice and suggestions of financial experts, you too can achieve your dream of buying your first home. Can you think of some other financial tips? Drop them in the comments section below.

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Learn How To Streamline Your Business Processes To Make IFTA Reporting Convenient

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The processes and regulations of a trucking business are as complex and intricate as the size of the business itself. It is not possible for a single person or a small team to oversee and run everything in a trucking company. So, any small upgrade or tool that would help in making the business processes easier is readily absorbed by the industry as long as they are economical.

When the IFTA was created in the 1900s, it was aimed to:

  • Quickly and effortlessly log data
  • Eliminate extra personnel.
  • Set up a clear process.
  • Automate repetitive tasks.
  • Help keep things organized.

A wave of happiness flowed across all personnel in the trucking industry. It had just made many of the processes and documentation that much smoother.

Also Check: 20 Most Critical Facts About GST

What is the International Fuel Tax Agreement (IFTA)?

IFTA was created in 1996. It stands for the International Fuel Tax Agreement.

According to the South Carolina Legislature, the International Fuel Tax Agreement (IFTA) is an organization of states and the Canadian provinces under which the fuel use tax obligations of interstate and international motor carriers are administered.

Motor carriers across the country had to maintain a report of the miles they drove and how much fuel they consumed all the time. This was particularly bothersome when carriers had to constantly cross different state borders.

Before the IFTA was created, the trucking company had maintained tremendous amounts of documents, paperwork, unit conversions and much more every time their trucks drove across different jurisdictions in order to file the fuel tax reports, i.e., each jurisdiction had its own rules and regulations for filing the fuel tax reports. This meant the vehicles also required multiple fuel tax licenses.

running an IFTA report

The creation of the International Fuel Tax Agreement (IFTA) in 1996 brought together 48 states of the United States of America (USA) and 10 provinces of Canada together to enable trucking companies to file their fuel taxes under a single license. This saved the trucking companies a lot of time and money. Visit Samsara for the complete list of the International Fuel Tax Agreement (IFTA) member jurisdictions.

Some jurisdictions where the IFTA credentials are now valid are Alaska, Hawaii, and the District of Columbia.

Despite all of this, there can sometimes be mistakes in the IFTA reporting process. But the quest for perfection never stops.

So, what are some ways that can help to make the reporting more convenient? An effective way to go to the roots of the problem – Business Processes. Streamlining business processes has the potential to substantially improve efficiency and speed of any associated task, and filing IFTA reports is no exception.

Streamline Your Business Processes

By undertaking simple, yet significant measures, business processes can be effectively streamlined to make the reporting process of IFTA buttery smooth. Their benefitting consequences result in making the IFTA reporting process more convenient.

Here are 5 measures that you can take:

1. Process Monitoring and Control

Process monitoring and control can radically transform the way your business works. It brings with it:

  • The motivation to collaborate.
  • Improvements in team management.
  • Enhancements in communication, visibility, and transparency.
  • Advanced data analytics, pattern recognition, and more.
  • Ease of data access, transmission, and maintenance across people and platforms.
  • Automation of repetitive tasks and periodic error corrections.
  • Design and form tools to customize dashboards and profiles.
  • Safety and security from hacks and data breaches.

2. Maintaining an Accurate Record of the Miles

Maintaining a record of the miles and fuels consumed is vital to file the IFTA reports.

You might be tempted to provide a rough estimate of the fuel consumed, and miles driven as the tax filing deadline closes in on you. But do not make this mistake, because the International Fuel Tax Agreement (IFTA) requires you to be as accurate as possible. Failing to do so can put your company and the fleet at the risk of an audit.

3. Good GPS Tracking

The incorporation of a good GPS vehicle tracker will surely benefit in the long term if not in the short term. Samsara’s GPS tracking helps to provide real-time vehicle visibility. This reduces the scope for any falsification.

The benefits of GPS tracking are not just limited to real-time vehicle tracking and visibility, but also extend to the following:

  • Optimization of routes to improve efficiency and decrease time.
  • Improving security to lower the risks of losing assets.
  • Improving customer service by providing features such as live sharing.
  • Reducing costs by providing insights to help make better decisions.

4. Using ELD and Fleet Management Software

Failure to file reports on time can cost you a lot. They can result in the suspension of the license or heavy fines for the company. However, paperwork is tiring, uninteresting, time-consuming, and repetitive.

Turning towards technology to track vehicles, miles, and fuel purchases can do wonders in making the experience of filing tax reports effortless by seamlessly integrating into your workflow to improve efficiency, strengthen safety and ensure compliance.

Must Read: Improve your Business with Better Customer Success

Modern innovations in the logistics industry, like ELD compliance solutions and fleet management software, made the process faster, streamlined, and efficient.

5. Using A Dedicated IFTA Software

A dedicated IFTA software will help you ease many things starting from:

  • Maintaining a directory and organizing all your fuel receipts.
  • Accurate and updated logs.
  • Recording all the miles driven.

This will help you file reports faster and better.

It is not easy to log each and every small and minute mile of your truck. A dedicated IFTA software takes care of them for you by helping you log data incrementally without any hassle.

Conclusion

The aforementioned processes will have thoroughgoing reforms in your business to make IFTA tax filing and reporting more convenient than ever before.

Modern technological innovations improve speed, efficiency, increase accuracy, decrease errors (especially human errors) and ensure compliance to the Hours of Service (HOS) and the Federal Motor Carrier Safety Administration (FMCSA) regulations.

This article helps guide you through a process that can otherwise seem intimidating and can become a challenge.

All of this works in synergy to eliminate paperwork and repetition, enabling you to dexterously file quarterly IFTA reports for your company.

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No More Cutting Costs, This App Helped Me Improve My Standard of Living Big Time

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I remember reading a quote once, “an empty room is a story waiting to happen, and you are the author.” This quote left behind a lasting influence on my mind and artistic soul. It made me realise how much we influence our surroundings and vice versa.

I started to appreciate the efforts that people put into transforming a house into a warm and loving home. It was almost as if our homes are a reflection of what we are on the inside.

India’s home decor and furnishing market has been flourishing. It was estimated that the sector would have a valuation of about INR 40,000 crores by 2020. Keeping this trend in mind, I decided to jump the bandwagon and kickstart a career in reselling home decor.

My Tryst With Home Decor

I was always fascinated by home improvement projects. It had become an obsession for me to scroll through Pinterest or watch home transformation videos on YouTube.

As much as I liked to watch such home improvement-related content, it was my biggest regret that I could not afford the posh and expensive home decor items.

Living on a shoe-string budget and wanting a dream home was almost an oxymoron. I took up a regular 9 to 5 job and slogged through the years.

Read Also :6 Things To Know About Making Popcorn to Start Popcorn Business

I didn’t make a lot, but it was enough o make ends meet. However, through all these struggles, there was always a part of me that nurtured this artistic streak.

In this period, I would often frequent the local handicraft and flea markets to bag some cheap but pretty home decor items. Honestly, these rendezvous were very time consuming, not to forget that these markets were often overcrowded or located in dingy places.

However, it still could not dampen my dream of having a luxurious home with shaggy rugs, silky curtains, and walnut wood furniture.

Once while visiting a mall, I noticed that the home decor items on display were a lot more expensive than the bargains that I scored in the local markets. I saw a similar trend when browsing through online home decor products.

At that very moment, the idea struck me – I wanted to start a business selling home decor products at affordable rates.

Why I Chose Selltm and How it Helped me

I came across the Selltm app while looking for home decor wholesalers. It blew my mind how the app had a wide array of home decor products to meet every homeowner’s needs. Plus, everything was affordable!

The Selltm App was easy to set up and operate. In a couple of clicks, I had created my profile on Selltm and was ready to get selling! There are several reasons why I chose Selltm, but the primary reason remains the same – it had a variety of products at pocket-friendly rates!

All the home decor items available over Selltm were not only a treat to the eye but were high-quality products. How do I know? Because I started my business by purchasing a couple of items for myself! The experience was seamless and hassle-free, while the on-time delivery was excellent too!

After my trial run, I browsed through the collection and created a personalised catalogue for a friend and forwarded it to him over WhatsApp. He was massively impressed by my suggestions and ended up purchasing two items from the catalogue right then and there.

My phone’s notification informing me of my earnings was one of the sweetest sounds that I had ever heard. I almost could not believe that landing an online business was this easy!

Must Read: 20 Most Critical Facts About GST

As a start, I began displaying my catalogues on family WhatsApp groups. I asked my family to share their honest feedback on what they thought of the products.

The response was mostly positive, but the icing on the cake was when a few relatives started placing orders from my link. They got their favourite items at a cheap rate, and I got a cut on their purchase.

To test the waters further, I asked the members of my housing society’s group on whether they would be interested in purchasing home decor items. After receiving an affirmative answer by a few, I created a separate group for the interested individuals and began sharing my catalogue with them.

The society’s WhatsApp group paced things up for me. The cute and trendy home decor products on Selltm were such crowd-favourites that I had to place advance orders and keep stock at home!

In the final stage of setting up my business, I pooled in my office contacts and tried my luck there. And what do you know, my business took off to a whole new level!!!

How to Start Reselling Home Decor

If, like me, you want to get into a business of reselling home decor, here are a few useful tips to help you get started:

  • Install Selltm on your phone: I cannot express what a blessing this app was for me right from the day I conceived the idea. The app is loaded with amazing features, and as a seller, you get daily payouts. Buyers get 7-day refunds and COD facility, which keeps them happy.
  • Presentation matters: You are not selling a home decor item; you are selling a missing piece of a jigsaw that makes your client’s home complete. Share high-quality product images so that customers can scrutinise it thoroughly before making a purchase.
  • Know your audience: As I have stated previously, we like to decorate our homes as per our personal choices. Hence, you wouldn’t recommend something modern and artistic to someone who prefers vintage items, right? Take the time to understand your client.
  • Promote your goods: Everyone knows that you sell good stuff, but don’t just stop there! Customers don’t buy home decor products often. However, when they plan on doing so, you should be at the forefront of their minds!

Conclusion

I firmly believe that we are a product of our environment. Several individuals understand this fact and make an effort to create a surrounding that is nurturing. And I am here to help them achieve that.

Thanks to Selltm, I am no longer living from paycheck to paycheck. More importantly, I am finally living the dream of beautifying not only my own home, but everyone else’s too!

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5 Interesting Facts about Running a Restaurant

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The restaurant industry can seem like a bit of a mystery to those who do not run them. All the moving parts of the business can actually be rather fascinating the more you learn more about it! Are you interested in getting into the industry or even just curious about the ins and outs of a restaurant? Keep reading for some interesting details you might not normally consider affect food businesses!

5 Interesting Facts about Running a Restaurant

The Technology Aspect is Actually Pretty Impressive

In today’s modern-day, technology is everywhere, and running a restaurant is no exception. Almost every aspect of your life is aided by technology, and restaurants can also utilize these tools to help to run a smooth and successful business. Without it, sales would not go as smoothly as they do today.

Must Read: Know How to Start a Food Cart Business: Ultimate Guide

Think about the last time you went to a restaurant and the technology was down. It was hectic, right? You wouldn’t think of it usually, but easy tasks like payments, tracking inventory, and even managing employee schedules are all coordinated through technology. The best pos hardware systems can do all three so restaurants can provide an efficient, streamlined service.

Location is More Important Than You Would Think

It is always a bit annoying to find out that the one restaurant everyone is talking about is completely out of the way. For most restaurants, location is the determining factor for their success. It allows people to reach them conveniently, and if the restaurant is on a main road or busy area, people are more likely just to walk in to be served.

Concept Plays a Large Role in a Restaurant’s Success

Have you ever been to a restaurant that had no specific cuisine? How about a place where the ambiance was all over the place, making for a confusing atmosphere?

Concepts are essential in the success of running a restaurant. Without a cohesive idea for food, location, and overall offering of the business, it is highly likely that the restaurant will not succeed. If you think about it, the restaurants that become well-known are those with a precise concept-such as an Italian restaurant with its food names in Italian, good music, and a traditional Italian dining room that serves food family-style, for example. This is the type of concept that creates an experience that the customer is more likely to enjoy than one that does not focus on one aspect.

Also Read: 6 Things To Know About Making Popcorn to Start Popcorn Business

The Anticipation of a New Restaurant Is Key

If you are looking to begin in the restaurant business, marketing is vital to your business’ success. Before the doors open, you should be sure to get the word out about your business, especially to places that will promote it. Word-of-mouth marketing works great as well.

The first month is incredibly important to gauge the number of customers you will bring in, as well as identifying any issues that prevent running a smooth operation. Everyone wants to try a new restaurant, so spreading the news of your opening can help to bring in a steady customer base. Who knows, maybe your first customer will be a regular!

Family Can Make or Break Your Business

When it comes to opening a restaurant, it can be tempting to hire those closest to you instead of trying to outsource for employees. While this works in some cases, it is important to remember that your closest relations may not turn out to be your best workers.

Running a restaurant can be challenging to start with, and the last thing you want is for your business to be in peril due to straining relationships. Keep business where business belongs, and personal ties separate.

Of course, it is absolutely possible to work with your family, but tight boundaries should be drawn to ensure a lasting vitality for your business.

Remember to Stay Passionate!

The restaurant business is tough. There will be many highs and lows, and it is easy to get stuck in the mindset that things will not work out the way you envisioned them.

When times like this hit, remember why you started this business in the first place: your passion. Without that, it will be easy to decide to give up. If you have a solid reason and dream for your business and you work toward it every day, along with remembering these five steps, you are sure to find success in your future.

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