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Category: Articles » Finance » Credit » Article » Article Code

Money: Build, Don't Blow, Your Annual Bonus!

Consolidation loans merge all your debts and bills into a single payment. This means, that if you have several monthly payments or a number of different loans, you can make things easier by consolidating them and taking one single loan to pay off the total debt. Human desires are unlimited but the finance that one acquires always seems to be scarce. The paycheque serves as the collateral for the purpose. Borrowers may get an extension in the term of repayment of payday loans. In the first case, the loan ... read more

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Consolidation loans merge all your debts and bills into a single payment. 
 
This means, that if you have several monthly payments or a number of 
 
different loans, you can make things easier by consolidating them and 
 
taking one single loan to pay off the total debt.

Human desires are unlimited but the finance that one acquires always 
 
seems to be scarce.

The paycheque serves as the collateral for the purpose. Borrowers may 
 
get an extension in the term of repayment of payday loans.

In the first case, the loan is approved quickly because of a special 
 
requirement of borrower. Borrowers, in a few cases require loan urgently.

Car loans, student loans, credit card debt and other types of personal 
 
loans can often be included in the consolidation loans. These loans will in 
 
effect pay off your old loans and you will have one, larger loan to pay off.

Build, Don't Blow, Your Annual Bonus

More and more companies are incorporating a bonus structure into 
 
compensation programs. Bonuses are generally based on performance and 
 
are tax advantageous for companies. If you're one of the fortunate ones 
 
who will receive a bonus this year, what will you do with it?

"The key to using your bonus wisely is to find the right balance for you," 
 
says Linda Put, a CIBC Imperial Service financial adviser based in Surrey, 
 
B.C. "Because everyone's situation is different, water cooler advice won't 
 
help you to maximize your financial potential."

In making important financial decisions, the most powerful information you 
 
can have is to understand where you are and where you want to be 
 
financially. "Having a financial plan, whether formal or informal, can help 
 
you prioritize your overall goals and allow you to see more clearly how your 
 
bonus fits into that picture," says Put. "Seek the advice of a professional 
 
who understands the whole picture, not just investments." To help you 
 
understand how to make the most of your bonus, Put offers the 
 
following considerations:

+ Get professional advice: Every person is unique, with different financial 
 
situations, comfort levels and timelines. A financial adviser can help you 
 
understand your financial situation and work with you to help you achieve 
 
your goals. For example, you may choose to use your bonus to pay down 
 
debt, to contribute to your RRSP, or a combination of the two.

For the purpose of ease in recognition, we will refer to the first case of 
 
instant loans as fast loans and the second class of instant loans as instant 
 
loans itself.

An individual who is caught in the midst of debt trap can take a debt 
 
consolidation loan, to reduce the debt burden and become debt free in 
 
the future by paying the existing debts.

Consolidation loans have loan terms ranging from 10 - 30 years. A good 
 
consolidation loan would be that which fits beautifully in your financial 
 
situation. Consolidation loans are advantageous to almost anyone because 
 
of the ease with which you can customize them to your financial stability 
 
and your choice.

The reason is that personal loans are all purpose loans and impart a 
 
freedom that is unlikely in any other loan type. A secured personal loan 
 
would be a loan taken for any peculiar reason and is secured on your 
 
assets or home.

Unsecured loans, on the other hand, require no collateral but almost 
 
always have a higher interest rate than secured loans.

+ Look at the whole picture: It's important to look at your current 
 
financial picture ¨C the money you owe today and the money you want to 
 
put away for your future. If paying off a debt, like your mortgage, will 
 
prevent you from capitalizing on an investment opportunity, you need to 
 
determine which will pay you the most in the end. Again, it's important to 
 
work with a qualified financial adviser who will look at your specific 
 
situation and plan accordingly.

+ Pay yourself first: If you get RRSP loans every year, why not use this 
 
bonus to invest in your future and break the loan cycle? Then set up a 
 
pre-authorized payment plan so you can invest in your RRSP monthly and 
 
avoid the cash scramble in February. When the bonus comes in, you'll 
 
have the financial freedom to make the financial choice that's right for 
 
you.

+ Go on, treat yourself: The best part about advance planning and 
 
factoring your bonus into your overall financial plan, says Put, is the 
 
opportunity you will have to treat yourself with some of the funds. With 
 
the help of your financial adviser and your financial plan, you will stay in 
 
control of your financial affairs and can look forward to reaping the 
 
rewards of the plan, and your bonus. So go ahead and treat yourself to 
 
something special. After all, you've earned it!

This article is intended to provide general information and should not be 
 
construed as specific advice. This article is not applicable in Quebec. The 
 
loan can be repaid over any term between 5 and 25 years, depending on 
 
your available income and the amount of equity in the property that is to 
 
provide the security for the loan.

A special type of instant loan is payday loan, which are characteristically 
 
fast in approval. Borrowers who have emptied their monthly paycheque 
 
and need money to disburse an occasional or regular expense will use a 
 
payday loan.

And with secured personal loan browsing can land you with the perfect 
 
deal that synchronizes with your financial conditions.

Learn more ways to reduce debts today. There are lenders in the UK who 
 
can arrange loan for you and that too at a lower rate of interest.

Direct loans are convenient, flexible and simple. A Direct loan is a loan by a 
 
lender to a customer without the use of a third party. This type of loan 
 
enables the lender to have greater discretion in the distribution of loans.

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