Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts
Wednesday, January 2, 2013
India Inc’s Q3 profits to grow 26% on lower costs
After battling slowing growth for nearly two years, companies listed on the BSE and NSE are likely to post an increase in profit after tax (PAT) of 25.9% year-on-year (y-o-y ) for the third quarter (October-December) of the current financial year.
According to estimates, India Inc would post earnings growth of over 18% for the second successive quarter for the first time in two years.
The growth in profitability would be largely aided by a sharp reduction in expenses, data compiled by the Centre for Monitoring Indian Economy (CMIE) showed. Total expenses of companies would increase 10.1% y-o-y in the December quarter, the slowest pace since the meltdown in the aftermath of the global financial crisis in early 2009. "We believe that the earnings downgrade cycles have come to an end. It would be more visible in the (January to) March quarter," says Sunil Singhania, head of equities, Reliance Capital Asset Management.
Tuesday, December 18, 2012
Govt mulls tax breaks for equity investment
The government and regulators are discussing fresh tax benefits for investment in equities in an attempt to wean away individuals from parking funds in gold.
The proposal is to take subscription into equity-linked savings schemes (ELSS) out of the Rs 1 lakh deduction limit provided under Section 80C of the Income Tax Act and create a separate window like the one for infrastructure bonds.
ELSS is a mutual fund scheme that invests in equities and comes with a three-year lock-in period, aimed at de-risking the exposure of retail investors who are not equipped to deal with direct investments into the market. The instrument gets investors exemption from payment of long-term capital gains tax.
Wednesday, October 31, 2012
Why Is The Euro So Strong?
The euro remains very attractive against the pound and the dollar despite the ongoing problems presented by European Debt and the probable bailouts or defaults. I have read today of a report by the BBC which stated two thirds of European economists surveyed expect Greece to default on their debt.
Last year such an announcement would have had the markets in absolute turmoil, indeed much of last years weakness on the euro was due to the debt crisis.
This year despite the well publicised problems in Portugal, Ireland, Greece and Spain the Euro remains a very unattractive prospect for those looking at buying overseas property. This is due to a number of factors:
– EFSF – The European Financial Stability Facility is designed to act a safety net for indebted European nations. The fund has recently been made permanent and has given the markets the confidence that the ECB and stronger Eurozone members are serious about coming to the financial aid of the weaker members – a criticism levied at many members. As discussed European Debt concerns had been a major weight on the euro last year but now the issue is well known and appears to be being dealt with confidence has been restored. It is worth noting that longer term this is likely to be the issue that could present Euro weakness as concerns arise over the inability of the indebted nations to repay their debts.
– Interest Rate Decisions – The UK looked almost certain to have a rate hike in the first quarter of this year and the pound made strong gains on the euro as investors positioned themselves for the event. We then had a barrage of data releases showing that in all probability the UK wasn't ready for a hike and as such these positions were unwound and led to sterling weakness. Conversely the Eurozone has been floating the prospects of an interest rate hike as soon as next month. With unemployment falling it appears the Eurozone may have turned a corner and will be the first to stomach a rise in the base rate. This has compounded the problems for the GBPEUR rate as investors have taken up stronger positions on the Euro. The US economy whilst growing is still incredibly weak and due to the amount of cheap loans issued to stimulate recovery cannot afford to go raising rates. They are still administering the latest round of Quantitative Easing and will need to fully assess the effects before committing to a rate hike.
AdChoices
- Economic Outlooks - The economic outlook for the Euro has improved this year with enouraging signs in manufacturing and factory orders. Unemployment is falling and the overall picture remains bouyant despite the problems of the PIGS. The UK is suffering from very low growth and the immediate future does not look rosy either. It could be months or a year before the economy is deemed strong enough to be able to handle a rate hike and even then if the Euro has already had one, it is unlikely to be a major mover.
Despite the grim news for those buying Euros, such a trend is excellent news for those selling euros. Movements this month of over 5% in your favour are presenting a great opportunity to maximise those property sales.
As specialist currency brokers we not only offer corporate and commercial rates to private individuals and all types of business, we offer expertise and guidance on activity in the markets that seeks to maximise your currency exchanges.
For an unbiased, informative and possibly lucrative discussion of current trends why not fill in the contact us form and you can speak to an experienced currency trader who will be able to explain all the ins and outs of safely, securely and profitably transferring funds overseas.
Thursday, August 20, 2009
Over 100 stocks give 100% returns in a year
Hold your breath. The bull phase, which set in the markets early this year, has propelled stock prices of some companies like Kwality BSE Dairy, Visagar Polytex, Well Pack Papers, Geekay Finance, Bhagyashree Leasing and Falcon Tyres by over 400% in just one year.
Over 100 stocks
have given investors over 100% returns in one year. Some other counters like CNI Research, Filatex Fashions, Kiri Dyes, S I Group, Fem Care Pharma, V S T Tillers, Shree Cement, Mphasis, Hawkins Cookers and Avery India have made investors richer by 125-250 % in the same time, CMIE data shows.
Compare this to sensex stocks like Tata Steel (24%), Reliance Industries (-12 %), HDFC (3%), Infosys (16%), BHEL (37%) and ICICI Bank (9%). Maruti Suzuki, the lone sensex constituent, finds place in the stocks that have at least doubled in the past one year. Sensex has gained a mere 3% during this period with many heavyweights managing to grow value by 15-20 % only. The return data has been calculated based on adjusted prices for the last one year till August 18, 2009.
“We see that despite the many positives that should drive the markets in the long term, the near-term outlook remains cautious given the extreme valuations and monsoon outlook. Hence, rather than betting on the overall index or the markets, it makes sense to hunt for undervalued sectors/ stock ideas,’’ said an analyst of Kredent Brokerage Services in an August 18 note.
http://economictimes.indiatimes.com
Over 100 stocks
have given investors over 100% returns in one year. Some other counters like CNI Research, Filatex Fashions, Kiri Dyes, S I Group, Fem Care Pharma, V S T Tillers, Shree Cement, Mphasis, Hawkins Cookers and Avery India have made investors richer by 125-250 % in the same time, CMIE data shows.
Compare this to sensex stocks like Tata Steel (24%), Reliance Industries (-12 %), HDFC (3%), Infosys (16%), BHEL (37%) and ICICI Bank (9%). Maruti Suzuki, the lone sensex constituent, finds place in the stocks that have at least doubled in the past one year. Sensex has gained a mere 3% during this period with many heavyweights managing to grow value by 15-20 % only. The return data has been calculated based on adjusted prices for the last one year till August 18, 2009.
“We see that despite the many positives that should drive the markets in the long term, the near-term outlook remains cautious given the extreme valuations and monsoon outlook. Hence, rather than betting on the overall index or the markets, it makes sense to hunt for undervalued sectors/ stock ideas,’’ said an analyst of Kredent Brokerage Services in an August 18 note.
http://economictimes.indiatimes.com
Monday, August 17, 2009
Tax exemptions cost govt Rs 4.2 lakh cr in 2008-09
The government ‘lost' a whopping Rs 4.2 lakh crore in 2008-09 as revenue foregone on account of various tax exemptions, a sum almost
equivalent to the budget deficit for the current financial year.
This probably forms the basis of the proposed withdrawal of tax incentives as recommended in the Direct Tax Code released by the finance ministry on Wednesday.
The government had incurred an estimated loss of Rs 4,18,096 crore by way of giving tax rebates and exemptions to corporate and non-corporate entities last year, according to the finance ministry. The estimated exemptions included both direct and indirect taxes.
The figures for the previous three years were little less but still accounted for more than Rs 2 lakh crore in each year. For instance, in 2005-06 the total estimated revenue foregone was Rs 2,06,700 crore. This rose to Rs 2.40 lakh crore in 2006-07 and Rs 2.85 lakh crore in 2007-08.
The exemptions and deductions are related to infrastructure and regional development, promotion of exports and industries and on account of various deductions allowed to individuals on many savings instruments.
The deductions included expenditure on maintenance of persons with disabilities, for payment of medical insurance premia, promotion of higher education, donations for charitable work, etc.
The recently released direct tax code, which after incorporating suggestions is likely to be presented before Parliament as a Bill in the winter session, is quite sharp in its criticism of various kinds of exemptions and their impact on the exchequer.
"Tax incentives are inefficient, distorting, inequitous, impose greater compliance burden on tax payers and on the administration, result in loss of revenue, create special interest groups, add to the complexity of tax laws, and encourage tax avoidance and rent seeking behaviour," the chapter on tax incentives states.
The proposed tax code, which is likely to replace the existing Income Tax Act once passed by Parliament, says all business tax expenditure, other than for activities which create externalities, will be withdrawn.
However, the new tax code proposes that non-profit organisations like scientific research associations, news agencies, professional associations, welfare funds, education and medical institutions, religious trusts, trade unions, etc. will continue to get concessional tax treatment.
http://economictimes.indiatimes.com
equivalent to the budget deficit for the current financial year.
This probably forms the basis of the proposed withdrawal of tax incentives as recommended in the Direct Tax Code released by the finance ministry on Wednesday.
The government had incurred an estimated loss of Rs 4,18,096 crore by way of giving tax rebates and exemptions to corporate and non-corporate entities last year, according to the finance ministry. The estimated exemptions included both direct and indirect taxes.
The figures for the previous three years were little less but still accounted for more than Rs 2 lakh crore in each year. For instance, in 2005-06 the total estimated revenue foregone was Rs 2,06,700 crore. This rose to Rs 2.40 lakh crore in 2006-07 and Rs 2.85 lakh crore in 2007-08.
The exemptions and deductions are related to infrastructure and regional development, promotion of exports and industries and on account of various deductions allowed to individuals on many savings instruments.
The deductions included expenditure on maintenance of persons with disabilities, for payment of medical insurance premia, promotion of higher education, donations for charitable work, etc.
The recently released direct tax code, which after incorporating suggestions is likely to be presented before Parliament as a Bill in the winter session, is quite sharp in its criticism of various kinds of exemptions and their impact on the exchequer.
"Tax incentives are inefficient, distorting, inequitous, impose greater compliance burden on tax payers and on the administration, result in loss of revenue, create special interest groups, add to the complexity of tax laws, and encourage tax avoidance and rent seeking behaviour," the chapter on tax incentives states.
The proposed tax code, which is likely to replace the existing Income Tax Act once passed by Parliament, says all business tax expenditure, other than for activities which create externalities, will be withdrawn.
However, the new tax code proposes that non-profit organisations like scientific research associations, news agencies, professional associations, welfare funds, education and medical institutions, religious trusts, trade unions, etc. will continue to get concessional tax treatment.
http://economictimes.indiatimes.com
Friday, August 14, 2009
Six of world's top 10 economies out of recession
ome light showed up at the end of the recession tunnel on Wednesday as France and Germany announced unexpected returns to the growth path, which means that four of the world’s five largest economies and six of the top 10 are now not in recession.
Adding to the sense of optimism, the US Federal Reserve left rates unchanged, saying that the world’s largest economy was showing signs of leveling out. Both France and Germany had been predicted by most economists to face a decline of about 0.3% in their GDPs for the second quarter (April-June) of 2009, but they surprised themselves and the rest of the world by announcing that they’ve actually recorded growth of 0.3% each.
Among the five largest economies of the world, measured in purchasing power parity (PPP) dollars — which is more of an apples to apples comparison — China and India are already growing at healthy rates, although lower than their own pace for the last few years. Japan too has climbed out of recession and so has Germany. These economies and the US account for 47% of world GDP in PPP terms.
http://economictimes.indiatimes.com
Adding to the sense of optimism, the US Federal Reserve left rates unchanged, saying that the world’s largest economy was showing signs of leveling out. Both France and Germany had been predicted by most economists to face a decline of about 0.3% in their GDPs for the second quarter (April-June) of 2009, but they surprised themselves and the rest of the world by announcing that they’ve actually recorded growth of 0.3% each.
Among the five largest economies of the world, measured in purchasing power parity (PPP) dollars — which is more of an apples to apples comparison — China and India are already growing at healthy rates, although lower than their own pace for the last few years. Japan too has climbed out of recession and so has Germany. These economies and the US account for 47% of world GDP in PPP terms.
http://economictimes.indiatimes.com
Thursday, August 13, 2009
Big tax cut coming your way
Finance minister Pranab Mukherjee on Wednesday unveiled a roadmap for reforms in direct taxes that promises to drastically cut the tax liability of most individuals by considerably raising tax slabs. The new direct taxes code, proposed to be implemented from April 2011, aims to moderate effective tax rates in the hope that this will encourage more people to pay up.
The most significant changes proposed are in personal income tax, which could lead to tax savings of up to Rs 2.67 lakh each year. The 10% tax rate, currently applicable for incomes between Rs 1.6 lakh and Rs 3 lakh, will apply to incomes between Rs 1.6 lakh and Rs 10 lakh, which means those with incomes between Rs 3 lakh and Rs 10 lakh could save up to Rs 1.17 lakh from their annual tax liability.
The next slab of 20% would be applicable for incomes between Rs 10 lakh and Rs 25 lakh instead of — as is currently — between Rs 3 lakh and Rs 5 lakh and the 30% slab would be for incomes exceeding Rs 25 lakh, which now kicks in at Rs 5 lakh. The benefits to taxpayers with annual incomes of Rs 25 lakh or more as a result of these changes would be about Rs 2.67 lakh per annum.
As the icing on the cake, the new code proposes to allow for exemptions on savings up to Rs 3 lakh rather than the Rs 1 lakh now allowed under Section 80C of the I-T Act. There is a catch, though. There is no mention of any exemption for housing loans, though the exemption for higher educational loans will stay.
The exemption limit at which taxes kick in will continue to be higher for women and senior citizens. For women, their tax meter will start ticking when their income exceeds Rs 1.9 lakh per annum, whereas senior citizens will have to pay tax only if they earn more than Rs 2.4 lakh a year.
A change that could be problematic for many individuals is in the treatment of post-retirement benefits like provident fund. The adoption of the EET (exempt-exempt-tax) method will mean that any withdrawal of money from your PF account, for whatever reason, will attract a tax since the amount withdrawn will be treated as part of your income for that year. This will, however, apply only to amounts that accrue April 2011 onwards.
Like personal taxes, the corporate tax rate too is to be cut from the existing 30% (excluding cesses and surcharges) for domestic firms to 25%. Also, companies can carry forward losses for as long as they like, while earlier, a loss in a year could be set off against profits only within the next eight years.
courtesy:Toi
In the case of foreign companies, however, in addition to this 25% tax, there will be a 15% tax on ``branch profits''. Branch profits, the code explains, are defined as total income minus corporate tax. This seems to suggest that the effective tax rate for foreign firms could actually be slightly higher than the current 35%.
Another big change is inclusion of financial assets — like shares and deposits — in the calculation of wealth tax. The whammy is sought to be offset by a reduction in the wealth tax rate from 1% to 0.25% and an increase in the threshold limit to Rs 50 crore. It's also proposed to do away with the securities transaction tax, and change the manner in which tax holidays for infrastructure industries is given.
Explaining the rationale behind these changes, the FM said: ``The aim of the direct tax code is better compliance and better realization with likely expansion in the tax base.'' He added, ``All direct tax laws have been brought under one umbrella and laid down in a manner that it will eliminate the scope of litigation.''
Former FM and union home minister P Chidambaram who had begun the process of rewriting the tax laws after Budget 2005-06 said: ``It underlines the philosophy of the government, that is, a regulated free market system... The new direct tax code will promote economic activity and entrepreneurship.''
The code has been put up on the finance ministry's website and the government has invited suggestions. It plans to introduce a draft bill to enact the new code in Parliament in the Winter Session.
courtesy:toi
The most significant changes proposed are in personal income tax, which could lead to tax savings of up to Rs 2.67 lakh each year. The 10% tax rate, currently applicable for incomes between Rs 1.6 lakh and Rs 3 lakh, will apply to incomes between Rs 1.6 lakh and Rs 10 lakh, which means those with incomes between Rs 3 lakh and Rs 10 lakh could save up to Rs 1.17 lakh from their annual tax liability.
The next slab of 20% would be applicable for incomes between Rs 10 lakh and Rs 25 lakh instead of — as is currently — between Rs 3 lakh and Rs 5 lakh and the 30% slab would be for incomes exceeding Rs 25 lakh, which now kicks in at Rs 5 lakh. The benefits to taxpayers with annual incomes of Rs 25 lakh or more as a result of these changes would be about Rs 2.67 lakh per annum.
As the icing on the cake, the new code proposes to allow for exemptions on savings up to Rs 3 lakh rather than the Rs 1 lakh now allowed under Section 80C of the I-T Act. There is a catch, though. There is no mention of any exemption for housing loans, though the exemption for higher educational loans will stay.
The exemption limit at which taxes kick in will continue to be higher for women and senior citizens. For women, their tax meter will start ticking when their income exceeds Rs 1.9 lakh per annum, whereas senior citizens will have to pay tax only if they earn more than Rs 2.4 lakh a year.
A change that could be problematic for many individuals is in the treatment of post-retirement benefits like provident fund. The adoption of the EET (exempt-exempt-tax) method will mean that any withdrawal of money from your PF account, for whatever reason, will attract a tax since the amount withdrawn will be treated as part of your income for that year. This will, however, apply only to amounts that accrue April 2011 onwards.
Like personal taxes, the corporate tax rate too is to be cut from the existing 30% (excluding cesses and surcharges) for domestic firms to 25%. Also, companies can carry forward losses for as long as they like, while earlier, a loss in a year could be set off against profits only within the next eight years.
courtesy:Toi
In the case of foreign companies, however, in addition to this 25% tax, there will be a 15% tax on ``branch profits''. Branch profits, the code explains, are defined as total income minus corporate tax. This seems to suggest that the effective tax rate for foreign firms could actually be slightly higher than the current 35%.
Another big change is inclusion of financial assets — like shares and deposits — in the calculation of wealth tax. The whammy is sought to be offset by a reduction in the wealth tax rate from 1% to 0.25% and an increase in the threshold limit to Rs 50 crore. It's also proposed to do away with the securities transaction tax, and change the manner in which tax holidays for infrastructure industries is given.
Explaining the rationale behind these changes, the FM said: ``The aim of the direct tax code is better compliance and better realization with likely expansion in the tax base.'' He added, ``All direct tax laws have been brought under one umbrella and laid down in a manner that it will eliminate the scope of litigation.''
Former FM and union home minister P Chidambaram who had begun the process of rewriting the tax laws after Budget 2005-06 said: ``It underlines the philosophy of the government, that is, a regulated free market system... The new direct tax code will promote economic activity and entrepreneurship.''
The code has been put up on the finance ministry's website and the government has invited suggestions. It plans to introduce a draft bill to enact the new code in Parliament in the Winter Session.
courtesy:toi
Don’t stack up money, invest for best returns
Haven’t you heard the advice ‘don’t let money stay idle’? Have you wondered what it means? Of course, we all know a safe is safe after
all. And if it’s a bank safe, all the more so. You even earn a little return on it. But besides this, is there something to it? Well, if you talk to a financial expert
, he will use the phrase ‘time value of money’. Simply put, it means your money has some value that is linked to time. “Money and time are related. For example, receiving Rs 10 today is not the same as receiving the same amount after two years. Same is the case of repaying a loan today or after six months,’’ explains Gaurav Mashruwala, a certified financial planner.
His point is, if you get Rs 10 today and you have invested it somewhere and earned 10% return on it in six months, the money would have grown to Rs 11. Ditto for repaying a loan after six months. If you earn something on the money till you repay the loan, you are left with some spare cash. On the other hand, if you pay it immediately, you wouldn’t get a chance to make those extra bucks. Sure, when you are repaying a loan, other factors like penalty enter the scene. However, we won’t concern ourselves with such details here.
“When I meet some people for the first time, I am amazed how much money have they stashed in their savings account. When I ask them why they didn’t make any investment or open a fixed deposit, most say they haven’t decided on it,’’ a wealth manager says. “When I tell them they could have earned at least 6-7% on it in the last one year instead of a measly interest on their savings account, they realise their mistake. But then time wasted is a lost opportunity to make more money,’’ he adds. Some experts also use the concept to drive home the point that if you don’t invest the money properly (on proper investment avenues, that is), it may lose value partly.
“With time value of your money enhances or reduces,’’ says Mashruwala. “For example, if someone is offering you Rs 10 today or Rs 11 after six months, what would you choose. Obviously, Rs 11 after six months is better because it is 10% extra in six months,’’ he explains. The wealth manager points to another scenario. “Many people keep their money in safe avenues like bank deposit even for long-term needs. The question they should ask is what is the point of earning below inflation. It means you are at the risk of an erosion in the value of your capital,’’ he says.
For example, if the inflation is at 6% and you are earning 3.5% from your deposit, you are definitely losing the value of your money.
The most important aspect of time value of money is explained by the power of compounding (Einstein called it the 8th wonder of the world) that enhances the value of money by many times. Unlike in a simple interest scenario, where the interest is given to you periodically, here the interest or return is reinvested and you would start earning on it too. Because of this multiplier effect, the corpus grows immensely over a long period of time. This is one of the reasons why experts advocate equity for long term goals.
all. And if it’s a bank safe, all the more so. You even earn a little return on it. But besides this, is there something to it? Well, if you talk to a financial expert
, he will use the phrase ‘time value of money’. Simply put, it means your money has some value that is linked to time. “Money and time are related. For example, receiving Rs 10 today is not the same as receiving the same amount after two years. Same is the case of repaying a loan today or after six months,’’ explains Gaurav Mashruwala, a certified financial planner.
His point is, if you get Rs 10 today and you have invested it somewhere and earned 10% return on it in six months, the money would have grown to Rs 11. Ditto for repaying a loan after six months. If you earn something on the money till you repay the loan, you are left with some spare cash. On the other hand, if you pay it immediately, you wouldn’t get a chance to make those extra bucks. Sure, when you are repaying a loan, other factors like penalty enter the scene. However, we won’t concern ourselves with such details here.
“When I meet some people for the first time, I am amazed how much money have they stashed in their savings account. When I ask them why they didn’t make any investment or open a fixed deposit, most say they haven’t decided on it,’’ a wealth manager says. “When I tell them they could have earned at least 6-7% on it in the last one year instead of a measly interest on their savings account, they realise their mistake. But then time wasted is a lost opportunity to make more money,’’ he adds. Some experts also use the concept to drive home the point that if you don’t invest the money properly (on proper investment avenues, that is), it may lose value partly.
“With time value of your money enhances or reduces,’’ says Mashruwala. “For example, if someone is offering you Rs 10 today or Rs 11 after six months, what would you choose. Obviously, Rs 11 after six months is better because it is 10% extra in six months,’’ he explains. The wealth manager points to another scenario. “Many people keep their money in safe avenues like bank deposit even for long-term needs. The question they should ask is what is the point of earning below inflation. It means you are at the risk of an erosion in the value of your capital,’’ he says.
For example, if the inflation is at 6% and you are earning 3.5% from your deposit, you are definitely losing the value of your money.
The most important aspect of time value of money is explained by the power of compounding (Einstein called it the 8th wonder of the world) that enhances the value of money by many times. Unlike in a simple interest scenario, where the interest is given to you periodically, here the interest or return is reinvested and you would start earning on it too. Because of this multiplier effect, the corpus grows immensely over a long period of time. This is one of the reasons why experts advocate equity for long term goals.
Saturday, July 4, 2009
Money Makeover: 5 Sites for Your Finances
Getting a handle on the household finances will be a defining theme for many consumers in 2009. But with a litany of different accounts -- credit-card accounts, savings and checking accounts, not to mention IRAs, 401(k)s and money markets -- to complicate our financial lives, that goal may be difficult to attain without a little help.
Fortunately, getting your financial house in order for the new year is just a mouse click away. A slew of new web sites allow users to organize and track various accounts from one location. These sites make it easier for users to figure out how much money they have and where it's going -- an important first step in getting one's finances under control, says Belinda Fuchs, a wealth coach, CPA and president of OwnYourMoney.com a financial coaching and education company. The sites also warn subscribers when they're painfully close to overdrawing an account or missing a bill payment, saving them plenty of money in overdraft fees and other charges.
Here are five free sites that Fuchs recommends to whip your fiscal life into shape.
Mint
This award-winning web site (it has won multiple Webby and PC World awards, and was named Best New Financial Service at the American Business Awards) allows you to sync and track all of your financial accounts, create budgets, and sign up for alerts that warn you if you’ve gotten charged a bank fee or exceeded your monthly budget. As an added bonus: The site analyzes your accounts and recommends better available interest rates for checking and savings accounts, and credit cards to help you save more money.
Rudder
Launched in 2008, this money-management site provides budget planning and email reminders when bills are coming due. It also calculates what you’ll have left after all the bills are paid. Like Mint.com, the site is secured by Verisign (VRSN: 18.05, -0.46, -2.48%), TRUSTe and McAfee (MFE: 41.00, -0.71, -1.70%), and doesn’t store any user names or passwords related to your financial accounts.
Thrive
Use this site to help you organize your debt and develop a plan to get out from under it. The site offers a quantified "financial health" score, which measures things like your debt-to-income ratio, your spending rate, and the terms of your various accounts. It also provides personalized advice on spending and helps you create plans to save for anything from graduate school to a new iPod.
SmartyPig
Want to take the family on vacation to the Bahamas or start a college fund for your eldest child? This site helps you save for specific goals by suggesting a monthly deposit amount and providing other tips. It also includes social networking applications that allow you to invite others to contribute to your account. And, when you’re ready to spend what you’ve saved, the site provides a financial incentive of up to 6% to buy gift cards from certain retailers through the site.
BillShrink
If your credit-card issuer is charging you sky-high rates, then this site may be able to find you a better deal. BillShrink monitors millions of credit-card rate combinations, and matches them against individual consumers' usage patterns. Just upload your credit-card bill and the site will do the rest for you. Bonus: They also offer the same service for cellphone plans.
http://www.smartmoney.com
Fortunately, getting your financial house in order for the new year is just a mouse click away. A slew of new web sites allow users to organize and track various accounts from one location. These sites make it easier for users to figure out how much money they have and where it's going -- an important first step in getting one's finances under control, says Belinda Fuchs, a wealth coach, CPA and president of OwnYourMoney.com a financial coaching and education company. The sites also warn subscribers when they're painfully close to overdrawing an account or missing a bill payment, saving them plenty of money in overdraft fees and other charges.
Here are five free sites that Fuchs recommends to whip your fiscal life into shape.
Mint
This award-winning web site (it has won multiple Webby and PC World awards, and was named Best New Financial Service at the American Business Awards) allows you to sync and track all of your financial accounts, create budgets, and sign up for alerts that warn you if you’ve gotten charged a bank fee or exceeded your monthly budget. As an added bonus: The site analyzes your accounts and recommends better available interest rates for checking and savings accounts, and credit cards to help you save more money.
Rudder
Launched in 2008, this money-management site provides budget planning and email reminders when bills are coming due. It also calculates what you’ll have left after all the bills are paid. Like Mint.com, the site is secured by Verisign (VRSN: 18.05, -0.46, -2.48%), TRUSTe and McAfee (MFE: 41.00, -0.71, -1.70%), and doesn’t store any user names or passwords related to your financial accounts.
Thrive
Use this site to help you organize your debt and develop a plan to get out from under it. The site offers a quantified "financial health" score, which measures things like your debt-to-income ratio, your spending rate, and the terms of your various accounts. It also provides personalized advice on spending and helps you create plans to save for anything from graduate school to a new iPod.
SmartyPig
Want to take the family on vacation to the Bahamas or start a college fund for your eldest child? This site helps you save for specific goals by suggesting a monthly deposit amount and providing other tips. It also includes social networking applications that allow you to invite others to contribute to your account. And, when you’re ready to spend what you’ve saved, the site provides a financial incentive of up to 6% to buy gift cards from certain retailers through the site.
BillShrink
If your credit-card issuer is charging you sky-high rates, then this site may be able to find you a better deal. BillShrink monitors millions of credit-card rate combinations, and matches them against individual consumers' usage patterns. Just upload your credit-card bill and the site will do the rest for you. Bonus: They also offer the same service for cellphone plans.
http://www.smartmoney.com
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