(Guest Post by Nicky Taylor)
One of the major issues for any successful business is good financial management. You need to be sure that your income is safe, you have access to what you need when you need it and your banking facilities work for your business style. A good bank will offer all the services, tools and support to set up a tailored financial system for and will make prove invaluable to your business, what ever it may be.
Having an account manager who knows about your business is an option at most banks. Building a personal relationship with the people who manage your money makes good sense, and reduces time in searching your files and going through the security processes each time you call. An account manager can advise on the best accounts, credit or debit facilities and ways to manage regular payments like tax, ACC and compliance costs.
Corporate finance services
Finance executives can help you to make the smartest choices around your business banking. If you need access to EFTPOS and credit facilities, they will set these services up for you. They can advise on your international transactions and on the best investment opportunities for capital growth.
Loans and borrowing
Corporate finance covers your borrowing needs, whether you are upgrading your information technology, refurnishing the office or opening a new branch, either in New Zealand or overseas. Corporate finance bankers can organise the loans you need, and arrange repayments that you can afford.
Global Markets are an ever-changing arena. Your bank will have up to the minute market knowledge, exchange rate and securities information to manage risk in the foreign exchange. Risk calculators and online tools can help to keep your offshore business running smoothly and maximise value for shareholders.
Setting up and starting out
While banks are not business advisers, they are able to guide you when you’re starting out in business, and can steer new businesspeople in the right direction. Some banks have business operating guides available, and will be able to assist with budget and cashflow forecasting solutions. At any time during your corporate life, you may want to re-evaluate your financial situation, and your bank can offer invaluable suggestions for this.
Whether your needs are setting up a small business, extending an existing one or developing global marketing, speak to the account manager at your bank to see what they can offer. Banks have extensive experience, knowledge and resources at hand to assist you with your corporate finance needs. Work in partnership with your bank to provide the best possible service to your clients.
Nicky Taylor is a Christchurch-based writer and illustrator. As a long-term consumer of corporate banking services, she is aware of the issues and concerns people may have around financial management.
Personal loans and other forms of credit are available from Egyptian banks in much the same way as they are from banks in the United Kingdom and United States and elsewhere. But whether a loan application is approved or not, as the case may be, is a completely separate matter. Haven’t we all been there at some point in our lives, fairly confident of a favourable decision but also worried the application might just be turned down? Of course we have.
Applying for a bank loan from HSBC, Barclays, Lloyds TSB or any other UK High Street bank is a very easy process nowadays, especially if you do it all online. It’s very much the same in Egypt. But notice all that ‘gobbledygook’ at the bottom of the UK web page?
Typically, it’ll mention something about being authorised and regulated by the Financial Services Authority or licensed by The Office of Fair Trading. Usually, you won’t find any equivalent at the bottom of the web page of an Egyptian bank or lender. That’s because financial services in the United Kingdom are more heavily regulated and controlled, which better protects the interests of consumers by making the whole process much more transparent.
Personal loans are taken out for all manner of reasons. You might want to use the money to buy a new car, a computer, furnishings for your home, or to go on a dream holiday. Whatever the reason, one of the most important decisions you’ll have to make is how much to borrow. And that may depend on your salary level and your credit history. Are you a good risk or a bad one? The banks will need to decide before letting go of any cash.
When looking to borrow money, shop around for the best deal. That’s good advice because the loan qualification criteria is likely to vary greatly from bank to bank. Some Egyptian banks will look for a monthly salary minimum of 1,000 EGP, while for others it will be two or three times greater than that. Some banks will set a borrowing ceiling of around 150,000 EGP while other banks will allow borrowing up to 600,000 EGP. Some will set a minimum loan term of six or 12 months, with a maximum term ranging from 36 to 60 months or even longer. Minimum age, too, is often different for each bank and can be anything from 21 years to 25 years
As you’ll no doubt quickly realise, terms and conditions really do vary enormously. Usually, most banking web sites have some kind of a loan calculator. Some are good and others leave a lot to be desired. Nevertheless, using a calculator will at least give you a basic idea of how much you’ll be able to borrow for a given level of monthly salary.
Approval can be fairly rapid or can take several days. Again it depends on which bank you go for. Naturally, documentation will be required although it’s usually minimal. You’ll obviously need to complete the loan application form and then produce suitable ID, such as your passport and residence visa. A letter from your employer will be necessary, too, confirming your monthly salary. You may also be required to produce a utility bill of some kind with your name on it.
For more information on banking in Egypt, visit the Central Bank of Egypt.
In the past few years, social buying sites like Groupon and LivingSocial have become incredibly popular. There is no doubt that if you use them correctly, you can save a considerable amount, but if you aren’t careful, deal sites may actually cause you to waste money if you do any of the following:
Let the deal expire
Most deals have expiration dates. If you forget about one that you have purchased or don’t find time to use it before it expires, either the terms of the deal change significantly or the deal is completely void.
Buy something you don’t need
If you don’t practice yoga, buying a deal for a yoga studio probably isn’t necessary. Similarly, if you don’t typically wash your car, a deal for a car wash isn’t the best use of your cash. That’s not to say that these deals won’t save you money on things you might have been meaning to try; just make sure you use some discretion!
Spend more than you would have without the deal
If you purchase a “£20 for £50” restaurant deal and would only usually have spent £35 at the restaurant, you may find yourself adding things like wine and dessert to your tab in order to get your money’s worth. Oftentimes, the bill will end up higher than £50 and your deal will not have saved you nearly as much as you originally thought.
Forget to read the fine print
A few weeks ago I purchased a deal for making a photo book online. However, I never read the details of the description and ended up making the book in the wrong size. After spending so much time on the book, I didn’t want to change the size so I ended up paying full price and losing the amount I spent on the deal.
Have you ever actually wasted money on a “deal?”
QuickQuid.co.uk is the premier online provider of short term loans in the United Kingdom. Its quick, convenient services have helped over half a million Britons bridge the gap between paydays from the comfort and privacy of home.
Some people are naturally good at managing their finances but unfortunately there are plenty of people who aren’t. Personal finance is one of the first things that you need to learn how to do when you become an adult but some people forget how to manage their personal finances properly. Here are some tips that should help you to be better at managing your finances:
Self control is one of the most important things when it comes to managing your finances. Without self control you can end up wasting a lot of your income on things that you don’t really need to buy, taking out loans that you simply can’t afford to pay back etc. so it’s really not a good way to be. So, next time that you’re putting something on your credit card or whatever ask yourself whether you really need to put it on your credit card, can you not afford to pay it out of your wages? And if you can’t then are you able to wait until the following week to buy it?
Another good idea is to make a weekly budget so that you know exactly where your income is going. It’s never a nice feeling to get paid and then wonder where all your money went but a budget can help you feel a bit better about spending your money on things that are actually important such as paying money off your mortgage. As well as this, by making a weekly (or monthly!) budget you can see where all your money is going and see whether there are any ways that you can save some money. For example; if you go out to eat twice a week surely you can cut this down to once a week and use the money that you save on more important things like paying off your debt etc.
A lot of people assume that they shouldn’t get a health insurance policy since they can’t afford it on their current income but you really should think about getting a health insurance policy. Even if you don’t think that you can afford it, why not take a look at some of the cheaper policies that are available? Having a bit of health insurance is definitely much better than having none at all!
Another thing to think about is whether you can afford to pay hundreds or even thousands of pounds in medical bills if you get sick in the future, if the answer is no (and you don’t want fall into the cycle of using emergency loans from brokers like http://www.paydayloansuk.org.
That’s just 3 financial tips that should help you out a bit if you are finding money management a struggle.