This insurance serves to protect your interests from any financial impact that can happen if you accidentally cause damage to any public or private property. There are many other types of auto insurance policies in Pakistan. The majority of these offer more comprehensive monetary coverage for events like car accidents, theft, and damage to your car due to any eventuality.

For more details about car insurance types and why you should invest in car insurance read our posts Why Car Insurance Has Now Become an Important Aspect in Pakistan and 5 Things to Consider When Choosing Car Insurance In Pakistan.

It is pointless to say the obvious but to claim any of the insurance coverage that you have paid for, you need to follow a set procedure specified by insurance companies. The purpose of today’s blog is to appropriately educate you on the process of claiming car insurance in Pakistan.

Read on and learn about the step-by-step guide about the process of filing a car insurance claim while following all the necessary conditions and requirements.

A Step Wise Guide to Claiming Car Insurance In Pakistan

As a basic rule of any financial obligation, you should read your insurance policy carefully. You should know what terms and conditions are included in the policy. Reading the policy also lets you know what and what is not covered when you need to file a car insurance claim.

1. In case of an accident, after making sure that everyone in the car is safe. You should call your car insurance company and inform them about the accident.
2. You will need to have your policy number ready with you for verification purposes.
3. After verification, the insurance company will either ask you to take your car to one of their authorized service centers or to any of your nearest workshops at your convenience.

4. The insurance company will then send a surveyor to your workshop. This person will inspect and verify the damage caused to your vehicle. The surveyor will then submit a report along with pictures of damaged parts and the estimated maximum cost of repairs.
5. The surveyor report can also suggest the repairs and replacements needed in the damaged part of your car. (This can be less than what your workshop is suggesting)
6. You may also need to show your car insurance policy documents at the workshop.
7. The surveyor can also ask to verify your car insurance policy documents before proceeding with any examination.

Note: The car insurance companies in Pakistan give you two options in terms of reimbursements. You can either pay for the repairs of your car instantly after the surveyors complete their job. The payment will then be reimbursed by the car insurance company. 

Otherwise, if you don’t want any extra out-of-pocket expenses, you can wait for the completion of the process. Once the process is done, your car insurance company will directly pay the workshop for the repairs. 

Some important things to remember when claiming your car insurance in Pakistan are discussed below:

Points to Remember

1. When you call your insurance company after the incident with your car, you need to give them every important detail. For instance, details about your accident. You need to specifically tell them about your location and if your car is not in a drivable condition. This is to get towing assistance in a timely manner.
2. You may also need to lodge an First Information Report (FIR) with the police. This is usually needed in both hit and run and car theft cases. This requirement can also vary from case to case in according to different auto insurance policies in Pakistan.
3. If you want to claim insurance against the theft of your car, you will also need to arrange for CCTV camera footages, if there are any available.
4. Don’t make the mistake of getting your car repaired without informing the car insurance company as it may nullify your car insurance claim. You will also have to wait for the surveyor to finalize their report about the costs of the repairs.
5. Payments from car insurance companies in Pakistan are made in the form of cash, online transfer, bank drafts, or cheques. Users can usually select their preferred mode of payment for the insurance of a car in Pakistan.

6. For claiming car insurance in Pakistan, the mandatory documents are as follows:

• A clear copy of your original driver’s license
• documents verifying your car insurance policy.
• A clear copy of your original Computerized National Identity Card (CNIC)/Smart Card
• Original slips or receipts of any payments you have made for reimbursement. This is a mandatory condition in the case of insurance of damaged cars.
• Copy of FIR and any other pieces of evidence in case of car theft as well as hit-and-run accidents.

Sadia Zaheer

Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.

The post How to File a Car Insurance Claim and Maximize Your Benefits in Pakistan appeared first on Smartchoice.pk.

1. Diversification

Adding some inflation-resistant diversifiers to your investment portfolio can help reduce the impact of inflation. Inflation-resistant assets are investments that usually maintain or even rise in value during inflationary periods. Such assets include commodities like gold, real estate, inflation-linked bonds, and dividend-paying stocks.

By including these assets in your portfolio, you can theoretically balance the negative effects of inflation and maintain, if not increase, the value of your investments over the inflationary period. The goal of diversification is to reduce overall risk. Adding some more inflation-resistant assets to your portfolio can be a sound strategy for achieving this objective.

Some basic assets to diversify into are:

·      Real Estate

Real estate is traditionally known to be a good hedge against inflation as it tends to maintain or even rise in value during periods of inflation. Many real estate assets, such as rental properties, generate income through rent payments.

Rental income usually rises along with inflation. In addition, as the cost of goods and services rises due to inflation, the replacement cost of real estate also tends to increase, which pushes up property values over time. This means that your investment remains secure during inflationary periods.

·      Commodities

Investing in commodities is another good way to hedge against inflation since the prices of common commodities like gold, silver, and oil usually rise during inflationary periods. This rise usually occurs because these commodities are seen as better stores of value. They offer adequate protection against the erosion of purchasing power that inflation causes.

• Dividend-paying stocks

Blue chip stocks that are regular dividend payers can be a good hedge against inflation. Most companies only pay dividends when they have stable cash flows. Such companies can usually sustain and even increase their dividend payouts over time, which can help offset the impact of inflation on your portfolio.

When companies pay dividends, they return a portion of their profits to shareholders. This is seen as a sign of financial strength and stability, which is especially important during inflation when the prices of goods and services are rising. Additionally, dividend-paying stocks offer a regular income stream that can help supplement other income sources, such as a pension.

It is important to note that not all dividend-paying stocks are the same equal, and investors should do their due diligence to ensure that they invest in quality companies with sustainable dividend policies. Investors should also focus on diversifying their portfolios over different sectors and industries to reduce the overall risk of their investment portfolio.

2. Manage your budget

When prices rise, our non-essential spending usually takes the biggest hit as consumers try to cut back on nonessential purchases. Such changes in consumer behavior can play a significant role in reducing the impact of inflation. To adapt to the prevailing market conditions, it usually makes sense to delay buying goods that are heavily impacted by inflation. Assets like cars, furniture, or high-end groceries like meat and mithai (sweetmeat) experience lower demands as users try to manage their limited budget to adjust for higher prices.

3. Don’t Keep your savings in cash

During market turbulence and rising inflation, it may seem safer to withdraw your funds from the market and shift your investments into cash. However, in an inflationary climate, holding onto cash can prove to be harmful.

While it may seem secure since the balance in your account remains constant, it is better to go bargain hunting in a fallen market and pick up strong stocks at lower prices. This allows you to book gains once the stock market recovers and allows you to keep your capital safe as well.

4. Reassess your emergency fund

Most investors decide to keep a larger cash amount in their emergency fund to adjust for the rising expenses that come with inflation. When the cost of goods and services is rising, increasing the size of your emergency fund can offer an added layer of security. It also helps to cover for any unforeseen expenses.

Setting aside enough cash to cover three to six months’ living expenses is normally advised. However, this fund should reflect the current prices during economically uncertain times. You can also revise both prices and the number of months’ budget you keep in your emergency fund.  Both strategies are advisable in case of an unexpected financial setback.

5. Reduce your Taxes

It is important to lessen the burden of taxes on your finances, especially in the light of growing taxes. It is necessary to focus on tax efficiency. Investors need to move their tax-inefficient investments into tax-deferred or tax-exempt options, especially during periods of market volatility. This can help in reducing your overall tax burden. By doing so, you may be able to offset the impact of inflation to some extent and ultimately improve your financial standing.

Adopting a defensive approach or investing heavily in short-term assets such as cash and CDs could be exceptionally precarious in the current economic climate. Although we are told to expect a decrease in inflation from its recent highs, it seems likely to take several quarters for this to materialize. Even though there is considerable uncertainty in the investment landscape, exercising excessive caution may pose a genuine threat of eroding the value of your assets over time.

Conclusion

It is important to note that while these strategies may help protect your portfolio in a high-inflation environment, there are no guarantees in investing. As with any investment, it’s important to research, consult a financial advisor, and make decisions based on your financial situation and risk tolerance.

Sadia Zaheer

Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.

The post How To Invest In A High Inflation Environment And Protect Your Portfolio appeared first on Smartchoice.pk.

While registering your insurance application, the insurance providers generally conduct a comprehensive assessment of your health based profile. Based on their review and criteria, they fix the premium rates.
The imminent fear surrounding covid-19 and the constant rise in covid-19 cases have made people realize the importance of health and the associated benefit of health insurance cover. Insurance providers and online aggregators and other mediators have noticed a significant rise in demand for health insurance policies ever since the COVID-19 pandemic set in.

It is advised that if an individual is still uninsured and finally wants to take the nosedive, it is to be understood that health insurance premiums could fluctuate due to multiple factors such as age, your topographical location, pre-existing diseases, and the sum insured you opt for, among others. Also, each insurance provider could take into account different parameters while underwriting, which could also impact premiums.

Factors influencing health insurance premiums

Every insurance providers have specific guidelines based on which they decide the premium rates. Here is a list of multiple things that they consider while determining the medical insurance premium

Age

This one of the perilous factors that has a major effect on the premium amount. Generally, insurance companies follow this rule of thumb. The higher the age, means higher the premium. Older people are at a greater higher risk of suffering from illness than young ones. So, if it is sensible to buy a health insurance premium when you are young; you will be to receive comprehensive coverage and better benefits for the policyholder at an affordable premium.
The older population is considered as high-risk customers by insurance companies. Health insurance premiums are mostly based on the probability of you falling sick. Most insurers have age-wise bands to decide premiums and others apply a small yearly increment.

Past Medical History of the Policyholder

When procuring a health insurance policy the past medical records are fundamental in deciding the premium. If you have a history of suffering from illnesses or have a pre-existing illness, then the premium will be higher for the policyholder. But if you have had no illness and have a relatively healthy life, then your premium will be lesser.

Occupation

The nature of work and the extent of risk that you’re exposed to at work affects the premium charges. Suppose you work in a safe environment, your premium will be less, but if you work in an environment like a construction site or at an industrial unit where the risk of being injured is high, then the premium amount will be higher.

Policy Duration

The contract of your policy also plays an important role in your health insurance policy. If you choose a policy when it is on discount. It would be better if you buy/renew the policy before the policy tenure ends.

Body Mass Index (BMI)

Body mass index (BMI) and lifestyle may not be considered upfront for premium calculation but if you’re underweight or obese, it could push the insurer to reconsider your proposal for buying a health policy.
Premium amount is raised if you the individual procuring health insurance policy has a high BMI. People with high BMI are at risk of serious diseases including heart diseases, type 2 diabetes, breathing problems, high blood pressure and cancer. This is because people with high BMI are also at a high risk of suffering from various diseases like diabetes, and heart-related problems and therefore need regular medical care.
There’s an acceptable range in terms of BMI and if your BMI is very high, there are two possibilities. The insurer could either deny offering you a cover or come up with some amount of loading which will push up the policyholder premium amount.

Smoking Habits

According to a report published in Lancet, a medical journal. Smoking increases health risks, and the insurance companies see smokers as high-risk insurance holders and therefore charge a high premium amount. People who smoke pay high premiums as compared to non-smokers since they are more at health risk.

Geographical location

The location where you stay determines your policy premium cost. For certain geographic locations, the premium rates are high due to a lack of healthy food options, climate and health issues.

The Type of Plan You Choose

Premium payments vary depending on the type of health insurance cover you choose. A group health insurance policy has a lower premium as compared to an individual policy. Also, if you have purchased add-on covers like maternity or anything, your premium will increase. Individual or group insurance (which can also be categorized as “corporate health insurance”) has a low premium rate, while family floater has a high premium rate. Again, the policy terms differ from company to company.

Coinsurance Feature

While purchasing a health insurance policy, if you opt for coinsurance a feature that yet to is introduced fully in the Pakistani insurance market, your premium will be less. In coinsurance, you pay a specific portion of the claim for any claim, and the insurance company gives the rest. This step reduces the premium amount significantly.
After considering all these factors, the insurance company uses the health insurance calculator to decide the final amount of the premium. You can also use any online insurance premium calculator at Smartchoice to calculate your estimated premium.

Gender

Same as age plays a key role in determining your health insurance policy premium. The older you get, the higher premium you pay because your chances and probability of falling ill increases as you grow older.
A couple of insurance providers in some countries could also take gender into account while setting up the amount of the premium. In some cases, the premiums could be higher for men compared to women. Usually, the reason is since men are more likely to go out for work and, hence, more likely to meet with accidents or fall sick. Drug abuse and smoking are the other factors which could expose men to higher chances of heart ailments.”

Sum insured and add-on covers

The sum insured you opt for has a direct impact on the premiums. The add-on covers that you select for the health insurance policy is available for instance maternity plan (terms and conditions applied) also affect the overall premium but the rise depends on the type of add-on.
However, increasing the sum insured a couple of years after buying the policy does not mean that your premium will go up proportionately. “As your sum insured increases, the chances of you using up the complete amount aren’t very high. Therefore, the premium never increases proportionately. There would only be an incremental increase. The increment would also depend on the cover added for the said procured policy.
If the policy renewal is continuous and on time the insurance company could also negotiate with you by reducing the coverage where they’d exclude covering you for a few conditions while charging a regular premium.

Type of plan

The premium you pay could also depend on the type of plan you opt for. Typically, a family floater plan works out cheaper than an individual policy because the policy covers the entire family under the same sum insured.
For example, the premium you pay for buying two individual plans with a cover of ₹5 lakh each would be higher than what you pay for a floater plan with the same sum insured because the chances of both individuals falling sick is lower.

Note that the premium for a family floater plan is decided based on the age of the oldest member covered under the policy.

Family medical history

In some cases, individual or family medical history could also have a bearing on the premiums. Other than a mandatory waiting period for individuals with pre-existing conditions, the premium could be higher too because such individuals are more likely to get hospitalized and file a claim.
“A policy seeker with no ailments could end up paying less premium whereas a person with a medical history or any family medical history such as diabetes, cancer and blood pressure might have to pay comparatively higher premiums.

Types of health insurance plans

There are multiple health insurance plans available that have varying coverages and premiums. The premiums and coverage offered by the policyholder are directly proportional to each other. The plans are available for individual, family, parents, critical care, her care and many other plans. These plans vary in their premiums, types of coverage they offer and the number of people they provide coverage for in each plan. Some of the plans are specific to the needs that the plan is created for, for instance, the “Her care” plan specially caters to diseases that concern women like breast and ovarian cancer, etc.

The critical care plan offers lump sum coverage for critical diseases and ideally also has a very low premium amount as well. The family plan covers husband wife and three children up to the age of eighteen. The individual plan provides coverage for individual only and the parents care is an amazing plan providing coverage for the parents above the age of 45 years onwards, these plans upon regular renewal provide coverage for pre-existing conditions concerning the diseases that arise with age.

The plans categories are bronze, silver gold and in some cases platinum as well. These plans are based on the premium amount paid versus the coverage guaranteed or promised by the health insurance provider.

Unforeseen medical emergencies could create a huge dent in your finances, set you back by a few years, or completely disrupt your finances. “While we have access to the best healthcare facilities, it comes at a cost. And we wouldn’t want to compromise on medical care which could make us stretch ourselves and put our future in jeopardy. Having health insurance ensures you have enough financial support during a medical emergency,” said Shweta Jain, CEO and founder, Investography, a financial planning firm.

So buy a health insurance policy now if you don’t have it already.

Khurram Zahid

The post Factors that Effect your Health Insurance Premiums! appeared first on Smartchoice.pk.

Already dreaming about all the travelling you could be doing in 2021 and beyond? Make it possible with some simple ways to save money for travel that you can start doing now! If you can, this is a great time to be saving money, since there are not as many places to go out to you can easily cut back by not being able to go out to eat as much, or grab drinks on Friday nights, go to an indoor gym and so on.

Money-Saving Tips

I am often asked by my best money-saving tips from people who are having difficult time-saving money, and there are often many saving tips out there that I can help them with. This is because it can sometimes be very difficult to see where you are wasting and/or spending too much money. Often what is obvious to one may be hard for another to notice and understand the situation.

Even if you’re already taking part and practising some of the best ways to save money, we believe that if you could just find a few more saving tips (or as many as you can as per your saving appetite!), you may be able to improve your financial situation so that you can live your dream life.

Taking upon the below-mentioned money-saving tips can help change your life in many ways, such as:

• Pay off your liabilities quicker.
• Stop living paycheck to paycheck.
• Live off of one income peacefully.
• Give up work (Retire) early.
• Go on your dream vacation.

And more!

In this article, we are going to talk about over fifty of the best ways to save money, and these money-saving tips will help you save more or make more money every month. We are ascertaining that learning new ways to earn the money and to save money which will completely change your life. And it’s something we can all get better at constantly. If you do all of the saving tips that we have listed below, you may be able to save hundreds or thousands of dollars each year. Remember, even a little saving at a time can add up to a lot of money in the future!

Here are over 50 of the best ways to save money:

 Find a more extreme way to save money.

I’m sure we’ve all done some super embarrassing and even crazy things to save money. we know that since we have haha! Amazing yar!

Just for the brain refresher, we recommend that you read 60+ Extreme Things People Have Done to Save Money to see some of the most interesting money-saving tips used by personal finance management experts. That list also includes some of the thrilling saving tips my readers have told me about. Some of the extreme saving idea which some millennial do use and these include money-saving tips such as:

Shave your head.

Well, it may sound pretty intense but this is a great way for men (and even women!) to simplify hair care and cut down on the cost of it. Second thing is to cut your own hair or ask your friends or family to do it for you. Haircuts are extremely expensive, especially and also if you get your hair coloured too. Instead of spending money at the salon, let someone with decent symmetry for straight line cut your hair and that person will definitely do a great job!

Fill your name brand cereal box with an off-brand, it’s just not the cereal you and cover and using multiple other things can help cut the budget and save by using this smart technique. If your family says they “need” brand for anything, then this is one of the saving tips that might help you out.

If you are facing a financial crunch or have a debt to repay move in with your whole family into your parent’s house. Owning or renting a house in a crunch time can be extremely expensive, but sometimes it needs to be understood that what is the need of the day and how saving more and spending less can save you entirely…

Well on the lighter side you can also freeze water bottles instead of using the AC. Not only will this help you save money on cooling costs, but it’s also very good for the environment.

 Bring your lunch to work.

Do you know that bringing your lunch to work actually save you money?

We would like to share an interesting statistic that said on average each per spends around
PKR 70,000 a year on lunches. That is a mix of eating out and eating in when at work. (That to the calculation that is a lot of money) this money calculated is for a simple meal. And, if you’re not cautious and aware of your spending habits, that’s a part that can creep up on you and lead to somewhat catastrophic, such as credit card debt. One needs to manage the credit card with the utmost care and not use the card for just everything.

And, that’s the same thing about purchasing lunch at work.  It’s a small purchase that doesn’t seem like it would add up to many expenses. But, bringing lunch to work from home is one of the best ways to save money and has the potential to save the average person at least thousands of rupees a month. To take part in this money-saving tip, you can start by looking at these tasty budget lunch ideas. Another easy way to initiate the ritual of bringing lunch to work is by making an additional serving or two at dinner a day before and packing the leftovers in the freezers away for lunches

Stop paying for Cable TV.

The average monthly cable bill is over PKR 1500 to 2000 varying from area to area. If you are looking for money-saving tips that will change your life, no longer paying for TV is one of my top tips. You can do a one-stop-shop with your internet. Do a Netflix binge as well as watch television and get your office work done through internet only. This is just one of the Grade A way to save money, it will help you simplify and enjoy life even more. However, if you aren’t ready to quit paying for TV all together, there are lots of options that allow you to only pay, usually much less than cable, for the shows you want and sometimes even offer more in lesser amount.

Buy a water filter.

Sometimes, in order to save money, you may have to spend a little. You need to invest in a filter and then you can use that water at home and even when going outside, rather than constantly using bottled water, you can probably drink the water from your own home. It would be a long term investment and would give return till you are using it at your home. Note: Yes, we realize there are some cities and villages where the water is not clean enough to drink and that water needs to be bought, but that is not the average person.

 Take part in savings activities

The monthly bachat committee that almost every woman in Pakistan is familiar with and uses it as a sure shot way to save money each month smartly. It is one of the best ways to save money because this is one the easiest and safest way to save money because that enables you to pay in small easy instalments that you can take out from your earnings and get a big sum at your turn. This is the handiest money-saving tips we will talk about in this article. It’s very easy and starts you on a path to saving more money without even noticing! All you have to do is save as low PKR 500 each week for a year, which easily adds up to a savings of whooping PKR 182, 500. Right now is a great time to start this savings habit. And, it will make saving money just a little more enjoyable.

Save money automatically.

There are multiple apps available on your play store or app store that allows you to easily save money, and we are sure it will be easy and you will love it! With the savings apps, you can link up your bank account, then every few days as per the app is designed it takes a peek at your income and spending habits to see how much you could possibly save even though living comfortably. Then very smartly and automatically moves money from your one account to designated savings account set by you.

Simplify your life and go, minimalist.

Well, trying to manage your life, especially your financial life, can be tough in the current scenario. Amid learning about money-saving tips, planning for retirement, paying bills, nurturing a family, etc. life can be exhausting and strenuous. And, we all have a lot of clutter in our life not just physical, mental as well!

By living a minimalist lifestyle, you can learn how to be happier and freer, be in more control of your life, waste less of your prized time, and more. All of this will allow you to enjoy life even more and live with zeal and festivity!

Simplifying your life can include:

• Learning to be more organized.
• Paying off your dues.
• Spending less time on social media.
• Paying expenses annually or semiannually.
• DE cluttering and maybe even cut back.
• Having fewer apparel options.
• Automating your payments

Until now we have discusses how you can save money by cutting cost in 2021. These saving solutions are something that would not only cut the cost but also would make you more receptive towards every penny you spend. Saving goals cannot only be achieved via cutting on luxury items and finding alternatives. They would go as a perfect match when you save money and at the same time find avenues to generate more!

Start a blog or a vlog

Starting a blog isn’t a way to cut expenses, but there are numerous ways that a blog or vlog can help you save and even earn more money. A blog can raise your spirits to keep track of your finances, introduce and get you connected others interested in saving more, and support you make extra money. We all have across people who have started a blogging vlogging and are making thousands of rupees a month. Many have also left their 9 to 5 jobs to work from home.  People might consider it easy and similar to a jog t a nearby milk shop but No… it’s not easy work, but it can be well worth the effort it if you decide to become a full-time blogger and enjoy it.

We have seen people earn better than what they were earning while working on a day job. They are happier than ever and can also travel full-time! If you are interested in starting a blog of your own, there are multiple tutorials that will help you start a blog of your own. There are also some free blogging courses you can join to help you start and launch a successful and effective blog!

Start investing.

This may not seem like the most apparent and visible of the saving tips. We would like to put it here because investing means you will have to put some of your money out there into something to start some extra earning more and saving. But, investing now will help you become prepared for retirement, and it may even help you retire early. Not only that it can help you save for your future expenses as well, for instance, your child’s marriage, it can also help you in fulfilling your dream of sending your child abroad for education and other such expenses that require a big sum of money.

Investing is easier and easier these days, and you can start investing with very little money. This is one of the best ways to save for your future, and we definitely recommend that you get started sooner than later. There are multiple life insurance investment plans available that can very well work with your planned goals and financial milestone that you can plan for the future. One smart way to get started would take advice from an expert and more importantly unbiased advice that would fit your requirements.

Your one-stop for that can be logging on www.smartchoice.pk not only will they guide you towards your right saving plan but would also tell you the nitty gritty’s that would help you do the right cost-benefit-opportunity analysis. Enabling and empowering you to reach the right decision.

Think before you make a big purchase

This may sound like one of the unassuming money-saving tips I’ll mention, but it can be difficult for some people. Really, we have all at one time experienced that remorseful feeling after making a hefty purchase when we realize and feel that we have made a huge mistake. You may be infuriated and annoyed at yourself for wasting money, you may also realize that it will add to your debt, and more. Perhaps you don’t realize for months or years later, but you eventually understand what a waste of money the item was.

Before you make a large purchase next time, you should ask yourself a number of questions to make sure that the thing you are buying it is actually worthwhile. The questions include:

• Can I afford it?
• What else is the article going to cost?
• What else could I spend this amount of money on?
• Can the large purchase wait 24 hours?
• Can I borrow the item from someone instead of buying it at this time?
• Is there a return policy?
• Do I actually need this?

This is one of the greatest ways to save money that will help you for years to come, especially after you get in the habit of asking yourself those questions.

Get great discounts on your vacations just by using your credit card.

One of my favourite money-saving tips and ensuring great returns is to get bonus points and cashback on my credit card purchases. What many people do normally with their credit cards is like normally they would put all of our expenses on our credit cards, completely pay them off each month, and earn free rewards points and cashback depending on the nature and type of the credit card.

To make this one of the best ways to save money, you will need to be good with credit cards. You need to be able to distinguish between creating debt and making a financially viable decision. If you aren’t, well versed with your credit card then there are plenty of other money-saving tips to take part in.

Birthday freebies.

Everyone has a birthday, and you may be able to score some of the free birthday stuff by simply using your birth date on multiple places of eateries and comment boxes or by signing up for a company’s email or subscriber list to receive a coupon for your birthday. This is one of the super-easy money-saving tips, this tip also entails a lot of fun as it’s easy and free for everyone!

 Switch to a more affordable cell phone and regulate your bills.

Most people overpay for their cell phone and have the tendency to overuse the set limit. Cell phone bills can easily cost over PKR3000 or PKR5000 per month, and if you have a family, then you may be paying a few more thousands per month. Once you find a provider you like, try to maintain your phone and phone internet bill as well. But, once you know how much you can save with a little smart play for instance use WIFI whenever possible, while still having great service, this is a no brainer. Understand that something’s need to be controlled and limits need to be set. This will not only help regulate budget but will also help you in cutting cost that can be invested elsewhere.

Quit smoking (one of the best ways to save money that will also save your life).

May sound impossible but also worth noticing according to the study of the American Lung Association, tobacco kills nearly 500,000 people in the U.S. each year and costs the U.S. $333 billion per year in healthcare expenses. Smoking cigarettes can lead to many detrimental and harmful side effects, on multiple organs such as lung cancer, heart disease, and many other medical problems.

According to our sources, someone has shared that they lost their father (who I was extremely close to) passed away from lung and brain cancer in 2008. He was a really healthy man, except for his serious smoking habit that was a problem in reality. We tried for a very long time to get him to discontinue, and it’s something they believe that they will always have regret not trying hard enough for. Keeping this in view no one in their household has had never smoked a cigarette in my life, and I never will. There are just too many harmful effects (impacts) of smoking.

Not only is it tremendously unhealthy, but it is also quite expensive for your lifestyle. According to the Business Insider report, cigarettes can cost around $5 in states such as Kentucky, and they may cost as much as $15 in New York. If you smoke a pack a day, that can be as much as $450 a month in some parts of the US. Another interesting statistic: According to GlassDoor study, people who smoke earn an average of 20% less than non-smokers. Due to all of the above, we would like to recommend one of the most important money-saving tips that I like to tell others is to STOP SMOKING! You will not only save tonnes of money but will also be more productive and less dependant.

Make a budget.

One of the best ways to save and be successful is to manage budgets. Usually, people take help from others to people manage their money better. It’s that simple. Budgets are great and help you be more predictable with money because they keep you mindful of your income and expenses. With a budget, you will know exactly and calculate how much you can spend in a category every month. How much you have to work with that and on that, what spending areas need to be evaluated and reworked, among other things. Budgets have surely helped people reach their goals, pay off their debt, make more money, even retire early, and more. This is one of the saving tips that will completely change your financial life and your perspective of looking at how finances are handled.

Find ways to work from home and earn.

There are tons and tons of work from home jobs that already exist in the market. With the kind of technology we have in today’s world and looking at the present situation that we are faced with in 2020 amid COVID-19, there are more and more jobs online, people prefer more and more contactless work with the employer and the employer wants to establish with the employee.

This trend is expected to continue well into the future. Working from home has now allowed them to travel full-time, which they love so much more! Some work from home jobs involves working for someone else, or you may be even being able to even start your own business. And, yes, it would also help you to even earn a full-time income from home. So, if you are looking to start making more money, that would pinch in with your saving plans or if you want a new career path that lets you earn money from home, there are some really good opportunities out there.

Online tuition

Teach online tuition to earn money from home. There are multiple platforms and companies that allow you to work from home, create your own schedule, and start earning earn hundreds and thousands of rupees per hour (many teachers are earning over PKR 100,000 per month) all while just teaching online to students. Become a virtual associate to earn money online.

Virtual associate tasks may include social media management, formatting and editing of content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any assignment that needs to be done in someone’s business but doesn’t need to be done by them but others can also do so. You can also take help from multiple blogs and other experts who are well into the online working business.

Drive a more affordable car and give yourself a break.

According to the research study by Edmunds.com, the average person in the U.S. spends a lot of payment and on a used car payment. So they constantly spend their money either maintaining or upgrading the vehicle. This is sad when you contemplate that many people also take out high-interest credits in order to pay for their beloved car. As per one of the customers back when her husband worked in new car sales, he often said that about new car buyers who had car loans at interest charges of 20% and above.

While 48000 a month maybe affordable to some, we are going to take up that it’s a lot of money for most people. Plus, once you add in gas, maintenance, insurance, taxes, registration costs, and more, that number is going to be much higher. I think everyone should buy a car that they can actually afford. I am a big believer that your car expenses should be less than 10-15% of your monthly income in order for it to be affordable.

Make saving money fun.

Learning to have fun saving money is always a good idea, and it makes the saving tips I’m talking about more enjoyable. So many people get tired of paying off debt and saving money because it can feel so monotonous or they just lack the motivation. This is why I believe one of the best ways to save money is to learn how to make saving money fun. This can help keep you motivated and interested in saving money.

Here are some fun money-saving tips:

• Take part in the PKR 1000 Savings Challenge and easily save over PKR 100,000.
• Create a challenge between you and someone else. You can turn it into a fun challenge between your friends, family members, or coworkers.
• Create a graphic that demonstrates your financial goal. An example of this would work for something like paying off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can colour a piece in.
• Make an inspiration board for what saving money and/or paying off debt will mean to you. You could have images of amazing places you want to visit, ideas about retirement, and more.
• Find ways to have frugal fun.
• Learn more at How To Make Saving Money Fun.

Use a programmable thermostat.

A programmable thermostat is something you may want to invest in to save money this year. They are relatively affordable, and you will most likely make your money back within a year or maybe even just a few months. With a programmable thermostat, you can set the temperature at exactly what you want it to be for different times of the day.

And, because it automatically changes on a schedule, you won’t have to constantly worry about it. For example, your AC will automatically turn up when you leave for work so that you don’t waste electricity or money heating or cooling an empty house. You can also program it for while you are sleeping, for the weekend, when you are on vacation, and so on.

Programmable thermostats are one of the saving tips that are also good for the environment, so it’s a win-win. I did a simple online search and was able to find plenty of programmable thermostats for less than $50, so well worth the small investment.

Pay off your debt quickly.

By paying off your debt quickly, you may be able to pay less in interest fees and free up your money to save for other financial goals, such as retirement. We also have some amazing examples related to saving.

Eat out one less time each month.

How many times every month do you eat out? Have you ever calculated how much do you think you spend each month at restaurants? Most people are astonished and amazed when they actually sit down and track how much of the earning they’ve spent every month eating out. A family of four can easily spend over PKR 2500-3000 for dinner out, and if you do that multiple times per week, that’s thousands of rupees that you can potentially save. Start with eating out just one less time each month is one of the best ways to save money, plus it will help you save a nice amount of change over a one-year period.

 Cut back on your subscription services.

Subscription services like Netflix, Amazon Prime and many other such services are a lot of fun, and they make it really easy to get just what kind of content you want to be delivered straight to you. And, there are subscription services for all sorts of things, like meal deliveries, clothes, streaming services, and more. The issue is, however, is that when you add too many subscription services to your tab, you may find that you are disbursements way too much.

The saving tip we recommend for this one is to evaluate which subscription facilities you are using and then cut out the ones you no longer want or that cost you too a lot of money.

Save money on groceries.

Learning how to save money on food and groceries doesn’t have to be difficult. You can save money on groceries by:

• Planning your grocery trips better.
• Use this cell phone app for cashback on your groceries.
• Start meal planning.
• Always shop with a grocery list
• See if there are any sales for the items you are already buying.
• Use coupons/offers when grocery shopping.
• Don’t go grocery shopping when you’re hungry.
• Skip the pre-made and pre-cut items.
• Sign up for a grocery store’s loyalty card

Cancel your gym membership.

If you really want to save money, cancel your gym memberships as it can be costly if you’re not using them. If you’re not utilizing the full value out of your gym membership, then you should cancel it as soon as possible. This is one of the easier money-saving tricks as cancelling a membership is a monthly cost that you can get rid of completely! While it’s advantageous for some people to pay for a gym membership, the majority of people do not get their money’s worth out of a gym membership.

There are so many ways to get a good exercise that doesn’t necessitate a gym membership. You can go for a bike ride, a hike, a long walk, a jog and more. This is one of the superlative ways to save money that also lets you get in the open air and explore the world around you.

Get rid of your car or a spare car.

We know that when you read this tip, some of you might be thinking that we are crazy for including this as one of the saving tips, but getting rid of your car might actually be something you want to think through. Or, if you are two cars per household (means you have two cards where one sit idles and other is being used), just going down to one car could be a good way to save money in 2021. Trust us, if you are really looking to cut on expenses getting rid of your car you will save money on petrol/CNG, taxes, insurance, overheads, maintenance, and more. You can still use ridesharing services like Uber, Svwl, Airlift (that link will give you off your first ride and might also offer you first five rides free) or you can carpool if you need to get somewhere by car.

Receive cashback on your purchases.

Sign up for a credit card where you can earn CASH BACK for just spending how you normally would online. There are multiple outlets and even designated and preselected places from where you can save on money rather get money on spending some. This is another one of the best ways to save money because you’re probably already shopping at one of their partner stores or the selected service you want to receive cashback at. Usually, when you make the first transaction you receive good encouraging cashback.

Go meat-free.

This is one of the saving tips that might not be for everyone and all people won’t be able to let go of this habit, but cutting just some meat out of your diet can be one of the best ways to save money in the upcoming year. Now, you don’t have to go completely vegetarian or fruitarian, but you can try and implement something like a meatless Monday or try having meat with just one meal a day or having meat once in every two days. Not only will cutting meat out of your diet save you some good money, but there are also some studies that suggest that it’s good for your health and the environment both.

Get rid of your storage unit.

Nearly 10% of households have kept some self-storage unit. However, many people don’t really have a use for them it’s just primarily the unwanted clutter that people forget about and don’t want to actually deal with, so they continue to buy things they like and keep hoarding it in that place. What one healthy mind should do is to instead, think about getting rid of your storage space as one of the best ways to save money. The reason, when you would not have extra space to store you, would let go of the extra buying of stuff.

Read personal finance books.

If you want to change your life, and we more financially wise and practical then we recommend that you start reading personal finance books. Yes, we do understand that money is not everything, but improving your financial state of affairs is one of the saving tips that can help you gain control of your life. Personal finance books we would like to recommend include:

• Broke Millennial
• The Year of Less
• Meet The Frugalwoods: Achieving Financial Independence Through Simple Living
• Work Optional: Retire Early the Non-Penny-Pinching Way
• The Broke and Beautiful Life
• Real Money Answers for Every Woman
• The Ultimate Couple’s Guide to Communicating about Money
• You Only Live Once
• The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life
• You can find the whole list of personal finance books I recommend here.

Look for easy ways to save money on entertainment.

Someone once told me how expensive it was to go out and have fun. They told about all of their dues and everything that goes along with it, and they also said that their monthly “fun” budget was around PKR 15000. If you are trying to get rid of high-interest and the feeling of constantly being in debt, there is no reason why you should be paying PKR15000 a month to have all the fun.

All of that money spending can add up to a lot of stress! Cutting down your entertainment budget isn’t just one of the best saving tips; it is also one of the methods to simplify your life in the upcoming New Year. There are many ways to have fun for less and even sometimes without paying anything.

Search and Compare your car, travel and health insurance policies.

Insurance is a necessary expense, but you may be paying for extras that are a waste of money. Or, you may be wasting money by not shopping around for better plans and lower prices. The average person with no very less information on insurance plans and coverage does pay too much for various forms of insurance. It’s actually quite possible that you are currently paying too much for car insurance, so do something about it today! I know someone who has full coverage car insurance with a deductible on a car that is worth PKR 30,000. I know someone who pays for towing even though their new car comes with free towing, and there are even more situations like this.

A lot of this is because the average person doesn’t fully understand how insurance works. However, it’s something that you’ll definitely want to learn about because it is one of the best ways to save money well into the future!

Stop spending more money on insurance by:

• Shopping around at different companies to see what other offers are out there.
• Evaluating whether or not you should change your deductible.
• Changing some of your coverage amounts.
• Understanding insurance terms better.
• Possibly taking a proper driving class.

We also recommend that rather then simply calling your insurance agent and asking for a discount, as many times they will offer a discount that will allow you to save money just for asking!  you can also window shop, multiple insurance providers, all at one place on smartchoice platform. the platform does not only show you all kinds of insurance policies but also shares the required details. smartchoice has an in-house call centre where each insurance service expert can guide you to the right policy. This is one of the super easy money-saving tips, as this phone call will probably only take a few minutes.

Take a staycation.

A staycation is when you take a vacation by exploring the city you live in. This is one of the best ways to save money because it still involves going on a vacation. By taking a staycation, you will save money on airfare or other means of transportation, and you can even do it from the comfort of your own home. The idea of a staycation is to explore your area as a tourist would. You could make a list of all of the places around you that you’ve been meaning to explore, from parks, museums, restaurants, etc. I’m sure there are tons of things to do and places to visit that you have never had the chance to see before! This can be a great way to treat yourself as you’ll pretty much be on a vacation, but you’ll get to save more money than if you were to go on a “normal” vacation.

Use an Airbnb for your next vacation.

The moment you first try the Airbnb, they have been many people the favourite way to accommodate themselves when travelling. Well, what Airbnb does is it offers short-term rental vacation homes in nearly every part of the world and for nearly every budget ( high-low-medium) you name it and you get it.

Airbnb vacation home charges are usually comparable or cheaper than a hotel, plus you typically have more room in the same amount. Airbnb will often come with a kitchen too, and that can help you save money on going out to eat all the time while you are on vacation. Also, if you have a lot of individuals going on vacation with you, you can split a house and the rent for much less than it would cost for everyone to get a hotel room. Airbnb is many people a favourite way to travel and many people hardly ever stay in hotels anymore. This is also one of the best ways to save money.

Save money on your next vacation.

Some people specifically want to travel each year and for that purpose, their sole aim is to save money is to travel on a budget and explore maximum our of each destination they really aim to get out of town for vacation instead of doing a staycation; there is still plenty of money-saving tips just for vacations. Below are some of the best ways to save money while you are on your next vacation: one thing to remember is that to be flexible with your flight dates and days. A difference of just a day or two can sometimes save you thousands of rupees per flight.

For tourist destinations, travel in the mid or offseason instead of the peak travel season. Stay in an Airbnb (mentioned above) for one of the best ways to save money while going on vacation.

Ask for a discount at the hotel/guesthouse you are staying at.

• Eat like a local.
• Buy groceries and eat out less (if you’re staying in an Airbnb, this is easy because many have kitchens).

The local library can be a great way to have fun without spending any money. You can find out the latest bestseller, a classic you’ve always wanted to read or borrow movies, music, and more. There are actually a lot of libraries in many countries now who allow you to borrow things like cameras, GoPros, even telescopes, and more. This is definitely one of the best ways to save money as all you need is a library card.

 Have an emergency fund.

An emergency fund is something we believe everyone should have, and this is one of the best ways to save money as it can help you greatly and in dire times in the future. However, according to a research report by Bankrate, 26% of Americans have no emergency fund at all. According to this same survey/research report, only 40% of families in the US have enough in savings to cover three months of expenses, with an even lower percentage having the recommended six months’ worth of savings to keep them going in times of crises and difficulties.

This does sound frightening right? Remember that this is one of the saving tips that will help you get through tough parts and phases in life. An emergency fund can and will help you if you lose your job, if your hours and wages are cut if you have a surprise expenditure, and so on. Without an emergency fund, you may have to take out a loan from bank, family or friends, rely on credit cards, and more. And, all of those things can cost you tons of money in the long run.

Buy used as one of the best ways to save money.

Purchasing used furniture, clothing, baggage and more allows you to save a lot of money on the things you are already buying in your normal routine. You can sometimes even get items for free by seeing what friends, family, and neighbours are trying to get rid of or they don’t need it anymore, and you can even find free items listed on multiple Facebook Marketplaces and OLx (sub-baichdey).

When we say that trust us, which people do want to give away their stuff! It’s much easier than trying to find a place to donate things or give them away (some places actually have too many donations and have to say no), plus it can mean the person doesn’t have to drag it away.

Create a budget—and a goal.

An easy first step is to first figure out exactly how much you’ll need to save for your trip. Spoiler alert: it’s probably less than you think! There are tons of places around the world where you can travel easily on a budget. Factor in the cost of flights, hostels/hotels/other accommodations, trains or rental cars and a portion of general food and fun budget. Once you have your goal in mind, it’s time to get saving!

how to save money for travel.

we recommend that set up a separate savings account just for your travel fund and make a point that you don’t take any money out of it once you’ve put some in! Having a separate account or fund where you save money just for travel can help a lot to realize that dream. Once you have an account set up, set up an automatic transfer that puts a certain amount of savings into the travel fund month. Even if it’s just PKR 1000 or 2000 a week, that will add up over the time!

Make #stayathome work for your wallet.

The long lockdowns have been tiring but they have been a blessing disguise, and you can definitely use them to help you save money for future adventures! If you usually get coffee or tea every morning on your way out to work, now’s the time to invest in a proper coffee maker to make coffee at home instead of getting it from outside always. Learn how to cook some budget-friendly meals with healthy recipes so you can save on food costs. See if you use a ke to some nearby places instead of using the all the time. Figure out how much money you would have spent on weekends and nights out, movie tickets and similar activities and put that money into your travel fund now while those activities aren’t on the calendar due to the present COVID-19 situation.

Curb impulse buys.

We know when traditional shopping outlets are close, many of us are doing a lot of online shopping during the lockdown. And while online shopping can be super fun (and essential!), curbing impulse buys can help you save a ton of money for travelling down the road. Before you purchase something, try to ask yourself if you really need it. Ask these essential questions before the purchase. Will you still want it in a few weeks? Is there something you already have that you could use instead? If you’re sure you want it, give yourself a day or two before hitting that purchase button to make sure that it’s not something you’ll forget about in a few hours.

The last but not the least tip would be to

Sell things you don’t use anymore

Need to do some spring (or summer) cleaning and want to make some money too? Do some cleaning and sell whatever you find that you’re not going to be using anymore and you are dead sure about it. Got a lot of old clothes you don’t wear? Sell them on social media market places! Old stuff in the roof space? Try Sale boards on Facebook or OLx to make a bit of money. ⁠Facebook Marketplace is a great place to sell things locally as well. You can sell pretty much anything and everything from clothes to books to furniture and appliances or really anything under the sun!

well, these are all the tips and tricks that would help you save a lot of money and will also help in generating extra funds for your use. if not immediate use it will help you earn and save for the future or the travel.

No matter whatever you get to learn in this article… it is only possible when there is a definite and firm will to implement it.

Khurram Zahid

The post Amazing Money Saving Ideas for 2021! appeared first on Smartchoice.pk.

Therefore, we have recently introduced a handy new feature and it is called “Email Me”. With this feature you can easily select plans you like and put them into an email basket, then easily email to yourself, friend or family member.

How it works?

Either you are searching and comparing broadband, car insurance, travel insurance, credit card or car finance, “Email Me” feature is quick and takes only few clicks.

Step 1: Compare and go to Search Result Page

First thing first, before you can use this feature, you need to find out the best plans by using comparison widget for a service you need. Once you land on to search results page where plans are listed according to your requirements, take your mouse pointer to any plan, an Email Me option followed by + sign automatically slide out in the right hand side corner of each plan.

For Mobile devices, Email Me options is already shown as there is no cursor movement on handheld devices. Simply tap the option.

Step 2: Select Plans and Put them into Email Basket

Now select first plan you like. Once you do that an email basket appears on the right side of the screen with red highlighted number of plans you have selected for email.

Keep selecting the plans you like and email basket keeps adding these plans for you.

Step 3: Add or Remove Plans from Email Basket

Once you are done selecting plans for “Email Me”, you can easily check your selection by just hovering mouse pointer over email basket. At this point you can easily remove plans you don’t want or add more plans in the basket. Even there is an option “Remove all” if you want to start over.

For Mobile devices, instead of hover, all you need to do is to tap over email basket to do the add/remove function.

Step 4: Send Email Now

Once you are happy with your plan selection, click on “Send Email” button and you’ll be redirected to a page where you need to put your Name and Email address, there is another field of phone number which is not mandatory.

After filling in the required fields, just press “Send”

Now check your inbox, an email from Smartchoice.pk should there :). Keep it for future reference. If you can’t find it in your inbox, check your spam folder and add us in your safe sender list.

For any question or advise please comment below and we will respond quickly.

Khurram Zahid

The post [New Feature Update] “Email Me” Plans in Few Clicks appeared first on Smartchoice.pk.