Saving, investing and making money with technology

Day: August 10, 2018

4 Tips For Saving Money For a New Baby

The initial excitement of finding out that you’re having a baby is thrilling.  As you start to see your future unfolding in front of you and all of the exciting changes that are in store, it can be an incredibly exciting time.

Along with the thrill and butterflies also comes an enormous pressure to be able to handle financial responsibility of bringing a life into the world.  There are all sorts of expenses to anticipate from the latest teething toys to diapers, to some salt rock lamp that everyone seems to say you need. Therefore, it’s in your best interest to try to save as much money as possible before your baby arrives.  Here are some of the best tips for cutting back on your expenses when you’re welcoming a new baby.


Looking at all of the latest baby gear and decor for your baby’s room can start to make your head spin when you see the price tags.  However, a lot of these items are actually relatively simple to make yourself.

Making your own materials rather than buying brand new can not only save you hundreds to thousands, but it’s very rewarding to know that you made it yourself.  It’s also a great way to spend your time while you’re in the nesting stage waiting for baby.

Buy Second Hand

Since babies grow so quickly, you will often find that you don’t even use half of the things which you buy for them.  This makes an excellent opportunity for finding things second hand.  Something that was used only a handful of times and is still in mint condition can be a fraction of the original price.

Take a look on websites like Craigslist or eBay to find great deals on pre-used items.

Have a Baby Shower

If you weren’t considering having a baby shower, then think again.  A baby shower isn’t just about playing silly baby games, and awkward gender reveals.  It’s about getting free stuff! Traditionally all your friends and family come with a gift to help ease the burden of paying for everything when the baby comes.  Usually, a friend will organize the event for you, so you don’t have to do anything but show up and get gifts. Great concept, right?

Create a Budget

If you’ve always been pretty relaxed about your spending habits and let things slide without much worry, you may want to tighten the belt of your finances since you’ve got a baby on the way.

Creating a budget is a way to create guidelines for yourself so that you control your spending and save more money overall.  By keeping an eye on how close you’re coming to reaching your limits, you’ll be less likely make frivolous purchases.

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How to Improve Your Medical Device Funding Chances?

Using the best medical devices is essential for doctors to have a successful practice. However, buying the latest medical equipment involves a substantial amount. Therefore, it is difficult for medical practitioners to arrange funding for medical equipment without external financial existence.

Doctors could approach lending institutions like Bajaj Finserv to gather financing for medical equipment. Such institutions provide customised Loans for Doctors that cater to their specific requirements. Moreover, these lenders require minimal documentation formalities so that borrowers can get hands on finances within a short time.

Moreover, Bajaj Finserv also provides pre-approved offers to their existing customers. These offers simplify the financing process for borrowers. Also, the pre-approved offers are provided for all kinds of loans like personal loans, home loans, business loans, etc. Applicants only have to provide a few essential details to access their pre-approved offers.

However, doctors must keep in mind a few essential things before they opt for a loan to arrange funding for medical equipment. Here are a few ways in which doctors could improve their chances of getting a doctor loan for medical equipment.

Doctor Loan - Bajaj Finserv

1.Doctors must pay attention to their debt-to-income ratio

Applicants must keep a note of their debt-to-income ratio. A debt-to-income percentage denotes a good balance between debt and income and vice-versa. The lower the ratio, the more ability an applicant will have to manage their monthly payments and repay debts.

Thus, individuals must provide proper details of their current income and obligations while applying for a loan. Mentioning the correct information helps lenders get a fair assessment of one’s repayment abilities, and hence, allows faster processing of the loan application.

2.CIBIL Score

A good CIBIL score is one of the most significant eligibility criteria for doctor loan. A credit score higher than or equal to 750 is the most favourable. Individuals having high credit ratings are considered to be bankable prospects for granting a loan.

Doctors can take important steps to improve their credit score if they have a low rating. They can repay their current outstanding debts to increase their CIBIL scores. Repayment of loans is one of the steps doctors could take to improve their credit or CIBIL rating.

Note: Applicants with an excellent credit rating have the advantage of getting a better doctor loan interest rate on their loans.

Are there any other sources for funding for medical equipment?

Apart from a conventional doctor loan, applicants can also opt for a loan against property for doctors to fund their requirement for medical equipment. These loans can be used for funding high-value medical equipment for large-scale medical practices.

Also, these loans have a lower interest rate compared to regular doctor loans. Plus, they can be availed over a longer tenure. But, the most important factor of consideration here is borrowers might lose their property in case of failure of repayment. Therefore, they must keep in mind the specific amount they require for purchasing medical equipment.

Also, doctors must make a note of the scale of operation for their practice. If they’re functioning on a medium or small scale, then opting for a regular doctor loan can suffice amply.

This is because such loans are approved quickly and allow them to get their finances to buy the best medical equipment at the earliest. Plus, they wouldn’t require to keep any security as collateral with the lenders either.

Does risk-taking ability count as a determining factor?

If borrowers are keen on opting for a loan against property, then the risk-taking ability is a decisive factor while availing a loan for medical equipment.

However, this is only a secondary factor. Doctors must be sure of their CIBIL score and repayment abilities to secure a loan when seeking funding for medical equipment.

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