Archive for April, 2010
Friday, April 30th, 2010
I remember the lecture my mother gave me a few weeks before my first day of college. She sat me down and said, “I have something important to tell you.” Right about then is when I rolled my eyes and braced for the, “Young men are the devil’s spawn and should not be trusted,” and the, “You are going to a place where there will be great temptations,” speech. What I got was not really a lecture, but a talk about how it was time to start building my credit.
I really never gave that topic much thought. I always thought that getting a credit card was for grown ups, and Lord knows I didn’t quite feel like a grown up at the time. She told me I should start thinking about applying for a credit card. She also warned me if I did so, she would NOT bail me out if I started charging up the world. That alone scared me. I had a full time job, but what if I couldn’t handle the payments? What if I went temporarily insane, and decided to charge everything I could. It was too much for me, and I told her, I didn’t want to hear any more nonsense about me getting a credit card.
She of course persisted for the next two weeks, and I finally told her that I would look into it. I then asked the million dollar question, “How do I find the one that is best for me?” She blank stared me. Then she blink. Then she shrugged her shoulders and said, “I don’t know, that’s your problem.” Cue the crickets.
So there I was, eighteen in 1992, trying to get a credit card, but not knowing where to start. Luckily on the fist day of classes, I was in the school book store and found an ad for a student credit card. Without giving it much thought, I applied and to this day I still have a card from that company. Was that the best way of going about it? Probably not. I suppose if I did the research I could have found a card with a better interest rate, or a better limit.
Now days, the internet has changed the way people research topics. I’ve found the best way to find a good product is to find a site that helps you compare similar products side by side. Are you interested in credit cards that offer airline rewards? How about credit cards that offer hotel and travel rewards? Maybe you are just looking for the credit card that would be right for your business, or one with low interest rates. There are even credit cards for poor credit.
Some people feel loyal to certain credit card companies, it’s only natural when you’ve had them for so long, but why not see if they can offer you a better card? Your time is precious and getting the best credit card for you is important to your lifestyle.
Tags: Applying For A Credit Card, Book Store, Crickets, Cue, Devil, Dollar Question, Fist, Full Time Job, Interest Rate, Internet Research, Nonsense, Research Topics, Shoulders, Spawn, Student Credit Card, Temptations, Ups, Young Men
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Wednesday, April 28th, 2010
Savings Accounts
Savings accounts are the best idea for putting away a set amount of money each week or month depending on your circumstances. You would be surprised at how quickly this money can add up if you are contributing a set amount from your paycheck every payday.
When shopping around for the best savings account, find one that pays a good interest rate and has a minimal amount for opening the account. A lot of banks only require a dollar to open an account while others may want you to deposit anywhere from 5 dollars to 50.
The convenience of having money automatically withdrawn from your paycheck and placed in your savings account is great for some. However others may not put a set amount in each payday and may want to choose how much they deposit into their savings account.
The best type of savings account will pay a comparable interest rate, be easily accessible to your home or work, will not charge a fee for withdrawals from your account, has on-line availability, and does not require a large deposit to open. If you have a bank account and access it online you should be able to transfer money to and from your savings account. You should try not to transfer from it unless it is an emergency because this defeats the purpose of having the savings account in the first place.
Some types of savings accounts are geared towards the holiday season. This allows you to save money for Christmas. If you start it early enough in the year by the time Christmas rolls around you can have a nice amount for your holiday shopping.
Another type of savings account featured by some banks link your debit card with your savings account. Every time you make a purchase using your debit card the amount is rounded up to the next dollar and the extra is deposited into your savings account. Some of these banks will even match the amount deposited by a certain percentage.
Savings accounts are great ways to start your children out learning how to be responsible when it comes to money. Open a savings account and let them deposit birthday money or Christmas money for themselves. All the change that gets thrown in a jar every day can become a savings account deposit for them. They will love to go to the bank and deposit their own money and in the process you are teaching them the importance of saving.
Another advantage to a savings account is establishing credit. If you borrow money from your bank using the money in your savings to secure the loan, when you pay the loan back you will have established credit with your bank. This can make it easier to get an unsecured loan should you need it.
It is important to have a savings account and add to it regularly. For that unexpected expense that crops up, having the money to cover without having to borrow the money is great. With everything today being based on credit-worthiness, establishing a good relationship with your bank or credit union can make a big difference when it comes to buying a home or a car.
Tags: Amount Of Money, Banks, Christmas, Circumstances, Comparable Interest, Convenience, Debit Card, Holiday Season, Interest Rate, Line Availability, Lot, Paycheck, Savings Account, Savings Accounts, Time Christmas, Withdrawals
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Tuesday, April 27th, 2010
Financial planning is often considered a boring strategy used by our parents to manage our money. For a long time, financial planning was considered the way to manage ones money because it helped people keep track of money coming in and going out. But lots of people are choosing not to do any financial planning because it seems so needlessly complicated with little or not benefit.
But that couldnt be farther from the truth! There is a benefit to financial planning; the real trick is finding a financial planning method that works for you. Here is an excellent strategy to help you manage the money in your personal portfolio.
The first thing you need to do is create a financial plan. Creating a financial plan does not have to be restrictive, but it should be a guideline to help you manage your income and your expenses each month. The first thing you want to do is list all your expenses on a month-to-month basis. The next thing you want to do it list all of your income on a month-to-month basis. Then compare. Many people who have trouble saving find that their expenses are very close to their income. So what can you do?
One option you have is to reduce your expenses. This might mean going out with friends a little less or giving up on some luxury that you typically enjoy. Another option you have is to increase your income. Unfortunately, for many people, this is easier said than done.
One way that you can reduce your expenses and increase your income is by using a debt consolidation loan. By consolidating many outstanding debts that are due throughout the month into a single loan with a single monthly payment you will be accomplishing several things.
First, you will be reducing your monthly payment because you will be securing a larger loan and is spread out over a longer period of time. Second, you’ll be reducing the amount of interest you pay because you will be consolidating your many debts into one debt from one provider. Reducing your interest not only helps to reduce your expenses but also increases your income!
And if you are able to find some assets that can help you get a UK Secured Loan, you’ll be able to spread out your payment over a longer period of time and you will likely qualify for a lower interest rate because you have some security to offer the lending institution to back up the loan.
Now that you are actively pursuing a financial plan, you will need to find a way to continue to reduce your expenses over time. A UK Secured Loan will help you do that. But don’t forget that there are many ways you can also increase your income.
Congratulations! You are assembling a financial plan and getting control of your finances and at the same time you are reducing your expenses and increasing your income.
Tags: Debt Consolidation Loan, Financial Planning, Financial Success, Long Time, Manage Money, Outstanding Debts, Parents, Period Of Time, Personal Portfolio, Truth
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Saturday, April 24th, 2010
Earn While You Shop: Find the Right Reward Program for You
Point-based reward programs are proliferating. You can earn enough miles to fly to Paris just by using your credit card or you can accumulate points that can be spent like cash merely by shopping at your favorite stores. But with so many options available, how do you know you’re getting the biggest bang for your buck?
The following tips will help ensure that you pick the right program for your needs.
* Know your lifestyle. Choose a reward program that fits your priorities and lifestyle. If you travel a lot, try air mile travel reward programs like www.milesource.com.
Similarly, if you like outdoor activities, look for a credit card like the Cabela’s Club Visa, found at www.cabelas.com. You can earn points, in the store and online, that can be redeemed for all types of hunting, fishing and camping gear.
* Reap your rewards. Select a reward program that doesn’t add an expiration date to your hard-earned points. If it does, make sure you know the date and use the points before you lose them.
* Look for flexible rewards. Avoid choosing reward programs that tie you into redeeming points only at specific vendors. Look for more flexible options like FreeStyle Rewards, found online at www.freestylerewards.com. It lets you build points by shopping online at more than 175 participating merchants. You redeem your points for a debit card that can be used anywhere MasterCard is accepted, online or offline.
* Click ‘n’ save. Select online shopping reward programs that provide gateway access to your most frequently visited stores. You’ll find everything you need, save money while you shop and build points as you go.
* Share the wealth. How would you like to make point donations to family, friends or charities? Select a reward program that allows you to do so.
* Compare. Just like you would compare merchandise prices, compare point-based reward programs by considering what’s important to you and determining which ones will fit your needs.
Tags: Air Travel, Cabela S, Cabela S Club, Camping Gear, Charities, Debit Card, Donations, Expiration Date, Family Friends, Favorite Stores, Flexible Options, Hunting, Merchandise Prices, Merchants, Mile Travel, Priorities, Reward Program, Rewards Program, Rewards Programs, Travel Reward Programs
Posted in Compare ISA | No Comments »
Friday, April 23rd, 2010
When comparing the best reward credit cards, it makes sense to investigate everything, including the Annual Percentage Rate (APR) as well as any reward features that the card may offer. Potential cardholders should take into account the manner in which they handle their credit purchases. For instance, if the cardholder intends to make a large purchase using a credit card but plans to pay for the charge over the course of several months, then a low interest credit card will be a better financial choice over a reward credit card. If a cardholder plans on repaying the charge immediately (even if the card features a higher interest rate), reward credit cards might be a better choice simply because the interest rate will have no financial impact and will almost always provide a greater range of rewards than a lower interest card.
Balance Transfers
If it is your intent to take advantage of a reward credit card that features a 0% balance transfer offer, it might make sense to choose a card that offers 0% on purchases as well, if at all possible. The reason this may be an appropriate step is that when you take advantage of the 0% balance transfer card offer, many times the APR on purchases will be significantly higher comparable to other card offers. So if you make a purchase using that credit card during the life of the balance transfer your new purchases will be subject to significant finance charges until the purchases are paid off. This can result in significant interest charges before you can begin paying on the newly purchased item. If you are unable to locate a reward credit card with a competitively low ongoing APR, it would make sense to obtain a secondary card for new purchases with a low interest rate, which would make the card balances more cost effective and easier to manage over time. The ideal scenario for cardholders would be to use a card with a 0% balance transfer offer that extends to new purchases during the introductory period.
Interest Rates
While researching card offers, you may notice that reward credit cards typically have a higher interest rate and in many cases require an annual fee. These fees and finance charges are used by the card issuers to help finance the rewards program that cardholders participate in. But if you are disciplined enough to pay off your credit card each month, the value of your rewards should dramatically exceed the cost of interest charges and fees that you might otherwise pay the card issuer. While credit card companies are well aware of that premise, they also know that the majority of our “spend-now-pay-later” oriented society will most likely not utilize the card in this manner.
By shopping for the best reward credit cards online, you have a fantastic opportunity to comprehensively evaluate offers, their benefits and their associated fees and potential finance charges. A thorough approach the card offer research will help determine which card provides the greatest benefit as well as long-term savings for your particular situation.
In short, if you are paying for purchases over a long period consider a lower interest card. If you pay back quickly, consider more of a rewards component in your search for the very best reward credit cards.
Tags: 0 On Purchases, Annual Percentage Rate, Balance Transfer, Best Reward Credit Cards, Card Balance, Cardholders, Credit Purchases, Finance Charges, Financial Choice, Financial Impact, Interest Card, Interest Charges, Interest Credit Card, Introductory Period, Low Interest Credit Card, Might Make Sense, Reward Credit Card, Reward Credit Cards, Smart Choices, Would Make Sense
Posted in Savings Accounts | No Comments »
Thursday, April 22nd, 2010
When I started saving, I wasnt saving much. However, I developed an important habit. Whether youve wisely saved money or received a good tax return, dont go out and blow it on more stuff. You can have anything you want, you just cant have everything you want. A.F. Bannerman once shared wise advice worth mentioning here that Ive come to agree with and respect:
Your savings affect the way you stand, the way you walk, the tone of your voice. In short, your physical well being and self confidence. A person without savings is always running. You must take the first job offer. You sit nervously on lifes chairs because any of lifes emergencies throws you into the hands of others. Without savings, a person is often fearful of the present and the future. Being in a state of constant fear is a horrible place to live. A person with savings can walk tall. You can appraise opportunities in a relaxed way, have time for judicious estimates and decisions. You need not be rushed by lifes problems or economic necessity. The person with savings can resign from his work if his principles tell him this is not the place to be. ”
The person who is always worried about rent, food, bills, etc. cant concentrate on long-range career goals. The person with savings can focus on family and service to shape personality and develop character.
2 practical tips to get started:
Track everything you spend. When you keep a log of everything you spend (gum, gas, latte, groceries, everything), you cant help but see patterns in your spending. Youll think twice before buying that next Starbucks. If you live on a budget for every category of expenses you have, youll be amazed at the control you gain over spending.
Savings is actually delayed spending. I didnt understand the expression pay yourself first, until my mid-30s. It means you should set aside a portion of everything you make, save it, then invest it. You should do this regardless of whether or not you have your own business (hopefully you do).
Tags: Career Goals, Constant Fear, Economic Necessity, Emergencies, First Job, Food Bills, Good Posture, Groceries, Gum, Horrible Place, Job Offer, Lifes Problems, Mid 30s, Own Business, Posture, Self Confidence, Starbucks, Tax Return, Tone Of Your Voice, Wise Advice
Posted in ISA Savings | No Comments »
Thursday, April 22nd, 2010
Bad Credit Personal Loans are readily available across the country even if you have experienced bad credit problems such as in bankruptcies, delinquencies, foreclosures, repossessions or other adverse credit problems. Bad credit personal loans are usually easy to qualify for and re-payments can be flexible and even affordable. Bad credit personal loans are classified into two groups, secured and unsecured, with the intention to make it even easier to get the loan you need. Personal loans are to suppose be used for personal needs, not for business related needs, but other than that they do not have any specific requirements.
Secured Personal Loans
Secured bad credit personal loans usually have lower monthly payments and will generally have lower rates of interest. If the value of the property that is used for collateral for the loan is more than your loan amount, then the interest rate can be very low. Lenders have much less risk since the loan will be secured by the customers property, so they think it will be less likely the borrower will miss payments or default on the loan.
Unsecured Personal Loans
An unsecured bad credit personal loan lender is one who provides lending without requiring any form of collateral. Unsecured personal loans can take less time to get the cash you need but if you have bad credit it can be much more expensive due to high interest rates. Unsecured personal loans are readily available for both renters or home owners. An unsecured loan requires no property owner-ship or collateral for approvals.
Two things about bad credit personal loans are sure, the high rate of interest that will be charged on the loan, and the requirement of a down payment or collateral if you have a bad credit history . If used wisely bad credit personal loans can be the first step for those in financial troubles to get back on their feet. Compare lenders today and see what type of bad credit personal loan is right for you.
Tags: Adverse Credit, Bad Credit History, Bad Credit Personal Loan, Bad Credit Personal Loan Lender, Bad Credit Personal Loans, Bankruptcies, Collateral Loans, Delinquencies, Financial Troubles, High Interest Rates, Lower Monthly Payments, Owner Ship, Personal Loan Lender, Personal Needs, Property Owner, Rate Of Interest, Repossessions, Unsecured Bad Credit Personal Loan, Unsecured Loan, Unsecured Personal Loans
Posted in ISA Cash | No Comments »
Saturday, April 17th, 2010
Direct deposit is an excellent feature offered by many banks all around your area. Banking is supposed to be convenient and easy, it has been made that much easier and more convenient with the offering of direct deposits. When thinking about direct deposit, consider many of the things that could apply to you. Have you found yourself hurrying off to make the cutoff point for bank deposits? Do you travel to your banking institution on a weekly basis to deposit a paycheck? Have you found yourself losing a check you intend to take to the bank to deposit or cash? If you have answered any of these questions with a yes, it may be time to consider direct deposit.
Direct deposits are the action of your employer depositing your paycheck directly into your bank account by electronic means. This is extremely safe and easy for you to do, all you simply have to do is first, ensure that your employer offers direct deposits (many employers now days ONLY offer direct deposits to their employees). The next thing you will have to do is fill out a form that supplies your employer with your bank routing number, account number, and bank information.
By choosing direct deposits, you are ensuring easy and safe transfer of your funds to your bank account. It is reliable and your paycheck is deposited into your bank account on time, you no longer have to keep track of the banking hours or hurry to meet the deposit deadline. You also decrease the risk of losing your paycheck by using direct deposits. There are other benefits to direct deposits including, when your funds are deposited directly the funds are available to you immediately upon completion of the transfer. Occasionally, some banks require you to wait a specified number of days before the funds will become available, to wait for check clearance.
Another excellent benefit, is if you are away from your home on business or on a vacation, you will not have to worry about your paycheck coming in the mail or being stolen, your money will be in your account safely. They are also extremely secure, stolen, misplaced, or lost checks will become a thing of the past. Direct deposits leave such a trail behind it that tracking these are much easier than tracking a paper check.
As you can see direct deposits can make your life much easier and reduce the number of trips you will need to make to your banking institution.
Tags: Bank Deposits, Bank Information, Bank Routing Number, Banking Hours, Banking Institution, Banks, Benefit, Check Clearance, Cutoff Point, Deposit Deadline, Direct Deposit, Mail, Paycheck, Risk
Posted in ISA Cash | No Comments »
Friday, April 16th, 2010
To find out just what kind of financial shape you’re in, answer the questions in the following Financial Fitness Checklist.1 If you’re married, print this out and take it home so that you and your spouse can work together to answer the questions. Make a note of how many questions you answer yes to.
1. Are you using more and more of your income to pay your debts?
2. Do you make only the minimum payments due on your loans and credit cards each month?
3. Are you near, at, or over the credit limit on your credit cards?
4. Are you paying your bills with money intended for other things?
5. Are you borrowing money or using credit cards to pay for things you used to buy with cash?
6. Do you often pay your bills late?
7. Are you dipping into your savings to pay current bills?
8. Do you put off visits to the doctor or dentist because you can’t afford them?
9. Has a collection agency called recently about overdue bills?
10. Are you working overtime or holding a second job to make ends meet?
11. If you or your spouse lost your job, would you be in financial trouble right away?
12. Do you worry about money a lot?
If you answered “no” to all questions on the Financial Fitness Checklist, you’re the picture of financial health.
One or two “yes” answers, while not necessarily a sign of impending doom, can be a warning sign of potential problems. Before things get any worse, take time now to draw up a realistic budget (including a savings plan) or to revise your spending plan. Cut back on your use of credit cards, and watch closely for other signs of financial trouble.
Three to five “yes” answers could mean that you’re heading for financial trouble. It’s imperative that you get your spending under control right away. If you don’t have a monthly budget, draw one up and follow it. Put away your credit cards and cut out all unnecessary spending until you can answer “no” to all the questions on the Financial Fitness Checklist.
If you answered “yes” to more than five of the questions on the Financial Fitness Checklist, you may already be in serious financial trouble. But don’t despair. Financial counseling can start you on the road to financial recovery.
Tags: Borrowing Money, Debts, Dentist, Financial Fitness, Financial Health, Financial Shape, Financial Trouble, Impending Doom, Loans, Minimum Payments, Monthly Budget, Overdue Bills, Realistic Budget, Second Job, Signs, Take Time, Using Credit Cards, Warning Sign
Posted in Savings Rates | No Comments »
Friday, April 16th, 2010
I decided to transfer funds from one pension plan to another. I had a 401(K) that I converted to an IRA when I left the private sector and went to work for the government.
The government’s version of a 401(K) is called a TSP Thrift Savings Program.
I decided to make the transfer and went to the TSP web site. I was able to download the required form, so that part was electronic.
Then I had to fill it out by hand and send it Fidelity via snail mail. About one week later, I received a letter in the postal mail from Fidelity stating they had tried to contact me by phone to resolve an issue and they were unable to contact me. This was pure BS as both my work and cell phone have voice mail.
I called Fidelity and the problem was they did not know how much I wanted transferred even though I indicated “all”. I was given an assurance that it would be taken care of. I told them to make sure that they filled out the proper section on the form and submit it to the TSP office.
About one week goes by and I receive a letter from TSP, again snail mail, that they have received the check, but do not have the proper transfer form from Fidelity. Without the form, they will send the check back to Fidelity in 15 days.
I once again call Fidelity and am told that the check is sent from one office and the form is sent from another. It doesnt make sense, but it is there system.
One week later, another letter from Fidelity is received stating that the form has been sent.
I call the TSP office to find out if the check and the form have found each other and no joy. I am told it could take 7 to 10 business days for the two to find each other.
Another week passes, and I call and I am informed that the check and form are back together in a lock box. I guess that this is a good thing and keep my fingers crossed that the money will actually be posted to my account.
Four days later, I see the additional funds in my account. Hooray!
So, for about 3 weeks, my funds were in limbo gaining interest for either Fidelity or the government at TSP.
Fortunately, the stock market didnt go up or down much during this period, so the value was not really affected. However, it could have been.
It is strange to me that I can transfer funds online from my checking to savings in a matter of seconds. I can transfer funds via email using PayPal for free in a couple of days.
But, if I want to transfer funds from a mega-investing company like Fidelity to one of the biggest pension funds in the world, I have to do via the post office and wait almost one month for the transaction to be finalized.
Electronic age, my eye!
Tags: 401 K, Bs, Business Days, Cell Phone, Electronic Age, Fidelity, Fingers, Ira, Limbo, Money, Pension Plan, Postal Mail, Private Sector, Snail Mail, Thrift Savings Program, Tsp Web, Voice Mail
Posted in ISA Savings | No Comments »