Credit Card

How to Work Things Out For Your Bills

Meeting daily expenses does not always turn out as planned. Both in preparation for these moments, and in meeting them on the fly, there are some options that can help you stay flexible. Look into the following tips for some handy bank-related tips.

Ideally, you would be able to meet unexpected bills with an emergency savings account. These liquid accounts can allow you to invest a little bit of money, while being able to meet surprises in your budget. Without a doubt, it is something that you should consider and aim for, if possible.

When times aren’t ideal, you might want to consider a loan. A banking institution such as Payday One offers competitive cash loans that can be extremely timely in difficult situations. Consider something like this with other alternatives that you may have at your disposal. The important thing to remember is to plan, as you don’t want to get stuck in a bad “solution.” Look out for high-interest credit cards and others that apply in this category.

Always consult your budget to work out your bills. Perhaps a cash loan or your emergency savings account can give you the answer to your situation. However, you won’t know unless you re-evaluate how the solution will work with your situation (i.e. your budget).

Whatever the case may be, your bank can provide options for managing your bills. It may be difficult, but these tough scenarios can be overcome. In the future, hopefully, you will be able to plan and counter them before they occur.

Filed Under: General Finance Tagged With: Credit card, Payday loan, Savings account

Keeping Your Finances Steady

Image by o5com via Flickr

Money makes the world go ’round. You never have enough money. Money can’t buy you love. Money, money, money. There’s plenty of statements about cold hard cash, but amidst all the gravely intoned wisdom, bellowed lyrics, age-old adages, it boils down to the most important one in the world: spend less than you make.

That can be a lot harder than it sounds. Think of all the bills you pay in a month. That can add up. Throw in a couple of unexpected things (car accident? baby?) and the IOUs can start piling up. So what can you do about it?

While people never have “enough” money, they can have the money they need. If you’re not at that point, think about where you can cut back to keep things on an even keel. Do you need the $60 jacket? What if you paid your phone bill instead?

A word on credit cards. Sure, you can charge that jacket, but if you don’t have the means to pay it off quick, you’ll be wearing a $120 jacket. Credit card interest can kill you (and your credit rating) faster than you can say “24.99% interest.” Avoid credit card debt. AVOID CREDIT CARD DEBT. More than any other action, charging wisely would save Americans thousands of dollars.

There’s nothing wrong with spending. We all want things, and that’s okay. Just be smart about it. Don’t go into debt (yeah, okay, maybe for a house or something like that) and spend wisely. Avoiding the drive-though for a couple of weeks could leave you with enough for that jacket. Plus, you’ll be healthier. Hey, look at that: saving money makes you look good!

Filed Under: General Finance Tagged With: Credit, Credit card, Credit card debt

Balancing Your Personal Finance

Money makes the world go round, but sometimes it can seem like your world is revolving around money. Cash can be a tricky thing, and it’s far too easy to get snared by it unsuspectingly. To make sure that you don’t get swallowed up by money troubles, here’s a few ideas to keep your personal finance in good standing.

Credit Cards-Fickle Friends

Credit cards can help a lot. Buying things online is much safer with a credit card; if it is compromised, you can cancel the card without much hassle. Not so with a debit card, and you’ll lose the money on it. Credit cards are also useful when making large purchases–nobody wants to haul $900 around in their wallet. However, credit cards also provide the constant temptation of having lots of “money” on hand. It’s easy to get into the mindset of “I’ll just charge it.” Do you have the cash, the actual hard currency to pay off these expenses? A cup of coffee here, a tank of gas there, eventually add up to a lot of credit card debt. Interest on cards can make it difficult to ever pay off the principal amount.

Filed Under: General Finance Tagged With: Credit card, Money management, Personal Finance

Stay in the Green – Strategies for Taking Control of your Finances

Regardless of your income or budget, there is a thin line between being in control and being overwhelmed by your finances. When you factor in your various bills–from your rent to your cell phone–and the many different payment options, it can be enough for anyone to lose track of their money. Taking control of your finances means paying close attention to your spending habits and your bank account. Here are some proven strategies for managing your finances so that you can stay in the black, or rather, the green.

Digitize Your Finances

Losing track of your account balances is the first step to losing control of your finances. By digitizing your finances with online banking, emailed bills and automated payments, you can instantly cover your expenses and know exactly where you stand. This minimizes the chance of late fees or overdrawing from your account. Some banks even send text messages to your cell phone to alert you of a low balance and recent transactions.

Only Use Cash

When making purchases, it’s better to pay with cash rather than credit. That way you only spend the money you’ve set aside for that purpose. So, unless it’s an emergency, credit cards should be kept at home. Buying with cash makes it impossible to splurge with money you don’t have, and eliminates the risk of late fees and other bank charges.

Using hard money, however, doesn’t mean completely avoiding plastic. Avoid credit card fees with the REACH card, a prepaid credit card that offers you a flexible finance option by letting you set the balance. That way, you can better manage a budget based on the amount you put on the card.

Spend in Moderation

Balancing a checkbook can be a chore, especially when trying to deduct an excessive amount of transactions. It’s enough for some people to avoid it altogether, which can lead to losing track of their bank account balances. You can stay in control by limiting the number of purchases that you have to subtract. Think about buying groceries in one bulk purchase instead of taking daily trips to the store.

Save at all Times

It’s much easier to keep your finances in order when you have a little breathing room. That’s why it’s so important to stash away money, no matter how meager, at all times.� You can use clever tricks, such as rounding up each transaction as you deduct them in your checkbook, to help build savings in case of any unexpected charges.

Pay all Your Bills at Once

Instead of stringing your monthly bills along to each due date, it’s much more efficient to pay them all at one time. By doing so, all of your most important expenses are covered, and you have an exact figure to base your budget on.

These strategies will help you stay in control of your finances and can not only save you a lot of stress, but a whole lot of money as you avoid bank fees and charges. How do you keep yourself financially in control?

Filed Under: General Finance Tagged With: Credit card, Finance, Online banking

Keeping Your Money Safe

The 1930s saw a huge depression sweeping the nation. People were getting poorer and more disheartened. The lowest point of the Depression was 1933-34. Its no wonder that that time period also saw a huge spike in bank robberies and theft. Folks like John Dillinger, Ma Jode and Company, The Barrow Gang, and others were out to take money. Willie Sutton, another famous bank robber of the early 20th century is credited with explaining his bank-robbing tendencies with the statement “because that’s where the money is.”

There’s always someone ready to take your money, honestly or otherwise. You got to keep it safe!

Nowadays, money deposited in banks is covered by the federal government. If the money is stolen, the government will cover it for you. Most banking institutions will also call and check with you about charges to your credit card that seem out of place. This helps to prevent other people from taking your card number and using it. With the internet, it’s increasingly easy for your financial information to wind up in the wrong hands.

There are some good ways to protect yourself. Try using just one credit card for online purchases. Be careful about what sites you give your credit card number to. Even just typing in your number leaves it open to be stolen. NEVER give out your debit card information online.

Don’t carry too much cash around. While it seems flashy to sport a couple hundred dollars in your wallet, if you lose it or get it pickpocketed, you’re out of luck. The goal is to make it harder for people to take money away from you.

Be safe, be smart. Don’t let your money get away from you!

Filed Under: Financial Institutions Tagged With: Credit card, Debit card, John Dillinger

Overdraft Protection

One of the most frustrating things about a bank account is overdrawing it. Whether you forgot about a check you wrote or if your paycheck is late, it is frustrating to realize that you have overdrawn your account. Here are some ways a bank will help you out.

Transfer. Many banks will automatically transfer funds between accounts when one is overdrawn. While this is convenient, it is also accompanied by a several dollar transfer fee. Some banks will waive this fee if you transfer the money yourself during the same business day. Note that if you completely overdraw your account, and there is not enough money in your other accounts to cover it, you can be charged something between a thirty or fifty dollar fee. Once again, this fee may be waived if you deposit money into your account before the end of the business day.

Disabled card. Many banks will also now give you the option to disable the automatic transfers listed above. Instead, if you go to make a purchase that is more than you have in your account, your debit card simply will not work. This can help prevent your account from becoming overdrawn, meaning you will avoid those thirty or fifty dollar fees. However, all of the sudden not having your debit card could put you in a predicament, so be sure that you already have another form of money on you, whether cash, another debit card, or a credit card, so that you will not be stranded.

Text messages. The newest thing in terms of protection from overdrafts is text messages. Banks can now alert you when your account is below an amount that you set (this amount can anywhere from twenty-five dollars, one hundred dollars, or five thousand dollars). In the text message, your account gives you the option of transferring money into this account. All you have to do is reply with the amount you would like transferred. This on-the-go messaging system is a great way to keep you up to date with your account so that you never unknowingly overdraw your account.

Filed Under: Financial Institutions Tagged With: Bank account, Credit card, Overdraft

The Subtle Effects of Modern Banking on Everyday Life

: Image by Neil T via Flickr

It wasn’t that long ago that banks had to do everything by hand. Modern technology, which surrounds us, affected the banks in a way that most may not realize. As the speed and ability to transfer information improved, so it changed how a bank operates. No longer was a bank limited to operating in a small regional area. They could expand, adding more branches and reaching more customers.

The advent of debit credit cards revolutionized how younger spent their money. A form of resistance came from the older generation who were used to only having one method of utilizing their accounts: checks. There used to be a limited amount of ways to move money around from accounts. That consisted of wiring funds, writing checks, or physically heading into the bank in order to move money from one account to the other. All were slow, meaning that getting money moved around could take a couple of days.

Modern banking has changed all of that, allowing customers to get access to their funds at lightning speed. A major drawback to this is that sometimes the bank isn’t operating at the same speed that the customer is. On purpose. Say a customer uses a combination of checks, online payments, and debit cards to pay their bills. A large bill was paid using a check. That check arrives at the bank a little bit after the online and debit payments start to hit the account. The bank can, at their own discretion, decide to hold clearing the payments on the smaller debits while clearing the large one first. All it takes is a minor math miscalculation on the customers part to start a large boulder of fees rolling downhill.

Banks do take advantage of their customers in the form of fees. It’s entirely avoidable by making sure to read the fine print.

Filed Under: Banks Tagged With: Bank, Business, Cheque, Credit card, Debit card, Money, Payment, Technology