Basic Tips to Manage Money

Basic Tips to Manage Money

 

 

So, you already earned your money. The next question presented to you is what you are going to do with it. Even when one has the list of payables and obligations to liquidate the monthly charges, a means of adequately handling your money is required to be able to maintain stable and consistent budgeting. Here are some basic tips for managing money.

 

 

Know When to Stop

Probably the hardest thing to do is to stop when it is needed, especially in terms of having more than what could be paid off. We should be able to know what things are plausible and valid by our means of income. When we get more than what we could support, the chances are that we end up giving them up, or worse, wrongly choosing what things to retain and what matters to let go.

 

The idea of knowing the needs and also wants to fit in this description as we should be able to determine first what things we need than a want. It prevents us from being biased in our judgment in acquiring. Often, the things that we want are more appealing and are a higher risk of snagging us in a trap of financial burden and chaos in the long run.

 

Taking time to stop and think first and then evaluating what to prioritize first is essential to progressive and stable money management.

 

Impulsiveness Means Disaster

One of the basic tips for managing money is to stop one’s self from being impulsive. Even if we have already determined what to prioritize, we still must further evaluate alternatives and not spend on the first offer that comes our way. When we are impulsive, there is a very high chance that we risk our money into spending for something that we could have gotten away with at a lesser price.

 

 

Risk Is Healthier Than Full Security

Risking the resources, we have for a productive cause, and viable profit earner is a healthy practice to take by an individual. Though this may mean a loss of capital in the form of personal money, not investing and instead just putting it in your safety vault or the bank will stagnate your extra resources.

 

Nevertheless, careful planning and feasibility study of a business venture will be needed to determine the most efficient way to establish and commence a risky business deal into a promising profit earner.

 

Planning Is Essential

Even if we still have a lot of flexible time to sit around and enjoy each day as it passes by, preparation of schedule in terms of a few months to several years is vital in projecting one’s self when the future comes.

 

It does not have to be followed as rigidly as it should be, but just enough to become a basis of many activities and choices by the individual. Knowing where to go and what to do lessens the chances of getting stuck up in a crossroad of future decisions. Furthermore, this reduces the worries and anxieties that a person might be thinking as important dates draw near. In addition to that, these pre-set guidelines would serve to calibrate the performance of the intended output, therefore allowing him to properly reset or recalibrate the means of work and production for him to further increase the expected outcome reasonably.

 

These basic tips for managing money are just a few of the many means to effectively have more resources than just getting break evened with your salaries and allowances.

 

We hope this information was beneficial. You can have anything you want if you are enthusiastic about putting in the time, effort and plans to get to your goals. Discover the secrets why the rich stay rich and the poor stay poor. Click Here to view a video with more life tips!

 

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Bigger Banks Better – Bigger Not Always Better

Bigger Banks Better – Bigger Not Always Better

 

When we think of companies and the services they provide, we often assume that a big company is automatically better. We think to ourselves “well if they are that big it means they have a lot of customers so they must be doing something right”. That thought process makes sense but is not always entirely accurate. A lot of businesses were good and did earn their way to the top, but as they got bigger they started taking more liberties with customer service.

 

This happens all the time, and by then they are so big most of their customers do not leave even if they could find better deals elsewhere. This is where the question of whether Bigger Banks Better or Not comes in. That sentiment that bigger is better holds true for banks just as much as any other business, but is it really the case?

 

Depending on your situation, the answer to that question is no. Big banks offer a lot of benefits, sure, but you might be able to get far better deals and customer service by using a smaller community bank. Small businesses almost always have great customer service and a lot of perks to keep customer loyalty. Since they are smaller, they cannot afford to lose customers like big companies do, so they go that extra mile.

 

 

When figuring out if Bigger Banks Better or Not, you need to ask yourself what exactly you are looking for. If you just want the basic checking and savings accounts, then a smaller bank may or may not be better for you. You will have to consider your local community banks to see what kind of rates they have and check to see if they would save you money or not.

 

However, one aspect that small banks have the advantage in is loans. Especially small business loans. Big banks are often very hesitant to give out loans with small business loans being at the top of that list. But small community banks make most of their money by giving out small business loans. So, if you are looking to open your own business, then you should consider your local community bank.

 

By using a local bank, you are not only helping your community by supporting them, but you are also helping your community by allowing more businesses to pop up. By keeping your local community bank afloat, you enable them to hand out loans so that people can start up that business they always dreamed about, which in turn creates jobs for your area.

 

So not only are you getting better savings, but you are also helping the community. It is definitely a win-win situation.

 

While these advantages certainly do not apply to everyone they can make a significant difference. If you are deciding whether Bigger Banks Better or Not and are looking for alternatives, then consider small banks and see what they should offer, you might be surprised at what you can find when dealing with them.

 

You can have anything you want if you are willing to put in the time, effort and plans to get to your goals.  Discover the secrets why the rich stay rich and the poor stay poor. Click Here to view a video with more life tips!  In closing, I invite you to share your commits on this and all the posts. Like us on Facebook and Google Plus. Remember to keep an open mind and Shift 4 Freedom.

Bank Fees One of The Ways Banks Make Money

Bank Fees One of The Ways Banks Make Money

 

One of the ways banks make money is through the various Bank Fees they have. But the major one that nets them the most profit is the dreaded overdraft fee. I am sure everyone out there has had to deal with this at least once in their lives. It is not a pleasant thing to see when you log into your account. Not only could you not cover the payment, but now you must pay even more.

 

If you do not want to have to deal with these overdraft fees, there are some rather simple steps you can take to avoid them. There is also some information you can use to better protect yourself. Learning some of the games the banks like to play will give you the ability to play, and win those games.

 

First and foremost, try to avoid cutting it close. If you will be getting money deposited overnight, as well as money being taken out, this can often lead to overdraft fees. One of the tricks banks like to play is that they will process a check first so that you are overdrawn, then they will deposit the money you earned. So even though you had the money there, because of the order it was all done in you still must pay an overdraft fee.

So, if possible, try to avoid waiting until the last day to protect yourself from such Bank Fees. Another thing you should try to do is stop relying on check or credit cards. These things lead to a false sense of security, as you can buy things even when you do not actually have the money.

 

Things like credit cards are good for emergencies, but they should not be used for daily things. If you are buying gas or buying groceries, pay in cash. If you do not have cash, ask yourself why? You need the money to cover these expenses, whether you use a credit card or not, so figure out why you seem to never have the cash when you need it.

 

If you can alter your budget to rely solely on cash, you will have a lot fewer problems with debt and the various Bank Fees out there. It can be a bit more of a hassle having to carry cash around all the time, but in the long run, it can save you a lot of money.

 

Another tip you should consider is the whole overdraft protection thing banks offer. It sounds good in theory, protecting you so that you can buy what you need even if your account is empty. But it really is not useful. If you use credit cards primarily, then simply having them denied outright is preferable.

 

It can be embarrassing to have your credit card denied when at the store, but it is far better than having to pay an overdraft fee, isn’t it? Money is tight for a lot of people, see you need to do what you can to save what you do have. Even if it means suffering a little humiliation.

 

Discover the secrets why the rich stay rich and the poor stay poor. Click Here to view a video with more life tips!  In closing, I invite you to share your commits on this and all the posts. Like us on Facebook and Google Plus. Remember to keep an open mind and Shift 4 Freedom.

Best Saving Accounts What Must You Look For

Best Saving Accounts What Must You Look For

 

Most people begin their financial journey by opening a regular account which they use for nothing more than depositing and issuing checks. A lot of these people allow money to remain in these accounts till it reaches an amount and then they begin looking at options for saving accounts. It is needless to mention as to why people would want the best saving accounts they can get at this stage, because their financial life is almost on the verge of or already has become stable. The account they are opening now is an instrument of savings. This can be call a freedom account.

 

Probably you are contemplating on opening a freedom account too. If you are doing that, there are certain things you must look for. One of the first things that you must remember is that the bank or credit union where you have your regular account is not necessarily the bank or credit union with the best saving accounts too. With a freedom account, the stakes are higher because banks or credit unions must pay you interest on the deposits that you make. Naturally, the bank or credit union that can provide you the best rate of interest will be the best saving account bank or credit union for you.

 

Understand what is a freedom account all about. The freedom account is where you set aside into a savings account from 3 to 10% of your total income each month for education, self-improvement, or asset building investments only. Not for personal or entertainment items that cost you money. It is called a freedom account because it’s goal is to help you free yourself from the credit rat race. But there are some other considerations to make here.

 

Here we list the five important points you must look at when you are scouting for banks or credit unions that can provide best saving accounts.

 

(I)         The first thing you must look at is naturally the rate of interest. Since it is the bank or credit union that will be paying you the interest, you must select the bank or credit union that provides you the highest rate of interest. This should be one of the primary points that you should be looking at, but certainly it should not be the only point.

 

(ii)        The second thing you need to check is the amount that the bank or credit union needs you to deposit so that you can open the account. Different financial institutions have different limits here and hence you need to ask them personally or check their written brochures.

 

(iii)       Since these are savings accounts, you will need to keep some amount in the bank or credit union each month. This amount is called as minimum deposit. It acts as a kind of security for the bank or credit union as well as it helps you to save that amount of money, adding more meaning to the concept of savings accounts. But you must see if you can afford to keep this minimum deposit with the bank or credit union because if your total deposited amount goes less than this, you must pay an additional charge.

 

(iv)       There may also be a limit on the number and the amount of withdrawals that you make from the savings account. See if that meets your needs. With some banks or credit unions, you can make more withdrawals than the number that they allow but you must pay an additional charge for that.

 

(v)        One more point that you must check is the notice period before you can make a withdrawal, which is typical of most savings accounts. If this period stretches out to too long (in some banks or credit unions it could be as much as three months), the account may not be suitable to your needs.

 

Hence, choosing best saving accounts is not a very easy task because there are several things that you need to consider. But being aware of what you need to look at, you are liable to make a better decision.

Don’t try to set all your goals in one day – instead,  Click here to view a video with more life tips! In closing I invite you to share your commits on this and all the posts. Like us on Facebook and Google Plus. Remember to open your mind and Shift 4 Freedom.