Credit Card Trouble

People became very comfortable with using their credit cards for everyday purchases during the past decade, as banks and credit card issuers advertised easy credit, low interest rates, and zero money down to anyone that would listen.  As the credit bubble burst, many of those individuals got a nasty shock.  Credit card companies began dramatic increases in the interest rates on some credit cards, even those held by their most responsible card holders.  People that were fine making the minimum payments suddenly found their payments skyrocketing.

What You Can Do

Because using a credit card has become so costly, many people are learning to put away the credit cards and live solely on what they are making as their income.  It takes a great deal of dedication, but one of the healthiest things that you can do for your finances is to avoid using credit cards and pay off your balances so that you can stop paying for the past and begin saving for your future.  If there are items that need to be purchased, they should be purchased with the money that you have left over after all of your bills have been paid and you have set some money aside for savings.  It will take some reconditioning of your spending habits, but it can be accomplished and you can be debt free.

Deposit Savings Directly Into An Account

Most employers provide an opportunity for their employees to increase their savings easily by allowing them to split their direct-deposited paychecks into two or three different bank accounts.  People that decide to use this feature choose a percentage of their pay to have transferred into these additional accounts every payday.  Using the direct deposit feature puts this money directly into a savings account without any effort on the part of the employee and prevents the money from being spent on frivolous items instead of being placed into savings.

Document All Transactions

You should make a habit of documenting all of your transactions so that you will always know what you are spending your money on.  Any deposits into your accounts or purchases made with money from your bank account or placed on your credit card should be listed in a transaction ledger that can be reviewed at any time for excessive spending or areas where spending can be reduced without issue.  This will provide you with a good look at what percentage of your money you are spending and where that money is going.  People that document their transaction generally stay within their spending limits because they are able to see how their spending affects them each month.

ATM’s have also become a much more versatile device in the past 10 years and are popping up all over the place. It used to be that an ATM was simply a place to withdraw money and they were few and far between depending on the size of the city you lived in. These days there is an ATM on every corner and they can be used to pay bills, transfer and deposit money and some ATMs even allow you to book flights or make other reservations.

Debit cards seem to almost have completely replaced the check as we know it. Debit cards provide you with all the convenience of a credit card, usually backed by a Visa or Mastercard logo but unlike a credit card they don’t allow you to get into too much trouble by spending over your limit. They are great for people who don’t like the idea of carrying too much cash around but at the same time don’t feel responsible enough to handle all the things that come along with owning a credit card.

Since it is a gradual transition we don’t always see these changes happening but if we look back at the big picture we can see how much things have really changed over the last 10 years. That only leaves us to wonder how much different things will be in the 10 years to come and what sort of innovations they will unveil upon the world. Technology that concerns your money is always something that people will pay close attention to so we can imagine there won’t be too many changes that go unnoticed. Until then, we will just have to wait and see.

Vacation—Let’s face it, few people choose to go through a summer without a vacation of some sort. And vacations cost money, even if you stick to an inexpensive road trip. The summer months could mean a full week of air fare, hotels, gas mileage, and eating out. Start saving up that loose change!

Air conditioning—June, July, and August bring to mind images of an air conditioner blasting out cold air into a humid living room for three consecutive months. If you’ve ever glimpsed the energy bill that results from this, you understand why summer utilities are right up there with winter utilities as far as cost. Unless you’re going to invest in an industrial strength fan or other cooling options, prepare for a significantly higher energy bill this summer.

Kids spending money—Once they’re not in school anymore, kids are free from restraint and will need constant entertainment—days at the pool, amusement parks, movies, concerts, Fourth of July fireworks, etc. What does this all add up to? Money—money that they don’t have which you will probably have to give them.

Even if your kids land summer jobs (which you should encourage), it’s probably good to look into prepaid debit card options to keep them out of trouble with credit card debts. Look into my Green Dot credit card Slideshare presentation to learn the benefits of prepaid cards.

Fourth of July weekend—The annual celebration of this nation’s independence brings with it a weekend of partying, barbecuing and public festivities that are known to cost a buck or two. It’s not unusual to drop a couple hundred dollars on a Fourth of July weekend, so figure that into your summer budget.

Weddings—It’s rare for most adults to get through a summer without having to attend a friend’s wedding. After all, it is the most popular time to get hitched. This can be expensive for a host of reasons: travel costs; tuxedos; gifts; lodging. Ideally you can combine this trip with your vacation. Otherwise, mark wedding season down on the list as a possible summer expense.

Summer is not a season to dread, but one shouldn’t be naïve enough to think it’s like any other time of year. Start planning a budget and discuss it with your family so that when June hits you’re on the same page about this summer’s expenses.

With the evolution of the internet anyone with access and nominal funds can take part in some of this educated gambling/betting. Financial markets are much more reliable than horse racing and all other casino games, and there is a vast amount of information that a person can use to their advantage to make profits.

All you have to do is find a good regulated company like Cantor Capital to help you enter the markets. Do not for one minute think that this form of betting is out of your reach as companies like Cantor allow you to start up with small amounts of your money, until you get the confidence to invest large amounts. The interface provided for placing these bets is extremely user friendly and it has built in safety features that could only help novice and veteran investors to limit losses and maximise profits!

However thanks to the rapid growth and success of the internet this no longer has to be the case. Business owners can now setup their own online stores and do all the maintenance and updates with ease. In fact once you have basic computer skills and can search and find things online, you should be able to setup your own website without a problem. Don’t for a second think that because your skills are limited your website has to look amateur! You can ensure this is not the case by utilising a revolutionary new service that has become available called Shopify, offering the best ecommerce website builder platform on the internet. This platform enables you to achieve a professional website with fully function payment gateway, with a few clicks of your mouse! This is done by utilising Shopify’s unique professional website templates that are fully customisable so you can tailor them to suit your needs. Templates are available to suit all types of business, so whether you are a hardware supplier or massage therapist, you will be sure to find a template that fits your ideas and business needs.

Head on over to their website today and take advantage of their limited time offer which gives you a free 30 day no risk trial of all their services!

Keep Track Of What You Are Spending

Taking the time to track what you are spending is one of the easiest ways to find more money to save.  When you track your spending, you can see all of the things that you are spending money on and can identify areas where spending can be cut without disrupting your current lifestyle.  For example, if you find that you are spending a lot of money on lunches during the workweek, you can start taking your lunch to work instead and bank the difference in your savings account.

Round Up Transaction Ledger Entries

Each time that you enter a transaction in your ledger, you should round up the price of the purchase to the nearest whole dollar or nearest five dollars before subtracting it from your balance.  This makes balancing your transaction ledger much easier and provides you with a cushion in your account to hedge against accidental overdrafts.  Over time, the little extra that you add to each purchase will add up to a significant amount of money in your bank account.

Direct Deposit Your Savings

Many people that use the direct deposit option of receiving their paycheck choose to have a portion of their paycheck deposited directly into their savings account.  Many companies allow their employees to deposit their paychecks into up to three different accounts.  Having this money deposited directly into the account lets you grow your savings without having to think about it.

For other people the problems in doing business comes from the actual scale of things. Many people are used to being an employee at a job although when it comes time for them to actually oversee the entire operation, things can become much more complicated. Things like paperwork and the printing of documents piling up can sometimes be overwhelming. For people that can foresee that being a problem, making use of print management services can be a great way to keep their business much more organized.

If you will be operating a typical brick and mortar business you will also have to make decisions about whether the internet will play an important part in the way that your business operates. If it will then you will definitely need to spend time working on your online strategy. There is an internet marketing opportunity at just about every corner it seems like but there are people out there that will be able to help you make informed decisions as to how you will integrate the internet into your business.

So while we see many successful businesses operating every day, what we don’t see is the businesses that are failing, of which there are quite a few more than the successful ones. While even the best ideas can still have the chance to fail, if you arm yourself with the right techniques and take a look at the different services available to help your business in crucial areas, you will stand a much better chance at being successful. The business world is tough, so make sure that you are much tougher.

If your car doubles its value every time you fill it up with petrol, then you are probably best getting a really basic, third party only policy.  That would cover the costs of the other person if you were at fault in an accident (if you weren’t at fault then their policy would pay for the cost of your repair and any personal injury).  Or you could get a third party, fire and theft policy that would also cover the value of your car if it was set on fire or stolen.

In all other cases you should get fully-comprehensive cover.  That would cover you and the other party for all costs relating to the damage to the cars and to the other party’s personal injury if you were to blame.

But when you are shopping around for a cheap car insurance quote, you should consider your personal circumstances as well as the value of your car.  If you fall into a ‘special group’ of people then you might be able to get cheaper car insurance with certain insurance companies.

Until recently, being female gave you a good chance at getting a lower insurance premium. Then the powers that be decided that this was a discriminatory practice (because it put men at a disadvantage based on their gender – the insurance companies argued that it was because women made much lower-value claims, since their accidents tend to be little bumps rather than high-speed smashes, but they were ignored).  Of course, policies taken out by men were not made less expensive, since the cost of the claims still had to be met and profits needed to be maintained, so all premiums rose for women to put theirs in line with men’s.

If you are a student, you will probably receive a higher premium than other people, but there are specialist insurers around who offer lower rates to students so it’s worth shopping online for these quotes.  Note though that if you are a mature, part-time student, don’t waste your time looking at specialist student insurers – if you do, the premiums will be far higher than if you just searched as you normally would through comparison sites because being a student is not considered a positive thing in insurance company circles!

If you are aged over 50 you may be able to get a cheaper quote if you search for a car insurance company that offers age-based discounts (this will probably disappear like the gender-based differences, but at the moment they are still available).

Take advantage of any personal attribute you can.  If you don’t drink, tell your insurers who may offer a discount; if you don’t drive very far then tell your insurers; if you have use of someone else’s car then tell your insurers.  All of these things might get you a discount on your car insurance so it’s worth trying!

Change Your Spending Priorities

Changing your spending priorities may be the most difficult part of the entire process because humans are creatures of habit and we easily fall back into old patterns if we are not careful.  In order to save more money, dedicate a specific percentage of your income, typically 10-20%, to your savings account as soon as you get paid.  If you take this course of action instead of paying for all of the things that you need and want up front and saving what is left over at the end of the month, you ensure that you are saving for the future and reducing your spending on non-essential items.

Specific Actions Can Trigger Saving

Dedicating some money to your savings account every time you perform a specific action is another simple way to increase your savings.  In most cases, people use specific types of purchases, like buying clothing or shoes, to trigger placing a specific amount into savings, like an additional tax on the purchase.  Paying your savings account for the privilege of buying non-essential items has a dual effect by increasing your savings and causing you to think twice about buying that item.