Browsing Tag

smart finance

Banking

How Your Bank Can Save You Money

If you think your bank is costing you too much money, then now is the time to look at ways your bank can help you save money rather than spend it. Although there will always be bank charges and fees, there are ways to save money using banks and make the most of their services. Here are some tips about how to cut down on bank costs and save yourself money.

Savings

One way to save yourself money through your bank is to open a savings account. If you have a fair amount of money in your current account, then transferring it to a savings account with a high interest rate is a good idea. Having a savings account does more than just save you money; it earns you money. The interest generated from a savings account means that you are making money from the money that you store. However, you should remember that many banks charge a fee if you go below a minimum amount in the account, so keep track of this in order to save yourself money.

ATM charges

Another way that you can save money when banking is to use free ATM machines. Some ATM’s charge you a fee to take money out, either for the convenience of because the ATM does not belong to your bank. If at all possible you should stick to ATM’s that don’t charge you money. If you do this regularly then you could save yourself ?100 a year or more.

March 1, 2010

Book Reviews

Starting Out – Smart Strategies For Your 20s & 30s

Starting Out: Smart Strategies For Your 20s & 30s, Investors Group

I stumbled upon Starting Out while doing a search in my local library database. It’s a great book full of easy-to-understand information and advice on how to handle your finances from a young age. The book was put together by Investors Group and I think everyone should read it, even if they are no longer in their 20s and 30s.

The book discusses the basics on everything from figuring out what kind of an investor you are to what an RRSP is and how it is best used. It provides key ideas that if followed would promote your financial success. It provides advice on managing debt, building a credit rating, how to choose appropriate bank accounts, and much more.

If you want to learn more about the different investment options available and how they work, you will find this book very informative. As well, it discusses the different types of risk associated with different investment types. Out of all the books I have read to date about investing, this book is by far the easiest to comprehend.

Although the book is fairly short (about 120 pages), it covers a lot of important material that would be helpful for anyone who isn’t already financially savvy. I highly recommend that you check to see if your local library has this book available. It is well worth the read as it will help you to achieve financial freedom if you are willing to follow the advice and strategies discussed.

February 11, 2010

General

Things To Consider When Money Lending

Most of us have done it at one time or another: lent money to a friend or family member. The loan is usually done in order to help a loved one meet a goal or to take care of a pressing need. We choose money lending because we want to help. Unfortunately, all too often extending a personal loan can lead to a negative situation. Here are a few points to consider when you are faced with the possibility of floating a personal loan to someone you care about.

The thing about money lending is that the recipient obviously does not have the resources at hand to effectively take care of the matter at hand. That is why you have been approached about the personal loan. It is important that you have an informed understanding about the ability of the recipient to be able to repay the loan within a reasonable amount of time. The repayment schedule should be discussed in detail and the terms of repayment should be perfectly clear to both parties. This is done so that the transaction can be done according to perimeters that both you and the recipient feel confident can be met in a timely manner.

December 31, 2009

General

Keeping An Eye On Your Personal Finances

The majority of us are sticklers for finances at work, but often disregard our personal finance at home. For those who are not accountants, the process of keeping financial records and ensuring all financial items are squared away can be quite boring and often confusing. Instead of ignoring your personal finance until a problem arises, take the initiative today!

The most important aspect of your personal finance is undoubtedly your credit. Your credit score, often a mystical number of much confusion, is critical to your success in the financial realm. Without a respectable credit score, you will be unable to borrow money or obtain a home or vehicle loan. This number can literally hold you back from completing your goals and can severely limit your future.

The credit in your name has a direct bearing on the credit number. Thus people who do not use their credit cards properly and have huge bills running in their names lend a bad streak to their credit. A point to be noted is that it is not the amount you charge but it is the amount that is kept on credit that poses the threat of being harmful. It is important to keep a check on the monthly statement and you should endeavor to pay it in full each month.

In today’s society, identity theft is often a problem. If someone steals your identity, they can wreck your finances, ruin your credit, and tarnish your good name and reputation. In order to prevent identity theft, carefully monitor all your financial statements and safe guard your personal information.

The attitude of most people towards money is spending today and saving later, thus relegating saving for a later part of their life. But this habit catches them unawares in the later part of their life where they get jolted with the rude shocks of a fast approaching retirement date and a non-existent retirement fund. So do not wait for tomorrow, start saving today by putting some portions of your income in the retirement fund account.

One of the best ways to handle the finances is a budget. This is the best way to keep a tab on the finances and keeping the spending in control. When you create a budget you need to make two columns, one meant for the incomes and the second for expenditures. You need to mention all the items of expenditure in the expenses column such as rent or mortgage payment, car payment, insurance, utilities, and food. Whatever is left after deducting all this from the income is the monthly excess that of course can be used in different ways.

It’s a good idea to consult an accountant if you are not sure about setting your personal finance records straight. This person will help you correct any potential problems and ensure nothing goes wrong in the future.

The world of finance is fascinating. There’s no need to be scared of it. Just keep your finances straight and you will be able to build, or rebuild, your credit score.

About the Author

David Neehly is an independent Investment writer for “Investment Finances” at http://InvestmentFinances.com You’ll find all the latest Investment news there.

December 25, 2009

Wealth

The Four Things You Need To Know About Wealth Creation

Experiencing a life of effortless bliss, abundance and prosperity is not out of the realm of fictional books. You to deserve to have it all and why not. Who would in their right mind want to have the stress, struggles and anxiety associated with financial concerns through lack. So how do we increase the wealth and abundance in our life. Here are four things you need to know that will increase your wealth and abundance.

1. Have a millionaire mindset. If you aren’t yet wealthy then you just don’t believe it is possible. What you focus on is what will be created and confirmed by your circumstances and surroundings. If you focus on your debt, bills, lack or poverty then that is exactly what you will get. If you focus on opportunities, breakthroughs, financial overflow or prosperity then that too is what will be created in your world. It might sound airy fairy but what have you got to lose. Give it a try, focus your thoughts on abundance every day all the time.

2. Discipline your money. Don’t let money control you. Why be at the mercy of money when you should be the one in control. Why have bills overdue, credit cards maxed out and debt overflowing in your life. You’ll only create a situation where money starts to dictate your standard of living and what you can and can’t do. Instead put your money to work for you. Decide on what you will and won’t spend and discipline your money to work through investing it in growth assets like shares or property. If you aren’t in a position to do that right now then at least put it into a high interest account or start a regular savings contribution to a managed fund.

3. Be grateful. Living a life of gratitude is a key to living in abundance and wealth. When you are grateful for what you have then you start to create an environment that appreciates and attracts more of that which you want. Gratitude is a powerful emotion that when harnessed can be immensely powerful. Start a gratitude journal and write down the things you are grateful for each day.

4. Visualise your way to Wealth. Visualizing your wealth before you go to bed each night will reinforce in your mind what you want to create for yourself. Write out a goal or affirmation of where you want to be in a few years time and start to visualize you on the day that it happens. Are you celebrating, where are you and who are you sharing the moment with. Be as creative and as detailed as you can as the more real it is for your mind the more it will work to attain it for your reality.

You have within you the power to create abundance and wealth or the power to create poverty. So why not get on track today and design a future that you want.

December 23, 2009

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