Managing your money doesn't have to be that difficult. With a few simple tips you can become a financial expert. In this blog post we look at five things you should be doing (or equally as important) not doing, if you want to manage your money well. Enjoy!
Tip 1: Don't use payday loans ever! Not only are they high interest and get you into a borrowing trap, the lenders often use questionable means to get their money back. Best to ask a family or friend, and set up a concrete way to pay them back if you need the money. You’ll know what we mean when Samesi the 6 foot Samoan turns up at your door with a baseball bat, looking for the $50 you are down. Just stay away from these rackets.
Tip 2: Check your Credit Report Annually: Checking your credit rating helps you make better financial decisions. You will also know if something isn't right on your credit report and can see if you can fix it.
Tip 3: If you don't understand it, don't sign or invest in it: If an investment or loan product seems overly complicated and you don't understand it, don't invest in it! You will save yourself a lot of money, time and worry in the future.
Tip 4: Ask what's in it for them: If a bank is trying to offer you an additional product, or a product you may not be interested in, ask what in it for them. Chances are they will be getting a higher commission for the product. Bottom line: It may not be the right product for you.
Tip 5: Avoid bundles of financial products: If a bank of financial institution tries to sell you a bundle of financial products, you will most likely be getting a lot of over priced add ons which you don't need. The only real benefit will be for the bank sales person who will be getting a hefty commission.
So there you have it, five simple tips to help you stay on top of your finances. If you want to learn how to save $1000s a year then check out our Money Saving Tips e-book. Inside you will find over 1000 tips to help you save money!
Cheers
Rusty
Monday, December 6, 2010
Wednesday, December 1, 2010
Reduce your bank fees with these simple tips
Bank fees are on the increase, and if you don't look at trying to reduce them you will be paying even more for the privilage of keeping money in the bank. In this blog post we provide four tips to help you reduce your bank fees.
Tip 1: Transaction fees when refinancing your mortgage: when refinancing your mortgage, keep an eye on what banks offer no transaction fees if you bring your mortgage over to them. Transaction fees can be quite significant.
Tip 2: Ask the bank if they will waive a bounced check fee: Writing cheques that bounce will cost you between $20 and $35. Make sure you always have the money before writing a cheque. But if you do have one bounce depending on your credit history the banks can be surprisingly forgiving and refund you the money. Worth a try. Although not where we live as expats...if a cheque bounces it is a criminal offence and you have to go to court and possibly jail (definitely a good incentive to balance the books!)
Tip 3: Keep minimum funds in your cheque account: Here's another incentive. Cheque accounts don't earn large amounts of interest, therefore it makes sense to transfer extra money in these accounts to your savings accounts where they earn a higher rate of Interest. Just make sure that you have enough in the account to cover all of the checks that you write. As recommended above, $1000 is good.
Tip 4: Use a no fee cheque account: Why should you pay for writing your cheques. Find a bank that offers a no fee checking account. There are quite a few banks out there that offer these accounts. Something, you have to have a minimum balance. If this is the case weight up the difference between paying fees and the Interest you would earn in a normal account. Go with the one that saves you or makes you the most money.
So there you have it, four tips to help you reduce your banking fees. If you want to learn how to save $1000s a year then check out our Money Saving Tips e-book.
In other views...
Our wife has safely arrived back from Ethiopia where she was visiting ophanages and hospitals. She had a great time and said it was a really eye opening experience. Your editor also survived looking after the three kids (aged 7, 6 and 4) and balancing work and the school run.
Below is a photo of my wife at one of the ophanages
Cheers
Rusty
Tip 1: Transaction fees when refinancing your mortgage: when refinancing your mortgage, keep an eye on what banks offer no transaction fees if you bring your mortgage over to them. Transaction fees can be quite significant.
Tip 2: Ask the bank if they will waive a bounced check fee: Writing cheques that bounce will cost you between $20 and $35. Make sure you always have the money before writing a cheque. But if you do have one bounce depending on your credit history the banks can be surprisingly forgiving and refund you the money. Worth a try. Although not where we live as expats...if a cheque bounces it is a criminal offence and you have to go to court and possibly jail (definitely a good incentive to balance the books!)
Tip 3: Keep minimum funds in your cheque account: Here's another incentive. Cheque accounts don't earn large amounts of interest, therefore it makes sense to transfer extra money in these accounts to your savings accounts where they earn a higher rate of Interest. Just make sure that you have enough in the account to cover all of the checks that you write. As recommended above, $1000 is good.
Tip 4: Use a no fee cheque account: Why should you pay for writing your cheques. Find a bank that offers a no fee checking account. There are quite a few banks out there that offer these accounts. Something, you have to have a minimum balance. If this is the case weight up the difference between paying fees and the Interest you would earn in a normal account. Go with the one that saves you or makes you the most money.
So there you have it, four tips to help you reduce your banking fees. If you want to learn how to save $1000s a year then check out our Money Saving Tips e-book.
In other views...
Our wife has safely arrived back from Ethiopia where she was visiting ophanages and hospitals. She had a great time and said it was a really eye opening experience. Your editor also survived looking after the three kids (aged 7, 6 and 4) and balancing work and the school run.
Below is a photo of my wife at one of the ophanages
Cheers
Rusty
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