Category Archives: Managing Money

How To Avoid The Post-Holiday Financial Blues

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Holiday Tip! You don’t need to climb ladders and hang millions of lights all over your house to make a happy holiday statement. You can create an enticing ‘Welcome Home’ atmosphere by simply placing a special emphasis on your front door, surrounding it with colorful lights and garlands of greenery.

Are you financially prepared for the Holiday Shopping Season?

Will you be making your purchases with cash or credit?

Do you have a planned amount of money you will be spending on gifts?

Holiday Tip! Attend a holiday concert or festival of music.

If you owe $5,000 of more on your credit card or know someone who does, who only pays the minimum payment each month, you are not alone. The levels of consumer debt are increasing rapidly around the world.

A Debt is Not Just for Christmas

Christmas is the time of year when many consumers fall into the trap of spending too much money on expensive Christmas gifts. Most of these purchases are made on credit cards rather than using cash. This means these consumers often end up with large credit card debt in the New Year. The New Year is also the time when bills for other expenses, such
as holidays, school fees and taxes come due.

Credit cards are an expensive convenient source of money and many people don’t realize just how expensive they can be. Remember gifts purchased on your credit card that you will not be paying in full, will become a debt. This debt will be with you long after Christmas is gone. The most damaging part of this process is the interest you pay on your holiday purchases over time will be more than the cost of the gift. This interest
payment you are making will also become someone else’s investment return.

Holiday Tip! The mantel or entertainment center- Add a string of lights and if you wish, you can also vary the string of lights by color best suited for the coming holiday theme. Wall hangings can be changed around this area temporarily as well.

Tips to Avoid the Post-Holiday Credit Card Blues

1. Make a budget for Christmas spending – add 20% to the amount and stick to that number.

2. Write a list of everyone you plan to buy presents for and the amount of money you can afford to spend on each person’s gift.

3. Pay for presents using cash or lay-away rather than credit cards – if you have to use credit cards use only one.

4. Use a card with the lowest interest rate and credit only what you are able to pay off in one payment or within three months.

5. Give yourself time to shop – avoid last minute impulse buying of whatever you can get your hands on.

Holiday Tip! Anticipate the food: Reflect on past Holiday foods that are always provided to you within your social circle. Predetermine what you WILL eat and what you WON’T eat.

6. Write down everything you buy for the seasons, food, decorations, cards etc, and their cost – keep a running total.

7. Consider opening a Christmas Savings Account, so that you will be better prepared next year – for $10 per week, you will be over $500 ahead of the game next Christmas.

8. Gather all of your bills and obligations in one place and write down what you owe, to whom and at what interest rate – Now! Be complete and honest with yourself.

Get a Jump Start on Holiday Planning for Next Year – Invest in Yourself!

Make a present to yourself this Holiday Season by investing in yourself – eliminate your debts and start your wealth creation plan.

Holiday Tip! Financial strains- Forty four percent of Americans feel pressure to spend more than they can afford at holiday time. Discuss spending limits with your family.

1. Take any “downtime” during the holidays to make a list of your financial goals for the next year, two years after that, then five years and longer.

2. Add up household expense budget for this year and add 5% to that amount. Start a monthly program to set aside 10% of the amount for the next 10 months starting in February of 2005.

3. Read a self-improvement book such as “The Automatic Millionaire” by David Bach.

4. For some people depression comes with the holidays – tame the depression with the knowledge that you can make 2006 a more fulfilling and enjoyable year financially.

Holiday Tip! Too many small items in a small space tire the eye and overload the brain. Don’t go over the top with holiday decorations.

5. Take time to assess how financially secured you are – review your insurance needs, emergency fund, wills and overall debt and wealth balance.

Real Worth

Remember your Real Worth is not only measured by the material gifts you give.This Holy Season is a profound and powerful timeto commit yourself to new beginnings, to startnew practices and to choose what you want your financial life to be in the coming year.

Very few people choose financial clarity as one of their new practices. Plan for your expression of love not only through gift giving to others, but also a gift to yourself for a secured Financial Future. Make a painless New Year’s resolution that will give you the “Holiday Feeling Financially” for many years.

Copyright 2005 Joan Peterkin. All rights
reserved.

Joan helps families transition from debt to financial security. Get her FREE report “The Top 7 Reasons to Live a Debt-free Life” – mailto:wealthinitiators@sendfree.com. For more info, visit http://www.WealthInitiators.net or call 1-866-410-6099.

How To Find Unclaimed Missing Money

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You may have seen the advertisements. The government is holding money, could it be yours?  Unclaimed tax money is waiting; do you know if some of it could belong to you? It sounds like another scam, but quite honestly, it is possible.

Many people are due missing money that they never knew was theirs. This happens for a variety of reasons.

It happened to my family. I saw that my state had a website with a database of missing money. On a whim, I put in my name. Nothing, of course. Just for fun, I started putting the names of other family members, and low and behold, my mother-in-law’s name popped up. I soon learned that she had forgotten about two checking accounts many years ago. It wasn’t a lot, but it was her money and she should have it.

You may have missing money out there, and you may not know it. You may have been named in someone’s will, and were never notified. Usually this happens when you cannot be found.

Don’t get too excited if you see your name pop up however, because the amount of the missing money is usually small. It’s yours though, so go ahead and take the proper steps to claim it.

Another reason missing money is floating around is due to tax refunds. Believe it or not, some people forget to put in a change of address, and their tax refund checks are returned to the government.  You too may have also forgotten about an old savings account or checking account.

There are plenty of resources out there so you can search to see if you are owed some missing money. Most of these services should be free. In most cases, your state should have a searchable database online.

If someone sends you an email saying you are due some money, and then asks you to pay them for the information, ignore it. That is most likely a scam. You can find your missing money on your own.

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How To Find The Current Money Exchange Rates

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When going on vacation to a distant country, you have to worry about how you are going to carry your money, and you also have to learn about money exchange rates. The currency in each country is remarkable different from your own, and this fluctuates on a daily basis.

Even though Canadian currency is found in the United States quite often, many people will not accept it. This is because the value of a Canadian quarter is not the same as the value of an American quarter.

When traveling, you have a few options. You can almost always find a place at the airport to exchange your currency for that of the country you are entering. Due to the fluctuations in money exchange rates, the amount you got for five hundred US dollars the year before may not match what you are offered today.

You can get a general idea by searching the web for money exchange rates, and you can find a calculator to help you convert your currency into another one, but this will only give you the rate at that particular moment.

Quite often, when you exchange your money for another currency at a bank or airport, you will be charged a fee for the service. Many people skip this fee by using credit and debit cards when overseas. The only problem with this is that you may not find an automatic teller machine that will accept your card. Before you leave, talk with your bank about your trip, and they should be able to find out if you can find ATMs in your point of destination or not.

Another consideration when using another currency on vacation is the huge difference in value. Yen and pounds are vastly different than the US dollar, and it may be very easy for you to become confused. Add the constant flux of money exchange rates, and you double your confusion. Pay attention to the value of the money you are receiving as it relates to your own currency, so you have a general idea of what things should cost, and when you are being ripped off.

Even making purchases online can be tricky. If you are ordering merchandise from another country, you will have to worry about money exchange rates. This is important if you are using an international money order. In this case, you must figure out the exchange rate before you buy, and hope it hasn’t fluctuated too much before the payment arrives. Many people will not accept international money orders for this reason, and also because there may be a huge fee involved for them when they cash it in.

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How To Make Better Investing Decisions

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There might be nothing more pleasing that watching your money grow with little effort on your part. There are a number of ways to do this, but the most common way is by investing your money in a variety of stocks, bonds, or ventures.

When you dive into the investing world, you may find it is difficult and complicated, and you may not want to handle it on your own at first. You need help and advice to make better investing decisions, and to make more money as you go.

If you aren’t happy with simply earning interest on your money with a savings account, you need some better investing options. The next step up would be a money market account. These are something like savings accounts, but they earn a higher interest rate. The difference is that you have to have a minimum amount in your account at all times. You are essentially giving your bank permission to use your money for their investments, and they then split some of their profits with you. If you aren’t willing to take a huge risk with your money, this is one of the better investing options you can take.

For those who are into stocks and bonds, you have to keep a closer eye on your money. If you find you are lost, and keep losing money, you might need better investing advice. You can find any number of consultants to help you, and some will do all the work for you. They charge a commission, so if you have very little money to invest, this might not be your best option. You can also look online to find better investing tips and tricks for those who choose to handle their own investment portfolio.

When planning for retirement, you are always looking for better investing advice. You can use your companies 401K plan to save, or you can open an individual retirement account at your bank. Remember that these are both considered investments, and are not covered by the FDIC if you were to lose money. Talk to your bank representative for more information on IRAs, and call your human resources department if you have questions about your 401K.

You can also find tips for better investing by doing some research online. There are many sites devoted to better investing, and how to get the best return on your money.  Don’t forget about investing in property. This can mean you become a landlord, or you buy land in hopes to sell it for a profit at a future time. No matter which route you choose, you can find tips online to help you get started, and to help you remain in the black.

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How To Use A Bank Account Online

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We do almost everything online. We can check email, order gifts and even do our banking online. With a bank account online you never again have to wait in line to have a teller assist you with your financial transactions.

Most major financial institutions now offer their customers the ability to have a bank account online. This gives the customers the convenience of being able to check their bank account balance, pay bills and even transfer money between accounts. You simply visit the website of your bank and use the links provided to sign-up so you have access to your bank account online.

For someone who has traditionally used the services of a bank teller it might seem a bit overwhelming to think about having a bank account online. They enjoy the person-to-person interaction and feel confident when they walk out of the bank with a deposit slip in hand.

You can feel just as secure and confident when you have a bank account online. Each of your transactions is documented and you receive an authorization number for each bill payment you make.

When you have a bank account online you may even be able to have direct deposit. Direct deposit is when your pay check is directly deposited into your bank account online on each payday. This means you no longer have to visit the bank after work when you get paid. You simply log in to your bank account online and you will find the money already there for you. Your employer will still supply with a record of your pay and deductions but it saves a time-consuming step for you.

Another nice feature of having a bank account online is that you can easily set-up post-dated payments. If you are going on vacation but don?t want to miss your credit card bill payment, you can set it up so it is deducted from your account and electronically send to the credit card company on the date you specify. You can do this with almost all of your payments which means that you will never again overlook a payments due date.

This saves the trouble of having to write a post-dated check, put it in an envelope, find a stamp and mail it before you depart on your vacation. It is simply a much easier method.

Having a bank account online is the next step in banking. With all of the security features available you can do your everyday banking in confidence from the convenience of your own home.

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How To Increase Fuel Economy

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What do you drive? How’s your gas mileage? I drive a mini-van and would love to know how to increase fuel economy. Although I do get okay gas mileage, I sure would love it to increase. Say around 65 miles to the gallon would be decent.

The sad thing is that gas prices just keep increasing. My town is at 3.10 a gallon now days. That stinks! I can still recall when it was 97 cents per gallon and I’m only 30 years old. What is the economy coming to?

My father keeps ranting on about how the prices are supposedly going to go up as high as 8 bucks a gallon. Wow! I certainly hope that’s not the case. The sad thing is that so many individuals and families invested in SUVs. This trend has got to be slowing down now. However, I do know one way how to increase fuel economy. Stop driving these gas hogs. I am wondering if they will soon be extinct. Who in the world can afford those kinds of fuel costs?

Have you figured out the best route concerning how to increase fuel economy? Hey, I truly think I have. They’re called hybrids. With these innovative battery operated cars, you can certainly decrease the gas you’re burning. Just imagine when you are burning fuel, a large battery is charging, then the battery takes over and you save gas. That’s pretty sweet.

For more ways on how to increase fuel economy, you can easily hop on your personal computer and go surfing. I think you’ll find that sports cars, SUVs and gas hogs are becoming a thing of the past. More and more people are investing in economy vehicles with smaller engines. It’s the wise choice to make, because I don’t think gas prices are dropping soon.

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