Seven Fast and Effective Personal Financial Tips

When it comes to money, many people are simply lost in their understanding. Their personal finances are usually in such disarray that they struggle just to pay rent and keep food on the table. If you are one of those people in financial turmoil and you feel that now is the time to change and figure somethings out, the following tips will provide guidance for you in formulating a successful strategy and sticking to it.



1. Save. Even if you begin with a simple piggy bank on your night table or shelves, start saving something beginning now. No matter how small the regular savings, it will add up to more confidence, at the very least. Learning to save is a process and once you take the first step, you show yourself that you can do it. Before long, you will be automatically deducting a decent amount from your paycheck and depositing it into an interest bearing account.



2. Be timely with bills even utilities. Get out of the habit of waiting an extra week to pay your phone bill is going to force the company into bankruptcy, waiting that extra will force you into paying a late fee and having seven more days of bill related stress. Anticipate your bills, prepare and pay them off at the earliest possible time. The sooner they are taken care of, the sooner you can set the rest of your plan into action and get a clearer focus.



3. Stop spending on unnecessary items. Sure, it's cool to have the latest gadgets and we often feel that we really must have them, but in reality, you don't. Implement a waiting period before making any doubtful purchase, say for example, three days. You will most probably find that once the euphoria has worn off, you will not buy. Write down a list of the things your resisted purchasing too, as an added confidence booster and to demonstrate the power of getting into this habit.



4. Eat in more often. One of the biggest and most wasteful expenditures is dining out or picking up take-out. Think about the difference in price between a meal you cook at home and one you order in a restaurant; the annual savings is staggering! Even if you purchase ready to eat or microwave meals, which are not ordinarily budget foods, you will be saving yourself a fortune.



5. Supplement your income. You don't need to take on another 30 or 40 hours a week, just find some way to bring in another $50 to $100. Maybe you could tutor on Saturday, wash cars or dogs on Sunday or consult some of your expertise every Monday evening. Think small and don't be insulted. That money could easily cover at least one bill every month, or equate to $1200 of savings each year. Get creative and try to find something you enjoy to make it even more worthwhile.



6. Sell things you don't need or use anymore. Not only can this give you a quick infusion of cash, it keeps your spending in perspective. You can literally see where a lot of your money has been going, and judge the necessity of your purchases. You could also be helping others who are cash-challenged that cannot afford a new watch, shoes or other item you may put up for sale.



7. Cutback on car use and unnecessary running around. Especially with gas getting so expensive, minimizing the use of your vehicle could save you plenty. Consider the necessity of each trip as well and if you could either eliminate the trip, share a ride, take public transport or even grab some healthy exercise by walking instead. Reducing the amount of miles you put on your car can also bring down your insurance as well as cutting down gas and maintenance expenses.



It takes courage to make change, but where your finances are concerned, positive and permanent change is necessary for you to be able to live a decent, relaxed and worthwhile life. Having to fight to manage your money every month just takes so much out of you, and all you have to look forward to is more debt and the same battle come next month. Make the change. Use the above tips to empower yourself to set your finances straight and start enjoying life more than ever,

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Choosing the Right Bank that benefits You

With the economic crisis of recent years still hovering over the banking industry, you as a consumer want to make sure that you choose a bank that benefits you personally, rather than just the institution itself. It is a mutual relationship and everyone needs to benefit on some level. However, make sure that your needs and goals are met by the bank that you choose. Here are some ideas on what to look for and how to wisely choose a bank that offers benefits that are conducive to wise financial planning as you move forward in evaluating a beneficial relationship.



Most banks will charge you a fee for checking accounts through their institution, and this is not a bad thing; however, there are ways to get free accounts that will benefit both you and the bank. Check into the policies of the banks in your location, and choose one that offers free checking with minimum deposit amounts. If you have the ability to maintain a minimum level of funds in your checking or savings account, you can end up with no fees for this service. This is because the bank has the ability to use "available funds" to make investments of their own and this is traditionally a bank position. Compare rates of several banks, and always ask for options that they may not tell you from the beginning.



Look for interest bearing checking or savings accounts, and find out who offers the best rates. These can vary significantly from one institution to the next, so ask about all options available to you. You may not automatically be told about ones that are in your best interest, so do your homework and research account programs.



In case of conflicts or times when you accidentally overdraw your available funds, it is always good to have a "home branch" of your bank where you are known and they have a vested interest in keeping you being happy and will perhaps reverse fees as a courtesy in the event of an overdraft occurrence. Find a banking institution that has a branch near you, and go there in person as often as possible. This can also help if you have a large deposits and do not want a hold to be placed on your funds.



Make sure that your bank has an ATM available near you, since you will be charged fees for withdrawing funds from ATM machines that are not your home bank. If you travel often, choose a national chain bank where you can make deposits easily, as well as withdraw cash without fees.



When using a debit card, make sure you know whether or not there are fees incurred per use. Know the difference between running purchases as a debit or credit and what the benefits are to you for each option. Both banks and retailers benefit from each choice that you make, so be sure that you personally benefit, too.



There has been much publicity in recent years over whether to choose a bank or a credit union. Realize that credit unions are no longer just for people who work at a particular job, but most are available to the general public. They often charge far less for loans and give more personal service. In the case of a financial meltdown similar to the one we've recently witnessed in the press, you may be well served at a credit union who is less affected by international issues.



Above all, be informed, and look out for your best interests. Nobody else will do this for you. Take the tips here and apply them in a way that puts you in the best position possible. Take control of your banking options and by doing so will make for a better, wiser and stronger banking position. Banks are not your enemy, they are tool that can truly help you build and maintain a financial future.

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How to finance your future projects in 2013

The key to building a successful future for your family or for yourself is to finance your projects well ahead of time. Read this article to find out more about how to finance your projects.



Take the time to think about your future. If you have a family, you should talk with your spouse about future projects and ask your children about what they intend to do regarding their education, once they are old enough to make these decisions. Keep your projects realistic; if you are currently unemployed, going on vacation to an exotic place should not be among your primary goals. You should focus on getting things your family needs to be comfortable and plan on introducing more luxury into your lifestyle once you can afford to. Do some research about the things you want in your future to get a better idea of how much money you will need. You should, for instance, find out more about the real estate market if you want to buy a home.



Start putting money aside every month. Financing your projects can take a lot of time, but you will be rewarded for your efforts. You should live on a budget and plan on putting a certain percentage of your income aside every month. Open a savings account with the best interest rate possible to get started and do your best to save money on your energy consumption and different small expenses so you can put more money aside. You should keep track of your expenses, to find out which habits are too costly and avoid spending more than you can afford.



Create a good portfolio for your investments as you start putting more money aside. You should look for stable investments at first and take more risks once you can afford to. Place your money in stocks, bonds, real estate property and even think about financing a small business venture. Go to a professional for advice if necessary, but do not trust the first person you find. Do some extensive background research on the financial services you use and be careful who you trust with your money.



Regardless of which projects you need to finance, you should primarily think about your retirement if you are over 40. An IRA is usually a good solution, but you could find other ways to finance your retirement if you think you can make enough money by investing on the stock exchange market or with a home business, for instance. Take the time to figure out how much money you will need to retire comfortably and find a concrete solution to get that kind of funding. You should definitely get help from a qualified financial counselor to plan your retirement carefully and perhaps invest in a life insurance to cover any kind of medical expenses.



Keep these tips in mind and do more research about personal finance and savings. Remember that financing projects such as buying a home, retiring or sending your children to college can take years.

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5 Good Reasons Eliminating Credit Card Debt should be a Priority for You

1. Credit card companies can change almost all of the terms of the credit card by giving just 15 days notice.

We get used to credit card companies adjusting their lending rate by 1/4% as interest rates fluctuate but did you know they can alter any of the terms for any reason. For example they can increase the late payment fee and they can increase the interest rate without the need to justify it. If you are late or miss just one payment the low rate you are currently being charged can double or even treble almost overnight.

2. Credit card companies can increase the cost of a purchase months after you bought it.

If you purchased a widescreen plasma TV 3 months ago, using a card which at the time was costing 9.9% APR, and you are late with just one payment, the credit card company can charge you a late payment fee, say $40, and increase the interest rate to 29.9% APR, or even more, and there is nothing you can do about it.

They can, in effect, increase the cost of your TV months, or possibly even years after you purchased it. The TV retailer wouldn't be allowed to do this but your credit card company can.

3. Discount offers are only good if you keep up all your payments.

Interest free balance transfers and initial periods can disappear for any minor omission. Failure to keep to all the terms of a card will result in special terms being withdrawn and possible penalty interest being applied. If you have interest free purchases and balance transfers make sure you keep up the payments.

4. It's not just your card payments you have to keep up.

If you miss a payment on your mortgage, or your car or any other financial payment, the credit card companies can re-assess your credit score and increase your interest rate accordingly.

If you therefore miss a loan payment on your boat or car, but still pay the payments due on your cards, you can find that your credit card interest charges jump to 2 or 3 times the original rate.

5. Credit card companies are today are making record profits from you because making the minimum payments do not tackle the balance.

If you don't pay your cards in full each month credit card companies make the majority of their profits from you and a substantial portion of that is in the additional charges they levy.

It makes little or no sense to keep money in the bank earning 5% maximum and pay 29.9% or 19.9% or even 9.9% on your cards. Pay off the card and use the card for emergencies rather than the savings. Without the card payments you will be able to rapidly replace the savings.

Without your knowing credit card companies can hold you hostage at the very time you may really need financial assistance. Don't allow credit card companies the continuing opportunity to make record profits at your expense, and at the same time the opportunity to benefit from any misfortune.

If you can pay the balance off within 3 to 6 months, you should, or otherwise consider some form of consolidation loan to remove that strain credit card companies have around your finances.

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Shopping for New Credit Card: - Important Tips to Consider on Black Friday

The following article presents the very latest information on credit card use for this Holiday season. If you have a particular interest in credit cards, then this will be very helpful!

When you are ready to take a new credit card there are lots of factors you need to consider.  Among these factors is a credit card term. You need to choose the plan terms that best fit and suit your financial needs. You need to consider plan terms like free period or grace period, annual percentage rate (APR), annual membership or participation fee, transaction fee among others.

It’s very important that you understand each of the credit card plan terms before you accept the card to avoid putting yourself in financial bondage. For example if your issuing company did not give free period and you are unable to pay on time your account will be charged and it will ends up adding to your debt.

There are several cases of card theft in recent days and with today being Black Friday, it’s advisable that you keep your card very well to avoid unauthorized use. Also don’t give away your card information where you aren’t feeling secure. Another way to avoid lost or unauthorized use of your card is to only carry the card you think you will use. And in case of lost of your card you need to call issuer and inform them of the lost quickly. So keeping separate records of each of your account number, expiration date and issuer contact information is very important as well.

If your credit card facts are out-of-date, how will that affect your actions and decisions? Make certain you don't let important credit card information slip by you.

It’s very important that you re-conciliate your account when you get statement of account from your card issuer. With the frenzy of Black Friday, credit cards are often stolen and/or maxed out with the days shopping activities. In other to reconcile your account successfully you need to keep record of receipts where possible and personal note where you don’t have receipt. Most likely you will discover errors which could have been added to your statement without you noticing it.

Keeping the above tips in mind will help you while shopping for new card and using it as well.

The day will come when you can use something you read about here to have a beneficial impact. Then you'll be glad you took the time to learn more about credit cards and their impact on your budget, spending and use. Happy Shopping - Black Friday Shoppers!

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Need to Put Money Back Into Your Wallet? Try these Simple Steps!

Saving money isn't something that has to take a lot of effort! By exercising some simple common sense money saving tips, you can be well on your way to saving money and putting more back into your wallet. The advice in the article below is sure to save you some hard earned cash!



Banks are ten a penny and they can be picky towards you, so you should be wise in picking the bank that's right for you. Choose a bank that offers a free account without any obligations or monthly fees. Some banks are sneaky and claim that the bank accounts being offered are free; meanwhile, they require you to make certain monetary deposits each month or use the account a certain number of times or a fee will be posted to your balance. Make sure to read all of the fine print and understand exactly what type of account you hold.



Shopping is always fun and tempting. This is probably the most dangerous pastime as it can lead to more money spent than intended. The best way to work around this problem is to make a shopping list and don't stray from it. Decide to only purchase the items that are on your shopping list and nothing else. It may seem hard at first, but you will get the hang of it once you do this a few times.



Eating out is an easier approach than having to cook your own meals, but it can also prove costly. Most fast food restaurants not only hinder your health but your wallet too! Cook your own meals whenever you can and store them in your freezer. Consider dedicating your weekend to cooking your meals for the week ahead. This can save you money, give you a healthier lifestyle and have your meals prepared for a week.



Understand the importance of do-it-yourself or DIY projects. Many of the things that you see available in stores, you can make yourself for one third of the cost. A good example of this would be holiday decorations. Don't pay ridiculous amounts for a Christmas wreath or a gift basket. Be economical and personal, and do it yourself!



You have probably walked down the aisle at your local supermarket and noticed the generic versions of many popular products. Listerine, for example, is pretty pricey in and of itself because you are paying for the proven brand name. However, by reaching for the generic store brand products you can get the same effectiveness for half the cost. Don't think that just because you are paying extra you are getting a better product. Remember, toothpaste is still toothpaste and so are baby wipes!



Reading is a favorite pastime for many, but it can also become costly. It is hardly a wonder that so many famous bookstores are closing their doors. Meanwhile, Amazon Kindle may have something to do with that, and it's quite clear that so do their prices! Get a card to your local library and check out some books that are of interest to you. Most libraries have bestsellers available to check out as well as magazines, music and DVDs.



Sometimes you are faced with a catch 22 option. Should you sacrifice the reliability of one product over the idea of spending less? In some cases this may not matter. For example, purchasing a paper towel or plastic cups will rarely hinder the performance of anything if purchased at the lowest price. However, cosmetics and beauty products should not be purchased at the cheapest price. Stick to what you know and love. Don't pinch pennies to the point that you end up using an inferior product or one that can cause an allergic reaction for you.



Pinching pennies doesn't always have to be literal. Making some well informed and wise decisions about your spending can go a long way in keeping money in the bank or your wallet. Follow the tips from the article above and you are sure to see an improvement in your personal finance!

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How to get in Control Of Your Personal Finances

Do you sometimes feel like your life is controlled by your money? It really should be the other way around. You can take control of your money, but only if you know how to go about it. Read this article for some helpful tips on how you can make the best use of your money.



In order to get a better handle on your money, you need to develop a budget. This will include how much money you are taking in, how much money you are spending and for what purposes your money is being spent. Examine your real needs, and create a budget that is realistic. You will need to commit to this budget in order to make it work for you.



It may be common sense, but many people spend more money then they earn, then wonder why they have money problems. The key is to keep your spending below your income. If you do this, you will not go into debt. This is why a budget is important. In your budget, you can allocate specific amounts of your earnings to certain expenses. You can immediately see if your expenditures are higher than your income.



One of the smartest things you can is to set aside money for savings as soon as you receive your paycheck. This is important for retirement savings or for any other type of upcoming big expenses, like college tuition or a home. What you have left should go toward paying your other expenses.



Credit card debt creates problems for many people in their personal finances. The interest rates are extraordinarily high. It is easy to sink deeper and deeper into debt if you are not careful about paying it off. The best thing for you to do is to pay off as much of your credit card debt as possible, as quickly as possible, before you sink any lower.



A retirement account is important to have if you want to live comfortably in your golden years. Social Security can no longer be relied upon as the sole income for retirees. The earlier you start saving for retirement, the easier it is for your money to grow into a healthy nest egg.



Learn how to invest your money. You should look for ways for your money to work for you and to grow for you. Keeping it in a regular savings account will not give your money the chance to do more. Consult with a reputable investment firm and look into opening an investment account.



You should keep meticulous records of your finances. This way, you will know exactly where every penny of your hard-earned money is going to, and you can see if any money is being wasted.



Do not forget to set aside money for an emergency fund. You should have around six months worth of monthly expenses in cash accounts for urgent times when you need money right away. A sudden loss of employment or unexpected medical expenses can be devastating, but having an emergency fund can ease the hardship.



If you follow the advice in this article, you can improve your personal finances tremendously. The sooner you can get your finances into shape, the better your financial future will look.

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Ever wonder where Credit cards came from?

Credit cards have nowadays insinuated themselves into all corners of our lives, and it is rare for an adult these days to not carry at least one card. As well as being used in the traditional manner to buy goods or services in person, they are also now used online, over the telephone, for writing checks, and even for withdrawing money from cash machines. People use them in all sorts of ways - as a means of borrowing, as a convenient payment method, and even for earning money through cashback or reward schemes.

Despite their ubiquity in modern life, credit cards have a fairly short history, with the first general purpose credit card being introduced less than fifty years ago. In this article we'll look at the origins of credit cards, and then at how they've developed over the years with the emphasis on the United Kingdom market.

The very first credit card was launched by Diners Club in 1951, and was limited to use in twenty seven New York restaurants. It wasn't a huge success initially, with only 200 cards being issued. The real story of credit cards began in 1958 with the introduction of two major new products. The first was the American Express charge card, which boasted over a million users within five years of it being launched.

The other innovation was the first example of what we now recognize as a credit card: the Bank Americard, a general purpose card developed by Joseph Williams while working at the Bank of America. Over time, this card was to develop into the Visa company that we know today. Eight years after the introduction of this card, fourteen U.S. banks formed an alliance to launch a rival to the Bank Americard, named Interlink, which was to evolve into the Mastercard payment processor by 1979.

The first UK general card was launched by Barclays Bank in 1967, and their Barclaycard is still one of the most popular and widespread cards forty years later. In 1972, four other UK banks joined forces to launch the Access card in competition with Barclays, and for the next decade or so this remained the status quo.

It was during the 1980s that the credit card industry began consolidating behind the two big processors that had evolved into their current form by this time, Visa and Mastercard. Banks dropped their own processing facilities, and began to issue cards that could be used at any outlet that supported these two main payment processors. It was this move that led to the great expansion in card use, as they could now be easily used almost anywhere in the world.

The next major change to the industry was the revolutionizing technology of the internet, allowing purely online cards such as Egg in the UK to offer attractive benefits to the cardholder at low cost to the issuers. Competition between lenders quickly heated up, and features such as balance transfer offers began to appear.

Balance transfer deals allowed cardholders to move their debt from card to card and avoid paying any interest on it almost indefinitely, or so it seemed. Unfortunately, this ruse of 'credit card surfing' couldn't last as it was costing the credit industry billions every year, and so a balance transfer fee was imposed which made it much less attractive to cardholders.

The last major change in the credit card industry has been the introduction of Chip and PIN technology which has cut card fraud substantially by requiring payments to be approved via entering a code number rather than relying on a signature. The technology began to be rolled out in the UK in 2004, and is now fully in use across the country.

What's next for credit cards? Only the issuers know, but with record levels of debt many people are reluctant to apply for new cards, and so we're likely to see more attractive features becoming available to new applicants as credit companies compete for the shrinking amount of business available.

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Change Your Financial Situation by Changing your Attitude!

If you need to turn your financial situation around, you may be depressed about what you don't currently have. Instead of focusing on the negatives, you can help yourself learn how to save and begin improving your finances immediately. Before you can even think about changing how you manage your finances, you need to manage your attitude so that you don't get too wrapped up in financial considerations and neglect other important areas of your life.



Your physical and mental health are important considerations when you're trying to improve your finances. Many people get stressed out looking at the number of bills they have to pay. They push themselves harder than they are physically capable of in order to resolve financial problems. For example, some people may take a second--or even a third--job, leaving little time for family, while others exhaust themselves trying to get credit so that they can use it to pay off other loans. Other people may spend all their spare time going over their accounts, reading about financial management or looking into options for saving money.



Getting out of balance in this manner is both physically and mentally unhealthy. Physically, you'll tire yourself out and make yourself sick--and if you end up in the hospital you'll have more financial problems on top of your health problems.  Mentally, focusing too much on finances, especially if you focus on how much money you need and don't have, can leave you feeling depressed and powerless. You won't be able to make very many positive changes if you're feeling down, angry or upset about your current financial situation.



Try to schedule time for your financial management activities. Limit your study of your finances to the scheduled times so that you aren't thinking about finances 24 hours a day. Doing this can really help you stay in balance and avoid feeling overwhelmed or depressed.



Approach financial management in a way that you enjoy. The more you focus on negatives, the more you'll dread your financial management sessions, and that will interfere with  being able to resolve financial problems and move on. Instead, you need to make financial management fun. Allow yourself time to dream every day. Think about your financial goals and what you will do with the extra money you're going to save.



On a more practical level, the best way to keep yourself motivated to improve your finances is to set up a rewards account for yourself. Reward yourself every time you get a paycheck by depositing $5 to $25 in this account. Do this before you do anything else so that you can keep yourself motivated. You may want to use your rewards money to buy yourself a small present once in a while instead of saving for larger rewards all the time.



There's plenty of practical things you can do to improve your finances, but none of them will help you until you change your attitude. Approach your finances with a relaxed, open-minded attitude and you will soon be eager to try new ideas and create more prosperity for yourself.

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4 Principles to Follow to Avoid Credit Card Debt This Holiday Season

Business people usually cash in on the holiday seasons to maximize their sales and profits. It will be high season for them. They will stock up, price up and smile all the way to the bank. They know that people will be less restrained in their suspending than at any other time. It possible that you may be among the many who have suffered post-holiday season financial stress, and want to make sure it does not happen again. Your success in this will be determined by how well you control three critical factors: your increased rate of spending, the manner in which you finance that spending, and the heavy financial demands that follow in the subsequent month.

Financing Using Plastic

With holidays like Christmas or the New Year seeming to come round too quickly, people often find they have not saved up enough for their celebrations. Moreover, budgeting is an alien concept during this and spending can spiral out of control. To cover the inevitable shortfall in resources, the credit card is an obvious attraction. There are advantages to using the card to finance your expenditure:

i) It gives you free access to about a month’s credit.

ii) It gives you the temporary ability to spend beyond your current means.

iii) It allows you to track your expenditure.

iv) You do not have to carry lots of cash around with you.

Use of credit card, how ever, does carry with it significant dangers if it is not carefully controlled. Research indicates that spending could increase by up to 35% when using a credit card compared with using cash. Here are some key principles to help you guard against running into credit card debt trouble.

1. Spending Plan

If your spending is going to exceed your income for the festive month, consider cutting intended festive expenses, or other expenses, to stay within your income. I am assuming you have drawn up your spending plan for that period. That’s where a credit card comes to the rescue. Though not readily apparent, the use of your credit card can create distortions in the management of your finances. Unless you are monitoring your spending in both cash and credit, there is a danger that you will be uncertain whether or not you are living within your means. It would therefore be unwise to begin using a credit card if you are not in control of your finances, that means using a spending plan.

2. Debt to Income Ratio

Do not forget that use of your credit card adds to your indebtness. In managing your financial affairs, one of the key indicators to watch is your debt-income ratio. This is monthly debt repayment as a percentage of your monthly after-tax income, and raises a red flag when you tinker with too much debt. A ratio of over 20% is becoming unhealthy. If you already have credit card debt that is overdue, do not add to it.

3. Bridging Finance

Use of a credit card is ideally a means of short- term financing of your operations. That means settling any debt incurred using your card within days. Paying the minimum balance will not do. If you are not confident that you can pay it off in full, you wound do yourself a huge favor by not using a credit card. Should you decide to go ahead and use a card, you need to be prepared for extra costs in interest and penalties associated with extended credit. This adds to your expenses, and you need to be ready to be ready to reduce other regular expense to accommodate this, otherwise you run the risk of creating ongoing hard-core debt

4. Net Worth

Credit card debt incurred during the festive season is usually for consumer spending- paying for your holiday, buying gifts, entertainment, traveling expenses, etc and creates what is known as consumer debt. This kind of debt adds to your liabilities, but contributes nothing to your assets. Your net worth is reduced to the extent of consumer debt incurred. Shrinking net worth is not good for your financial health. So do have yourself a happy holiday. But as you go about it, finance it in a way that gives you the comfort that you won't be debt-laden the following month.

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3 Ways to Get a Student Credit Card Approval

If you're a college student, you know how expensive books, movies and tuition can be. And if you only work during the summer break, you may be looking for a way to stretch your funds through the cold winter months. Fortunately, a student credit card can help. Find one with low interest and good terms, and you can charge during the lean times and then pay it off when you're making money on your summer job.

To get a student credit card, follow these guidelines:

1. Find some cards for comparison.

It's easier than you think. Credit card companies often set up tables and booths at college fairs. You may even find fliers or applications around campus. And you can always find a student credit card with an online search. Be sure that the cards you're considering are specifically student cards. Credit cards aimed at students tend to have more lenient credit score and credit history criteria, and they also tend to have lower interest rates.

2. Pick the one with the best terms.

Not all credit cards are created equal! Since your student credit card is probably your first, educate yourself a bit about the terms and jargon you'll encounter. Choose one with a low interest rate, since that's the "extra" amount your credit card will tack onto your balance each month. Look for one with a longer grace period, too, which is the amount of time you have to make a payment before interest begins accruing. Other things you should look for is a card with no annual fee and a low late payment fee.

3. Apply!

Simply fill out the application--either on paper, online or on the phone--and answer the questions on the form. You'll need to reveal all the basics, like your name, current address and phone number. You'll also need to provide them with a "permanent" address and phone number. The application will include lines for information about your school, your school's address, your enrollment status and your year of graduation. It's possible they'll ask about your bank accounts and employment.

If you're currently employed or have significant savings in the bank, chances are your line of credit--the maximum balance you can hold on your card--will be higher. But even if you only have a summer job, you should still be able to qualify for $500 - $1,000 in credit.

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9 Amazing Essentials of Credit Card Rewards

A credit card that offers a reward point scheme means that as you use the card you accumulate a certain number of points which can then be converted into a reward of your choice. It can be air miles, gift vouchers, or a purchase of some kind. But to get the most benefit out of a reward card you need to ensure that it offers good value for your money. Did you know it could take over five years and an expenditure of over US$ 5000 to get a free ticket within the US.

Credit rewards are carrots dangled by credit card companies. Before you are caught by the enticement evaluate your monthly earnings, expenditure, as well as loans. Do not invite a financial hurricane if you are not in a position to pay all your bills every month. Interest rates on reward cards can be at least 2-3% higher than other cards.

1. If you love travel then choose to treat reward points as frequent flier miles. Check         out the options your credit card offers.

2. Many cards offer a cash rebate. The enticement carries hidden a higher interest rate and if you are not in a position to settle your bill immediately you will spend much more than you earn on the rebate.

3. Use a card that offers a large number of options. Then you have the luxury of selecting from a huge variety of merchandise.

4. Be clever use the reward points quickly before the card company downgrades the points gathered by you.

5. Check whether your reward points can be set off against the annual fees payable by you. If you have a no fee card then choose rewards that are of use to you like gasoline, travel assistance, retirement incentives, flier miles, or cash back. Do considerable research and choose a scheme that works for you.

6. Use the card that offers you a reward steadily but be sure you can settle the bills every month otherwise, the interest you pay will negate the rewards earned.

7. Use the rewards card to pay for groceries and utilities every month. It is a necessary expenditure which can earn valuable reward points.  

8. If you have a mortgage payment to make and the bank accepts credit cards then pay with you credit card and earn the reward points. However the outstanding must be settled immediately.

9. Always be well informed check consumer reviews and with www.cardratings.com   about the cards you hold.

To reap good value out of a rewards program you will need to use your credit card often. By using the card to pay for utilities, groceries, prescriptions, mortgages, and more you can earn many points perhaps even a 1000 dollars in a year. Handle your finances wisely, never spend more than you can afford.

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5 Tips to Keep your Credit Cards safe!

Ultimately keeping you credit card safe is you responsibility. Indeed, in a worst case scenario, if it can be proven you may have been negligent in keeping your credit card safe, you may find yourself liable for the cost of all transactions made fraudulent on your account should you lose the card. To help you avoid this, here are 5 basic credit card safety tips:

Never have more cards than you need

While it is always advisable that you have more than 1 credit card, in case it gets lost, you should never have more credit cards than you actually need to use. The principal reason why this is the case is because it becomes harder to keep a track of which cards you have and where you have kept them with the more cards you have.

Always keep a photocopy of your cards

How many times have you been asked what you card number is only to find yourself looking for your card to get the number? Now, what happens if you have a card stolen and no credit card statement to-hand? You have a problem! For this reason, it is always best practice to take photocopies of you credit cards to so that always know where to find the number should anything unfortunate happen to your card.

Always keep your receipts separate

Among the most important of the basic credit card safety tips you’ll receive is never to keep your credit cards and credit card purchase receipts in the same place – because likely as not if you have lost your card, or if it is stolen, then you’ll have lost or stolen the receipts as well. Now there is no way for you to vouch which transactions were yours and which where not – or, there is no way to tell which was the last genuine transaction you made.

Moreover, never keep a record of your PIN with your card, this is only asking for trouble!

Never give your account number to someone you don’t know

If you are ever asked to give your credit card details to someone you don’t know, or who as initiated a discussion with you (rather than the other way round) over the phone or via email, you should always refuse. Worst come to the worst, phone the card issuer and ask them if it is okay for you to divulge the information or phone the enquirer back. If the enquirer seems reluctant to accept this, you have to ask yourself why!

Never leave your account details open to public viewing

It may sound rather basic to say you should never let ‘Joe public’ see your credit card account details, but ask yourself this question: “How often have you received a publication subscription form in postcard format?” Now, suppose you complete this with your credit card details filled in. Suddenly half the world has access your credit card number, expiry date and signature!

Although the above may sound like 5 basic credit card safety tips you already know, you would be surprised to see how many people fail to follow one or all of them!

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Personal Finance Advice for Today's Grads!

Graduating from school can be an exhilarating experience. You are finally done with your education, you have a job (hopefully) and you are living on your own. It is important to start out on the right track with your personal finances in order to avoid running into trouble later.



First of all, make sure that you have health insurance. If you are young and healthy, you may not think that this is very important. But you never know when you may become ill or sustain an injury, and if you are not adequately insured, you can incur major expenses that will be a burden to repay. Your workplace may offer health insurance, but if not, you can purchase your own policy or stay on your parents' policy until you are 26. Whichever option you choose, make sure that you have health insurance.



With each paycheck you receive, you should put some money away in savings. The easiest way to do this is to set up payroll deductions in which a certain amount of money is automatically deducted from your paycheck and deposited in the institution and account of your choice. Alternatively, you can make the transfer yourself after you receive your paycheck. Whichever method you choose, be sure to get into the habit of saving money from each paycheck.



Because you never know what surprises life has in store for you, it is wise to build an emergency fund that contains enough money to tide you over for three to six months. This money should be kept in a money market or savings account that is easily accessible, so that if you lose your job or become ill or disabled for a time, you will be able to pay your living expenses.



It is never too early to start saving for retirement, and the sooner you begin, the more money you will have when the time comes. Plus, the earlier you begin, the sooner you may be able to retire. Setting up a Roth IRA is an ideal way to save. You can contribute up to $5,000 per year, and you can invest it in stocks, bonds, CDs and other financial vehicles.



If your employer offers a 401k with any matching contributions, you should definitely take advantage of it. The way this works is for every dollar you contribute to your 401k plan, your employer will match it at a certain rate up to a certain maximum. This is like getting free money, so you should always contribute to your 401k at least the amount that your employer will match.



If you have accumulated credit card debt, do your best to eliminate it as quickly as possible. Pay off your cards with the highest interest rates first, as this will save you the most money over the long term.



Devise a budget and adhere to it. Make a list of your expenses, including rent, utilities, gasoline and so on. Be sure to budget for leisure activities and unexpected expenses too. Once you come up with a budget, try not to deviate from it. After all, the point of having a budget is to make a workable plan for spending and saving your money.



As you enter life as an independent person, you are bound to have many experiences, some good and others not so good. But if you have your personal finances under control, at least that will be one thing that you will not have to worry about.

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Emergency Preparation - Are you financially ready?

A little planning now can help you handle a natural disaster or other emergency.

Many Americans have focused on their need to be prepared in case of an emergency. Very few, however, consider financial preparedness in their plans. From keeping an evacuation box with important documents to setting up an account with emergency funds, preparing now can be the difference between financial security and financial crisis.

These simple tips from financial experts at Union Bank of California can help anyone prepare financially for a natural disaster:

• Conduct a Household Inventory

Create a household inventory for items of significant value and locate originals of important financial and family documents. Store original documents in waterproof bags in a safe deposit box or durable "evacuation box" and photocopies in a safe place. Use a CD to back up key documents on your computer. If practical, store copies with friends or relatives who live outside the area.

• Know Your Insurance Policies

Understand what types of losses your renters or homeowners insurance covers. Ask your insurance agent or financial planner about additional coverage for floods, earthquakes, home offices and big-ticket items. Keep copies of your policies in a safe place along with your other important papers.

• Keep Cash Accessible

Keep at least $300 in cash at home in a place where you can get to it quickly in case of a sudden evacuation. The money should be in small denominations for easier use.

• Create and Maintain a List of Emergency Contacts

Keep a list of important emergency contacts, including direct family members, doctors, medical facilities, numbers for your bank, insurance agent and company, lawyer and financial planner/advisor. Credit card 1-800 numbers can help you quickly retrieve account information.

• Keep an Emergency Savings Account

This account should be separate from any other account and contain enough money to cover at least three to six months of living expenses.

"Even in recent Hurricane's as the one a few days ago, Sandy, people are not able to save money to combat these kinds of emergencies" according to Alexis Jones, CEO, Get GR8T Credit. Every day I educate my clients about the importance of saving as much as they can.

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Feeling like you can't cut your budget and expenses anymore? Here is more ways to help!

Whether money is tight because you've lost your job or you just don't have enough to cover all your expenses, you probably could benefit from some advice about how to save money. In addition to traditional ways of saving, there are all sorts of hidden places to cut corners. The tips in this article will give you a good starting place for saving money and improving your financial situation.



One of the biggest drains on most people's money is food. Since food is a necessity, you can't really avoid spending money on it. However, if you change some of your habits, you can save more on food than you might expect.



Most people go to the grocery store when they need food for that evening or, at least, within the next few days. However, you should start thinking more long-term. Stores often put meat on sale when it nears its expiration date, for example. Instead of eschewing these sales because you don't plan to cook the meat for a while, you should stock up. You can freeze meat for up to six months without risking contamination. Thus, it might be better to buy 8 to 10 packages of meat on sale than to wait until you need the meat to buy it.



Conversely, you could consider giving up meat altogether during lean times. In most areas of the United States, tofu is far cheaper than meat. Learn how to cook tofu and make a variety of recipes with it. You'll save about 60 percent on your grocery bill if you switch to a tofu-based diet.



In addition to saving on food, you probably need to save on non-necessary expenses. Entertainment expenses are often the first to go when there's a money crunch; although you need to relax, you don't need to spend money to do it, and sometimes the money isn't available.



Rather than cutting books and movies out of your life altogether, consider using the public library more. You can borrow both books and movies for free as long as you bring them back by a specific date. Write the due dates on the calendar as soon as you get home from the library so that you remember to bring materials back on time; it's counter-productive to try to save money on entertainment if you have to pay late fees.



Automobile expenses are another seemingly necessary and large expense. If you own a car, you have to pay registration, insurance and property taxes on it. You also have to pay for gas at least once a week and possibly more often. However, if you live in a city with good public transportation, you may be able to avoid the majority of these expenses. Sell your vehicle and take public transportation such as buses and subways. Although you have to pay to ride on these vehicles, you won't be paying extra fees on top of the cost of transport, and public transportation often costs less per week than buying gas.



It may not be easy to cut expenses, especially when you've already done everything traditional financial management books suggest. However, if you use a little bit of creativity and foresight, you can find ways to cut expenses further and begin saving money.

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7 Tips to Increase Your Credit Scores!

Having a high credit score can mean the difference of thousands of dollars of saved interest expense compared to others with a lower score. For example, if you improve credit score results from the credit bureaus, just a few points that increase your credit score can make huge difference in the interest rate you will pay for a home purchase. It pays to increase your credit score!

The most commonly used credit scores available to lenders are FICO scores, which is a scoring method created by Fair, Isaac & Co...FICO!

These scores are provided to lenders by the three major credit bureaus: Equifax, Experian and TransUnion. Before we get into some tips how to improve credit scores, it pays to review the major areas that determine your FICO score.

1. Payment history on credit and retail store cards, loans and mortgages.
2. Amount that you owe. Credit agencies look at how many accounts have balances and the proportion of that balance to the credit line.
3. How long is your credit history? The longer the better.
4. New credit accounts. Applying for a bunch of credit cards all at once can hurt your score.
5. Different credit types, such as mortgages, retail loans, credit cards and installment loans.
6. How many late payments do you have?

Now, with the playing field laid out, let’s work to boost your credit score! Some methods that boost your credit score take time, months or years, and others areas to improve credit score can be made with a phone call right now! That said, here are the 7 tips to raise your credit score!

7 tips to improve credit scores

1. Pay your bills on time. Your payment history is a major factor (35% of your FICO score) in determining your credit score. If you pay your bills late, or had an account referred to collections, your credit score will take a major hit.

2. Sign up for online banking and make sure your regular recurring bills are paid automatically. This way you will not forget a payment that will wind up reducing your credit score.

3. Increase your credit limit. Another large factor is the amount of your debt in relation to your credit limit. If you have a card with a $10,000 credit limit and your balance is $9,000, this will not help to improve your score. To make the debt/credit limit ratio look better, you can try to call your credit card company and request an increase in your credit limit. Don't use the extra credit though! That defeats the whole purpose and puts you further in debt!

4. Don't apply for many cards at once. This will not improve your credit score because this is a characteristic of high credit risk groups.

5. Don’t ever close an open credit card account. If you pay off a credit card down to a zero balance, leave it open. Remember that a positive factor for your credit score is how much available credit you have at your disposal when compared to your credit balance, in addition to the length of your credit history.

6. Apply for loans within a two-week period. Every time you request a loan and the lender pulls your credit report, it can hurt your score. It is part of the FICO formula that reasons "this person is trying to apply for credit and loans and possibly be trying to live way beyond their means!" If you keep the loan process within a two-week period, all of the credit report lookups are bundled together as one single request!

7. Check for errors on your credit report. Examine your credit report for errors and contact the credit reporting agencies to fix any errors on your credit report.


If you take action and follow these tips, you will be able to give your credit score and immediate boost and gradually increase it even more as time passes. The major keys are to pay your bills on time and reduce your debt amounts when compared to your credit limit. This has a twofold benefit of improving your credit score and reducing your debt.

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Warnings and Alerts for Changes in your Credit Card Payments

Summary: Did you know your minimum credit card payment is rising? A new government program working to get Americans out of credit card debt is pushing credit card issuers to raise minimum monthly payments. Will you be able to make the higher monthly payment? Here are some tips for getting by.


If you're an American, your minimum monthly credit card payment may soon be doubling. If you're only paying the minimums now, you'll have to be careful to adjust your budgeting to pay more.



Who's Raising Your Monthly Minimum Credit Card Payment?


Whose idea was it to increase credit card minimum monthly payments? The Office of the Comptroller of the Currency, a bureau of the U.S. Treasury Department that has become more and more involved with reigning in the abuses of credit card companies. Yes, this credit card minimum payment increase was thought up by people trying to help you.


Who will be raising their monthly minimums? So far, some of the largest credit card issuers have agreed to the new standards. Bank of America has already been asking for the higher monthly minimum payment. MBNA, Citigroup (a.k.a. Citbank), Discover, and Chase (on some of its cards) will be breaking the news to their cardholders as Fall 2005 progresses.



How Much Will Credit Card Minimums Increase?


For many credit cards, such as MBNA and Bank of America, the new rates mean that monthly minimum payments will double.


Right now, the monthly minimum payment is only 2% of the balance on most of these cards. The new rate will be around 4% (the actual number may vary from card issuer to card issuer). This means that if you have the average American credit card balance of about $10,000, your minimum monthly payment will go from $200/month to $400/month.


Of course, if you have any additional fees, whether a late fee or a cash advance fee or any of the other fees that the credit card guys cook up, you will have to pay that, too.



Why the Credit Card Minimum Payment Increase?


You may be wondering why anyone would want to make you pay a higher minimum monthly payment. The basic reason for making you pay more is: for your own good.


According to Mike Peterson, co-founder of American Credit Foundation, by doubling the amount you pay per month toward credit card debt, you will cut down on what you pay toward interest by much more. Look:


Old monthly minimum payment of 2% of balance, $2,000 credit card debt at 18% percent interest:


* Time to pay off debt in full: about 30 years.

* Interest paid: about $5,000–two and a half times what you initially borrowed!


New monthly minimum payment of 4% of balance, same debt:


* Time to pay off debt in full: about 10 years. Time saved vs. old payment: 20 years.

* Interest paid: about $1,100–slightly more than half what you originally borrowed. Amount saved vs. old payment: $3,900.



Tips for Paying Double Easily


How do you pay off your new, higher credit card balance?


Stop Charging


Yes, you will have to make major sacrifices to stop using your credit card. But just look at all the money you'll have in ten or thirty years that you wouldn't have if you had to pay all that credit card interest. If you have trouble resisting the temptation to charge, here are some solutions that have actually worked:


* Give your credit cards to a friend or family member to hold in safe keeping.

* Freeze the cards in a block of ice.

* Never carry more than one credit card with you.


Economize on the Small Things


According to Michael Peterson of the American Credit Foundation, even tiny savings really add up when it comes to debt. His favorite example is the Diet Coke example:


* If you buy one Diet Coke a day at $1/day, that's $365/year.


* If you instead invested that one dollar a day at 10% interest (the average yearly return on major stocks over the last half century), you would be a millionaire within 56 years.


* Of course, with credit cards, this logic works in reverse: if you are lucky enough to be paying only 10% interest, fifty years of charging Diet Coke to your credit card will mean you've lost the same amount, not only in interest paid, but in the lost opportunity to save and invest.


* You don't have to put aside one dollar a day for fifty years to see a big difference. One dollar a day is $30/month, 15% of the average $200 increase in credit card minimum monthly payments.


* In order to get that entire $200 increase out of your daily budget, you would only have to save $200/30 or less than $7 a day. OK, maybe you aren't drinking seven Diet Cokes a day. But there are very few credit-card-holding Americans who can't cut $7 a day out of their spending.


* Saving weekly rather than daily, $200/month works out to about $45/week, or the cost of a restaurant meal for a small family--another luxury you might want to skip until you're debt-free.


Bigger Savings


* Taxes. Most Americans could pay hundreds of dollars less tax each year if they just took all the deductions they were eligible for upfront, rather than waiting to get a refund in April. By April, you will have spent a big chunk of money on interest on debt that you wouldn't have spent if you'd had the money at hand.


* Pleading. Call the credit card companies and ask if they can allow you to set up a payment plan, or at least provide a brief extension. Simply calling and letting them know you haven't forgotten about them can help keep you out of the worst trouble.


* Credit counseling. Credit counselors can talk with credit card issuers to help you get a repayment plan you can keep up with. They can also open your eyes to untapped sources of income you never knew you had, like kicking the $1,000,000 Diet Coke habit.


In short, don't panic. With only a little bit of planning, you can make the higher minimum monthly payment work to your advantage, just as the policy's authors intended.

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10 Sure-Fire Ways to Stop Identity Theft

Lately, there had been plenty of news and stories circulated all over the country regarding Identity Theft. Many shared their real experiences on unauthorized usage of their credit accounts, bank accounts and other services which involve money. At least 5 out of 100 people experience this kind of unwanted fraudulent activity.

Thieves will never be after your identity if they will not get any benefit from it. They need your information such as name, birth date, address, etc. to open your financial accounts. Personal identification entries are important to validate an account. As such, thieves will do whatever they can just to steal your identity and your money.

Your protection depends on you. In this kind of crime, nobody can help you immediately except yourself. The prevention and protection on Identity thieves depends on how wise you are in handling all important information about yourself.

The following are some suggestions one may heed in order to protect himself from Identity Theft:

1) Keep a photocopy of all his credit cards, bank account numbers and other important information in a safe place. In other words, make a back-up record of all personal information and personal numbers. Making back-up copies will help you trace and cancel your stolen or lost cards or whatsoever. Even a simple identification card or a driverís license is very important and can also be a source of information that can be stolen.

2) Credit card receipts should be disposed properly. Do not throw your receipts anywhere or it could be taken by thieves. Receipts contain information about yourself and your account. This information may help thieves to possible steal your identity. Shredding your bills and receipts may not be practical at all.

When a bill is shredded the paper are the only thing destroyed but the contents are not. It can be retrieved by pasting all shredded paper together. Instead of shredding the bills, on best way to totally destroy your bills is by putting it to fire. There is no way one can retrieve information in the ashes.

3) Keep in touch with your credit institution. If a credit card that youíve applied does not arrive on time, contact your credit institution and relay the problem. By doing so, you can prevent any fraudulent activity that may happen.

4) Create a good combination of numbers for your PIN or passwords. Make sure that you choose difficult to guess PIN. Birth dates, motherís maiden name, petís name, usual or famous number combinations, etc should not be used for your PIN or passwords.

5) Regard all personal information personal. Do not give your personal information to anyone who sends you an email and a snail mail. Never give personal information over the phone. Adds on your email offering good promos must be ignored. Do not be tempted by their flowery offerings which only are intention to steal personal information.

6) Observe the area surrounding the ATM before using it. Make sure that nobody is around you watching while making transaction on the ATM. Make sure that there are no unusual equipment illegally attached to the ATM. There had been reports about electronic devices illegally attached to the card slot in the ATM. It has cameras on it which can record your PIN as you type it in.

7) Check bills every month. All entries in the bill must be made under your permission. If there are charges included in the bill which you do not know, immediately report it to your credit institution and ask for an investigation.

8) Checks that are active and cancelled must be stored properly. There are banks that offer service like this.

9) Keep all important documents in your car properly. Do not put any thing which may contain information about you in sight inside your car. You may use the glove compartment as safety keep for your important things. Never leave it unlocked.

10) Secure all your personal information in your mobile phone and laptop with a password. Remember that laptops and mobile phones are personal gadgets that are to be used solely by you. So keep it personal.

One has to take responsibility toward his belongings, personal properties and identity to totally prevent these illegal activities. The value of your identity is equivalent to the value of your life.

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Your Credit Rights Explained

Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience, but it doesn’t have to be an ordeal.

The Federal Trade Commission (FTC) enforces the credit laws that protect your right to get, use and maintain credit. These laws do not guarantee that everyone will receive credit. Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors. This article explains your rights under these laws and offers practical tips to help you solve credit problems.

Your Credit Report

Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. Under the Fair Credit Reporting Act:

• You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.

• Each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – is required to provide you with a free copy of your credit report, at your request, once every 12 months. Consumers from coast to coast will have access to a free annual credit report if they ask for it.

• Under federal law, you’re also entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.

• Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.

• You have the right to know who asked for your report within the past year – two years for employment related requests.

• If a company denies your application, you have the right to the name and address of the consumer reporting company they contacted, provided the denial was based on information given by the consumer reporting company.

• If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider (that is, the person, company, or organization that provided information about you to the consumer reporting company). Both the consumer reporting company and the information provider are obligated to investigate your claim, and responsible for correcting inaccurate or incomplete information in your report.

• You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

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