Here are some tips for you to:

Save Money On Bank Fees

• Find out if there’s a flat fee service account that lets you have unlimited transactions.  This could save you substantially!
• If you keep your account above a certain balance your fees might be waived. Be sure you’re getting a decent interest rate as well, though. It’s important to weigh your options!
• Don’t use an ATM of another bank. Most banks will include several trips or unlimited trips to your own ATM for free but once you use another machine, you’ll pay not once but twice because your bank will charge you plus the other bank will as well. A $20 withdrawal could be closer to $25!
• Stay out of overdraft unless absolutely necessary! Cancel it if you must! It can be a trap
• Save fees by doing cashback on purchases. If you need cash, the grocery store or department store will top up for you and give you cash back without an additional fee
• Shop around for the bank with the best rates. Some banks even pay loyalty points instead of charging you service fees. Look around for the best deal
• Senior citizens and students often get their bank fees waived if they have the right type of account. Double check available accounts at your bank.

A little goes a long way and you could be spending hundreds of dollars per year MORE than you have to on bank fees.  Instead of living with your debit card where you don’t think much about what you spend because you’re not dealing with cash money, consider switching to a cash budget through the money jar or envelope budget.  This is a huge way to save money..you’ll actually SEE what you are spending!

You might think you’re unable to deprive yourself of the security blanket a credit card can provide. If you see a credit card for its true colours, you’ll see that it does the exact opposite of provide you with security and peace of mind.

Credit Card Dangers

Credit cards bind you to a life of debt. They are not good debt unless you pay the balance every month, never pay interest or fees and get loyalty rewards. The thing is, most people who start out with these don’t go long before they’re carrying a balance and paying hefty fees.

Another problem with credit cards is that people use them to live on which means that everything they buy costs more. Buying gas and groceries on the credit card doesn’t make sense if you’re not going to pay the balance before the due date.

Many justify credit card purchases because, “It was on sale!”. Well… how much will the TRUE cost be when you factor in all the costs associated with that credit card. Chances are you’re paying a heckuva lot more than the regular price! Credit cards are dangerous.

Are You Living Below Your Means?

A lot of people live above their means which means they spend more than they have. This vicious cycle will NOT end well! Many people live right at their means which means that they spend every spare cent they’ve got and never have anything put away for a rainy day. People in these two groups are probably two pay days away from bankruptcy and could not survive a financial crisis.

You need to budget and live within your means. Cash is king and can give you more buying power than you might imagine. By saving up and spending with cash you’ll never have another creditor call you, you’ll never dread opening the mailbox. You’ll start to have spare cash laying around because you won’t be spending more than you earn and you won’t be paying for last year’s vacation for the next five years.

Stop using ’stuff’ to fill a void in your life. Start living below your means. If you feel like you need a credit card for booking things and shopping online, buy a pre-paid credit card. They don’t cost much money to operate beyond membership / convenience fees (which are dwarfed in contrast to a typical credit card’s cost of doing business)

How Pre-Paid Credit Cards Work

A pre-paid credit card has a process by which you’ll load the card so you have an available balance. It’ll have a Visa or MasterCard logo and be accepted everywhere those cards are accepted. You’ll likely be able to check your balance by phone or on the internet just like a regular card but the big difference here is that you cannot spend what you cannot afford! Convenience without convenience fees!

Your Financial Future

If you think it doesn’t sound fun to live below your means, you’ve got a jaded perception of true financial freedom. Financial freedom means more disposable income instead of a mountain of debt and means paying the true cost of an item instead of principal + compound interest. Get a budget, get debt free and change your financial destiny for the better!

Sure, it’s the season of good tidings and cheer but do you want to pay for it all next year?

Not only will you suffer next year but you’ll probably only make minimum payments which will mean about 10-30% extra will be spent on interest so if you spend $1,000 on Christmas gifts, how much will it really cost you by the end?

This is the time of year the stores prey on people. They stand by the front of the store and offer you a free pen or a 10% discount if you’ll apply for a credit card.  They’ll also often grant a temporary credit card on the spot to ‘get’ you before you’ve had a chance to consider.  Impulse buying is the # 1 love of the credit card companies.  Store credit cards are even worse because you don’t get to shop around as you can only use the card at one store.

Cash is King! Christmas Shopping Tips

Use cash for your shopping this season.

• Shop around. You’ll get better deals
• Haggle. When buying big ticket items & dealing with cash you can often save 10-20%! Make an offer!
• Set limits with family and friends so you don’t go overboard
• Shop early for next year. Start boxing week to shop for next year for things like decorations, gift wrapping supplies, stocking stuffers, etc. It’s amazing how good it feels to get started early!

If you’re in a pickle this year because you haven’t saved enough money for Christmas shopping, there’s nothing wrong with deciding to do things on a small scale.  Making homemade gifts or doing gift baskets with less expensive items (but with a more personal touch) can save you money. You can find lots of low-cost gift ideas that will result in a gift that doesn’t look or seem cheap to the recipient.  Next year, plan early and consider opening a savings account and having automatic withdrawals from your pay into that account to ease the pressure. If you’re doing a money jar budget, you can also allocate a Christmas fund early in the year.

If you’re young, a reverse mortgage is not a good idea and you might not even qualify. If you want to take equity out of your house  and you’re elderly, this could help you increase your standard of living and help you do things you want to do in your retirement years.  If you do this, you can still leave part of your equity to your children and not have to worry about paying the loan back while you live in your house.

Some mortgages are done this way for people that are younger who are about to have their home foreclosed. This is a different scenario where you sell your house for dirt cheap and rent it from the new owner which simply saves you from moving but doesn’t save your house. Reverse mortgages for the aged are generally only worth a fraction of the equity.

Any loan that takes a big chunk of your equity or has a very high interest rate needs to be carefully weighed before you make a decision.  The idea might sound like a good one but you also need ot look at the cost of borrowing and whtehr or not that’s a fair rate for having the money now.

• Should you trust your bank?
• Should you hide your funds under your mattress?

What should you do to protect yourself should the economy sink into a bad depression.

There are a lot of people saying you should do three things:

-Emergency Preparedness

-Budgeting

-Increase your income streams

Financial Emergency Preparedness

In terms of emergency preparedness, you should consider stocking up on food and a medical kit and safeguard your family and home the way you would just before a big storm. If you’re always prepared with a stockpile of food and essentials plus emergency money this is wise.

In terms of your financial protection, it’s urgent that you get within your means, esepcially if you fear you or your spouse could be jobless due to the problematic economy. Try to live on one income and save the other. Try to pay off your debts quickly and do your best to live frugally.

Can you trust your bank?

Even if your bank has insurance against your savings (which most countries require your bank does) what will you do if the banks close and money gets tied up in red tape? The insurance might also be capped below the actual worth of your assets.

It’s very wise to keep enough funds on you to take care of your needs temporarily.  Some say you should also invest in gold and silver which could be quickly liquidated as a currency you’ll never find as worthless.

Here are some helpful resources to assist you.  In terms of your future, it’s very wise to do three things:

1. Prepare your home and your finances for an emergency
2. Try to make extra money if your budget is currently tight
3. Get living below your means by paying off your debts and saving money for the future.

Here are some helpful Resources:

Do a money jar / envelope budget to start living within a budget and living on cash instead of credit.

Make some extra money to start paying down debt and develop a financial safety net/rainy day fund.

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If our kids see us spending every spare dime we get and buying things on credit while living frivolously beyond our means, there’s a good chance that the minute they’re eligible, they’ll be signing up for credit cards as well. You don’t have to let your children repeat your financial mistakes.

If you’re in the midst of (or just starting the) mending your own spendy ways, you can teach your kids financial wisdom at the same time.

Teach Your Kids About Budgeting

-It’s a great idea to tell your kids about the family budget. You don’t have to reveal private details but there’s nothing wrong with telling them that something can’t be purchased because it is not in the family budget right now.

-It’s also a good idea to have your child set up a budget themselves within their own allowance. Teach them to save money, to tithe to charitable causes and to plan for the future.  For instance, have them allocate a specified amount of their earnings to savings and teach them to give to charity either at church or at school.

-Don’t give your child unlimited access to their own bank account until they’ve demonstrated that they know how to manage money. Set a limit or require your signature as well for withdrawals

-Don’t give your child a credit card without strict rules and guidelines.  If you’ve provided them with a card for emergencies only and they stray from that policy have a consequence

-Set up a bonus and tax structure for your child’s allowance. If they don’t do what they’re supposed to in order to earn that money, deduct from it. If they go above and beyond the call of duty with school marks or chores completed add a bonus.  This teaches them how the real world works with rewards.

Don’t make money the absolute priority in life. You don’t need an Alex P Keaton ( a child too focused on money) but taking the time to teach your children about fiscal responsibility is something they’ll carry into their adult years which will make them self-sufficient and increase their chances of financial success.

Learn Who’s Calling

If you’re not answering the phone or returning that call that leaves messages with a reference number about an “important personal matter”, you don’t know who it is and just how easy it might be to resolve the issue.  Find out who’s calling first by checking the Reverse Phone Detective or if you have call display, simply call and face the issue head on.

Be Honest

If you cannot make a payment straight away, tell them so. Be honest rather than make a commitment you can’t meet in order to just get them to stop calling. Some creditors will be willing to let you skip a payment or reorganize your payment schedule so everything is manageable for you.

Negotiate

Try to negotiate as best as you can with the creditor. Be fair and make efforts but don’t be afraid to haggle if necessary.  If they’re demanding a monthly payment you can’t possibly meet, tell them so. Be willing to arrange an interim payment solution for now until your situation improves.

Are creditors not being helpful or cooperating? If you make it clear that if they make life too difficult for you to pay back your debts you might have no choice but to file bankruptcy, they may be more willing to offer flexibility with interest rates and payment schedules.

Know Your Rights With Creditors

Don’t let creditors bully you. There are laws and requirements about how often they can call and what they’re allowed to say and do. Know your rights and if the creditor knows you aren’t about to be bullied, they probably won’t even try.

Be Reasonable

Try to reason with them and come to an amicable agreement.  If you follow the money jar budget, you’ll get debt free sooner than later but in the meantime, remove the stress in your life that happens when the phone rings.

Get Debt Free

Change your spending habits and consider using the money jar budget to help you manage your debt, reduce your spending and pay off your debts sooner!

Before you go grocery shopping, consider looking at your coupons while you make your shopping list.  Do this while you check the newspaper flyers for sales and great deals.  When you can find a deal on something that you’ve also got a coupon for, this can help the savings really add up!

Looking at your list of coupons weekly can make it easier to save money instead of letting the coupons expire and organizing them by the type of coupon you have in the file will also make it easier to sift through your coupons to get ready to shop. Consider coupon swapping with friends as well in order to get more coupons you’ll actually use on your favourite brands.

After your list is ready, use a paper clip to attach your coupons to the list and off you go!  Don’t forget to bring your coupon envelope with you in case there’s an extra unadvertised deal when you’re at the grocery store.

Bonus Budget Tip:

When you get home, figure out how much you saved and physically add that money to an extra jar or envelope that’s a slush fund for your holidays, a big ticket purchase or even just for your rainy day fund.

A lot of people save $20 or more weekly on their grocery shopping with their coupons.  Keep in mind that it can be tempting to buy something just becuase you have a coupon. Carefully determine whether:

a) you need the item

and

b) whether the discount really makes the purchase worthwhile.

Happy Couponing!

Some companies can continue to call you, especially if they’re government, have a relationship with you already or are a charitable donation. You have the power to say “No thank you” when they call so exercise that right intead of taking on more debt or falling for a “do not pay a cent” type event.