Banks provide necessary services, but they are there for the money –your money. They are always cooking up new ways to charge you fees: miscellaneous fees, maintenance fees, online banking fees, excessive transaction fees, teller fees, etc.
Do not be taken in by offers of “no monthly fees” checking accounts. You can […]
You don’t always have your checkbook with you and you don’t want to carry cash around. So, you use a debit card.
Remember, however, that every time you use your debit card you are charged a fee. The fees vary from institution to institution. Some charge less than a dollar, other charges much […]
You receive a check payment which you deposit in your bank account. Don’t assume that you can immediately withdraw or write a check against it.
Out-of-town or out-of-state checks take as much as a week before the amount is actually entered into your account for withdrawals or writing checks against. If you happen to […]
No such thing as a free lunch, specially in bank services. You do a bank a favor by opening a checking account and it charges a monthly fee (which, in some banks, can go over $10 per month).
If you maintain a small balance, the bank will try to seduce you to put in more […]
In these times of weekly price increases, you have to optimize all your household expenses. The best way to optimize your expenses is to keep to a Budget.
The job of keeping within the Budget is better & easier achieved if everyone in the family (including the children) are involved in the formulation of the […]
Reduce the number of credit cards that you have. The more credit cards you have, the lower credit score financing institutions give you and, consequently, you are charged higher interest charges & placed under more stringent conditions.
With multiple credit cards, keeping track of your expenses becomes a more difficult personal accounting task.
Believe it or […]
You have to find out where you are: your credit score (is it lower than 600?) and credit risk rating (is it higher than R or I 5?). The commonly used credit bureaus which supply credit information to financial institutions and from which you can get a credit rating report are TransUnion, Experian, […]
Credit cards enable you to spend future cashflow, income that you haven’t earned yet but expect to earn with some certainty (e.g., regular paying job, income from own business, etc).
Credit cards are temptations to live beyond your means. You are living within your means if you are able to pay off the entire balance […]
One big reason for households to spend future income through the use of & dependence on credit cards (and pile up credit card interest & penalties) is the huge portion of monthly cashflow that has to go into servicing a mortgage.
During the previous period of easy housing money, financial institutions were tolerating and allowing mortgages […]
Credit cards enable you to spend future cashflow, income that you haven’t earned yet but expect to earn with some certainty (e.g., regular paying job, income from own business, etc).
Credit cards are temptations to live beyond your means. You are living within your means if you are able to pay off the entire balance […]
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