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Jeremy Schalf

Direct Deposit

To verify an account, an employee must send a statement or a blank cheque from his bank. By doing this, he will provide vital information that will enable the employer’s bank to get the individual’s bank account number and the routing number. The routing number is a coded string of numbers which identify the employee’s banking institution. Another prerequisite of certain pay roll processors is a pre-note. This is an electronic transaction from the payroll processor’s bank to the employee’s bank, and it authenticates the account’s information. After such an authentication, an employee can expect regular pay checks which come on time.

This method has various advantages. It saves time because cash is easily and conveniently deposited in an employee’s account thus saving the employee time which he would otherwise use standing in long queues at ATM’s. The employees also do not need to wait for cheque clearance since, funds clear promptly. This is a safe and secure process of transferring money, because an individual does not need to worry that his cheque might be stolen, and he avoids the risk which comes with carrying large amounts of money.

The process is also confidential. Since money is transferred electronically, fewer people come into contact with the money, thus reducing the risk of identity theft. This service also allows an employee to have complete control of his funds as he can divide his cash into different accounts easily. Most employees also give a paper stub in advance so that an employee may know the amount of money which will be deposited, and the deductions made from the salary.

How to Be Debt-Free

Do not think of access to debt as a status symbol. Change your frame of mind about debt. Credit cards are a sure way to financial worries. Throw them into the bin.

Spend within your means. Do not think of spending more than what you have. Credit cards are very tempting as they are convenient to use. However, its end result is headache and financial exhaustion. Oftentimes, people who patronize credit cards are tempted to have more credit cards than what they already have. Common sense tells us why these people are now working just to pay-off their debts.

Be guided by a financial record. Take note of your regular income and the monthly expenditures for basic needs. List the items that needed to be purchased regularly with an aim of making savings. Keeping a record allows you to track your expenditures and it is really nice reading these records once in a while. With financial records as your guide, it will make you feel you are a better person than the person sitting next to you.

Discard credit cards one by one. This is one of the best tips among the 7 clear tips on how to be debt-free. Start from the credit with the biggest balance. Make a schedule within which you will mark the dates each card is expected to be thrown away. The moment you have gotten rid of the first card, you will have the impetus to throw away some more.

Enlist the contribution of every family member. This is a nice opportunity to get everybody working toward a meaningful goal. Teach your children the value of money, wise spending and solving problems squarely. Working as a family can really be very exciting when everybody feels needed in family affairs.

Cut down on unnecessary spending. Perhaps, you may need to cancel a vacation or suspend your plan to buy another car. If you can do this, you will not have to have a long list in your financial records and finances will be easier to handle. Also, remember that these activities do not really mean a lot because they quickly disappear from memory into oblivion. Spend for things that will last forever.

Focus on saving for worthwhile causes. This is the last in the list of 7 clear tips on how to be debt-free. Purchasing your own house (or a dream house) in the future or preparing for your children’s university education is top priority that will help you to focus and eliminate unnecessary expenditures. Financial goals are a way of getting rid of temptations to buy and own less important goods and services. Make these goals realistic to help make you feel a sense of accomplishment.

Beware of Risky Investment Products

Understand what qualifies as a risky product – There is bound to be variation in what seems risky to people. Here’s our take on the riskiness of an investment product. Products that are far riskier than what you might be led into believing, those that come without any proper guidance and information about risk factors, and ones that are not eligible for any compensation if your markets tumble unexpectedly, are what qualify as risky, as far as the scope of this article is concerned Even though it is perfectly fine if you wish to invest in risky products considering the high rates of returns associated with them, it would be better if you used the suggestions in this article to fine tune your picks.

Investments that are too risky to be worthy of your money – Despite the strict regulations in the financial markets, there are investment products that are strangely extremely risky, and yet continue to get deposits because of strong marketing. Unregulated collective investment schemes are among such products, and come to you without any regulatory backing up. Exchange traded funds with ambiguous terms are also best avoided. There are some of these exchange traded funds that depend on the prices of assets and indexes that are pretty hard for you to understand and track. The result is that you are left helplessly bound, just watching your investments go haywire without any support system to fall back on. Traded life policy investments also qualify as risky investments, as the grounds they are based on are pretty tough to anticipate and understand. In such investment products, you get returns when policy holders die! Death bonds have been known to fail completely, and such a situation could nullify all your investments in such products.

What to look for in an investment? – When you are being pitched an investment product, make sure that you ask some tough questions. Also, don’t be dissuaded with the ultra small prints of the documents that are given to you in the name of disclaimers and terms. Use all the time in the world, and underline all the statements that look dodgy. Then, seek clarifications on them. There are chances that the person trying to sell to you will give you up, and that means that you’d have saved yourself from being fleeced. Look for money back clauses; if you find one, there’s great a great reason for you to consider the purchase deeply.

Managing Monthly Budget

Set up a budget and try to follow every step of it. The budget will show you the way you spend the money and the actual amount that you may spend this month. You will be able to save more funds for something bigger and more pleasant than just a simple pair of shoes or a new car tool. Compare the expenses with your salary. Are they the same? Or do you even waste more than earn?

Check the statement of account every month before posting your payment. Mistakes may occur everywhere. And the payment bills are not an exception. That is why it is so important to check all your bills and figure out the exact sum of money you owe. It may happen that you pay for something you did not buy. If you’ve found a mistake contact your issuer at once for figuring out the issue.

Managing of your finances does take some time but it is better to check everything than to fall behind with all the bills. At least you will be calm about your credit score.

Do not miss your payments as you may get into a trouble. If you do not pay all of your bills and loans in several months the debt collection notice may arrive and it will be a real trouble.

If an unforeseen situation has occurred to you, do not wait until your debt collector or a bank employee contacts you and reminds that you have not paid back yet. Let them know about your difficulties and maybe they will give you some extra time for coping with the issues.

In such situation there is an easy way-out – payday loans online. They have become very popular among consumers as they do not require a lot of efforts and time for sending a request for a loan. You will be able to get the required funds within 24 hours just sitting with your lap-top at home.

If you have got more than one credit card, focus on every bill. You can save much money if you pay back the full balance instead of keeping a revolving one.

Take a Fresh Look at Finances

  • Start with a clean slate. Review your financial situation and recent spending patterns. Is your spending aligned with your financial goals? Re-evaluate any bad money habits that may be holding you back from making better financial decisions. Remind yourself that healthy financial behaviors can become part of your daily routine.
  • Commit to financial stability. It’s easier to do something when you are intentional. Just like you set aside an afternoon to clean out the garage, set aside a few hours to clean up your finances. During this time, reflect, organize and make a conscious commitment to take responsibility for your financial future.
  • Create, update or review your plan of action. A financial plan provides a road map for spending and saving, and encourages you to allocate your money toward the items or experiences that matter most to you. Your plan should include how you will handle your day-to-day finances, achieve long-term goals such as paying off your home mortgage, retiring on your terms or going on your dream vacation. If a large expense comes along, you may need to re-evaluate your financial priorities. Adjust as necessary and then get back on track as soon as possible. Likewise, if you receive a raise or windfall, consider how the additional funds can be applied to your financial plan.
  • Spend within reason. Your plan can provide you with guardrails to keep long-term goals in sight as you satisfy near-term wants and needs. When you know your emergency fund, retirement and other goals are on track, you can purchase tickets to the big game or plan a family trip without any financial guilt.
  • Prepare for the unexpected. Life can throw challenging curveballs. Unexpected events such as unplanned medical bills or losing your job can greatly impact your bottom line. Although you may not know when these curveballs are coming, assess your insurance policies to ensure you’re fully covered, and make an “emergency fund” one of your priorities. Consider reviewing your life, disability health, home and auto insurance policies with a financial professional, who can help you identify and close any gaps in coverage. If you’ve acquired artwork, collectibles, technology or other valuables, make sure they are covered under your current home insurance plan. Also, use this as a time to update beneficiaries on your policies if needed.
  • Find joy in the process. The desire to keep your finances in good order is an admirable aspiration, and it has lasting impacts. Focusing on your finances today may help you to secure a more comfortable financial future for you and your family tomorrow. Consider working with a financial professional to help create a plan to reach your goals. With renewed energy and a well-defined plan, you can feel good about your financial choices.

About Buying Gold Online

Investment

Are you planning to invest your whole capital in gold? Considering the ups and downs of the economy, it is important to know where you should invest and when is the best time to do it. There is a long list of factors that can affect your investment, but with a little planning and research, you can find a way that will safely preserve your money for future investments and also allow you to earn profit from it.

Learn

There are many things about gold that you need to learn. Its value is based on its weight and purity. The closest to the purest form is the 22-carat gold. Also, many pieces of jewelry and coins are not made from pure gold. Their value is computed based on the price for each troy ounce of gold. At present, this is worth around $1336, but this figure will change from time to time. Therefore, you have to be certain that the prices on the web are equivalent to the present value.

Seller

Choosing an online seller is an area where you have to be extra cautious. The seller should be transparent and provide all the possible details. Go to the official website, then look for contact information such as a telephone number and address. Avoid sites that only use emails or P.O. boxes for communication. Opt for a seller that has a physical store and offers gold on the web to reach out even more customers.

Description

Always remember to inspect the description of gold which you like to buy. Look for indications on the weight and purity of gold. Try to buy gold that comes with a picture. At times, it is best to purchase gold bullion that come with a distinct stamp or mark that you are familiar with, which is a sign that they are authentic. It is difficult to determine the weight and purity of gold when all you have are pictures.

Steps To Organize And Pay Your Bills

Create a list of all your outstanding expenses and debts

If you have to pay for something, make sure that it gets added to this list. Categorize the items where possible (fixed vs. monthly expenses, bi-weekly expenses, and one-time expenses.) Put the most expensive payment at the top and the lowest one on the bottom.

Develop a budget that ensures you can pay these bills and expenses each month

Do you know how much money you make each month? If your expenses add up to more than you’re making, you need to evaluate your spending. Cancel unnecessary subscriptions. Call your cell and landline providers, and ask them to review your current plan to see if there are any new promotions that would lower your bill. Do the same for your cable bill. In other words, do what it takes to save money each month instead of throwing it away on unnecessary expenses.

Determine due dates as soon as bills arrive

Do NOT file bills away “for later!” – especially not until you’ve read and examined the due date. Instead, do this:

  • Open bills immediately upon receipt
  • Determine the due date
  • Circle the due date so it’s easy to find later, and
  • Do a quick check to see if the charges look correct.

Secure a designated place for incoming bills

As soon as you open your mail, place all bills in a location you’ve designated for bills only. This eliminates the possibility that the bills get lost before you pay them. Don’t forget that late payment may result in late fees or extra interest you can easily avoid. You can also sign up for paperless statements. Caution: If you decide to go the paperless route, be sure to download and review the statements monthly and file them in a folder on your desktop or in the cloud. It is of utmost importance that you have an organized digital filing system in place. You will understand the importance when you need to retrieve a statement. Depending on your comfort level with technology, consider using FileThis software that allows you to link your online accounts to automatically fetch all of your online statements in PDF format.

Set up a routine

There are a few payment options from which to pick. You can:

  • Pay all of your bills with paper (i.e., checks and envelopes)
  • Integrate your bills with electronic banking for a seamless process
  • Use both e-banking and paper (so most of your bills are handled online while you make some payments, such as income taxes, with traditional checks)

Some people review and pay any bills as soon as they receive them in the mail. Others prefer to create a standing appointment of an hour or two on a specific day to handle the task. To ensure the payments are always processed and received before their due dates, figure out what works for you. Then, stick with it.

Keep all bill paying statements and supplies you need nearby so you can handle the job efficiently.

Remember: there is some lag time from when you send a payment to when it’s received by the person or company you owe. Not scheduling your bills on time has the potential to affect your credit rating in a profound way.

Use financial software to keep track of bill paying

Financial software from Quicken, Mint and your bank’s proprietary software helps organize your bills and payments. These systems also help you set realistic budgets and help track spending to reach your financial goals.

Debt Negotiation Strategies

Before Negotiations

The biggest mistake people make when attempting to negotiate with creditors is failure to prepare. It is crucial that you have an idea of what you want to get out of the negotiation before you even contact your creditor. Take a look at your monthly budget and income to determine the amount you can realistically afford to repay. You need to know the state of your financial affairs and how they can best be met by a deal with your creditor. Ask whether you need a temporary suspension of payments or just a lower monthly payments. Evaluate whether a lower interest rate would be enough to reduce your monthly payment or do you need a modified payment schedule.

During Negotiations

Once you have an idea of what you can afford to pay and how you may be able to achieve that plan, contact your creditor. Debt negotiations are always better before you miss a payment, as creditors are often more willing to make changes if they feel you were proactive. However, if you have already missed a payment don’t worry. You may still be able to secure a deal through persistence and flexibility. It is important that you remember debt negotiations are simply that, a negotiation. This means that you have to be willing to be flexible in what you want and how you want it. Creditors do not owe it to you to negotiate and they are essentially doing you a favor. Come into the negotiation with an open mind and patience. Always be polite and work with the lender until you come to an agreement you can live with.

After Negotiations

If you were able to successfully negotiate a deal, congratulations. However, now is the most crucial time for you. It is extremely important that you stick to your negotiated plan and not miss a payment. Missing a payment now could mean the end of your deal and even delinquency fees. If you think you might miss a payment, contact your creditor before this happens. You may be able to make further changes to your deal or request a onetime extension. Remember to monitor your credit report for changes and stay on top of creditors to report the most accurate information at all times. Having an updated credit report will significantly improve your credit standing while you work to get out of debt and rebuild your financial future.

Get Lean and Mean With Money

Operate an efficient money production line

Imagine that your life was like an assembly line at a manufacturing company. Just like the person in charge of production, you would want to ensure that none of the raw materials were wasted and that you got as much finished product as possible out of your machinery time and employee effort.

Let’s review the Japanese words for inefficiencies — muda means idleness or wastage of resources when trying to complete a task; mura is the unequal or unbalanced use of different resources; while muri means the excessive or unreasonable use of a resource which could put it at risk.

In order to get the most out of the money you earn or have on hand to further your goals, you need to eliminate these types of inefficiencies. Your aim, like that of a profitable corporation, is to utilise your financial resources in ways that will allow you to get an optimal return on your money.

Don’t squander your money resources

One of the areas you may need to address is the wasteful use of money in your current spending. Do you try to find the best shopping deals to cut back on your grocery bills? Do you conserve on your usage of utilities such as light, water and petrol to get the most while spending the least?

Do you habitually use credit cards or payroll loans to finance consumer purchases? The interest you pay on debt actually represents money that has been inefficiently expended; you could have channeled those funds into productive use instead of making the financial institutions richer.

Another area of inefficiency is when you have money that sits idly in a non-interest bearing account, or funds that are not generating as much return for you as possible. You can get better interest rates on your money by simply switching from a savings account into a fixed deposit.

Try to maintain your money balance

You also need to determine if there is an imbalance or unevenness in your use of money. Are you putting too much of your resources into some areas while ignoring other important ones? Preparing a detailed budget will help you to see where you may be inefficient with your allocation of funds.

Use a budget calculator to itemise your compulsory bills and non-essential expenses over the course of a year. Are you satisfied that your expenditure items are all worthwhile, or do you need to eliminate some of your spending excesses?

Your money choices may help you with, or hinder you from achieving your goals. Consider if you could become leaner by directing more funds into savings and investments for your future needs such as buying a home, putting your children though college or planning for retirement.

Don’t overload your money capacity

You also need to assess if you’re putting yourself under financial pressure by having unreasonable expectations of what you can accomplish with the money you have. You need to be realistic about the kind of lifestyle you can afford based on the income you earn, and try to live within your means.

Let’s say that you want to buy a newer car to reduce your repair costs, but the loan repayment that would be required would jeopardise your ability to pay your other bills. Don’t think that you’ll be able to catch up if you stretch to get the vehicle; you’ll only overburden your budget with that debt.

You also have to make the right decisions when investing your money. You could lose your funds by trying to get improbable returns from get-rich-quick schemes or chancy business plans. Be practical about what you can gain given your level of experience and your ability to absorb risk.

Ways to Support Your Fight Against Debt

  • Celebrate success. Did you make it a month without running out of cash? Celebrate! You used to use credit cards and payday loans to make it through, now look at you. Maybe you finally paid off one of the direct lenders or used a credit card to get rid of your payday loan debt. Celebrate the move towards a positive direction. You have already begun to save money for the next month. That’s a step in the right direction. Don’t ignore even the smallest improvements, celebrate them.
  • Stay upbeat. Don’t let yourself get into a slump. Get some exercise every day to keep you mind, body and spirit strong. It is also a great way to alleviate frustrations.
  • Don’t forget to laugh. Laughter is the best medicine… and it is free! GO have a good time and give your mind a break. You can’t dwell on your debt all day.
  • Free fun. Change the ways your family entertains one another. You don’t have to go out and spend money to have fun together. Not only will you save money but you will nourish family relationships. Take a walk, go for a hike or bike ride, play a game together or plant a garden together. You’ll be teaching your children a good lesson along the way.
  • Feel blessed, it could be worse. Okay, so you are in debt. Count your blessings that you have your health, you still have a roof to live under and food on the table. On those bad days when you want to give up, remind yourself of all the blessings you have with you each day.
  • Accept any situation you can’t change. Maybe your finances fell apart when you lost your job or a family member fell ill. It is what it is and you can’t change what happened, so accept it. You are alive and tomorrow is a new day. Make it a good one.