- Don’t make a record of your expenditures. If you don’t record how you spend your money for a couple of months, you’ll never get the picture. Journal your spending. Even the drinks you buy when you visit with friends at your favorite club. Be sure to include the impulse buying and the emotional buying and the candy bars, exotic coffees and other overspending items.
- Keep up with the Garcia’s. If you want to keep up the appearances of prosperity, you will end up looking as poor as you are! Your neighbor buys a big new pickup truck, and you have to buy a bigger one. You want to live at the same level as your parents, even though it took them years to be able to have the nice house and furniture and car. But, you want to take shortcuts. The only place where Success comes before Work is in the Dictionary.
- Pennywise and pound foolish. If you drive 10 miles to save 4 cents per gallon, you haven’t saved anything. If you drive 15 miles to shop for bargains and cheap products, did you really save more than the time and gas? If you have buyer’s remorse and go back to the store, and wait in line for 25 minutes to get a refund, then drive another 5 miles to buy the same item for $3.00 less, what did you save?
- Buying cheap products. If you buy something just because the price is cheap, and it wears out in 2 months, what did you save? If you had bought quality on sale, it would last a long time and you would save real money. The shoes I buy last for years, even if I wear them every day, because I buy real quality for $50 – $60 dollars rather than buying “cheap” shoes for $30 that will last for a few months. Get off the poverty mindset and learn how to shop for quality items on sale.
- Don’t budget. If you journal your spending, and learn where you are spending your money unncessarily and wastefully, you are ready to build a budget. Plan your spending and you will get out of the credit prison you’ve built by excesses, emotional buying, and lack of planning.
Compare Exchange Rates
The first thing to look for is the exchange rate. Even a small difference in the exchange rate can mean large savings for you when you receive the money at your end, so it really does pay to look around.
However, some transfer services make it easier to find the exchange rates than others. A quick way to find out what they are offering is to head to a comparison site that will list numerous money transfer services in one place.
Another thing to consider is that some services may provide better exchange rates for larger amounts of money, so if you are planning a larger transfer this is worth looking out for.
One transfer service may have an excellent rate of exchange, only to go and spoil it all by adding on a hefty fee. Nearly all services come with fees. These typically include a transfer fee, but they may also include a bank receiving fee if you are transferring to your bank account.
The important thing to do is work out how much you will receive when you transfer your money. It may take a while to go through the various services and find out which will give you the best deal, but once you find a good service you will know where to go next time.
Ease of Receiving Cash
It’s not just a case of how much you will receive – although that is the biggest concern – buy also the ease of receiving your money. Some services certainly make it easier than others.
For example, if you transfer money via Western U, you can pick it up in any branch all over the world, even in small towns in the middle of nowhere.
But what about other services? Some of the smaller companies will provide different pickup points with third-party services in your country of residence. How easy are these to get to? Can you find them? Are they in dodgy areas where you wouldn’t want to be walking around with large handfuls of cash? If you need to pick up the money quickly, you certainly don’t want to be running around trying to find a place to pick it up.
Alternatively, you may be able to find a company that can deposit the money directly into your bank account abroad. Just be careful with any extra fees that this may involve.
Trust is one of the big considerations when you choose a transfer service and you want to make sure everything is legitimate. As well as reading some online reviews and checking how long the company has been operating, make sure it is also authorised by the Financial Conduct Authority (FCA).
Get More when You Transfer Your Money
By spending a bit of time researching a number of transfer services, you could help yourself to get a much better deal when the time comes to send over some money. I’d recommend doing some research in advance so that you have a good idea of which service you’d like to use to save time and stress when the moment comes to transfer some money.
It is no wonder that American’s cannot save. There is nothing in our culture that promotes keeping your income. You need to keep up with the Jones’s. If you don’t have the bigger house or the new car, you’re not successful in life. We are taught from a young age that image is everything, so buy it.
While there is nothing wrong with having things, it is important to know how to save money to be able to get them. Saving and living within your means gives you the best chance of affording the things you want without overextending to get it. It is possible. You can start getting onto the road of saving.
First, you need to have a reason to save. Why do you need to keep your money? What are your goals? Having clearly defined goals will help establish a discipline to help meet that objective. Maybe the goal is to save for a car, a house, a trip, or retirement. Once you know where you want to go, then you can start the journey on how to get there.
Next, you need to find the money. The sage old advice says to save 10% of your income. Well, that is easier said than done. The point is that you need to start somewhere. Many financial institutions have financial calculators on their websites that can help calculate how much you need to save each month to get to a certain dollar amount in a certain number of years. This information is helpful because if you don’t know what the end number is then you won’t know how much to put away. For example, if you save $150 a month for 20 years with a 3% interest rate, you will have a bit under $50,000 at the end.
Now you ask, where can you find the money to put aside? This is where priorities come into play. This step might take some sacrifice. Unfortunately, not many people were taught delayed gratification growing up, but here is where it comes in handy. Sacrifice a little today for a better tomorrow. Is going out 4 or 5 times less a month worth $50,000 down the road?
This is where a budget can be a life saver. Again, many financial websites have templates that can be used to help figure out what your monthly expenses are compared to your income. This will be helpful in seeing areas that might be cut to help set aside some funds for the future. You must live within your means today so you can live your dreams tomorrow.
Last, is consistency. Don’t stop. Don’t give up. If you stop putting the funds aside, you are robbing from yourself. Yes, there are always reasons for wanting to spend the funds you earmarked for savings. There is always a gift to buy or a sale at the mall, but if you budget correctly, you should have money for these occasional wants and needs.
Mistakes People Make
When you’re burdened with multiple debts, it’s easy to lose track and end up not paying on time, thereby attracting late payment fees and perhaps even eventual debt recovery process. You might not only miss out on interest free periods, but also end up paying hundreds of dollars a month for late fees.
Another mistake people make is that they make only the minimum payment to cover the interest amount without thinking about ways to clear off the principal.
People try to avoid banks, especially if they are sure they won’t be able to meet a repayment schedule – that’s unfortunate because communicating with the bank might actually help you to defer payments or save you from late fee charges.
When people opt for consolidation, they may forget to close their high risk personal loans which would still attract charges even if they’ve moved it to a low interest consolidated loan.
Efficient Debt Management Solutions
One of the best ways to achieve efficient debt management is to seek the advice of professional debt management companies, but more on that later.
The first step you can take is to stop accumulating more debts on your credit cards and overdrafts. This simple step can help in reducing your minimum monthly repayment schedule.
You can get rid of all your debts on high risk personal loans by opting for consolidation method. Some lenders might be charging you up to 20 % or more by way of interest. A possible solution for this is to combine all your debts into a single debt which can clear off by taking a low interest loan. Professional debt management companies have contacts in the finance industry and can easily source such loans for you. This will help to shelve your interest liability and lower your overall debt burden.
Find Cheap Service Providers
Budgeting is another simple, effective means that even professional debt management solutions providers advise. You can easily make a note of your expenditure and income every month and see if there are any areas where you can cut costs. For example, you can always find good deals and bigger savings for services such as internet, phone, cable TV or health insurance. You can use the money saved to clear off your debts.
Reducing the Principal
Consolidation packages offered by debt management companies can help with interest rate reduction, but you also need to think of ways to pay off the principal amount or else you might end up having to deal with debt recovery hassles.
You can do it by giving priority to your debts and using any monthly savings to pay them off. Traditional savings avenues such as bank deposits hardly offer more than 6% rates of interest whereas your debts attract much higher rates; it makes sense to use part of your savings to eliminate debt completely.
Professional debt management companies offer affordable and realistic debt relief services – they can help with consolidation loans for debt, mortgage refinancing loans, debt agreements and more. Speak to a professional to have your financial matters sorted out. It’s worth the time and money to get some peace of mind.