by Guest on January 18, 2012
The New Year is a great time to set a personal budget and to begin looking at ways to better manage your financial resources. Doing so can not only help you to take better control of your money today, but will also help you to prosper in the future.
If you do not already have one, the first step should be to establish a budget. Sit down and take the time to make sure you know exactly how much income you have coming in and how much is going out. After you have done this, carefully review your income and expenses to look for areas where you can possibly scale back. While you may not be able to budget for some fixed expenses such as car loans and rent or your mortgage payment, there are other areas where you can establish a budget and stick to it.
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by Guest on January 18, 2012
The season of resolutions is upon us, and one resolution we could all serve to make (and keep) is to cut down on our credit card missteps. After all, consumers are quickly racking up new credit card debt, which is the type of dangerous overleveraging that got us into deep you-know-what during the Great Recession. What’s more, 41% of U.S. adults would give their personal finance knowledge a grade of “C” or worse, according to the National Foundation for Credit Counseling’s 2011 Consumer Financial Literacy Survey. So, to help get this resolution started, here are 5 credit card mistakes that we can all excise from our lives during 2012:
1. Not having an open credit card in your own name
Whether or not you feel comfortable making purchases with a credit card is basically immaterial. Simply having a credit card under your own name (not as an authorized user) is the easiest way to add positive information to your major credit reports on a monthly basis, and this information will be relayed even if you lock your card away in a drawer. Since one’s credit score is integral to getting the best loan terms, leasing a car, renting an apartment or getting certain jobs, this advice applies to pretty much everyone over the age of 18.
Wait, doesn’t the new credit card law preclude people under the age of 21 from opening credit cards? Actually, no. Young people must simply ask a relative to be a co-signer or indicate on their application that they have sufficient assets/income to cover a credit card’s monthly minimum payments (typically around $15 for newcomers).
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by Guest on January 11, 2012
Welcome to 2012 everyone! How is your checking account looking with the holidays over? Mine took a hit, but all in all my traveling, gift buying, and family gatherings didn’t hurt too badly. How did I manage to get through this normally expensive time of the year? Aside from budgeting correctly my rewards credit cards helped soften the financial blow of the last month of 2011.
After reflecting on the gifts I bought, the travels I made, and the gatherings I attended here are my reward credit card recommendations for 2012!
The Approach
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by Pam on September 9, 2011
Rather than carrying a large sum of cash with you when you travel to the States, I would recommend that Canadians bring along a US dollar Mosaik Mastercard from Bank of Montreal (BMO). When I compared all the major Canadian financial institutions to see what type of US dollar credit cards they offered, it seems that BMO has the best one.
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When it comes to using credit, it is really important to always be thinking ahead. Remember, when you need credit you won’t likely be able to get it, so when you are working full time and things seem to be going your way financially, this is the ideal time to be applying for credit.
Take Joe for example. He is a 30 -year -old full time truck driver. He is earning $60,000 per year and life is good. He never bothers to apply for a credit card or a credit line because he is able to comfortably live off of his income. Then, tragedy strikes and he gets laid off from work. He soon depletes all of his excess cash flow and suddenly finds himself strapped for cash.
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by Pam on February 17, 2011
Earn Spend Save: The Savvy Guide To A Richer, Smarter, Debt-Free Life by Kira Vermond
While reading through Earn Spend Save
, I came across some great tips on what to watch out for when it comes to credit card fees. The author emphasizes the importance of understanding what fees you are being charged on your credit card, and she encourages people to be really careful when selecting the right credit card for them.
The fees you to need to be aware of include annual fees, cash advance fees, convenience checks, over-the-limit fees, inactivity fees, and foreign currency conversion fees.
Annual Fees
If you are currently paying an annual fee on your credit card, you may want to consider converting your card to one that is free instead. However, some cards with fees do have significant perks so make sure it is in your best interest before cancelling your current card. Right now my husband and I do have a card that we pay for annually as we feel that it’s worth it due to the rewards points we can redeem towards airfare overseas. However, there are many free rewards cards available these days so it pays to do your research.
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by Guest on January 4, 2010
Students are often neglected with regards to getting any credit benefits from various lending or credit sources who are otherwise ready to offer credit to businessmen and other working professionals. But the students of today are the next generation and are our future. So its important to encourage and support them with the best available financial and credit opportunities so they can grow in their own fields and provide the best output for our country.
As such, student credit cards provide one mechanism for young people to establish credit as well as provide a financial back stop for education and living expenses while attending school. The cost of living today continues to rise, and the amount of money needed to finance an education, particularly secondary education and college education, is outpacing the rate of inflation by a considerable amount. Many parents cannot bear the entire financial burden of the academic costs for their children. Student credit cards provided by a variety of different banks, lending institutions and credit card companies provide significant opportunities for students to establish and build a credit history at an early age. Provided, of course, that the credit card is used with care and caution.
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