We've all seen the commercials for credit card companies: Well meaning parents give a credit card to a college student for "emergencies," and either while showing up for an impromptu visit or getting a
heart-stopping bill find out the card has been "maxed out."
While shopping, at church and eating in fast-food places I have heard children and teenagers ask, plead for and beg their parents for credit cards. "I'll only use it in an emergency!" yeah. Seldom have I heard a parent ask the interesting question: "Exactly what do you consider an 'emergency?'" The answer might come as a surprise.
A few years ago I did a survey of teens in my church, then sat down with their parents with the results. These folks were getting hit with the "I need a credit card" petition. Amazingly, the top answers were not: paying for a tow when the car breaks down, an emergency gas-tank fill up, missing the last bus and needing a taxi or anything an adult would choose. The top answers turned out to be: dinner at the mall perhaps including friends, clothes, food delivery for parties and other non-emergency items.
I wondered who these teens were. I thought I knew them, having watched them grow up from birth. Did some metamorphosis take place and turn them into different people? I thought they had sense.
Speaking with them and their parents, one theme presented itself: the perception of credit cards as opposed to reality. Small wonder. Media ads everywhere give the impression anything can be had by using plastic. And had now. No mention is made of the reality that shows up in a month: the bill. No matter, the payment is miniscule, just make that.
Using one parent's credit card bill, I pointed out the credit limit- a high figure- $1,500. Some of the teens cheered. But wait-there's more. Moving down the bill, the monthly payment was only $45 a month. Teens cheered. But wait-there's more. Continuing down the bill, I pointed out the principal (the amount actually applied to the whole balance due) being paid was a paltry $9.52 on a balance of $1,257.85. No one cheered.
Credit card companies are there to make money. Period. They are NOT going to help anyone pay the card off and get out of debt. They make the majority of their money on the interest payments (the majority of that
"minimum" payment) and on late fees. They have no incentive at all to helping anyone but themselves.
I finally had the teens attention. Up until that moment, the meeting had been treated like a joke. "I'll get a job and pay it off myself," "All I have to do is make the minimum payment, right? No problem." The question was asked: What do we do?
Until the United States Congress convinces credit card companies to raise the minimum payments to at least 10 percent of the balance and add interest to that amount, those swimming in credit card debt could drown. Instead of waiting, I offered the following advice:
Before using a credit card, look at the interest rate. For example, if a card has a 20 percent interest rate, add a zero to it. Two hundred percent is what you'll pay back by making the minimum payments only. That means for a $20 pair of jeans, not only paying back the $20, but nearly an additional $40 in interest. Or before each use of the card, sitting down on paper and using the math formula I=PRT. Interest= Principal multiplied by the Rate multiplied by Time. The formula comes very close to the same amount. No one seemed willing to pay $60 for a $20 pair of jeans.
I had credit card debt until I paid off my last card 2 years ago by taking the bill and adding a payment of 10 percent of the balance to the existing "minimum payment." I saw the balance start to drop dramatically. When I could afford more, I paid more. On the glorious day of zero balance, I cut the card into little pieces and sent it in with the last payment. I patted myself on the back, bragged to friends at work and was proud of myself.
Now that I had that monthly payment still in my budget, what to do? There are all kinds of offers for "pre-paid" credit cards. I suggest reading all the print, fine and otherwise. You give them your money,
then use the card to spend only the amount you've paid in. If you don't use the card, the amount builds up. Who gets the interest on that account? Not you. The credit card issuer gets that interest, along with any other fees for "managing" the account, processing the purchases, etc. That didn't sit well with me. The whole idea of paying off credit cards is to have more money, not give it to someone else.
I solved the problem easily by going to my credit union and opening a second checking account. This account has a debit card with a credit card logo on it. It can be used as a debit card or as a credit card. I simply make the payments to that account that I was making to a credit card company. And who gets the interest on the account? ME. I manage the account, track the purchases, everything.
The parents and teens both realized this solution is not only feasible, but easy to do. A teen can build financial responsibility by getting "that job" and depositing some or all of their money in the account. A college-bound student has the "allowance" their parents deposit. They can only spend what they have, no more. Emergency account? Save money in the savings account and both parties sit down and if necessary, write down what is a true emergency. I suggested parents may want to impose a penalty for misusing the "emergency savings."
I was asked about younger children. How do they not lose their heads in a "plastic world?" With a family of children I that I used to watch, I asked the parents if I could try an experiment in money management training after a trip to the store. I would give each child an allowance. Not cash, I gave store gift cards. Since the oldest child had more responsibility she would receive a higher allowance. The money would be loaded onto their cards, and the children would be given a 3x5 card with their balance on it. We agreed to several rules that would be followed by the children and adults, and put everything in writing, in case the children needed reminders. When everything was ironed out, the children were informed. They were elated. The oldest child was given a calculator to figure sales tax on items to help others realize if they had enough money for the entire purchase. They could not borrow from each other or adults for a purchase.
They had "plastic" almost like adults, but learned quickly that the card is not a spend-all, have-all. They could only spend what they had. Their parents did not allow the children to put their cards together
to buy one toy- avoiding the "who owns it" argument later.
While lay-away was available, they were introduced to payments, responsibility, and what happens if those payments were not made. Borrowing from the parents/other adults (only with the parents permission) meant making payments with a small (3 percent interest with consequences if payments weren't made). When Wal-Mart announced lay-away no longer available, I watched as the oldest child asked if she could have a second gift card to save money on when those "gotta-have-it-now" purchases are encountered. She was 10 years old. I was never prouder. No one had mentioned having two cards or a savings account until that day.
Now, each child has two cards, one marked "savings" and one marked "main." They also now can deposit money into their parent's savings account (Mom keeps excellent records) to have money to spend somewhere else. When these children are old enough for checking accounts they will be well-tuned to financial responsibility.
The oldest child is almost in college now (I feel old), has managed a checking account and debit card for almost a year, and is researching scholarships and student loans for college. She does now to read all the print in an application and to ask lots of questions. She's learned to look before she leaps. The rest of the children are learning from her, too.
While these methods may sound simplistic, they really do work. Perhaps the store gift cards will work in some families, in others it may not. Some use "money jars" stored in the parent's closet.
There are many different methods out there. The only true way to find out what works is to give different methods and honest try, say six months.
Whatever method or plan works for you or your family, stick with it. It takes effort.
Here's some incentive: A lot of the adults returning home to live with/off of their parents are doing so because of overwhelming financial irresponsibility. Teaching them to be responsible now will help help them in their future, and parents can have that "sewing room," "den," etc. of their own. And keep it.
Showing posts with label Bank of America Online. Show all posts
Showing posts with label Bank of America Online. Show all posts
Wednesday, 22 December 2010
Credit Card Debt Advice
If you're looking for credit card debt advice, chances are you've accumulated higher balances on your cards than you know what to do with. If you're like many people,
you may be charging gas and groceries, because you just don't have enough money to make ends meet every month.
This is a bad situation to be in, but be assured that you're not alone. A lot of us have been there (a lot of people are still there), and there is hope. I used to be deep in debt myself, but I've managed to pay off those credit cards, and I don't carry a balance any more from month to month. I'm going to give you credit card debt advice based on my experience.
Ready? Here we go:
1. Get over the idea that you'll get anywhere paying the minimum payment.
The credit card companies specifically design things so they can stretch out your debt over years (and even decades) to keep you paying interest to them for as long as possible. Why wouldn't they? Why would they want to work when they can get tons of money for free just by letting you borrow theirs?
Many people in credit card debt think they can climb out by paying a little extra on each card every month. This is actually a bad approach. If you remember only one piece of credit card debt advice, remember the next one...
2. Pay off your highest interest credit card first.
If one card is at 9%, one is at 28%, and one is at 15%, you want to focus on the one that is at 28%. Put all your extra resources into paying off that card while you continue to pay the minimums on the other cards.
To many this seems counterproductive, but the highest rate card will grow the biggest the soonest, so it's important to get rid of that debt as soon as possible.
3. You can negotiate a better deal on many cards.
If you're feeling overwhelmed by those interest rates, call the credit card companies and request a better deal from the customer service representative. Just tell the rep you're getting better offers from other credit card companies and that you're thinking of switching. Most reps are authorized to lower rates instead of risking customers.
This advice won't just lower your interest rate so your balance doesn't increase so quickly, but it will also make your minimum payment lower each month.
4. Move your balances to cards with zero-rate introductory rates.
You may have heard this piece of credit card debt advice before, but did you act upon it?
If you can qualify for a new card with a low or zero introductory rate, don't hesitate to shift your existing balances over to that card. This can save you a lot of money in interest while you whittle away at your debt
Just be sure to read the fine print. Introductory rates are just that: rates you only pay for 6 or 9 months. The rates can hike right up to the old rates (or even higher) after that period, so you want to make sure to transfer your debt over to a new card with a new introductory rate once that happens.
Also watch out for any balance transfer fees, and make sure the low introductory rates count for the balance you transfer, not just new purchases.
5. As you pay off the highest interest cards, cancel them.
Remember the earlier advice to pay off your highest interest cards soonest? Once you have them paid off, cancel those suckers.
Replace them with debit cards, low-interest credit cards, or no-balance charge cards. It's a good idea to keep at least one credit card for emergencies, but you don't need a wallet full of them.
A good way to keep that one for emergencies is to make sure you leave it at home. Don't take it out where you can fall back into the habit of using it at the mall or anywhere you might make impulse purchases.
Hopefully this credit card debt advice has helped you. The important thing to realize with paying down your debt is that it probably will take years. That can be depressing, but never stop believing that you can do it. Stick with the plan and make it work!
you may be charging gas and groceries, because you just don't have enough money to make ends meet every month.
This is a bad situation to be in, but be assured that you're not alone. A lot of us have been there (a lot of people are still there), and there is hope. I used to be deep in debt myself, but I've managed to pay off those credit cards, and I don't carry a balance any more from month to month. I'm going to give you credit card debt advice based on my experience.
Ready? Here we go:
1. Get over the idea that you'll get anywhere paying the minimum payment.
The credit card companies specifically design things so they can stretch out your debt over years (and even decades) to keep you paying interest to them for as long as possible. Why wouldn't they? Why would they want to work when they can get tons of money for free just by letting you borrow theirs?
Many people in credit card debt think they can climb out by paying a little extra on each card every month. This is actually a bad approach. If you remember only one piece of credit card debt advice, remember the next one...
2. Pay off your highest interest credit card first.
If one card is at 9%, one is at 28%, and one is at 15%, you want to focus on the one that is at 28%. Put all your extra resources into paying off that card while you continue to pay the minimums on the other cards.
To many this seems counterproductive, but the highest rate card will grow the biggest the soonest, so it's important to get rid of that debt as soon as possible.
3. You can negotiate a better deal on many cards.
If you're feeling overwhelmed by those interest rates, call the credit card companies and request a better deal from the customer service representative. Just tell the rep you're getting better offers from other credit card companies and that you're thinking of switching. Most reps are authorized to lower rates instead of risking customers.
This advice won't just lower your interest rate so your balance doesn't increase so quickly, but it will also make your minimum payment lower each month.
4. Move your balances to cards with zero-rate introductory rates.
You may have heard this piece of credit card debt advice before, but did you act upon it?
If you can qualify for a new card with a low or zero introductory rate, don't hesitate to shift your existing balances over to that card. This can save you a lot of money in interest while you whittle away at your debt
Just be sure to read the fine print. Introductory rates are just that: rates you only pay for 6 or 9 months. The rates can hike right up to the old rates (or even higher) after that period, so you want to make sure to transfer your debt over to a new card with a new introductory rate once that happens.
Also watch out for any balance transfer fees, and make sure the low introductory rates count for the balance you transfer, not just new purchases.
5. As you pay off the highest interest cards, cancel them.
Remember the earlier advice to pay off your highest interest cards soonest? Once you have them paid off, cancel those suckers.
Replace them with debit cards, low-interest credit cards, or no-balance charge cards. It's a good idea to keep at least one credit card for emergencies, but you don't need a wallet full of them.
A good way to keep that one for emergencies is to make sure you leave it at home. Don't take it out where you can fall back into the habit of using it at the mall or anywhere you might make impulse purchases.
Hopefully this credit card debt advice has helped you. The important thing to realize with paying down your debt is that it probably will take years. That can be depressing, but never stop believing that you can do it. Stick with the plan and make it work!
Get Rid of Credit Card Debt
Credit card debt is no fun. If you are saddled by credit card debt, you are not alone. I read somewhere that the average family in America has credit card debt to the tune of $9,000.
Millions of people are in debt to credit card companies and struggle to make the minimum payments. Here are some tips that you can use to start erasing your credit card debt.
1) Pay more than the minimum payment. Always pay more than the minimum amount that you owe. If you can afford to do it, double or triple the minimum payment. This will help you get rid of credit card debt more quickly. See the credit card payment calculator at bankrate.com (http://www.bankrate.com/brm/calc/MinPayment.asp) to see how paying off more than the minimum payment will help get you out of debt faster.
2) If you have multiple credit cards, you might want to concentrate the bulk of the money you have available to paying one off at a time. The credit card you should focus on first is the one with the highest annual percentage rate. Pay this card off and then move on to the next highest one and so forth. This not only gets rid of the worst credit card debt (i.e. the one with the highest interest rate), but it gives you a sense of accomplishment and peace of mind, knowing that you have one less payment to worry about.
3) Something you might want to try to do is call your credit card company and speak to a customer service agent about getting your interest rate lowered. This would help lower the strain of your credit card debt. This is not something that is guaranteed to work, but it is worth a shot.
4) Try not to rack up your credit card bill. If you can avoid it, do not use your credit card at all, as this will just put you deeper into debt. Try to pay cash for what you need and eliminate the things that you want (even if only temporarily). The horrible thing about credit card debt is that it is so easy for your debt to increase.
5) Write down a list of expenses. It is very beneficial to know exactly where your money is going each month. Money seems to disappear before you even get your hands on it. Writing down a list of where your money
goes will get you thinking about certain areas where you can save money. You can change your money habits by taking the time to understand where it is going. When you look at your list (and you should include what you are paying in credit card debt), you will probably be motivated to do what you can to try to hold on to more of your money.
6) Transfer your debt from high interest rate cards to those with lower interest rates. It makes sense to do this if you can.
7) Pay down your credit card debt before you put money in a savings account. Your credit card interest rate is exponentially higher than what you gain from a savings account at a bank. Get rid of the credit card debt first, otherwise it will keep growing.
I know that those credit card bills look formidable, but it is possible to get out from under that oppressive burden. It will take some time and a little determination and planning, but it is possible. Good luck.
Millions of people are in debt to credit card companies and struggle to make the minimum payments. Here are some tips that you can use to start erasing your credit card debt.
1) Pay more than the minimum payment. Always pay more than the minimum amount that you owe. If you can afford to do it, double or triple the minimum payment. This will help you get rid of credit card debt more quickly. See the credit card payment calculator at bankrate.com (http://www.bankrate.com/brm/calc/MinPayment.asp) to see how paying off more than the minimum payment will help get you out of debt faster.
2) If you have multiple credit cards, you might want to concentrate the bulk of the money you have available to paying one off at a time. The credit card you should focus on first is the one with the highest annual percentage rate. Pay this card off and then move on to the next highest one and so forth. This not only gets rid of the worst credit card debt (i.e. the one with the highest interest rate), but it gives you a sense of accomplishment and peace of mind, knowing that you have one less payment to worry about.
3) Something you might want to try to do is call your credit card company and speak to a customer service agent about getting your interest rate lowered. This would help lower the strain of your credit card debt. This is not something that is guaranteed to work, but it is worth a shot.
4) Try not to rack up your credit card bill. If you can avoid it, do not use your credit card at all, as this will just put you deeper into debt. Try to pay cash for what you need and eliminate the things that you want (even if only temporarily). The horrible thing about credit card debt is that it is so easy for your debt to increase.
5) Write down a list of expenses. It is very beneficial to know exactly where your money is going each month. Money seems to disappear before you even get your hands on it. Writing down a list of where your money
goes will get you thinking about certain areas where you can save money. You can change your money habits by taking the time to understand where it is going. When you look at your list (and you should include what you are paying in credit card debt), you will probably be motivated to do what you can to try to hold on to more of your money.
6) Transfer your debt from high interest rate cards to those with lower interest rates. It makes sense to do this if you can.
7) Pay down your credit card debt before you put money in a savings account. Your credit card interest rate is exponentially higher than what you gain from a savings account at a bank. Get rid of the credit card debt first, otherwise it will keep growing.
I know that those credit card bills look formidable, but it is possible to get out from under that oppressive burden. It will take some time and a little determination and planning, but it is possible. Good luck.
Reasons to Pay Your Credit Card Bill in Full
Do you dread each month when you are looking at your credit card bill? You are like many Americans who are overwhelmed with credit card debt. However, it is vitally important to your finances to get this under control
as quickly as possible. I am going to list some reasons why it is important to pay your bill in full each month. If you are unable to pay the bill in full, you need to consider creating a strict budget and sticking to it, as well as consider obtaining a lower interest rate loan to pay your balances off, or even consider applying for a new card that allows interest free transfers for a certain period which will allow you to quickly pay the debt off.
Reason #1. Your credit rating. If you are only paying the minimum payment each month, you are setting yourself up for problems here. It is very important to keep your credit rating as high as possible so that your credit card balance does not provide a problem when you are looking to purchase a home or car. You want to make sure payments are paid off as quickly as possible.
Reason #2. Interest. Each month the balance is not paid in full, you are incurring interest charges. I liken this to going outside, making a nice little bonfire, and placing the money in your wallet in the fire one bill at a time. You are doing no better by carrying the balances on your bill. Interest rates are quite common to be around the 15%-20% range sometimes higher depending upon your credit score. This is a lot of wasted money each year that could be spent on things your family wants or needs.
Reason #3. This is similar to Reason #2. If you make a great purchase online for a wonderful item at a killer, price and you pay with your credit card you are not saving any money! If you save a couple of hundred bucks on the price of the item, but pay several hundred dollars in interest fees you are not saving any money, and are in fact paying more! Credit cards can hurt you in this respect.
Reason #4. Budgeting. If you are using your credit cards to pay your bills without paying off the balance every month then you have a budget problem somewhere. If you cannot afford to pay the balance each month then you
need some serious budget revisions. When you are having to use credit cards to merely make ends meet there are huge budget problems that can create devastating effects on your credit report. There are several consumer-financing companies that can assist you in reducing your monthly bills, as well as getting a workable budget set up so that you are able to pay your bills each month.
As you can see, credit cards can be either good or bad for your budget, finances, and credit file. You want your credit to be as spotless as possible, and dragging balances over months is never a good idea. Good luck with all your credit cards and you should be able to work out all budget issues quickly with some work.
as quickly as possible. I am going to list some reasons why it is important to pay your bill in full each month. If you are unable to pay the bill in full, you need to consider creating a strict budget and sticking to it, as well as consider obtaining a lower interest rate loan to pay your balances off, or even consider applying for a new card that allows interest free transfers for a certain period which will allow you to quickly pay the debt off.
Reason #1. Your credit rating. If you are only paying the minimum payment each month, you are setting yourself up for problems here. It is very important to keep your credit rating as high as possible so that your credit card balance does not provide a problem when you are looking to purchase a home or car. You want to make sure payments are paid off as quickly as possible.
Reason #2. Interest. Each month the balance is not paid in full, you are incurring interest charges. I liken this to going outside, making a nice little bonfire, and placing the money in your wallet in the fire one bill at a time. You are doing no better by carrying the balances on your bill. Interest rates are quite common to be around the 15%-20% range sometimes higher depending upon your credit score. This is a lot of wasted money each year that could be spent on things your family wants or needs.
Reason #3. This is similar to Reason #2. If you make a great purchase online for a wonderful item at a killer, price and you pay with your credit card you are not saving any money! If you save a couple of hundred bucks on the price of the item, but pay several hundred dollars in interest fees you are not saving any money, and are in fact paying more! Credit cards can hurt you in this respect.
Reason #4. Budgeting. If you are using your credit cards to pay your bills without paying off the balance every month then you have a budget problem somewhere. If you cannot afford to pay the balance each month then you
need some serious budget revisions. When you are having to use credit cards to merely make ends meet there are huge budget problems that can create devastating effects on your credit report. There are several consumer-financing companies that can assist you in reducing your monthly bills, as well as getting a workable budget set up so that you are able to pay your bills each month.
As you can see, credit cards can be either good or bad for your budget, finances, and credit file. You want your credit to be as spotless as possible, and dragging balances over months is never a good idea. Good luck with all your credit cards and you should be able to work out all budget issues quickly with some work.
Advantages: Automatically Pay Bills/ Donations with a Credit Card
Paying your bills with a credit has many advantages, compared to paying each bill individually, which can cost more money, and provides no rewards. Many utility services provide consumers the option, having their
monthly bills, directly charged each month to a credit card, includes electricity, water, and telephone companies or referred as Automatic Bill Payment. Also, many cable and satellite services, newspapers, and insurance company premiums (car and home insurance), offer the option for payment by credit card through an automatic service or providing the credit card number each billing cycle, by phone, internet or enclosed in the mail. When applying for Automatic Bill Payment, you should continue to pay your bills directly, until you are notified the service has been established. Certainly, companies that accept credit payments are happy, knowing that the credit card company is reliable to send them payment each month, rather than waiting until a customer pays a bill or pays the bill late. Contrarily, automatically having bills charged to a credit card, eliminates possibility forgetting to pay a utility bill or some other monthly charge, since the credit card company, pays that bill each month or like having your own accountant, except your only responsible for paying the credit card bill. These companies that have Automatic Bill Payment policy, do not have to consider any legal action, against customers that don't pay their bills, since nonpayment is the concern of the credit card company. However, at some point in time, the credit card company will notify the customer's utility service or other business entity, discontinue service and stop charging the credit card, for noncompliance of payment. However, credit card companies provide line of credit, not offered by utility or other type of monthly services. This can be utilized cautiously for a duration of time, when paying a minimum monthly amount to a credit card company, and preferably sooner than later, pay the entire balance.
A credit card user may add an additional amount to a credit card payment, which is credited for a future payment. This can be helpful, when going away on vacation or long trips, and next month(s) bills have sufficient
reserve funds to be paid, by the credit card company. Since, utility or other basic services are billed each month. Also, a good method to have sufficient reserved money held in a credit card account, if you are tempted to spend that money, before the next credit card bill arrives. However, any money credited, does not earn any interest. This approach can be helpful, if you have a college student that has credit card, and uses it responsible. Advance payment to a credit card, ensures the student's bill will be paid following month or longer, if you can calculate approximately next month's charges. Also, if you are away from home for a long period of time or have a busy schedule, which may cause you to forget to pay a future credit card payment.
Consumers that use a credit card to pay monthly, quarterly or annual bill charges increase the number of advantage reward points or earn rewards faster during the year. Also, paying with a credit card instead of cash increases reward points or benefits. Limit the number of credit cards utilized two - four cards - this will quickly increase rewards points, than having many credit cards paying bills. Certainly, advantageous signing-up with a credit company that offers some type of rewards points, "cash back" program, frequent flyer mileage, and/or rebate program, whenever a charge is applied, and paying no annual fee. Sometimes, paying an annual fee for a credit card, will entitle the credit card user availability of more services, and better selection of gifts for the exchange of reward points. Credit card companies that offer "cash back' rewards, make it possible for consumers to receive money back, from a credit card company, and in some situations, the amount can be significant. For example: A credit card company may offer the user, one percent "cash back," for each dollar charged on a credit card. If the monthly expenditures on the credit card total $2,000, than the credit card user would receive $20 "cash back." If that amount averages $2000, each month or more, by the end of the year, the total "cash back" would be at least $240. Other reward programs, such as American Express, offer advantage reward points for each dollar charged on a credit, after payment is received, and often will include additional free bonus points for certain charges. Sometimes, during the year, credit card companies including American Express, will offer double point rewards, for certain type of charges, including purchasing groceries, gasoline and insurance payment. By the end of the year, reward points could add up significantly, especially for large purchases or travel charges. Also, before the Holiday Season, reward points can be exchange for various gifts, and saving money, rather than to pay for these gifts. Besides, exchanging reward points for gifts will save money, on sales tax, usually no delivery charge, and whenever getting a gift for yourself. Also, paying each bill individually, adds to the cost of postage, and sometimes the cost of an envelope, which can be reduced to one stamp per credit card service, and a return envelope is provided. Reward points earned by a credit card does not expire, compare to frequent flyer mileage points, and other reward service providers, often have an expiring date.
Making charitable donations with a credit card has many advantages, than just claiming a deduction on your income tax return. When the charge is applied to your credit card, payment is not required immediately, until the credit card bill arrives in the mail. Some people will charge a credit card for a charitable donation, and will be expecting to receive amount of money, in the near future (within a few days), that will pay all or part of the credit card charge. Also, any amount charged on a credit card, user will receive after payment, reward points, "cash back" amount or benefits, offered by the credit card company. Most charitable organizations, accept credit card donations, since payment is send to them, from the credit card company, after verification, and processing the transaction. Many charitable organizations offer the option to debit a user credit card, for a specific amount each month. Certainly, this process is convenient, and accounting each month for a deduction.
When a monthly bills, arrive in the mail, which have been automatically charged to a credit card, those amounts should be written down, and then later, compared to the amounts charged on the corresponding credit card. This will ensure the accuracy and inconsistencies can be rectified, by contacting the credit card company, and/or charged service company or business, as soon as possible. Credit card companies usually have twenty-four telephone service, most problems can be resolved anytime, day or night. Also, many offer a website address, where customers can send E-mails to have questions answered. Sometimes for various reasons, necessary to notify the service or business that automatically charges your credit card, by providing new credit card number (and/or a new credit card service). Often, getting a new credit card number is necessary, when a credit card is fraudulently used, stolen or misplaced.
Many credit card companies provide annual statements, relating to previous year transactions. This information is useful, locating tax deductions, when preparing an income tax return.Some credit card companies, may offer this service for an additional charge or upgrade of a credit card service, while other credit card companies, don't provide this service. American Express and maybe other credit card companies will subdivide the year's paid expenses into various categories (including restaurants, entertainment, travel, etc.), which is helpful finding acceptable tax deductions including donations.
Certainly, when a credit card bill is not paid on time, additional charges will be added, and the credit rating of the user will be affected negatively. The convince of paying monthly bills by a credit card, prior there should be sufficient money collected, earned each month or during the year, which is put aside, for each monthly bill that is prepaid. Certainly, tempting to spend the money in the bank account for other expenses, instead of using the funds to pay the monthly credit card bill, should be avoided. When financially manageable, having the ability to spend the money set a side for a credit card bill, if the amount is replaced, in short amount of time or within days, before the credit card bill arrives in the mail. Actually, when money is set aside for credit card bills, that money will earn more interest in a financial institution or bank account. This happens often, considering the credit card bill does not have to be paid immediately, for at least a few days or a week later, until the amount is due. Also, after a bill arrives in the mail, which has been prepaid, usually at least a few days or more, the credit card bill will then arrive. Once the credit card bill company receives payment by mail and the check clears the customer bank account, and approximately 30 days have elapsed, since first receiving a prepaid bill(s).
Credit card service companies provide access to cash (a line of credit) or ability to write checks, but the interest and fees are very high, since the amount being borrowed, has not been back - up by a collateral asset or considered unsecured debt. This type borrowing should be considered only for emergencies or extremely short duration of time. Certainly, beneficial borrowing money from a bank or lending institution, since the interest is lower (assuming there is collateral or equity to secure the loan), and the interest is tax deductible, for certain types of loans, including home equity loans.
monthly bills, directly charged each month to a credit card, includes electricity, water, and telephone companies or referred as Automatic Bill Payment. Also, many cable and satellite services, newspapers, and insurance company premiums (car and home insurance), offer the option for payment by credit card through an automatic service or providing the credit card number each billing cycle, by phone, internet or enclosed in the mail. When applying for Automatic Bill Payment, you should continue to pay your bills directly, until you are notified the service has been established. Certainly, companies that accept credit payments are happy, knowing that the credit card company is reliable to send them payment each month, rather than waiting until a customer pays a bill or pays the bill late. Contrarily, automatically having bills charged to a credit card, eliminates possibility forgetting to pay a utility bill or some other monthly charge, since the credit card company, pays that bill each month or like having your own accountant, except your only responsible for paying the credit card bill. These companies that have Automatic Bill Payment policy, do not have to consider any legal action, against customers that don't pay their bills, since nonpayment is the concern of the credit card company. However, at some point in time, the credit card company will notify the customer's utility service or other business entity, discontinue service and stop charging the credit card, for noncompliance of payment. However, credit card companies provide line of credit, not offered by utility or other type of monthly services. This can be utilized cautiously for a duration of time, when paying a minimum monthly amount to a credit card company, and preferably sooner than later, pay the entire balance.
A credit card user may add an additional amount to a credit card payment, which is credited for a future payment. This can be helpful, when going away on vacation or long trips, and next month(s) bills have sufficient
reserve funds to be paid, by the credit card company. Since, utility or other basic services are billed each month. Also, a good method to have sufficient reserved money held in a credit card account, if you are tempted to spend that money, before the next credit card bill arrives. However, any money credited, does not earn any interest. This approach can be helpful, if you have a college student that has credit card, and uses it responsible. Advance payment to a credit card, ensures the student's bill will be paid following month or longer, if you can calculate approximately next month's charges. Also, if you are away from home for a long period of time or have a busy schedule, which may cause you to forget to pay a future credit card payment.
Consumers that use a credit card to pay monthly, quarterly or annual bill charges increase the number of advantage reward points or earn rewards faster during the year. Also, paying with a credit card instead of cash increases reward points or benefits. Limit the number of credit cards utilized two - four cards - this will quickly increase rewards points, than having many credit cards paying bills. Certainly, advantageous signing-up with a credit company that offers some type of rewards points, "cash back" program, frequent flyer mileage, and/or rebate program, whenever a charge is applied, and paying no annual fee. Sometimes, paying an annual fee for a credit card, will entitle the credit card user availability of more services, and better selection of gifts for the exchange of reward points. Credit card companies that offer "cash back' rewards, make it possible for consumers to receive money back, from a credit card company, and in some situations, the amount can be significant. For example: A credit card company may offer the user, one percent "cash back," for each dollar charged on a credit card. If the monthly expenditures on the credit card total $2,000, than the credit card user would receive $20 "cash back." If that amount averages $2000, each month or more, by the end of the year, the total "cash back" would be at least $240. Other reward programs, such as American Express, offer advantage reward points for each dollar charged on a credit, after payment is received, and often will include additional free bonus points for certain charges. Sometimes, during the year, credit card companies including American Express, will offer double point rewards, for certain type of charges, including purchasing groceries, gasoline and insurance payment. By the end of the year, reward points could add up significantly, especially for large purchases or travel charges. Also, before the Holiday Season, reward points can be exchange for various gifts, and saving money, rather than to pay for these gifts. Besides, exchanging reward points for gifts will save money, on sales tax, usually no delivery charge, and whenever getting a gift for yourself. Also, paying each bill individually, adds to the cost of postage, and sometimes the cost of an envelope, which can be reduced to one stamp per credit card service, and a return envelope is provided. Reward points earned by a credit card does not expire, compare to frequent flyer mileage points, and other reward service providers, often have an expiring date.
Making charitable donations with a credit card has many advantages, than just claiming a deduction on your income tax return. When the charge is applied to your credit card, payment is not required immediately, until the credit card bill arrives in the mail. Some people will charge a credit card for a charitable donation, and will be expecting to receive amount of money, in the near future (within a few days), that will pay all or part of the credit card charge. Also, any amount charged on a credit card, user will receive after payment, reward points, "cash back" amount or benefits, offered by the credit card company. Most charitable organizations, accept credit card donations, since payment is send to them, from the credit card company, after verification, and processing the transaction. Many charitable organizations offer the option to debit a user credit card, for a specific amount each month. Certainly, this process is convenient, and accounting each month for a deduction.
When a monthly bills, arrive in the mail, which have been automatically charged to a credit card, those amounts should be written down, and then later, compared to the amounts charged on the corresponding credit card. This will ensure the accuracy and inconsistencies can be rectified, by contacting the credit card company, and/or charged service company or business, as soon as possible. Credit card companies usually have twenty-four telephone service, most problems can be resolved anytime, day or night. Also, many offer a website address, where customers can send E-mails to have questions answered. Sometimes for various reasons, necessary to notify the service or business that automatically charges your credit card, by providing new credit card number (and/or a new credit card service). Often, getting a new credit card number is necessary, when a credit card is fraudulently used, stolen or misplaced.
Many credit card companies provide annual statements, relating to previous year transactions. This information is useful, locating tax deductions, when preparing an income tax return.Some credit card companies, may offer this service for an additional charge or upgrade of a credit card service, while other credit card companies, don't provide this service. American Express and maybe other credit card companies will subdivide the year's paid expenses into various categories (including restaurants, entertainment, travel, etc.), which is helpful finding acceptable tax deductions including donations.
Certainly, when a credit card bill is not paid on time, additional charges will be added, and the credit rating of the user will be affected negatively. The convince of paying monthly bills by a credit card, prior there should be sufficient money collected, earned each month or during the year, which is put aside, for each monthly bill that is prepaid. Certainly, tempting to spend the money in the bank account for other expenses, instead of using the funds to pay the monthly credit card bill, should be avoided. When financially manageable, having the ability to spend the money set a side for a credit card bill, if the amount is replaced, in short amount of time or within days, before the credit card bill arrives in the mail. Actually, when money is set aside for credit card bills, that money will earn more interest in a financial institution or bank account. This happens often, considering the credit card bill does not have to be paid immediately, for at least a few days or a week later, until the amount is due. Also, after a bill arrives in the mail, which has been prepaid, usually at least a few days or more, the credit card bill will then arrive. Once the credit card bill company receives payment by mail and the check clears the customer bank account, and approximately 30 days have elapsed, since first receiving a prepaid bill(s).
Credit card service companies provide access to cash (a line of credit) or ability to write checks, but the interest and fees are very high, since the amount being borrowed, has not been back - up by a collateral asset or considered unsecured debt. This type borrowing should be considered only for emergencies or extremely short duration of time. Certainly, beneficial borrowing money from a bank or lending institution, since the interest is lower (assuming there is collateral or equity to secure the loan), and the interest is tax deductible, for certain types of loans, including home equity loans.
Cash Back Credit Cards
The key to using a cash back credit card is to NOT carry a balance on the card. You should pay your total balance off monthly.
If you know that you won’t be able to pay off the balance monthly and find yourself carrying a balance; then the balance would negate any reward you might receive.
If you must carry a balance then do not look for a “reward” card but look instead for the lowest interest rate card that you can find. Because the majority of “reward” cards charge a high interest rate.
But, if you pay the balance off monthly you do not need to worry about the high interest rate. You need to worry about finding a card that matches your spending habits.
In this way, you will get the most rewards for using the right card for you.
For example, if you buy a lot of gas, you would want to find a card that offers more rewards for gas purchases. Some cards offer up to five percent back on gas purchases.
But, if that type of card wouldn’t work for your spending habits perhaps you’d be more interested in a card that rewards you for purchases such as, Groceries, Utilities, Travel, Restaurants, Movies, or even Home Improvements.
Yes, it's true there are cards that reward you for different types of purchases. To find out more about the variety of “reward” cards available you can visit: www.cardoffers.com.
After your research and you discover the perfect card for your spending habits, make sure it doesn't charge you an annual fee. Whether you choose a “reward” card or a low-interest card you will want to avoid a card that charges an annual fee.
If you know that you won’t be able to pay off the balance monthly and find yourself carrying a balance; then the balance would negate any reward you might receive.
If you must carry a balance then do not look for a “reward” card but look instead for the lowest interest rate card that you can find. Because the majority of “reward” cards charge a high interest rate.
But, if you pay the balance off monthly you do not need to worry about the high interest rate. You need to worry about finding a card that matches your spending habits.
In this way, you will get the most rewards for using the right card for you.
For example, if you buy a lot of gas, you would want to find a card that offers more rewards for gas purchases. Some cards offer up to five percent back on gas purchases.
But, if that type of card wouldn’t work for your spending habits perhaps you’d be more interested in a card that rewards you for purchases such as, Groceries, Utilities, Travel, Restaurants, Movies, or even Home Improvements.
Yes, it's true there are cards that reward you for different types of purchases. To find out more about the variety of “reward” cards available you can visit: www.cardoffers.com.
After your research and you discover the perfect card for your spending habits, make sure it doesn't charge you an annual fee. Whether you choose a “reward” card or a low-interest card you will want to avoid a card that charges an annual fee.
Seven Steps to Starting a Successful Home-Based Business!
If you are thinking of going starting a home based business yare are not alone! Each year several thousand people begin a business at home on either a full or part time basis. The process brings with it a myriad of
emotions to include excitement, anxiety, and uncertainty since there is no certain outcome. However, if you dream of charting your own course, developing a business from concept through operation, feel excited by the challenge, and believe you will enjoy the freedoms that business ownership brings with it, then move forward because the rewards for success are many.
While there is no set formula for ensuring that your business will thrive, you can greatly increase the likelihood of success by creating a strategic plan of action. The brief outline of steps which follows is just such a strategic plan and should enable you to embark on the path of entrepreneurship much more confident of your ability to succeed!
Step One: Setting Realistic Expectations
One of the first questions to be asked in starting a home-based business concerns your expectations with regard to business ownership. One of the first tasks to perform in deciding to start a home-base business is to carefully reflect on what it will take to establish a successful and growing firm. Certainly it will take financial investment, how much will depend on the type of business you establish, but it will also consume large amounts of your time from inception trough day-to-day operation. Carefully consider how prepared you are for this journey. Does your home have sufficient space to accommodate a home-based business? Do you have the financial resources to begin? Are you prepared to put in very long hours and possibly seven day work weeks to get the business up and running? How will this time commitment impact your family? Do you have an already established network of potential customers? Are you prepared to assume the risk that the business may fail?
The above questions are not intended to dissuade you from starting a business; quite the contrary, they are meant to guide your thinking. By establishing a realistic mental outlook at the outset, you will have gone a
very long way toward turning your dream of business ownership into reality!
Being an entrepreneur is all about mind-set!
Step Two: Which Business is Best for YOU.
If you have made it to Step 2, congratulations! You have carefully weighed every consideration and are ready to take the next step on the entrepreneurial path. Now it is time to decide which business will be the right one for you.
As a first step, it is best to evaluate your skills, past experience, needs, interests, and hobbies to see if one of them sparks an idea from which you can build a business. You can record your thoughts with regard to each area in your journal to help you in clarifying your thoughts and narrowing your focus. Although starting a home-based business in an industry with which you are familiar can be helpful in terms of a limited "ramp-up" period, it is a misconception to think that you need to build a business based on your prior professional experience. Many successful businesses were built by people who had an idea and ran with it! It is well known that those who feel a "passion" for their business are much more likely to succeed in! Once you generate some possible business ideas, do research to test its feasibility in the marketplace by performing industry- and consumer-based research. After you have narrowed down the choice to three or four ideas, you will want to assess which most closely align with your skills, preferred work style, as well as financial and lifestyle goals.
Step Three: Financial Considerations
A primary consideration in starting a home-based business is the total costs involved, as well as a thorough analysis of your current financial situation. The total costs include not only the monetary outlay necessary to launch the business itself (licensing fees, professional fees, supplies, etc) but also how much money you will need on a monthly basis to pay your bills and meet other financial obligations. However, careful planning combined with research into all the avenues available for financing means that anyone with the desire can certainly achieve the goal of small business ownership!
Step 4: Develop A Business Plan
It is well recognized that the creation of a well thought out and strategic business plan has been an important factor in the success of many small businesses. A business plan is basically a blueprint for how you will
operate the business. While many business plans are written for the purposes of obtaining financing, it is generally a good idea to create a plan even for your own use. The plan need not be very lengthy if you are not seeking funding, but should include all the essential areas such as legal structure, marketing research and the development of a marketing plan, as well as financial projections, most importantly the cash flow and income statements. Overall the creation of a business plan will help you to clarify your goals and objectives for the business, as well spot areas where you will need to make adjustments so that you can move forward with a clearer picture of the road ahead!
Step 5: Managing Your Business
Congratulations! You have moved through all of the preparatory work for business ownership and are now ready to get into the nuts and bolts day-to-day operation This will be a time of excitement as well as confusion since you won't know where to start with so many priorities ahead of you! Your first task will be to carve out a separate office space in your home where you may work undisturbed so that you are able plan out all the steps necessary to launch a great new company! Your second task is to create a strategic plan with daily, weekly and monthly goals for every area of the business: financial, marketing, and operations. Think of it as the beginning of your policy and procedures manual.
The important thing is to not overburden yourself but, rather, to create a realistic plan with deadlines you know you will be able to meet. It may very well happen as you move through the stat-up process that you will find the need to change the order of goals or delete/add others. This is part and parcel of business ownership where the first rule is that nothing is written in stone!
Step 6: Developing A Sales Mind-Set
Every business owner is first and foremost a salesperson, no matter the product or service being offered. There is just no getting around the need to perform sales-related tasks if we hope to firmly establish and then grow the business. With this in mind, we can see that developing a sales mind-set is a critical skill for any business owner. To develop a sales mind-set is it helpful to think of yourself as an educator: you will be teaching your customers or clients all about your product and service and how it can benefit them. It is widely known in the sales world that consumers don't purchase the product or service in-and-of itself, but purchase the feeling which that product or service instills in them. The key to successful sales is persistence and patience. Having a sales mind-set means you understand and accept that a "no" today can very well turn into a "yes" tomorrow through a targeted and consistent marketing campaign!
Step 7: Purchasing A Franchise
There is another avenue to home business ownership aside from starting one on your own and that is to purchase a franchise. Franchising offers many benefits such as a successful track record, fully formed operational
plan, ready-made marketing materials, on-going support (so that you are in business for yourself but now by yourself"), along with the opportunity to obtain financing, either in-house through the franchise itself, or through the franchisor's affiliation with third-party funding sources. There is a wide selection of home based franchises for you to explore so no matter your particular area of interest, there is very likely a franchise to match it! If you have a dream to be a business owner but would also like to work within an established and successful business model, franchising may very well be the answer for you!
emotions to include excitement, anxiety, and uncertainty since there is no certain outcome. However, if you dream of charting your own course, developing a business from concept through operation, feel excited by the challenge, and believe you will enjoy the freedoms that business ownership brings with it, then move forward because the rewards for success are many.
While there is no set formula for ensuring that your business will thrive, you can greatly increase the likelihood of success by creating a strategic plan of action. The brief outline of steps which follows is just such a strategic plan and should enable you to embark on the path of entrepreneurship much more confident of your ability to succeed!
Step One: Setting Realistic Expectations
One of the first questions to be asked in starting a home-based business concerns your expectations with regard to business ownership. One of the first tasks to perform in deciding to start a home-base business is to carefully reflect on what it will take to establish a successful and growing firm. Certainly it will take financial investment, how much will depend on the type of business you establish, but it will also consume large amounts of your time from inception trough day-to-day operation. Carefully consider how prepared you are for this journey. Does your home have sufficient space to accommodate a home-based business? Do you have the financial resources to begin? Are you prepared to put in very long hours and possibly seven day work weeks to get the business up and running? How will this time commitment impact your family? Do you have an already established network of potential customers? Are you prepared to assume the risk that the business may fail?
The above questions are not intended to dissuade you from starting a business; quite the contrary, they are meant to guide your thinking. By establishing a realistic mental outlook at the outset, you will have gone a
very long way toward turning your dream of business ownership into reality!
Being an entrepreneur is all about mind-set!
Step Two: Which Business is Best for YOU.
If you have made it to Step 2, congratulations! You have carefully weighed every consideration and are ready to take the next step on the entrepreneurial path. Now it is time to decide which business will be the right one for you.
As a first step, it is best to evaluate your skills, past experience, needs, interests, and hobbies to see if one of them sparks an idea from which you can build a business. You can record your thoughts with regard to each area in your journal to help you in clarifying your thoughts and narrowing your focus. Although starting a home-based business in an industry with which you are familiar can be helpful in terms of a limited "ramp-up" period, it is a misconception to think that you need to build a business based on your prior professional experience. Many successful businesses were built by people who had an idea and ran with it! It is well known that those who feel a "passion" for their business are much more likely to succeed in! Once you generate some possible business ideas, do research to test its feasibility in the marketplace by performing industry- and consumer-based research. After you have narrowed down the choice to three or four ideas, you will want to assess which most closely align with your skills, preferred work style, as well as financial and lifestyle goals.
Step Three: Financial Considerations
A primary consideration in starting a home-based business is the total costs involved, as well as a thorough analysis of your current financial situation. The total costs include not only the monetary outlay necessary to launch the business itself (licensing fees, professional fees, supplies, etc) but also how much money you will need on a monthly basis to pay your bills and meet other financial obligations. However, careful planning combined with research into all the avenues available for financing means that anyone with the desire can certainly achieve the goal of small business ownership!
Step 4: Develop A Business Plan
It is well recognized that the creation of a well thought out and strategic business plan has been an important factor in the success of many small businesses. A business plan is basically a blueprint for how you will
operate the business. While many business plans are written for the purposes of obtaining financing, it is generally a good idea to create a plan even for your own use. The plan need not be very lengthy if you are not seeking funding, but should include all the essential areas such as legal structure, marketing research and the development of a marketing plan, as well as financial projections, most importantly the cash flow and income statements. Overall the creation of a business plan will help you to clarify your goals and objectives for the business, as well spot areas where you will need to make adjustments so that you can move forward with a clearer picture of the road ahead!
Step 5: Managing Your Business
Congratulations! You have moved through all of the preparatory work for business ownership and are now ready to get into the nuts and bolts day-to-day operation This will be a time of excitement as well as confusion since you won't know where to start with so many priorities ahead of you! Your first task will be to carve out a separate office space in your home where you may work undisturbed so that you are able plan out all the steps necessary to launch a great new company! Your second task is to create a strategic plan with daily, weekly and monthly goals for every area of the business: financial, marketing, and operations. Think of it as the beginning of your policy and procedures manual.
The important thing is to not overburden yourself but, rather, to create a realistic plan with deadlines you know you will be able to meet. It may very well happen as you move through the stat-up process that you will find the need to change the order of goals or delete/add others. This is part and parcel of business ownership where the first rule is that nothing is written in stone!
Step 6: Developing A Sales Mind-Set
Every business owner is first and foremost a salesperson, no matter the product or service being offered. There is just no getting around the need to perform sales-related tasks if we hope to firmly establish and then grow the business. With this in mind, we can see that developing a sales mind-set is a critical skill for any business owner. To develop a sales mind-set is it helpful to think of yourself as an educator: you will be teaching your customers or clients all about your product and service and how it can benefit them. It is widely known in the sales world that consumers don't purchase the product or service in-and-of itself, but purchase the feeling which that product or service instills in them. The key to successful sales is persistence and patience. Having a sales mind-set means you understand and accept that a "no" today can very well turn into a "yes" tomorrow through a targeted and consistent marketing campaign!
Step 7: Purchasing A Franchise
There is another avenue to home business ownership aside from starting one on your own and that is to purchase a franchise. Franchising offers many benefits such as a successful track record, fully formed operational
plan, ready-made marketing materials, on-going support (so that you are in business for yourself but now by yourself"), along with the opportunity to obtain financing, either in-house through the franchise itself, or through the franchisor's affiliation with third-party funding sources. There is a wide selection of home based franchises for you to explore so no matter your particular area of interest, there is very likely a franchise to match it! If you have a dream to be a business owner but would also like to work within an established and successful business model, franchising may very well be the answer for you!
Tips for Creating a Business Plan at Home
It has become easier than ever to start a home based business with the explosion of the Internet. People are now able to start businesses with limited resources or investment. With that, you see mothers, fathers,
grandparents, and students who embark on the journey of starting a home based business. Unfortunately, that also means they often lack the necessary tools and fundamental basics that are needed to run a successful work at home business.
While a home business is based out of your home, it's still a business, and must be treated as such to reach your goals. Often times, a home based business is much more difficult to run than your tranditional idea of a business, because the line between work and home life often collide.
You may think a business plan is unnecessary - you're just a small business and you already know what your plans are and what your path will be. Even if you don't plan to obtain a loan or grant, a business plan will help keep you focused and organized. You can continuously check back to make sure you're following the path you initially set out. Keep in mind, though, that no business plan is written in stone, and it's very likely yours will change as your business grows. Even if you've already been in business for a while, now is the time to write a business plan if you don't already have one.
Some of the most important questions you need to answer are:
* What service or products are you providing/selling? What need does your business fill?
* Who is your target client-base or audience?
* Who are your competitors, and what do you offer that stands out from them?
* How will you market and promote your business?
* What costs are involved in starting and running your business?
* What financial resources will you be using for your business?
Some other questions to think about :
* Do you have a mission statement, a vision?
* Where do you like to see your business in the future - in a month, six months, a year?
Be realistic, and don't set goals that are too high. Starting a business is hard work and getting results and making a profit often takes several years to do so.
If you can't answer any of these questions, you need to sit down and rethink your business idea. Running your own business is not easy - if it's something you enjoy and you know which direction you're
running in, it's that much easier.
grandparents, and students who embark on the journey of starting a home based business. Unfortunately, that also means they often lack the necessary tools and fundamental basics that are needed to run a successful work at home business.
While a home business is based out of your home, it's still a business, and must be treated as such to reach your goals. Often times, a home based business is much more difficult to run than your tranditional idea of a business, because the line between work and home life often collide.
You may think a business plan is unnecessary - you're just a small business and you already know what your plans are and what your path will be. Even if you don't plan to obtain a loan or grant, a business plan will help keep you focused and organized. You can continuously check back to make sure you're following the path you initially set out. Keep in mind, though, that no business plan is written in stone, and it's very likely yours will change as your business grows. Even if you've already been in business for a while, now is the time to write a business plan if you don't already have one.
Some of the most important questions you need to answer are:
* What service or products are you providing/selling? What need does your business fill?
* Who is your target client-base or audience?
* Who are your competitors, and what do you offer that stands out from them?
* How will you market and promote your business?
* What costs are involved in starting and running your business?
* What financial resources will you be using for your business?
Some other questions to think about :
* Do you have a mission statement, a vision?
* Where do you like to see your business in the future - in a month, six months, a year?
Be realistic, and don't set goals that are too high. Starting a business is hard work and getting results and making a profit often takes several years to do so.
If you can't answer any of these questions, you need to sit down and rethink your business idea. Running your own business is not easy - if it's something you enjoy and you know which direction you're
running in, it's that much easier.
Top 10 FAQs on Debt Management
For those of you who are not very much familiar with debt management, here are some frequently asked questions. Hopefully you will find answers to your questions about debt management solutions.
•
What is a debt management plan?
A debt management plan (DMP) is a strategy that debt handling agencies use to help you pay off your debts with reduced interest rates and on time. In this way, you can save yourself from paying extra because of late payments.
• What types of debt are included in debt management plans?
All types of unsecured debts, like personal loans, credit cards, utility bills, medical bills and repossession loans can be covered under the DMP. However, secured debts like car loans or mortgage are not included.
• Can DMP save me from creditors' legal action?
No, creditors can still take legal action against you. However a Debt Management Solutions company can produce your payment history as a proof that you are paying your debt.
• Can buying a car or home affect a DMP?
No, not if you have been in a DMP for at least one year without any late payments.
• How do I know if the creditors are paid?
Many debt management solutions providers offer a detailed monthly statement regarding the debt settlement analysis. You can refer to it to know how much is paid and how much debt is remaining to be paid.
• Do I need to attend debt management counseling?
If your expenditures exceed your income or you are living from one paycheck to the next, then you definitely need counseling. These counseling sessions are meant to make you aware of your debt status and to teach you about the possible repercussions you might face if you ignore your debt.
• Is debt consolidation a better option than bankruptcy?
Yes, it's definitely a better option. With the lower interest rates of consolidation loans, you can easily pay off your debts one at a time. However, remember to pay off your consolidation loan in time or you will find yourself in debt once again.
• How good is debt settlement?
Debt settlement normally reduces your debt up to 40-60%. Therefore it is a good option to reduce your outstanding balances.
• How much time it will take for me to be debt-free?
It depends on your monthly payments. Normally it takes from 2-5 years to settle all debts.
• How can I find the right debt settlement firm?
You can check the rating of the debt management firm. A decent rating will ensure it is a reliable company. Also find out if it's accredited by the Business Bureaus. It's even better if the firm is a member of Trade Association of Settlement Companies (TASC).
•
What is a debt management plan?
A debt management plan (DMP) is a strategy that debt handling agencies use to help you pay off your debts with reduced interest rates and on time. In this way, you can save yourself from paying extra because of late payments.
• What types of debt are included in debt management plans?
All types of unsecured debts, like personal loans, credit cards, utility bills, medical bills and repossession loans can be covered under the DMP. However, secured debts like car loans or mortgage are not included.
• Can DMP save me from creditors' legal action?
No, creditors can still take legal action against you. However a Debt Management Solutions company can produce your payment history as a proof that you are paying your debt.
• Can buying a car or home affect a DMP?
No, not if you have been in a DMP for at least one year without any late payments.
• How do I know if the creditors are paid?
Many debt management solutions providers offer a detailed monthly statement regarding the debt settlement analysis. You can refer to it to know how much is paid and how much debt is remaining to be paid.
• Do I need to attend debt management counseling?
If your expenditures exceed your income or you are living from one paycheck to the next, then you definitely need counseling. These counseling sessions are meant to make you aware of your debt status and to teach you about the possible repercussions you might face if you ignore your debt.
• Is debt consolidation a better option than bankruptcy?
Yes, it's definitely a better option. With the lower interest rates of consolidation loans, you can easily pay off your debts one at a time. However, remember to pay off your consolidation loan in time or you will find yourself in debt once again.
• How good is debt settlement?
Debt settlement normally reduces your debt up to 40-60%. Therefore it is a good option to reduce your outstanding balances.
• How much time it will take for me to be debt-free?
It depends on your monthly payments. Normally it takes from 2-5 years to settle all debts.
• How can I find the right debt settlement firm?
You can check the rating of the debt management firm. A decent rating will ensure it is a reliable company. Also find out if it's accredited by the Business Bureaus. It's even better if the firm is a member of Trade Association of Settlement Companies (TASC).
Sunday, 19 December 2010
time Saving Tips from Bank of America ~ $50 Gift Card Giveaway!
Time flies when you are having fun – or just plain ridiculously busy. How do you accomplish everything on your list and still stay sane?
Here are a few time saving tips – please share ways you save time & energy in this chaotic season!
1. Make sure it’s in stock: Nothing wastes more time than driving from store-to-store in search of a specific item. Do yourself a favor and call ahead or better yet check store inventory online before you leave home. Many major e-tailers offer customers the convenience of purchasing items online and then picking them up in-store…some with express pick-up lines.
2. Wrap it up: Socialize and wrap up your holiday duties by inviting your friends over to chat, nosh and yes, wrap gifts! Everyone brings a roll of wrapping paper, ribbons and other decorative elements to share with the group. Also, watch for “free gift wrapping” promotions from online merchants. Sometimes you may have to spend a certain amount to get the promotion to kick in, but it may be worth it given the time you’ll save on the backend.
3. Babysitting or playdate exchange: Gain kid-free time to make your way through your holiday to-do list by coordinating a playdate exchange with another family.
4. Bank Online – Lots of places (including Bank of America) offer the simplicity of online bill pay. No more addressing envelopes and writing checks!
WIN IT!
One Mama Dweeb reader will win a $50 preloaded Bank of America Gift Card!
Required Entry: (must be done first or entry will not count)
Give me one thing you do to save time during the holidays.
Extra Entries: (1 each unless specified, leave a separate comment for each thing you do)
* Subscribe to Mama Dweeb via e-mail (envelope icon in sidebar)
* Follow Bank of America Tips on Twitter
* Vote for my kid’s Santa pic - 2 extra entries per vote!! (you can vote once every 24 hrs per facebook account. Comment here each time you vote)
* Post my Holiday Gift Guide Button on your blog or share this giveaway on facebook – 5 extra entries! (Leave URL of where to find the button or your facebook name. Button grab code is in my sidebar)
* Enter any of Serendipity Mommy’s current Giveaways. (leave a comment here for each giveaway you enter)
* Follow MamaDweeb on Twitter and tweet: (2 tweets per day at least 1 hr apart. Leave URL of your tweet in the comment)
You may use this as your tweet:
Did you enter to #win $50 Bank of America gift card#giveaway from MamaDweeb? enter here ~ http://bit.ly/hwTMfK
Giveaway ends 12/23 11:59 pm CST. Winner will be picked via “and the winner is” plugin and have 24 hours to respond by email before it goes into a live giveaway. Giveaway open to USA only addresses.
I was given the products for my review and all opinions are totally mine!
Here are a few time saving tips – please share ways you save time & energy in this chaotic season!
1. Make sure it’s in stock: Nothing wastes more time than driving from store-to-store in search of a specific item. Do yourself a favor and call ahead or better yet check store inventory online before you leave home. Many major e-tailers offer customers the convenience of purchasing items online and then picking them up in-store…some with express pick-up lines.
2. Wrap it up: Socialize and wrap up your holiday duties by inviting your friends over to chat, nosh and yes, wrap gifts! Everyone brings a roll of wrapping paper, ribbons and other decorative elements to share with the group. Also, watch for “free gift wrapping” promotions from online merchants. Sometimes you may have to spend a certain amount to get the promotion to kick in, but it may be worth it given the time you’ll save on the backend.
3. Babysitting or playdate exchange: Gain kid-free time to make your way through your holiday to-do list by coordinating a playdate exchange with another family.
4. Bank Online – Lots of places (including Bank of America) offer the simplicity of online bill pay. No more addressing envelopes and writing checks!
WIN IT!
One Mama Dweeb reader will win a $50 preloaded Bank of America Gift Card!
Required Entry: (must be done first or entry will not count)
Give me one thing you do to save time during the holidays.
Extra Entries: (1 each unless specified, leave a separate comment for each thing you do)
* Subscribe to Mama Dweeb via e-mail (envelope icon in sidebar)
* Follow Bank of America Tips on Twitter
* Vote for my kid’s Santa pic - 2 extra entries per vote!! (you can vote once every 24 hrs per facebook account. Comment here each time you vote)
* Post my Holiday Gift Guide Button on your blog or share this giveaway on facebook – 5 extra entries! (Leave URL of where to find the button or your facebook name. Button grab code is in my sidebar)
* Enter any of Serendipity Mommy’s current Giveaways. (leave a comment here for each giveaway you enter)
* Follow MamaDweeb on Twitter and tweet: (2 tweets per day at least 1 hr apart. Leave URL of your tweet in the comment)
You may use this as your tweet:
Did you enter to #win $50 Bank of America gift card#giveaway from MamaDweeb? enter here ~ http://bit.ly/hwTMfK
Giveaway ends 12/23 11:59 pm CST. Winner will be picked via “and the winner is” plugin and have 24 hours to respond by email before it goes into a live giveaway. Giveaway open to USA only addresses.
I was given the products for my review and all opinions are totally mine!
Decoding Bank of America’s Latest Credit Card Fee
The headaches have been nearly endless since the day that my MBNA credit card switched over to Bank of America. There were problems logging in to my account online. Readers reported dramatic increases in their annual percentage rates. Now, I received a long letter from Bank of America full of new fees and hidden catches.
Bank of America sent out this three page "Important Amendments to your Credit Card Agreement" letter over the last few weeks. Most customers probably threw it directly into the trash. But if you read closely, you would see that Bank of America has implemented a new minimum finance charge.
Translation: Unless you pay your entire Bank of America credit card balance in full each month, you’ll be charged a minimum finance fee of $1.50 or a full finance charge on the balance, whichever is greater.
Most credit card issuers (including Citibank and Capital One) only charge a minimum finance fee of $0.50 each month. Bank of America’s change represents a pretty major fee increase.
Below the minimum finance notice are instructions for rejecting this change. According to the notice, you can send your rejection before May 1 in a letter to Bank of America – P.O. Box 15718 – Wilmington, DE 19850. However, their customer service team told me that all this rejection does is temporarily freeze your account. Once you use your card for a purchase again you virtually "accept" the change and are stuck with the fee all over again.
This lovely letter also included a notice that my account will no longer have a grace period unless I pay the balance in full by the due date each month, that late payments and over limit fees go as high as $39 and that they will charge a 2% fee for international charges.
Bank of America is obviously trying to find new ways to nickel and dime customers who rarely carry over a balance on their accounts. If I so much as pay ten cents less than the full amount due on my account, I’d be looking at some serious fees.
The timing of these changes is especially odd given that the whole credit card industry is under congressional scrutiny for charging excessive fees. Instead of following in Citibank’s footsteps and voluntarily cutting back on their worst fees, Bank of America appears to be stepping it up. I don’t know about you, but I don’t feel like using my BofA account anytime soon.
sOURCE: http://www.credit.com/blog/2007/03/decoding_bank_o/
Bank of America Alert – Update Your Account Scam!
I must admit that I get very tired of opening my email accounts only to see spam email after spam email, designed to sell me something I don’t want and that I have absolutely no interest in. While these emails are not harmless given that sending spam violates the Acceptable Use Policy (AUP) of almost all Internet Service Providers, it’s the phishing emails that cause me the most frustration.
It seems that more and more often, these days, I get phishing emails in my inboxes all designed to trick me into revealing financial information that can be used to steal my money. This morning was no exception when I received a Bank of America Alert requesting that I update my account information.
If you’re unfamiliar with phishing, it is defined as the act of tricking unsuspecting Internet users into revealing sensitive or private information. It relies for its success on the principle that asking a large number of people for this information, will always deceive at least some of those people. So phishing is considered an opportunistic attack, rather than the targeting of a specific person.
In a phishing attack, the attacker creates a set of circumstances where the potential victims are convinced that they are dealing with an authorized party; in this case, the Bank of America. What makes this particular type of scam so potent is, the average person on receiving an email from an authoritative source, generally lowers their defenses.
According to this email my online banking privileges with Bank of America have been blocked due to security concerns. This looks like an official email to me and the enclosed link makes it simple to get this problem solved with just a mouse click. What could be easier than that?
Clicking on the link would have redirected me to a spoof page, comparable to the original site, and I would then have begun the process whereby the scammers would have stripped me of all the confidential information I was willing to provide.
My financial and personal details, had I entered them, would then have been harvested by the cyber-crooks behind this fraudulent scheme who would then have used this information to commit identity and financial theft.
The reality is of course; your bank or any other legitimate financial organization will on no account, ask you to divulge account information or passwords via email. Credit card numbers, ATM PIN numbers and additional financial information would never be required to enable you to find out the current status of your account.
These types of attacks against financial institutions, and consumers, are occurring with such frequency that the IC³ (Internet Crime Complaint Center), has called the situation “alarming”, so you need to be extremely vigilant.
Be kind to your friends, relatives, and associates and let them know that these types of scams are now epidemic on the Internet. In that way, it raises the level of protection for all of us.
Minimum safety precautions you should take.
- Consider every email, telephone call, or text message requesting confirmation of your personal and financial information as a scam.
- When contacting your bank; use a telephone number from your statement, a telephone book, or another independent source.
- Don’t open emails that come from untrusted sources.
- Don’t run files that you receive via email without making sure of their origin.
- Don’t click links in emails. If they come from a known source, type them on the browser’s address bar. If they come from an untrusted source, simply ignore them, as they could take you to a web designed to download malware onto your computer.
- Never click on embedded cell phone links.
- Keep your computer protected. Install a security solution and keep it up-to-date.
Time saving With Bank of America and $50 GC Giveaway
Bank of America has made it their priority to save you time this Holiday Season.
They have created tools such as
* Bank on the go: It’s easy to set up mobile banking and secure access to your money wherever you are. Download the mobile banking app and you can check balances, transfer money, pay bills, and locate ATMs. Sign up for text banking and you’ll be able to send a text message to get your balance instantly in a reply.
* Make quick and easy deposits: Holiday means a lot of extra work, so eliminate the labor of depositing checks. With Bank of America’s Deposit Image ATMs, you simply feed checks or cash into the ATM with no envelopes or deposit slips required. You get images of your checks and a list of cash deposited on your receipt as proof.
* Save a trip to the bank: Don’t worry about making an extra stop to the bank during all of your holiday shopping. Keep track of your spending by using Bank of America’s online banking: set up alerts, check balances, and transfer money.
As a Customer of Bank of America I really enjoy Using the online banking. I can check my balance whenever necessary from the comfort of my own home. With so many great deals this season its nice to know what I have available and know I have not overdrawn my account. I also think is is really great that I can make a deposit right through the ATM. This has really helped me save time and enjoy shopping so much more this season.
Check Out www.bankofamerica.com/solutions in your post so your readers can find more tips and information.
WIN IT
One Lucky winner will win a $50 Preloaded Bank of America Gift Card. To help with shopping or extra expenses this holiday season.
1. You Must be a public follower of this Blog.
AND
2. you must tell me What are some ways you get back time during the busy holiday season?
*You MUST include your e-mail so I can reach you if you win*
EXTRA ENTRIES
1. Blog about this giveaway and leave a link to your post so I can check it out. (Facebook does not count as a blog post) (10 entries)
2. Sign up/subscribe to my newsletter (Click the subscribe button on my right side bar above the word sponsors where it says sign up for my newsletter.) If you already subscribe just say so. ( 5 entries)
3. Grab my button and tell me where to find it (5 entries)
4. Follow me on twitter @theethertons or click on the follow me button on my right side bar and leave me your twitter name. If you already follow just say so that counts as well. (5 entries)
5. Tweet about this Giveaway (can be done twice a day) Must wait at least an hour between tweets. Leave the link to your tweet. (5 entries)
"RT #Win a $50 Bank of America Gift Card @theethertons http://tinyurl.com/2bbjdjx #giveaway
6. If you added my holiday button before 9/30 and commented on the extra entries post (5 entries)
Add my holiday button now and leave a link (1 entry)
7. Follow Bank of America Tips on twitter HERE (5 entries)
8. Enter one of my other current giveaways (2 entries each giveaway entered)
Contest ends 12/24/10 at 11:59 PM EST. Winners will be chosen at random and will be contacted by email. Winners will have 48 hours to respond before a new winner is chosen. US ONLY!
“I wrote this review while participating in a blog tour campaign by Mom Central Consulting on behalf of Bank of America and received a Bank of America preloaded gift card to thank me for taking the time to participate.”
This contest is hosted and fulfilled solely by The Etherton's.
They have created tools such as
* Bank on the go: It’s easy to set up mobile banking and secure access to your money wherever you are. Download the mobile banking app and you can check balances, transfer money, pay bills, and locate ATMs. Sign up for text banking and you’ll be able to send a text message to get your balance instantly in a reply.
* Make quick and easy deposits: Holiday means a lot of extra work, so eliminate the labor of depositing checks. With Bank of America’s Deposit Image ATMs, you simply feed checks or cash into the ATM with no envelopes or deposit slips required. You get images of your checks and a list of cash deposited on your receipt as proof.
* Save a trip to the bank: Don’t worry about making an extra stop to the bank during all of your holiday shopping. Keep track of your spending by using Bank of America’s online banking: set up alerts, check balances, and transfer money.
As a Customer of Bank of America I really enjoy Using the online banking. I can check my balance whenever necessary from the comfort of my own home. With so many great deals this season its nice to know what I have available and know I have not overdrawn my account. I also think is is really great that I can make a deposit right through the ATM. This has really helped me save time and enjoy shopping so much more this season.
Check Out www.bankofamerica.com/solutions in your post so your readers can find more tips and information.
WIN IT
One Lucky winner will win a $50 Preloaded Bank of America Gift Card. To help with shopping or extra expenses this holiday season.
1. You Must be a public follower of this Blog.
AND
2. you must tell me What are some ways you get back time during the busy holiday season?
*You MUST include your e-mail so I can reach you if you win*
EXTRA ENTRIES
1. Blog about this giveaway and leave a link to your post so I can check it out. (Facebook does not count as a blog post) (10 entries)
2. Sign up/subscribe to my newsletter (Click the subscribe button on my right side bar above the word sponsors where it says sign up for my newsletter.) If you already subscribe just say so. ( 5 entries)
3. Grab my button and tell me where to find it (5 entries)
4. Follow me on twitter @theethertons or click on the follow me button on my right side bar and leave me your twitter name. If you already follow just say so that counts as well. (5 entries)
5. Tweet about this Giveaway (can be done twice a day) Must wait at least an hour between tweets. Leave the link to your tweet. (5 entries)
"RT #Win a $50 Bank of America Gift Card @theethertons http://tinyurl.com/2bbjdjx #giveaway
6. If you added my holiday button before 9/30 and commented on the extra entries post (5 entries)
Add my holiday button now and leave a link (1 entry)
7. Follow Bank of America Tips on twitter HERE (5 entries)
8. Enter one of my other current giveaways (2 entries each giveaway entered)
Contest ends 12/24/10 at 11:59 PM EST. Winners will be chosen at random and will be contacted by email. Winners will have 48 hours to respond before a new winner is chosen. US ONLY!
“I wrote this review while participating in a blog tour campaign by Mom Central Consulting on behalf of Bank of America and received a Bank of America preloaded gift card to thank me for taking the time to participate.”
This contest is hosted and fulfilled solely by The Etherton's.
www.Bankofamerica.com/Activate - Bank of America's Credit Card Activation Site
www.Bankofamerica.com/Activate is the official website of Bank of America's Credit Card Activation Service, which offers a quick and easy way to activate your personal credit card. It will take you a few minutes to complete the process and provide you with some special product and feature offers.
If you are already an Online Banking customer with Bank of America, signing in using your Online Banking ID and Passcode will speed up the activation process.
Learn more from www.Bankofamerica.com/Activate
Get fit for less money
Health and fitness tips that are good for your wallet.
Staying fit is key to good health. If you're on a budget, don't let the high price of gym memberships, personal trainers and fitness equipment discourage you. You can find enjoyable ways to exercise without spending a lot of money. Here are some low-cost fitness tips and ideas for healthy living:
Get a home gym at a homespun price
Shop for used equipment from online sites such as eBay, from specialty stores like Play It Again Sports, or from your neighborhood thrift store. Some of the best equipment is the least expensive: dumbbells, resistance tubes and jump ropes are all good alternatives to pricey weight or cardio machines.
Get a good deal on a gym
Check if your employer provides gym discounts as part of a workplace wellness plan. Then, shop around to find reasonably priced gym memberships. If you prefer to work out with weights and cardio machines, don't pay higher fees for a gym with a spa and swimming pool. In addition, consider non-profit alternatives to retail gyms. Many local parks, recreation departments and even churches offer free or inexpensive fitness centers and programs. And if there is a YMCA or YWCA nearby, be sure to check out fitness opportunities there.
Get outside
Walking, hiking and running are all good for your heart, and the only costs are your workout clothes and shoes. If you're looking for more variety, try an outdoor "circuit", a mix of cardiovascular activities (such as walking or jogging) and strength training exercises (such as squats, lunges and push-ups) that require little or no equipment. You can also search online for free circuit-training videos. Make sure to check that the instructor who devised the program has been certified by a reputable organization such as the American Council on Exercise.
Fitness Tip #1
Need to run some errands in your neighborhood? Take your bike instead of your car. You'll save money on gas and parking while getting a good workout.
Get motivated for less
You don't need a one-on-one session with a personal trainer or a class at a pricey fitness studio to stay motivated. Here are some cheaper strategies:
* Get a partner. People who work out with a partner are more likely to stick with their exercise program. Schedule times for your workouts in advance; that way, you and your partner will hold each other accountable for showing up.
* Get music. Great music could be all you need to get your body moving. Tune in to an up-tempo radio station, or make a playlist of songs that fit your workout's length and intensity and put it on your personal music player or home stereo.
* Get videos. If you want that fitness-class feeling without the fitness-class prices, buy a workout or yoga DVD, check one out from your local library, or look for free videos online or on TV. The Mayo Clinic suggests picking a program that matches your current fitness level and is endorsed by a certified fitness instructor.
A health and fitness plan does not have to cost a lot. By following these healthy living tips, you can get or stay in shape without giving your wallet too hard a workout.
Source: http://learn.bankofamerica.com/articles/savings/get-fit-for-less-money.html
Staying fit is key to good health. If you're on a budget, don't let the high price of gym memberships, personal trainers and fitness equipment discourage you. You can find enjoyable ways to exercise without spending a lot of money. Here are some low-cost fitness tips and ideas for healthy living:
Get a home gym at a homespun price
Shop for used equipment from online sites such as eBay, from specialty stores like Play It Again Sports, or from your neighborhood thrift store. Some of the best equipment is the least expensive: dumbbells, resistance tubes and jump ropes are all good alternatives to pricey weight or cardio machines.
Get a good deal on a gym
Check if your employer provides gym discounts as part of a workplace wellness plan. Then, shop around to find reasonably priced gym memberships. If you prefer to work out with weights and cardio machines, don't pay higher fees for a gym with a spa and swimming pool. In addition, consider non-profit alternatives to retail gyms. Many local parks, recreation departments and even churches offer free or inexpensive fitness centers and programs. And if there is a YMCA or YWCA nearby, be sure to check out fitness opportunities there.
Get outside
Walking, hiking and running are all good for your heart, and the only costs are your workout clothes and shoes. If you're looking for more variety, try an outdoor "circuit", a mix of cardiovascular activities (such as walking or jogging) and strength training exercises (such as squats, lunges and push-ups) that require little or no equipment. You can also search online for free circuit-training videos. Make sure to check that the instructor who devised the program has been certified by a reputable organization such as the American Council on Exercise.
Fitness Tip #1
Need to run some errands in your neighborhood? Take your bike instead of your car. You'll save money on gas and parking while getting a good workout.
Get motivated for less
You don't need a one-on-one session with a personal trainer or a class at a pricey fitness studio to stay motivated. Here are some cheaper strategies:
* Get a partner. People who work out with a partner are more likely to stick with their exercise program. Schedule times for your workouts in advance; that way, you and your partner will hold each other accountable for showing up.
* Get music. Great music could be all you need to get your body moving. Tune in to an up-tempo radio station, or make a playlist of songs that fit your workout's length and intensity and put it on your personal music player or home stereo.
* Get videos. If you want that fitness-class feeling without the fitness-class prices, buy a workout or yoga DVD, check one out from your local library, or look for free videos online or on TV. The Mayo Clinic suggests picking a program that matches your current fitness level and is endorsed by a certified fitness instructor.
A health and fitness plan does not have to cost a lot. By following these healthy living tips, you can get or stay in shape without giving your wallet too hard a workout.
Source: http://learn.bankofamerica.com/articles/savings/get-fit-for-less-money.html
How to apply for scholarships and financial aid
Finding the financial help you need for college.
A college education can increase your chances of earning a high income in a job you love. It can also be very expensive, especially if you are attending an out-of-state or private college or living away from home. Here's how to apply for the student financial aid you need to afford a college education.
How much do you need?
If you want to get started figuring out how to fund your college education, our interactive College Funding Tool will help you find the right college financial aid package for you. Start the journey here.
Federal financial aid
Depending on your need, you may qualify federal financial aid. This could be in the form of a subsidized student loan, meaning the federal government pays for your interest while you are in school. With unsubsidized loan, you pay for the interest that accumulates while you are in school, though you may be able to defer all payments until after you graduate.
In order to apply for government financial aid for education, you need to complete the Free Application for Federal Student Aid (FAFSA) each year you are in school. You can find the information about FAFSA and the form at www.fafsa.ed.gov.
Types of federal financial aid
1. Stafford loan
- Taken out by students
- Available both subsidized and unsubsidized
- Don't begin paying back until after you have left college
- Top interest rate set at 6.8% through 2013
2. Parent PLUS loan
- Taken out by parents
- Designed to make up the difference between Stafford loan and the education cost
- No grace period (interest charges and repayments begin after money is dispersed).
3. Perkins loan
College Savings Tip #1
If you or your children are still several years away from college, consider saving for education in a 529 savings plan. The principal grows tax deferred and can be used for tuition, educational costs, food and lodging.
Calculating your family contribution
Parents are expected to help pay for their dependent children's education, and student financial aid is calculated to take this into account. The estimated family contribution is based on the size of your family, and your family's income and non-retirement savings. Use this calculator to estimate your expected family contribution.
Scholarships
Scholarships are usually awarded to students with high grades or special skills, and they don't have to be repaid. Even if you cannot find a scholarship to fund your whole education, you may receive smaller amounts that can help you limit your debts. To find scholarships, check with the colleges you are applying to, or search online. Two good sites to check are Fastweb, which has a database of more than 1.5 million scholarships, and the College Board, which surveys 1,200 sponsoring organizations each year to create its scholarship search engine.
Private student loans can help make up the difference if these funding sources aren't sufficient, however the interest rate may be much higher than federal loans. If you want to limit your debt, consider working part time while in school. In addition to the income you'll earn, your job may give you valuable work experience for your future career.
Source: http://learn.bankofamerica.com/articles/money-management/how-to-apply-for-scholarships-and-financial-aid.html
Citi mtvU Platinum Select Visa Credit Card for College Students
If you are a college student that is looking for a credit card that offers great rewards while building your credit then the Citi mtvU Platinum Select Visa card is perfect for you. The points earn from this card can be redeemed for gift cards, CDs, VIP mtvU Spring Break Passes, tickets to the MTV Video Music Awards, airline tickets and discounts on purchases at the MTV online store and the MTV New York City Store. Users will earn 5 points per dollar spent at participating restaurants, bookstores, record stores, movie theaters and video rental stores. College students using this card can also earn 25 bonus points for making payments on time and up to 2000 extra pints per semester for maintaining a high GPA. This card offers many platinum benefits along with an interest free introductory period and no annual fees.
Bank of America – TripRewards MasterCard
If you are a current or soon to be member of the TripRewards program then the TripRewards MasterCard credit card is ideal for you. This card, issued by FIA Card Services, allows it’s users to earn 2 points for every dollar spent on general purchases and 13 points for every dollar spent at participating hotels. Some of the hotels that are part of the rewards program are AmeriHost Inn, Days Inn, Howard Johnson, Knights Inn, Ramada Inn, Super 8, Travelodge, Wingate Inn and Wyndham Hotels. The TripRewards program is fee to join and allows it’s members to earn additional points that can be combined with points earned from the card. The TripRewards MasterCard offers a 0% introductory rate for balance transfers and cash advances for the first 12 months, a low fixed interest rate and no annual fees.
reasons to bank online
almost everybody is banking online nowadays. but there are those who still doubt the whole system. here are a few reasons why you should get over your doubts and try banking online:
Avoid bounced check fees. Average overdraft fees run about $28 (bankrate.com) and can be as high as $35 from your bank alone. Not to mention fees from the party to whom you wrote the check. Banking online allows you to move funds quickly, easily and from anywhere to cover a written check. Overdraft protection is still a good idea, for it lowers the cost and eliminates the third-party fee. But it may not work for very large checks and even a series of $10 fees for protected accounts can get expensive.
Earn more interest. With online banking, you can "stash your cash" in a higher yielding savings or money market account and transfer it as needed to cover a series of bill payments or ATM debits. You can usually transfer across institutions, such as your brokerage account. Also, keeping less in your checking account may help you or family members control spending.
Easier to catch errors. It happens. I once learned of a woman who thanks to online banking found out that her lender was still billing her when in fact she had paid off the loan. And don't forget about convenience. I make fewer trips to my bank or ATM, and can manage my checking balance and transfer funds from anywhere. Since most of us are making greater use of ATM cards, the online "view" is more current and relevant. It takes far less time for me to review my account activity.
Online checking paves the way to online bill payment. The savings in time and money begin to compound. Now you save postage, avoid merchant and credit-card late fees and at the same time improve your expense tracking.
Bottom line: if you're still in manual mode, you may be spending more than you need to. More importantly, you're falling farther behind the larger "bank from anytime, anywhere" curve.
source: by: Jennifer Openshaw http://www.marketwatch.com/news/story/story.aspx?guid=%7B658D92E4%2D2F64%2D4518%2DAD6A%2D85A7B9D10314%7D&siteid=rss
Avoid bounced check fees. Average overdraft fees run about $28 (bankrate.com) and can be as high as $35 from your bank alone. Not to mention fees from the party to whom you wrote the check. Banking online allows you to move funds quickly, easily and from anywhere to cover a written check. Overdraft protection is still a good idea, for it lowers the cost and eliminates the third-party fee. But it may not work for very large checks and even a series of $10 fees for protected accounts can get expensive.
Earn more interest. With online banking, you can "stash your cash" in a higher yielding savings or money market account and transfer it as needed to cover a series of bill payments or ATM debits. You can usually transfer across institutions, such as your brokerage account. Also, keeping less in your checking account may help you or family members control spending.
Easier to catch errors. It happens. I once learned of a woman who thanks to online banking found out that her lender was still billing her when in fact she had paid off the loan. And don't forget about convenience. I make fewer trips to my bank or ATM, and can manage my checking balance and transfer funds from anywhere. Since most of us are making greater use of ATM cards, the online "view" is more current and relevant. It takes far less time for me to review my account activity.
Online checking paves the way to online bill payment. The savings in time and money begin to compound. Now you save postage, avoid merchant and credit-card late fees and at the same time improve your expense tracking.
Bottom line: if you're still in manual mode, you may be spending more than you need to. More importantly, you're falling farther behind the larger "bank from anytime, anywhere" curve.
source: by: Jennifer Openshaw http://www.marketwatch.com/news/story/story.aspx?guid=%7B658D92E4%2D2F64%2D4518%2DAD6A%2D85A7B9D10314%7D&siteid=rss
China Merchants Bank Receives New York State Banking License
China Merchants Bank ("CMB") was presented today with an official banking license by New York State Superintendent of Banking Richard H. Neiman, becoming the first Chinese bank to receive a banking license in the United States since the adoption of the Foreign Bank Supervision Enhancement Act of 1991.
CMB established a representative office in New York in 2002 and filed an application to establish a New York branch in 2007. The New York State Banking Department and the Federal Reserve Board of Governors approved the application in August and November 2007, respectively. CMB has completed all relevant legal procedures and has been deemed by the Department to have satisfied all requirements necessary for the banking license.
The presentation of the New York State banking license is a milestone in CMB's history. It marks the bank meeting a significant regulatory standard, as well as the enhancement of China's financial regulatory environment. Preparation for the opening of CMB's New York branch, which is expected later this year, is now underway.
"We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that China Merchants Bank has chosen New York State, making them the first Chinese bank branch licensed by the New York State Banking Department," said Richard H. Neiman, Superintendent of Banks for the State of New York. "New York has been, and continues to be, an international hub of finance. China Merchants Bank, as well as many other foreign institutions, have recognized this and the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center."
"The New York branch will facilitate trade and other business activities between the United States and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries," said Hui Fang, the General Manager of the New York branch. "Our New York branch will continue to adhere to high standards of prudent and compliant management and operations as we commence business transactions. Our New York branch is an important part of CMB's overseas expansion strategy."
China Merchants Bank was founded in 1987 with its head office in Shenzhen, China. It is China's 6th largest bank by total assets with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, CMB had total assets of $187 billion with 576 branches and offices across China with over 30,000 employees. It generated $3 billion net income in 2007.
CMB provides customers with various corporate and retail banking products and services, and conducts treasury activities for proprietary purpose and on behalf of our customers. CMB commands leading position in credit card, online banking and wealth management businesses in China.
In the recent years, CMB has received many domestic and international honors for its business performance, management capability and corporate culture
source: http://www.marketwatch.com/news/story/china-merchants-bank-receives-new/story.aspx?guid=%7BE7998C8E-6AD4-4BE0-9049-914EB9496A32%7D&dist=hppr
CMB established a representative office in New York in 2002 and filed an application to establish a New York branch in 2007. The New York State Banking Department and the Federal Reserve Board of Governors approved the application in August and November 2007, respectively. CMB has completed all relevant legal procedures and has been deemed by the Department to have satisfied all requirements necessary for the banking license.
The presentation of the New York State banking license is a milestone in CMB's history. It marks the bank meeting a significant regulatory standard, as well as the enhancement of China's financial regulatory environment. Preparation for the opening of CMB's New York branch, which is expected later this year, is now underway.
"We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that China Merchants Bank has chosen New York State, making them the first Chinese bank branch licensed by the New York State Banking Department," said Richard H. Neiman, Superintendent of Banks for the State of New York. "New York has been, and continues to be, an international hub of finance. China Merchants Bank, as well as many other foreign institutions, have recognized this and the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center."
"The New York branch will facilitate trade and other business activities between the United States and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries," said Hui Fang, the General Manager of the New York branch. "Our New York branch will continue to adhere to high standards of prudent and compliant management and operations as we commence business transactions. Our New York branch is an important part of CMB's overseas expansion strategy."
China Merchants Bank was founded in 1987 with its head office in Shenzhen, China. It is China's 6th largest bank by total assets with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, CMB had total assets of $187 billion with 576 branches and offices across China with over 30,000 employees. It generated $3 billion net income in 2007.
CMB provides customers with various corporate and retail banking products and services, and conducts treasury activities for proprietary purpose and on behalf of our customers. CMB commands leading position in credit card, online banking and wealth management businesses in China.
In the recent years, CMB has received many domestic and international honors for its business performance, management capability and corporate culture
source: http://www.marketwatch.com/news/story/china-merchants-bank-receives-new/story.aspx?guid=%7BE7998C8E-6AD4-4BE0-9049-914EB9496A32%7D&dist=hppr
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