Mar
11
I am going to explain what you need to do followed by my own example. Lets get started. First thing you need to do is figure out your daily interest rate. Take whatever your APR is and divide it by 365. My APR for this example is 9.99%. My balance at the 9.99% is $550.00.
EXAMPLE- 9.99/365 = 0.02737
Now that you have your daily interest rate take that number and multiply it by the balance given for that rate.
EXAMPLE- 0.02737 X 550.00 = 15.0535
Now take the total of the 15.0535 and multiply it by the number of days that are in the cycle. The number of days in a cycle should be found on the credit card statement somewhere. The days in the cycle will usually change. It will almost never be exactly 30. It can typically range from 28 to 33 days. If you are estimating interest 30 days is a good number to go with. I am going to use 30 since I am just using an example.
EXAMPLE- 15.0535 X 30 = 451.605
This last step is important, you want to move your decimal over twice. So take the 451.605 and move your decimal over.
EXAMPLE- 451.605 = 4.51605
Now you have your answer. Take that amount and get rid of the thousandths position. This will give you a dollar amount. Remember to round your number out and you will see that my example ends up being $4.52.
EXAMPLE- 4.51605 = 4.52
So with the example I gave if you have a balance of $550.00 at an APR of 9.99% over a span of 30 days you will be paying $4.52 in interest. If you have different balances at different rates because of cash advances or balance transfers just do each bucket separately and add the totals. I hope this helped, the math is really easy once you know the formula.
Cash advances and Balance Transfers accrue interest daily. Even if you pay these off in full you will still get charged interest. The interest is calculated the same, but you have no grace period to pay these off like you would a regular purchase.
Beware cash advances. Usually the APR involved with these are much higher than purchase rate. Cash is much more riskier for the bank than purchases so they charge you higher interest. Always check with you financial institution about your cash rate before pulling any advances. With my interest calculation you can determine about how much you will be paying in interest with your next advance, balance transfer or purchase.
Deep Fryers For The Home can show you which deep fryer will be best for you! By far the best deep fryer is the Delonghi Deep Fryer I also really like the Bravetti Deep Fryer
Article Source: How To Calculate Credit Card Interest
Mar
10
There are plenty of secrets that credit card companies don’t want you to find out. There are ways to avoid user fees and pay zero interest on purchases. You are the customer and each credit card company wants your business. Make them work for your business. Here’s several excellent credit card secrets that can give you fantastic personal finance help.
1. Interest Backdating
Unfortunately many credit card companies charge you as much as 18% interest from the moment you buy something. All of a sudden that cheeseburger you bought at the beginning of the month for four bucks has suddenly cost you $4.72 or 18% more. The more you use the credit card the more everything will end up costing.
Other credit card companies only charge interest to people who have an outstanding balance with their account. This is a more favourable option for people who use their credit card a lot but if you are the type of person who carries a balance each month you may quickly find that you are sinking into debt.
Here is three solutions for either situation that will provide a great amount of personal finance help.
Option 1: Find a different credit card issuer. They all want your business and will sometimes compete for it.
Option 2: ALWAYS pay the total amount of your credit card balance in full. Don’t miss or be late for a payment.
Option 3: Buy everything with cash. Only use a credit card on major purchase like a stove. This will give you time to budget and still help your credit rating.
2. Double Fees On Cash Advances
Some people don’t know that cash advances cost you a lot of money. Many card issuers impose both transaction fees and finance charges on cash advances. Transaction fees could be as much as 2.5% of the total amount taken. The other factor to consider is that interest begins from moment of the advance. Suddenly the $200 you took out has become $240 in only 30 days. One other thing to consider is the ‘fine print’ that you need to read. Some cards offer ‘no finance charges’ but transaction fees could still apply. The solution for this problem is to use very few cash advances or to not use them at all.
3. Eliminating Grace Periods
The offers many credit card companies draw you in with might seem a great deal better than they actually are. The $12,000 limit and the endless rewards and benefits are usually a misleading way of finding another way to get money out of you. The most common ’string’ attached with these issuers is a card that has NO grace period. That basically means you are charged interest on each thing you buy from the first day, even if you pay the bill when it’s due. The personal finance help I am offering is to shred these ‘incredible’ offers the moment they arrive in your mailbox. There’s a good chance your current card is better than anything they can offer.
In my next post I will continue to tell some credit card secrets that will give the personal finance help you may need. Credit cards are pretty user friendly but unfortunately there can be a hefty price tag that comes with that convenience.
I recommend that you check through my blog to get the free E-Book, free budget spreadsheet, free calculators and links to plenty of tools. We also have some leaked videos to help with your finances.
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Article Source: Credit Card Secrets - Personal Finance Help Part One
Mar
10
If you find that you are in need of check cashing services there are a few things you should know prior to using one. Many of the check cashing services have very high fees so it pays to shop around.
If you are cashing a personal check it is in your best interest to go to the bank that issued the check to cash it. You can do this even if you do not have an account with that bank. Some banks will charge a small fee to cash a check if you are not an account holder, but it is much less than a check cashing business. Check cashing companies charge very high fees to cash personal checks because of the risk for fraud. You may also find when cashing a personal check at one of these establishments that the process can take a long time. This is because they are verifying the validity of the check prior to cashing.
Payroll checks can be cashed more easily at a check cashing business. There is a percentage charged for this service and it will be based on the amount of your check. Again, if your business banks at a local bank you may wish to take it there first. Another thing to keep in mind is that many grocery stores and some box stores will cash your payroll checks for a very small fee. They offer this service as a way to encourage you to spend money at their store.
Government checks can be cashed just about anywhere. Banks will charge a fee if you do not have an account. Check cashing outlets and grocery stores will cash these checks for a fee. Some post offices will also cash a U.S. government check.
Money 411 is an online resource for personal finance help and advice. Money 411 is provided for FREE from AccountNow, a leading prepaid credit card provider. To learn more about AccountNow, or check out more articles from Money 411, visit www.accountnow.com
Article Source: Check Cashing Information You Should Know
Mar
10
Do you find that staying on a budget makes you ill? Budgeting is necessary to help you keep track of your income and expenses. What financial goals do you have? You’ll never get there if you can’t plan it. If images of bad credit reports and working until your death bother you, there are solutions. That doesn’t have to become a reality. Here are six pointers that actually work.
What is your income?
Before you do anything you need to know exactly how much money you earn. There are two numbers you want to learn. What are your gross and net income amounts? If you don’t know this, you could put yourself in financial ruin. Look at your paycheck stub or if you work for yourself subtract your expenses from your gross income to determine your net income amount.
Determine your outflow
Where is your money going each month? You need to know what you are spending your money on. Expenses are just as important to figure out. Utilities are unfortunately bills that you cannot eliminate. Credit cards and car loans are some that you can. If you are also losing money to unnecessary items you can eliminate these to help pay down any debts that you have.
Savings is necessary
You should have a savings account. This is vital to budgeting. You need to plan for unforeseen events. If your car breaks down and not covered by a warranty you can pay for it with cash. You can eliminate the use of your credit card except in extreme emergencies. It might take you a while to build this up. Start with any money you can. A few bucks a month will start you on your way.
Keep records
You must keep records to be successful. When you are starting out, it might seem a pain to write every little detail down in a log. But once you start to see a pattern of your spending it will help you to eliminate any bad habits and minimize unnecessary spending.
Communication is vital
Communication is the key to staying on a budget. If you share a budget with others you cannot do this alone. Everyone needs to be in agreement for this to work. If you make decisions for someone else they will resent you and it will fail.
Treats keep you on track
Budgeting is not a bad word. You can make it useful and fun. Make sure that you do keep aside money for fun treats. You should pick a figure that won’t derail your goals. This will allow you to stay on track and won’t make you feel like you are on a budgetary diet.
Money 411 is an online resource for Financial tips and advice, provided FREE from AccountNow, a leading prepaid credit cards provider. For more information about AccountNow, or to check out Money 411, visit www.accountnow.com
Article Source: 6 Useful Budgeting Tips that Actually Work
Mar
10
Useful Prepaid Card Information
Posted In: Personal Finance
Having a strong credit rating is one of the most significant aspects of overall financial health. Without a good credit history, a consumer may be unable to get a mortgage loan, auto loan, small business loan, personal loan, or even a credit card. Fortunately for many people with bad credit, there is another option for getting a credit card even if they have a very bad credit score. Prepaid credit cards are an excellent way of getting a credit card with bad credit.
A prepaid credit card is a credit card which is serviced by a normal credit card servicer, but instead of having a credit limit provided by a creditor or retailer, the credit limit is funded by the prepaid card user. The user normally writes a check to the credit card servicer prior to the card being funded. Once the account is funded, the credit limit is normally between 90% and 100% of the amount funded.
Prepaid cards have many advantages over normal credit cards. One advantage of prepaid cards is that they have a user provided limit, so it is impossible to get into credit card debt. This also prevents excessive interest fees and late fees, which will further tamper the user’s credit rating.
Another advantage of prepaid cards is that they build a user’s credit history. Just like with a normal credit card, a servicer of a prepaid card will often report the timeliness of payments and outstanding credit balance to all three credit bureaus. After making a few timely payments, a strong credit history will begin to be built at which point the user make qualify for normal credit cards or installment loans.
Prepaid cards can be received from a variety of sources. Many traditional banks and credit card companies offer prepaid cards to their customers. Other sources of prepaid cards include department stores and other retailers who hope the owner of the prepaid card will shop more frequently at their store. Since the card is prepaid, the application process is simple and approval is guaranteed.
Money 411 is an online resource for personal finance tips and advice, provided FREE from AccountNow, a leading prepaid debit provider. To learn more about AccountNow, or check out more Money 411 articles, visit www.accountnow.com
Article Source: Useful Prepaid Card Information
Mar
10
Identity Theft Facts to Know
Posted In: Personal Finance
-If an identity thief steals a credit or debit card the consumer may be liable for as little as $0-$50, depending on the particular situation. Some consumers consider this a negligible amount, and don’t see the big deal with identity theft. The true cost is in the time and effort required for the consumer to monitor his credit report, and to have any fraudulently opened accounts closed. A consumer can be denied new lines of credit, home loans, or even have existing interest rates raised due to the actions of an identity thief.
-Not using credit or debit cards online does not protect a consumer from identity theft. Many consumers think identity theft occurs primarily online. This is simply false. The likelihood of having credit card information stolen by a server at a restaurant is higher than the risk of the consumers card information being compromised online.
-Credit card information isn’t necessarily taken right before fraudulent charges appear. If a merchant keeps a consumers credit card information on file the theft can occur days, months, or even years after the initial purchase. This means fraudulent charges can be made even if the credit or debit card has not been used in months.
-Consumers in the US are entitled to a free credit report from all three major credit reporting agencies yearly. While this free yearly credit report does not entitle a consumer to their credit score, it does allow for all credit activity reported for that consumer. At the very minimum a consumer should thoroughly check their credit report for errors, false applications, or misreported credit applications yearly. Paying for credit report monitoring, or paying for more frequent credit report access for self monitoring is highly recommended.
-Identity theft insurance may or may not be a good idea. Many companies offer identity theft insurance for a monthly or yearly premium. Since in many cases a consumers financial responsibility due to identity theft can be negligible it is important to find out exactly what the insurance entails. If the company handles the reporting of false information, monitoring for fraudulent activity, or other services above and beyond insuring the consumer from financial damage the service may be worth the charge.
Money 411 is an online resource for money tips and advice, provided FREE from AccountNow, a leading prepaid visa provider. For more information about AccountNow, or to read more Money 411 articles, visit www.accountnow.com
Article Source: Identity Theft Facts to Know
Mar
9
While some cut corners on their family budgets, stop eating out and settle their store-cards to counter the effects of the recession, others find quick and simple ways to curb costs without impacting on their lifestyle. Banking is a case in point.
Consider this: Did you know that the majority of people spend R200* on bank fees a month? Over a year that could add up to thousands of Rands - money that could be used towards your child’s education or getting that leak in your bathroom fixed.
By reducing your bank fees, you could, over time, accumulate a tidy sum to use towards those luxuries you’ve had to cut back on, like going out for a meal with friends or enjoying a weekend away. Unfortunately, many of us don’t have the time or inclination to read our monthly statements and aren’t aware of the extra costs our bills incur that could be avoided.
While reading your bank statement with a fine toothcomb at month-end may be one way to cut bank fees, another, easier option is to take some preventative steps and make use of smart technology that drives down time and money and in turn, bank fees.
Reviewing Your Savings Options
Here are some practical tips on how to review your saving options:
Do Your Homework
Trying to cut down on family budgets when you’re paying top-dollar for your banking service doesn’t add up. Instead, do your homework and research how much your bank fees cost you a month by going online and reviewing their rates.
Fortunately, it is possible to hold accounts at different banks – it all depends on your needs. The bank that offers the highest interest on your savings account may not necessarily offer a credit card or be tailored for business clients. When looking into bank savings account options, shopping around is recommended to review different banks’ products and open up two or three accounts at different branches if required.
Once you’ve decided what you need an account for - to grow your savings plan to pay for a holiday or deposit on a car, a credit card to help buff against emergencies or a business account for SMEs - finding out which bank offers the best rates is in your best interest. Doing so could positively affect your returns on investments and savings accounts.
Go Digital: Save Paper
Obliterating the need for capturing data by hand, innovative paperless systems allow clients to draw funds, deposit, transact and apply for credit in real-time without having to fill in any forms, saving both time and money. The process takes as little as 10 minutes – ideal for the person who’s rushing to the bank during their lunch break and doesn’t have time to spare. By reducing the manual labour involved in the process, back-end fees are lower as staff aren’t needed to balance any books at day-end or capture any client information, which, in turn, greatly impacts the reduction of bank fees.
Use IT to Save You Cash
Over the years, banking has evolved into a slick and convenient service. And, with the recent implementation of tools like biometric identification systems, consumers can knock-off unnecessary bank charges, effortlessly. This also helps when it comes to setting up a savings plan in the long run.
While it sounds like something out of Star Trek, biometrics refers simply to the digital identification of a person through individual features like their eyes, voice, face or fingerprints. Used extensively in the US and Europe, biometrics has also made its way to SA. Affording greater security to a client’s account by reducing the risk of fraud, biometrics is also faster than using a card or entering a PIN, meaning money is saved. Biometrics is used in-branch to allow a client access into their account. It works by scanning a client’s fingerprints while they are with a consultant, ensuring only they can deposit, withdrawal or transfer funds from their account.
Do Your Banking Online
Many people and businesses prefer internet banking because it’s user-friendly, eliminates the need for hard-copy documents or a consultant’s assistance and prevents some of the other security risks associated with banking such as carrying or transporting cash. However, like any banking method, one should always take steps to ensure online transactions are secure.
Capitec Bank is a South African retail bank which provides affordable, accessible and simplified banking with personal service. The bank uses innovative technology to drive down costs, to increase accessibility and to simplify client processes. Capitec Bank’s innovative Global One facility offers a range of transacting, credit and saving options which are all accessed using a paperless, card-driven process in real-time.
Article Source: Save On Bank Fees Before Cutting Your Monthly Budget
Mar
9
If you aspire to live a life like a Hollywood A-lister – designer clothes, fancy car and a plush downtown pad – best you shape-up your spending and saving habits while you’re still footloose and fancy free. Avoiding the debt trap early is one of the smartest moves you can make. But with the temptation of store cards that offer buy now, pay later deals, spiralling out of control into the red is easier than you think.
One of the most common mistakes young people can make is falling into a debt trap and not starting a savings plan in their 20s. Learning how money works for – or against you – is vitally important if you want to succeed. Knowing the facts will put you on the right path to a healthy financial future and assist you in setting up a secure bank savings account. Everyone, young or old, should be prudent with their finances and trim any excess spending.
So, where to start?
Be informed and choose the best bank account to suit your needs
Knowledge is power. And, although it sounds a little drab, reading up on the brochures from different banks to learn about transaction and saving accounts will do wonders for your financial IQ. A transaction account is recommended for your salary deposit, for paying bills and for day-to-day spending, while a fixed-term bank savings account is a good option if you have a specific savings goal in mind and want to earn more on your savings. Fixed-term savings accounts offer higher interest rates compared to general, flexible saving accounts. They are ideal for people who have a habit of blowing all their cash before they can squirrel it away in a savings plan as you can’t touch the money until the end of the fixed period – between 6 and 60 months.
Another tip is to look at the rates of various account options before making any banking commitments to make sure you don’t spend most of your salary on bank fees. Do the sums and add up ATM withdrawals, cash deposits, internet banking and debit order fees. Then weigh up where you’ll find the lowest rates.
Take control of your income and job perks
You may have jumped for joy when your new employer told you your “gross” salary figure at the final interview. After the obligatory tax deductions, your net income is what you have left until the next paycheck. So, like the fashion-forward trend-setter you are, be savvy and ask your employer whether he contributes towards pension, life insurance or gym memberships. Then find out how this can affect your net income – you might be pleasantly surprised at the outcome.
Draw up a budget and stick to it
Knowing what you spend your money on is key to financial independence. Interest-free loans don’t actually exist unless mom and dad are keen to help. Tally your income against your expenses and take a long hard look to see if you really can afford to live like a celebrity. If you only have a few Rand to your name after must-pay expenses like rent, medical aid and petrol have been paid, consider cutting back on gourmet meals by making a packed lunch instead, or socialising with your friends on a hike instead of a pricey Sunday lunch.
Keep a slush fund for emergencies
Financial gurus always recommend saving 10% of your net income. So, if your net salary is R5 000 per month, you should save at least R500 a month to build up a kitty for emergencies like a car service, dentist visit or broken geyser. Even if you can’t afford 10%, just by setting up a small debit order of a R100 a month into your bank savings account, you’ll insure yourself against an unexpected financial mess.
Count your cash
Keep track of what you spend to avoid being broke by mid-month. Hang on to all till slips and add up how much you spend through the month – you’ll be surprised how quickly your money vanishes if you’re not in control. SMS updates are a great way to stay in control of what’s happening in your account at all times. Most banks offer SMS updates to clients at and you can choose whether you only receive alerts for money coming in or going out of your account or for all transactions.
Capitec Bank is a South African retail bank which provides affordable, accessible and simplified banking with personal service. The Global One banking facility offers a range of transacting, lending andsaving options which are all accessed using a paperless, card-driven process in real-time.
Article Source: Give your moolah a make-over while you’re still young
Mar
9
When it comes to planning for your future, there are many paths that can lead towards greater rewards, and there are many paths, or should I say mistakes, that people follow which don’t offer as much benefit. Below is a list of the five most common financial planning mistakes that people make after, or during, parenting and before planning for retirement.
(i) Not setting enough money aside for retirement. The longer you wait to save for your retirement, the less money you will have set aside in your so-called “nest egg”. Put as much money as you can afford towards your 401k plan, and at the very least, try to contribute the maximum your company will match.
(ii) Postponing saving money for college funding. Many people make the mistake of counting on financial aid to pay for college, but the majority of financial aid funds come in the form of loans. In other words, this is money that needs to be repaid (usually after graduation).
(iii) Buying inadequate life insurance. The only thing worse than paying for inadequate life insurance, is not having any insurance at all. Life insurance is very affordable, and can make all the difference in the world for the child of a life insurance policy holder. Funeral expenses are never planned for, but with life insurance these fees will be much more manageable.
(iv) Failure to create a will. When a parent passes away without a will, the state will often determine the well-being of the children, and often who will manage the estate’s financial situation. At the very least, it should be known amongst immediate family members what the deceased wish’s are, so informally write-down a will and talk to family members.
(v) Overlooking the need for disability insurance. Too often people are injured in accidents that don’t claim their lives, but leave the victim in a disabled condition. Plan to insure yourself for around sixty percent of what your income currently is.
Get more financial information, including info on the American Express Centurion card and the Visa Black Card, by visiting DebtConsolidatedLoan.org.
Article Source: Five Common Financial Planning Mistakes
Mar
9
Things You Can Sell Online
Posted In: Personal Finance
If you’re looking to make a little extra money and you need it quickly, then one of the best ways to get a quick injection of cash is through selling things online. Fortunately you can sell literally anything online thanks to sites like eBay and Amazon. However there are some items that already have an infrastructure in place and dedicated sites that makes selling online particularly easy as a way to make some extra cash. Here the owners of the site will buy the items themselves and sell them on to others in the industry to make their product, thus saving you time, the money involved in placing adverts and the effort involved in writing descriptions. While there are many different buying and selling websites for different items and industries, what’s available to you will depend on your country as otherwise you will face large postage costs and foreign currency. However there are some buying and selling services that are popular enough that you can find them in almost any country. Search for the following in your area:
Mobile Phones – Many sites buy and sell old mobile phones or break them down for parts which again means you should easily be able to find a buyer for yours. There’s no use in having old mobile phones as the modern ones can easily outperform them. Yet many of us still have old Nokia 3210s and Samsung’s hidden away in the bottom of our drawers. This way you can turn that tendency to hoard into a chance to earn.
Envirofone, mopay and fonebank are some examples.
Gold – Gold jewellery is an obvious thing to sell as it’s what currency is based on. Whether it’s melted down or kept in its original form as jewellery it will always retain its value. It makes sense too as almost everyone has spare jewellery in their home that doesn’t get used so it’s easy to find and probably won’t be badly lost. If you live in Canada then you can also find sites that will buy any gold jewellery.
Writing – On the internet ‘content is king’, that is to say that websites thrive and fail based on how much writing they have on their sites. This means that there are lots of individuals working as freelance writers and lots of sites set willing to buy that writing. If you happen to have some articles or old school essays on your computer you might be able to get some cash for them through sites like iwantyourwords.com and constant-content.com.
DVDs and CDs – Again DVD and CD collections are the kinds of things that tend to build into large collections. This means that there are always those on the look out for particular disks, and always spare DVDs and CDs to be sold. Cashforcds.com, secondspin.com and spun.com are all examples of sites that let you sell old CDs and DVDs, but you can also try selling your DVDs and CDs to rental shops as rental disks. Many sites that buy CDs directly will allow you to type in barcodes to work out how much all your items are worth together.
You can sell gold in canada on author’s site and get money for gold.
Article Source: Things You Can Sell Online
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