Archive for the ‘Personal Finance’ Category

Tips For Opening A New Bank Account

Saturday, October 22nd, 2016
Opening a new account

Tips for Opening a new account

Opening a new bank account is not just about showing your photo ID and bringing in cheque or cash to deposit. There are many things to be considered while opening a new bank account. If you don’t take care while opening a new bank account, you might have to pay lots of fees for various reasons, or you might have to suffer from slow transaction issues or any such things. Hence it is very important to make proper research before you opt for the decision of opening a new bank account. Here are some of the things which should be kept in mind wile opening a new bank account.

  • Compare various institutions

Don’t assume that if a bank has well-known name and reputation in the market, the services it offers would be best only. You should make your own research and see various features of all different banks and compare them with one another. Also see what kind of account you want to open and what will be the actual use of the account. Check all the banks before opening a new bank account and then decide which one offer highest benefits, better service and lower prices and take your final call.

  • Check the fees

Majority of the banks now offers free checking. You just need a simple account with few privileges of cheque writing and mostly ATM access, and then you can have a free account. There are certain banks which limits the visits of local branch with free account. If you think you might need to visit teller many times a week or month, then you might search for bank which provides free services for it that too unlimited times. Many banks also have a limitation on the number of withdrawals per month from ATM. If your use of ATM is extreme then you cannot open a new bank account with such bank. Sit back and evaluate your usage of different things and go for a particular bank while opening a new bank account.

  • Minimum deposit needs

There is some of the bank which does not have minimum deposit needs, while there is other which do have these need. Apart from minimum deposit, there is also policy of maintaining certain amount of money in bank. Before opening a new bank account, check whether the bank you choose has any requirement or not. If yes then how much is the balance to be maintained and also what will be the consequences if not maintained. Certain banks will close the account if it falls below the limit or certain banks will charge some fees every month from your account if balance drops the specified limit.

  • Account type

Every different type of account will have different needs. If it is a student account, then need will be different and probably more simple and liberal. If it is a business account then it might have more fees as compared to that of student. Thus see which category you fall in and check type of account before opening a new bank account.

Tips To Manage Your Money Wisely

Tuesday, June 14th, 2016

managing moneyManaging your money can seem like way too difficult thing but you feel like because you haven’t started managing your money. Managing your money is not at all difficult; the difficult thing is to start this process. In today’s time managing your money is quite easy by careful budgeting, paying attention to your income and expenses along with saving. Focusing on these important things will help you to manage your money in just and equitable manner. Here are some of the essential tips to manage your money.

  • List down your guaranteed monthly income

You must have exact idea about how much income you earn per month. This is very important for managing your money. If you want to manage your money wisely and want to make some savings then you should hide some of your incomes. Don’t include surprise income in your guaranteed income. Don’t include overtime salaries, bonus, tips or anything else which is not guaranteed. List down only those incomes which you and which are fixed. This will give you an exact idea as to how much money you are availed to spend each month and it will allow you to draft an exact and accurate budget. If you want to manage your money in best possible manner then include this additional money in your savings or you can include this in an emergency fund. This will help you to combat those surprise expenses which can come at any time.

  • Have a track on all your expenses

Always collect all your bills and keep it as it will help you to keep exact record of your monthly expenditures.  By storing them you will also get an idea of your spending habits. This will be a great help in managing your money. If you are into online banking then you are availed with the facility of getting to know your credit card activity. Most of the banks also differentiate these expenses by type like groceries, gas, rent, food etc. If you are spending anything in cash then you can keep the receipt or you can also note down the expenses of the things you bought. This can help you a lot in managing your money.

  • Break your expenses

This is the best way to manage your money as it can help you to decide where you can save your money and where to expend. You can divide your expenses into essential, non-essential and fixed expenses. Fixed expenses are those which do not change from month to month but remains fixed and has to be paid. Fixed expenses include expenses like rent, loan payments or mortgage. Essential expenses are those which you need in day to day life but its utilities and consumption change from month to month. Essential expenses include food, transportation and such other things. Non-essential expenses are those are not compulsory or even necessary. It includes expenses like movies, shopping, hobbies, dining out, drinks with friends and such other expenses. This is the best places where people can manage their money and can save part from this.

Important Things You Must Have In Your Checking Account

Saturday, July 25th, 2015

Checking AccountIn this fast running life, people don’t have that much time to go and do every banking thing. Supply of time is in short in this speedy life. So, most of the people prefer to have every possible thing which can help saving their time and give them the best possible facilities. Foe regular banking we use our checking account and there are many such things which you need to have in your checking account but you are unaware of those things. Here are some of the things which are very important and useful which you must have in your checking account.

  • Take the utmost advantage of automatic payments

Many of the times we forget to pay our bills on time and for that we need to suffer a lot. If you are such kind of person, then you can try out automatic bill payment system. There are certain bills which are recurring in nature. Set up an automatic bill payment system through online bill pay and make sure that your bills are paid on time without any hassle and hindrance. You can be free from many tensions and worries because of these feature in your checking. Stress like lost of check in transit, lost of check in mail, stamp requirements and spending time for all this payments are removed from your schedule by keeping this facility in your checking account. It is also very helpful in such cases when you are away from your home or you are in travel and still your bills are paid on time.

  • Keep a track on spending with online banking and alerts

Considered to a very efficient way for keeping an eye on the spending you do by keeping a alert on mobile banking. The process is very easy; you just have to sign in your checking account through your laptop or computer or even through your mobile phone and see all the details of your spending. You can get rid of paper work or mailing by electrically paying off your bills with your checking account. Many banks also have a system of giving a mail alert or SMS alert when there is falls of funds beyond a specified limit. They also give same alert when you have given a check and it is cleared from your account.

  • Secure yourself

There are many banks which possess features which help to overcome certain security issues. They have certain features which prove to be very useful when your debit card is stolen away or lost. It helps you save from these situations. These security characteristics are there on the card itself such as photo ID proof.  It also gives security if there is any fraud transfer or any fraud transactions. You can ask your bank where you have your checking account for extra security features.

  • Set up direst deposit

The simplest and easiest thing you must have in your checking account is to set up a direct deposit. By direct deposit of funds your money is very safely and securely transferred without any of your effort.


How to manage your own finances

Wednesday, September 4th, 2013

manage your financesManaging your own finance is the most important thing that one should take proper care of. Until and unless you manage your own finances properly, you will find it difficult to make both ends meet at the end of the month. Many people complain that their income fall short very month to meet their demands and they don’t know the reason. The main reason is the inability to manage their own expenses properly. Managing your own finances is not a very difficult task and you can it do on your own if you follow few simple things.

At the very first make a list of the fixed expenses of your month. Now you must be wondering what is exactly meant by fixed expenses? Fixed expenses include monthly installments to be paid for any unsettled loan, payment of electricity and telephone bill, school fees of your children, etc which you have to pay every month. It is advisable that once you get the salary, mane separate envelopes and put the amount designated for each of the expenses in separate envelope. This will prove to be really helpful because in this way you will never fail to pay these amounts. If there is any fixed medical expense towards any of your family members, also separate the amount for it so that you don’t face trouble later on.

After you have done all these, you take a look on the remaining amount left with it. Depending on that you can plan how to expend in the rest of the month. If you have enough amounts, you can very easily lead the other days of the month lavishly. However if your budget has fallen tight due to sudden increase in fixed expenses, you must lead the other days in a planned way so that at the end of the month you don’t have to lend money or take a loan to make both ends meet.

Three Steps on Personal Finance Management

Saturday, May 19th, 2012

Personal Finance Management, Finance ManagementManagement of money is a very important aspect of our lives. You will need to manage your finances in every step of your life. People who take finances lightly either face a lot of trouble in future or simply end up as hippies. If you do not want to face either of those situations, you need to follow three simple steps important for finance management. Firstly, you have to make the correct choices with your finances. Before you make an investment, you have to look into the matter and consider all the possibilities.

You have to be careful with going into new ventures and a proper research in the field is important. Then you have to create a plan that is workable. When you are spending the money, you have to make sure that the ways of securing your financial position is always open. Never make an investment without having a back up plan. You need to save enough amount of money to secure your basic needs. Finally, you have to stick to the plan.