Bank accounts are a virtual necessity in the modern world. Unfortunately, banks know this. They know exactly how much you need that bank account, and they can take advantage of this need by charging a ‘service fee’ for every indulgence and any small mistake you might make. The good news is that once you are aware of where these fees come from, you can generally avoid them.
A large portion of bank fees every month are due to using ATMs. Specifically, ATMs that are not within your bank’s network. You can be charged anywhere from $1 to $3 for a single transaction. Sometimes, you’ll be charged this fee twice — once by the ATM network and once by your own bank. That could mean as much as a $6 charge for taking out $20 from some random machine. Instead of visiting whichever ATM is closest, take the time to know where your bank has its machines. If at all possible, use only these machines, avoiding the costly ATM fees.
Another source of fees are overdrafts rates and insufficient funds charges. Saving money on these things seems simple, but it can be hard to avoid these fees if you're used to running an overdraft. Many people use overdraft in order to avoid insufficient funds charges, but in the long run, this too costs a great deal of money. Save yourself both fees and make sure you always have enough money in your account to cover any check or debit charges. If you have a recurring payment that comes out of your account, absolutely make sure the money is there. If it isn’t, some companies will try to take the money two or three times, and the fees associated with the “NSF” incident will add up to an astronomical amount.
Take a look at your banking plan. Most banks have several to choose from, and it’s up to you to choose the one that is right for you. If you hardly use your bank account during the course of an average month, then the bottom-of-the-barrel account might be right for you. However, if you tend to make many transactions during the month, both self-serve and at the teller, you might be better off considering an all-inclusive service package. Discuss your options with your bank manager, and don’t be afraid to change your plan if it isn’t working for you.
If you don’t like the services your bank offers or the fees they charge, change banks. There are many options available and you can generally get a very good rate by transferring your account to another institution. There are many low-fee or no-fee accounts out there, so shop around and look for the best deal for you and your financial habits. The money you'll save can make the hassle of changing banks and resetting your automatic payments well worth it.
Unless you are an avid saver, avoid bank accounts that promise to reduce or waive fees if you keep your bank account at or above a certain balance. This minimum balance is usually from $1000 to $3000, so unless you really believe you’ll have that much money just sitting in your account, shop around for a lower-fee bank account. Otherwise you’ll be paying a higher fee for a very long time, and it's almost never worth it in the end.
In the end, the only way to avoid additional bank fees and charges is to be aware of your spending habits and know exactly what fees you'll be charged and when. If you are responsible and conscious of your own finances, you should be able to reduce or eliminate most bank fess most of the time.
Coupons are a way of life for many families, especially when the economy is down. And one of the easiest ways to find coupons is to search the internet, select the coupons you want, and print them off. You don't even have to leave your home, or purchase the Sunday paper with hopes that you'll find some useful coupons. Online coupons are a simple and easy way to save a little money. However, sometimes at checkout you’ll find that stores will not accept the coupons you’ve printed at home. At this point you’re forced to either put the item back or pay full price. This can be frustrating, but it is also avoidable in many cases.
After the counterfeit coupon incidents of 2003, which resulted in huge monetary loses, many retailers stopped accepting online coupons altogether. It wasn’t that retailers and manufacturers wanted to walk away from online coupons. They understood that eventually there would be a need for this service. They simply needed time to come up with an executable plan to ensure that coupons from online sources were legitimate.
Manufacturers and retailers partnered with reputable coupon sites in order to solve the problem of counterfeit coupons. If you want your local store to accept the coupons that you print off your computer, you’ll have to use these same sites. Two legitimate sites are Coupons and SmartSource. These are both US sites. If you're interested in coupons for other areas, you can enter "printable coupons" or "free coupons" plus your country or city into most search engines and get several results. You can also go to a manufacturer’s website for specific coupons. Never purchase coupons from an online auction site, as they are likely to be counterfeit. As a general rule, if you have to pay for a coupon, you should be immediately suspicious of their validity.
Legitimate online coupons are required to have certain information. The will all include a scannable bar code, an expiration date, the manufacturer’s address (for the retailer to remit the coupon), and standard terminology such as “one coupon per customer.” The exact terminology may differ, but there should be some conditions on the coupon, even if it’s only “no photocopies accepted.” If your coupon doesn't have this information, assume that it cannot be used at most retailers.
Even if you’ve obtained the coupons from a legitimate source and the coupons contain all required information, an individual store still might decide not to accept your coupons. If you are worried about your coupon not being accepted, there are some steps you can take before you’re left standing at the checkout.
Once you’ve printed your coupons, do not clip them out. Leave them on the full sheet of paper, and make sure the URL is visible either at the top or bottom of the sheet. This way, the store manager or clerk can see the name of the website where you obtained the coupons. Often the manager will be familiar with the website but not the individual coupon. This can go a long way towards having your coupons accepted.
Before shopping, stop at the customer service counter and get your coupons approved. Ask for the store manager if you have to. If asked in advance, most store managers will err on the side of the customer and allow the coupons. Make sure you get the name of the manager, just in case there’s an issue at checkout. You might even ask the store manager to sign the coupon sheet as verification that he or she approved your coupons in the first place.
If you’re shopping at a large chain of grocery stores, take a few moments to contact the corporate office. You can generally find contact information on the company website. Ask to be provided with a letter that outlines corporate policy on accepting online coupons. Most companies do accept them, so a letter should be easy enough to obtain. Alternatively, you might be able to find such information directly on the corporate website. Either way, print out the information and bring it with you when you shop. You can then show it to clerks and managers as proof that the company does indeed accept online coupons.
With food prices on the rise, online coupons are becoming increasingly popular. It only makes sense to do your best to ensure that your coupons will be accepted by your local retailer. Visit only legitimate sources, don’t clip the coupon, and seek prior approval if you’re in doubt, and you should have no trouble when it comes to using your online coupons.
A monthly spending plan is similar to a budget in many ways, and can be crucial in managing your family’s finances. If you want to make budget shortages a thing of the past, then you should consider implementing a spending plan to allocate your financial resources and track where every penny goes each month.
Before you can begin creating your spending plan, you have to know exactly how much money you have to work with. Calculate your total earnings, after taxes, so that you know what your income will be. Only include income that you know you can count on.
Compile a list of your monthly expenses. Take everything into account, including your rent or mortgage, utility costs, car payment or transportation, debt repayment, entertainment, and any money you might spend on hobbies. Don’t forget to include the cost of food for yourself, your children, and any pets you might have. Any expense that tends to occur every month should go into this category.
Subtract your expenses from your income. This is the amount of money you’ll have left over after covering your monthly payments. Take a look at the month ahead and see if you can predict any expenses that do not occur every month. These expenses might include car or home repairs, dental or medical expenses, trips and vacations, gifts, social events, or clothing. Subtract these expenses as well, and take a look at the amount you have left over.
The remaining amount is called your ‘cushion.’ This is the money that would be available in an emergency in any given month. As a general rule, you should have 10% or so of your monthly income left after all expenses. If no ‘emergency’ expenses arise, you should save this money, slowly building up a savings account for you and your family.
But what happens if your spending plan ends up on the negative side? Or you don’t have a cushion? You’ll have to rework your plan. Take a look at your expenses and see if there are any areas you might be able to cut back in. While you probably can’t do much about your mortgage or rent, other expenses may be well within your control.
If cutting back doesn’t do it, you may have to find a way to increase your income. Perhaps a new job or taking on a second job will do the trick. Use whatever method you think will allow you to come up with a balanced budget that will get you through the month.
Once you have your monthly spending plan, it’s time to get it to set it in motion. This isn’t always as easy as it seems. Staying on track throughout the month can be challenging, but there are several systems you can use to try to control your own spending and follow your plan.
Many people find using envelopes a useful solution. Take a look at your budget and divide it into categories such as food, rent, entertainment, gifts, transportation, and so forth. Gather a few envelopes and label them with these categories, then put the money for each category in the envelopes. As you go through the month, you’ll spend the money in your envelopes. When an envelope is empty, you have nothing more to spend on that category. For example, if you want to go out to see a movie, but have nothing left in you ‘entertainment’ envelope, then you don’t get to see the movie. This is a simple and effective way to make sure you stick to your spending plan.
For those who don’t like cash, you can use your own bank account to track your spending. However, you have to keep very careful track of your purchases. Consider keeping a notebook or spreadsheet detailing your spending. The same rules apply here as with the envelopes: once you reach your spending limit for a certain category, you can’t spend any more. This method does take a little more willpower than the envelop method, and it is quite easy to overspend.
A monthly spending plan is a useful tool for controlling your spending. Make sure you plan well in advance for larger expenses, and track every penny. Also remember that no two months are the same. If you need to adjust your financial plan each month, feel free to do so. The point of a spending plan or budget is to help you cope with financial reality, not lock you into something that is unrealistic.
For families with children, the coming of winter can also mean the emptying of the pocketbook. Children need snowsuits, mitts, hats, scarves, boots … the list goes on and on. For anyone on a budget, purchasing all these items at the beginning of each winter season can be a devastating financial blow. However, there are some ways to make affording children’s winter clothing just a little easier.
Start by making a detailed list of everything your children need. If you don’t have a list, you might end up purchasing more than your children actually require. Some common items to put on your list might be: coat, boots, snow pants, hat, mitts, and a scarf or neck warmer. If there are other items your children need, such as new sweaters and long pants, add those to your list as well.
Check the items you still have from last year. While it’s true that perhaps last year’s snow pants are too short and the boots too small, you might be able to reuse hats and mitts, and a scarf will usually last at least a couple years. If you find you can reuse any items, cross them off your list.
Make a master list of your children’s sizes and add this to your list of items you need for each child. Keep this list with you at all times. Then head out and look for sales and discounted items. Many stores will have sale racks, and you can sometimes find new items of good quality for up to 75% off the original price. This is a bargain, especially for coats, boots, and snow pants.
The best sales will be at the end of the season. Come spring, purchase whatever you can to store away for the winter months. You know your children, so guess what their sizes will be come the winter. It may seem unorthodox to shop for winter clothing in the spring, but that’s what you’ll find the best deals on all items.
Check out your local thrift shops and consignment stores. Most cities have stores that specialize in used children’s items, and these shops can have some items that are in excellent condition. Shop early in the season in order to ensure that you have the best selection. After you purchase your items, try to keep them in the best condition possible. When it comes time to get rid of this same clothing, once your children have outgrown it, you can usually take it back to these same shops for store credit or maybe even cash. Shops will usually pay more for items in good condition.
Consider purchasing separates instead of entire outfits, for both outerwear and everyday clothing. Jackets and snow pants are often sold as sets, but many children require a slightly different size on the top and bottom. If you buy a set, you may find yourself halfway through the winter and needing to purchase a new pair of snow pants, or a new coat. This cost is easily saved by purchasing items that will last the entire winter.
If you know other parents who are looking to save some money, organize a clothing swap. This way, everyone can bring what they no longer need, and trade with parents who possess items their own children can use. You can even advertise your clothing swap to attract more people, as this will increase the chances that you will find what you need.
Keep an eye on eBay and other auction sites. You can often find very good prices on some very nice items. Also, some stores have websites where they offer special ‘online only’ deals. Don’t overlook the possibility of saving some extra money by shopping online. You may want to check out your local classifieds as well, which are usually located online. You never know when someone in your area might have something you need.
Children’s winter clothing can be expensive. Look for ways to cut this cost. Try reusing, purchasing used items, and hunting for bargains. If you look long and hard enough, you’ll find you can save a considerable sum when shopping for seasonal clothing.
