by Andrea Carson | May 24, 2023 | Finances
One of the great benefits of online banking is automatic bill paying. Your bills are paid automatically on a preset date each month. A checking account or credit card can be used as a payment source. If you struggle to pay your bills on time or can’t find the time to deal with your finances, automatic bill paying is one possible solution.
It’s comforting to know your bills will be handled each month with a minimal amount of effort on your part.
Automatic bill paying has several advantages:
- Your credit score might improve. Many people find that their credit scores improve after a few months of paying bills automatically. Late payments should be a thing of the past, provided you adequately fund your checking account. Late payments are a primary cause of lowered credit scores.
- You’ll save money. Paying your bills on time means a few late charges. It also reduces money spent on checks, envelopes, and stamps. How many times have you been unable to find a stamp at home?
- Automatic bill paying saves time. You won’t need to sit down and make time for bill-paying activities. Though it’s not an excuse to put your bills out of your mind completely, you’ll spend less time and energy worrying about paying them.
- It benefits the environment: no more paper bills, checks, or envelopes. You’ll have less impact on the environment and save a few trees. The mail carrier won’t burn gas to deliver your payments, either.
- Identity theft continues to be a significant issue nationwide. While taking care of business online isn’t foolproof, far more effort is needed to keep your financial information safe. Sending snail mail with your account and credit card numbers available to credit thieves is always a risk. There’s a lower risk of identity theft.
There are many advantages to paying your bills automatically. Unfortunately, there are a few disadvantages, too. Consider both before making a final decision.
Consider the disadvantages of automatic bill paying:
- It can be challenging to stop payments. Automatic payments set up with your bank are usually easy to control. However, automatic payments set up with a credit card or with the merchant can take a lot of work to stop. Be sure to investigate the process for ceasing payments. In many cases, written notification is required.
- Excessive credit card debt. If you’re using a credit card as your auto payment vehicle, you can quickly rack up a lot of debt. Keep your eye on your balance and pay it in full each month.
- The costs can be higher. Most automatic bill paying services are free or very inexpensive. However, some do charge high fees. Some merchants also charge high fees if you want to pay your bills automatically. Be sure the costs are reasonable.
- A need for more awareness. Do you know how much your bills are each month? Can you ensure you have enough money to cover the bill? When your bills are paid automatically, you may lose awareness. Review your bills and your bank account balance regularly.
There are a few disadvantages to auto bill paying, but the benefits outweigh the risks for most. Time and money savings are significant advantages over paying your bills manually.
Maintaining awareness of your bills and the balance of your payment vehicle is crucial. Spend a couple of minutes each week monitoring the situation.
Automatic bill paying can save time and money and improve your credit score. Consider adding this helpful tool to your financial tool belt.
by Andrea Carson | May 3, 2023 | Credit Cards, Uncategorized
Credit cards come with several hidden benefits. Are you aware of some of the perks of using your card? Credit card companies offer multiple bonuses to help you get the most out of your card.
Check the terms of your credit cards for these benefits:
- Roadside assistance. Did you know credit cards often offer roadside assistance similar to AAA?
- This perk varies considerably based on your credit card provider. Companies either offer free service or a paid service. You must carefully check the policies as you sign up for this perk.
- If you’re stranded and need help, roadside assistance can rescue you.
- Longer warranties. Your credit card may extend your warranties. Did you purchase an appliance or electronic device with your favorite credit card?
- Protection from cancellations. Did you miss your concert or play? Credit card companies can refund the money you spend on tickets. However, you have to use the card to make the initial purchase.
- Even if it’s your fault you missed an event, you might still get a refund. Some carriers only provide this service, so check your card before you claim this benefit.
- Exclusive access while you travel. The fancy airport lounges can be yours if you have the right card.
- Credit cards can offer you the chance to stay in the best airport lounges and hotels at no extra charge. These exclusive offers vary greatly based on your card, but many will grant you special access. Enjoy a unique cocktail or appetizer while you wait for your next flight.
- Extra help while you travel. The lounges are just one travel benefit. If you have an emergency while you’re traveling, credit cards can help you. They offer services such as insurance to help you if your luggage disappears or your phone is lost.
- Companies can offer assistance in several ways. They may replace the luggage or send you money so you can replace it yourself. They may also help you track down the bags.
- Replacing stolen items. Was an item you purchased stolen?
- If one of your purchases is stolen, credit cards can help you. You can report it to them if you paid for the item with a credit card. This will vary by provider, so check your card.
- Items that can be replaced vary from electronics to furniture. However, only some things are covered. For example, stolen food is covered by only some cards.
- Help return items. The sweater you purchased is too pink, and the shoes are too tight. Your credit card can help you return these items.
- If the person or business refuses to return the items, the credit card will refund it anyway. This is done within 90 days of the purchase.
- You must save the receipt and tags to ensure everything is covered.
- Credit cards limit how much money can be refunded, so costly items are usually not covered. In addition, some things like food may not be a category that falls into the help section.
Credit card perks are often hidden in the fine print. However, you can benefit significantly by being aware of these benefits.
by Andrea Carson | Feb 15, 2023 | SAVE MONEY
For businesses, the time value of money is a crucial financial factor. Inflation, risk concerns, prospective investment returns, and loan interest influence business decisions. In essence, you contrast the worth of the money you have right now with the relative importance of the money you will receive or spend in the future.
The following are the steps you should take if you want to save time and money at the same time:
Lead By Example
A potent instrument is a social influence. Setting an example for your company’s other employees is one of the finest methods to help it save money. If you’re careless with money, your coworkers probably won’t be either.
For many businesses, meetings are a productivity and financial drain. Harvard Business Review notes that problems arise when meetings are planned and conducted without considering how they may affect group and solitary work time, problems occur. By default, groups frequently wind up compromising either their own needs or those of others.
When meetings are appropriately conducted, projects advance and your business expand. But when done incorrectly, meetings become a pain for your company. A technique Amazon uses to make sessions short and fruitful is to reduce the number of attendees. They operate under the maxim that only a few people are present if it takes more than two pizzas to feed everyone.
Ditch conventional marketing methods
Running advertisements on TV and in print is expensive. Instead, use inexpensive marketing strategies. Innovative digital marketing techniques are also affordable and have high potential rewards. For instance, six hours a week is all it takes to do efficient social media marketing, and setting up a Facebook and Twitter account is free
Take into Account Working from Home
The advantages of remote labor are numerous. First, people are increasingly choosing remote work because it offers a better work-life balance. Also, the company has financial benefits, such as a more adaptable workforce and lower office space expenditures.
Improve the Comprehension of Your Audience.
You will only save money on all levels of your business if you know who your customers are and what they want. You’ll produce inferior goods and waste money marketing to the incorrect demographic. Instead, identify your “buyer-personas” and then incorporate them into your business plan to give them something of value.
Purchase Goods in Bulk
You usually purchase anything in bulk, which results in lower prices. Buy in bulk to save money unless you are a new business worrying about short-term cash flow. It would be best to buy anything you frequently use in size to save money for your business. Think about smaller expenditures like stationery up to larger ones like software and corporate laptops.
Shop Around for the most excellent price.
It’s frequently a good idea to haggle for a lower price. This could apply to software services, catering services, or your internet service provider.
Of course, bargaining is an art in and of itself. Think about the goods and services your company utilizes and how you might effectively haggle with suppliers to get a better deal (while retaining a good relationship with them.) If you’ve never done anything before, start gently and take advice from the experts.
Cease Paying Underperforming Workers.
A worker must be efficient in their position. If not, think about either of the following options: End their contract or put more effort into assisting them in improving their performance. Overly sentimental behavior will only benefit your company and positively impact other staff members’ morale.
Have Perks Instead of benefits
Instead of offering employee benefits, perks may be more cost-efficient and valuable. This is because, when appropriately used, bonuses can be viewed as having a higher value than comparable benefits. The utility and perceived thoughtfulness are frequently where the value lies.
Free munchies or Spotify subscriptions are two instances of this. They might only incur a tiny expense for the company, but they give employees a greater appreciation than a pay increase would.
by Andrea Carson | Feb 8, 2023 | Finances
Before discussing managing your finances, let’s consider what prevents you from becoming financially independent.
Are you struggling with your debt and attempting every option? Does having financial independence suddenly seem more like a luxury? Debt freedom is a relatively easy thing to obtain. The appropriate attitude and a few fundamental adjustments are crucial. Do you need more than your day job to cover your costs? Taking up side jobs could significantly increase your income. Amass enough wealth to grant you a happy existence. Making ends meet is relatively easy.
Your way of living and careless spending habits break your back and send you into debt.
It’s essential to comprehend what hits you and leaves you with enormous debt if you want to learn how to rule out financial responsibilities.
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Not establishing clear financial goals
How do you intend to maintain your financial situation once you retire? You are completely lost without a clear objective to pursue. There are occasionally unanticipated costs. The only thing you have is savings. Regardless of the conditions, it is necessary to tuck away a percentage of your salary as savings. Creating an emergency fund is also beneficial.
The objective is to make your future seamless. Invest your money in strategies and tools to give you a decent return. Decide on the amount you want to accumulate after a specified period. Setting a goal beforehand makes managing your money easier.
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Failure to pay off consumer obligations on time
Do you have many expenses to pay? Credit card debt can accrue more quickly than you might imagine. Are you juggling the payments on your loans, mortgage, and auto loans? The most excellent solution for you is to pay off the obligations on schedule. Of course, paying off all of your debts can be overwhelming. But the more you wait, your interests will compound and grow. If you want financial independence, paying off your obligations as soon as possible should be a top priority.
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Changing your lifestyle without thinking it through
Gaining more money doesn’t suddenly make you luxurious and wealthy. The desire to adopt a healthier lifestyle might be overwhelming. Now that you have the money to buy a luxury car, are you delighted to spend a lot on it? Giving yourself a little something as a sign of appreciation for yourself is not wrong. But, the benefits of leading a comfortable and modest life will bring you greater rewards in the long run.
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The worry of falling behind on trends
Do you enjoy keeping up with the latest fashions and social media trends? Not good if you spend carelessly to keep up with the Joneses. You risk your future and burn a deeper hole in your wallet. Expensive purchases, exotic trips, and opulent comforts will temporarily satisfy you. Before writing those extensive checks, pause. It might open the door to a possible tomorrow.
You need to tighten your belt enough. Know exactly how much money you are saving now and how much you want to save in the future. Saving more money makes you great with deep silk pockets. Create a practical post-retirement plan, automate your payments, and invest in money-making opportunities.
