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Knowing how your money regulates nowadays is very important if you are the type who would like to cut back on as many fees as you possibly can. Simply because for the savvy type person, prepaid debit cards or regular bank debit cards each has its own edge. And by understanding them and the fees that come along side it, you can be saving much more than you may have imagined. A prepaid debit card although often time is regarded as the card with the highest fees, it is not true to say that it is not the way to go because like I said, each type of card has its benefits and its flaws, and by learning them will you better your self in making cheaper, wiser money decisions, but more productive ones. First lets slowly dismantle what a prepaid debit card is and what its uses are for.
Benefits of Prepaid Debit Cards
Prepaid debit cards are most often used by college students. Reason being is because it doesn’t require parental consent. Meaning, unlike the regular bank debit card — a college student lets say, doesn’t need a parent’s approval for him/her to open their very own prepaid debit card. Also, another reason why most students go with the prepaid debt card first is because they don’t have to risk going deep into debt, high interest payments, or late fees, with the additional convenience of not having to drag around real cash where ever they go. Second, another nice aspect of the prepaid debit card is that no matter how bad their credit score is, they cannot be turned down when wanting a card. However, like with most cards, there are some flaws that come along side it. But first, lets sum up all the benefits of the prepaid debit card all in one neat list.
New college students have a lot to learn about life on their own. Unfortunately, the majority of university newbies have had minimal experience dealing with money, which is why it's often a major source of stress for them. It’s hard to suddenly live on a set budget if you have never done so before.
As a result, many kids have problems managing their cash wisely and can end up spending much more money than they have and then borrowing unnecessarily – often without parents’ knowledge.
Teach your student how to maintain a budget. If they’re getting a chequing account for the first time, show them how to balance their chequebook and record their transactions to avoid bouncing cheques. While you might still do this by hand they’ll likely be more comfortable using Quicken or colourful cash management sites like Mint.
Taking stock of your portfolio once a quarter isn't a bad idea, especially with recent volatility in the market.
Patricia Lovett-Reid
Despite what I do for a living, I don't sweat over my portfolio every day. I have an investment plan, based on my goals, my investment horizon and my risk tolerance.
I may not check its status every day, but my portfolio does get a regular checkup.
I recommend rebalancing your portfolio at least once a year, but taking stock once a quarter isn't a bad idea either. We're only halfway through the year and look what's happened:
* The TSX Composite dropped 16 per cent from Dec. 31, 2008, to its low on March 9. ....
Spend like there's no tomorrow or save till it hurts? Now that the recession is here, once free-spending Canadians have made the shift to thrift.
Patricia Lovett-Reid
Before this current recession started, Canadians were on a shopping spree. We bought cars and cottages, we spent on renos and restaurants, we bought new furniture and the latest fashions. As a result many of us became over extended with debt and saved too little. Now that the economy is in a recession, this period of consumerism has ended.Now, we've become thrifty. The household savings rate rose to a six year high of 4.7 per cent by the end of 2008. It's important to put this statistic into context. The 1960s where characterized by relatively low and stable inflation and the personal savings rate averaged 6.7 per cent. It soared to a peak of 20 per cent in the 1970s and '80s as economic instability prevailed along with rising inflation. The Bank of Canada put inflation in its crosshairs and created a greater sense of certainty around future income and purchasing power. The need for precautionary savings decreased as did the savings rate.
Deciding to get out of debt is easy; actually getting started is a bit harder. But the real test is sticking with your plan. Here's what makes an effort succeed.
Debt is persistent. You may have noticed that. Debt has a sticky quality, like gum that gets in your hair.
The harder you try to get rid of it, the more of it there seems to be.When you dislodge a chunk, you can't believe how much is still left and how hard it is to clean out.
If anyone knows this, it's me. Not only have I been in debt and clawed my way out of it, I've spent the past eight years writing about debt from just about every angle:
* How I fell into that hole and my struggle to get out. ....
Your credit card statement is more than just a bill. It's an important document that can make or break your credit standing. While it's easy to ignore the information contained within it, taking a few minutes with your credit card statement will help you stay on top of your debt. Understanding and monitoring the following five items on your credit card statements can help control your use of credit. Credit Card Balance
Knowing your full balance due at all times will help you determine whether or not you can pay it off within the grace period and, if not, how long you can expect to take to pay your debts. Not knowing your balance can leave you susceptible to such problems as exceeding your credit limit, incurring additional fees, and paying more interest. Credit Limit
The following signs will help you determine whether or not you have a debt problem: Over the Limit
Many credit cards charge fees for spending over your credit limit. This will make this month's balance larger than last month's. If all of your credit card balances are greater than 80 percent of your credit limits, consider this a danger signal. Too Many Cards/Too Much Debt
As a general rule of thumb, you either have too many credit cards or you are carrying too much debt if it seems you cannot pay off your combined credit card debt within one year. When was the last time you had a zero balance on your credit cards? Out of Money
