Within the vast billing network of your various goods and services, fees are affecting everyone these days. Banks, credit cards, mobile phones and even your retirement fund, for example, can siphon funds from you without your oversight. Make it a resolution now to look for the following hidden fees and gain extra money in your budget. There are many books about this topic, one of which is written by Bob Sullivan called Gotcha Capitalism.
Checking Account
The old checkbook is going the way of the horse and buggy, but not yet. Now is the time to scrutinize the monthly statement for service fees, ATM charges, even insufficient balance penalties. Often with either comparing other types of checking accounts that your bank offers or looking into competing institutions, there can substantial savings.
Credit Cards
Take all of your plastic out and do a survey. Which one has the highest interest rate? What are the fees on late payments or cash advances? This is a time where the intense competition between credit card companies can work to your advantage. Transfer funds to a lower interest account or begin to pay the highest one off first are two ways to tame the plastic beast. Compare fees from other companies and give your business to the card that serves you best.
Going Mobile
That super convenient mobile phone also conveniently sucks money out of your pocket. An assessment of your phone plan is necessary especially if you are consistently exceeding your monthly talk minutes. An upgrade to a new plan may be in order, and even if your monthly cost goes up slightly, the additional minutes may cover your overage fees. More importantly, get rid of excess add-ons that you don’t use. Text messaging is the mobile phone company’s best profit friend. If you don’t use it much, it’s an easy savings. And if you still find the costs too high check out alternatives such as Skype Mobile.
Fund Follies
The 401k plan can be your best ally for retirement savings. But first you have to interact with it beyond monthly contributions. Get together with the advisers that either your company provides or get in touch with the persons who sold the fund to your company: you can also do your own research through several websites including the Department of Labor’s employee benefits site. No question is too stupid and understanding the allocations is not difficult if you have the basic explanations. These advisers can also help you allocate your investments within the fund and provide knowledge on fees.
It should not be so hard to find out about the fee structures of your accounts but somehow it is made difficult - not transparent.
Knowledge has no fee… unless you go Ivy League!
—
Steve McDonald is a freelance writer and Prosper member since October 2007.
Wow, half the banks we knew and trusted last week are gone. This one bought that one, that one closed, the others merged and rest are waiting for a bailout that may never come.
“Don’t look now but there’s something funny going on over there at the bank George. I’ve really never seen one but that’s got all the earmarks of being a run.”
I think I’ve waited all my life to quote Ernie the Cab driver from It’s a Wonderful Life…I think it was worth it, don’t you?
A run on the bank…it sounds scary because well, it is. When the place we go to for money closes its doors, where does that leave us? Where do we put our money? Where do we borrow money? Recently, the headlines have been screaming it and I know it’s on all our lips…is this the next, new Great Depression? George Bailey where are you now?
I think I know but bare with me…I’ll get there.
I work in marketing and a few years back I was involved in the re-branding of this insurance company. We hired an outside firm to “re-think” what the brand meant to us and to our customers. We sat in a room for hours, listening to a ponytail-clad executive telling us how to “re-feel” the customer experience. But one thing stuck. After striking his best Abercrombie & Fitch pose, ponytail–boy asked, “If your company was a person, who would that person be?” And that’s how I know where George Bailey is today. Told you I’d get there.
Here it is. George Bailey is us…people and Prosper. If you don’t know what I’m talking about you can check it out at Prosper.com. It’s people helping people. Those who have – help make loans. Those who need - borrow. Pretty simple stuff; pretty amazing stuff.
Prosper harkens back to a time when helping individuals was part of what a community was all about. The old Savings & Loan concept is alive and well. People looking for loans from $1,000 to $25,000 can go to Prosper and appeal to the George Bailey in all of us as people bid on the amount and interest rate of the loan. Just people helping people…and all without a bank. As our “real life” run on the banks continues, Prosper and its members may be among the last, safe places to get a loan.
So, as banks fold and our faith in financial institutions fade, it’s nice to know there’s still a little bit of Bedford Falls out there. Like their slogan says, “Let’s bank on each other.” And, don’t worry. Like in the movies, things seem to work out in the end.
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Steve McDonald is a freelance writer and Prosper member since October 2007.
Within the vast billing network of your various goods and services, fees are affecting everyone these days. Banks, credit cards, mobile phones and even your retirement fund, for example, can siphon funds from you without your oversight. Make it a resolution now to look for the following hidden fees and gain extra money in your budget. There are many books about this topic, one of which is written by Bob Sullivan called Gotcha Capitalism.
Checking Account
The old checkbook is going the way of the horse and buggy, but not yet. Now is the time to scrutinize the monthly statement for service fees, ATM charges, even insufficient balance penalties.
Often with either comparing other types of checking accounts that your bank offers or looking into competing institutions, there can substantial savings.
Credit Cards
Take all of your plastic out and do a survey. Which one has the highest interest rate? What are the fees on late payments or cash advances?
This is a time where the intense competition between credit card companies can work to your advantage. Transfer funds to a lower interest account or begin to pay the highest one off first are two ways to tame the plastic beast. Compare fees from other companies and give your business to the card that serves you best.
Going Mobile
That super convenient mobile phone also conveniently sucks money out of your pocket. An assessment of your phone plan is necessary especially if you are consistently exceeding your monthly talk minutes. An upgrade to a new plan may be in order, and even if your monthly cost goes up slightly, the additional minutes may cover your overage fees. More importantly, get rid of excess add-ons that you don’t use. Text messaging is the mobile phone company’s best profit friend. If you don’t use it much, it’s an easy savings. And if you still find the costs too high check out alternatives such as Skype Mobile.
Fund Follies
The 401k plan can be your best ally for retirement savings. But first you have to interact with it beyond monthly contributions. Get together with the advisers that either your company provides or get in touch with the persons who sold the fund to your company: you can also do your own research through several websites including the Department of Labor’s employee benefits site. No question is too stupid and understanding the allocations is not difficult if you have the basic explanations. These advisers can also help you allocate your investments within the fund and provide knowledge on fees.
It should not be so hard to find out about the fee structures of your accounts but somehow it is made difficult - not transparent. It is one of the reasons Prosper is so refreshing – all the fees are easy to find, nothing is hidden.
Knowledge has no fee… unless you go Ivy League!
—
Steve McDonald is a freelance writer and Prosper member since October 2007.
If you are a first time loan seeker, whether for home, auto or any other personal need, what do you need to do or know? What do loan institutions look for when assessing potential borrowers? There are many sectors of your personal finances that you need to delve into before you start your loan search and here are a few good notes…
Know Your FICO
That’s your credit score and that’s where most loan inquiries start. No one can pull the report without your permission, so make sure all information is current/right and all errors corrected. Remember, the number of inquiries (if multiple) can actually make your score go down. So correct it and know it before approaching a loan institution. You can order for free credit report from AnnualCreditReport.com
Show Responsibility for Your Finances
Know your budget, the credit card debt, the monthly payments to other loans and every aspect of your personal finances. Be ready to present this in a one-to-one loan application face-off, as not to discount the human factor in showing preparation and good faith. If a loan officer thinks your application is credible, most likely you can get the loan.
Don’t Let Debts Accumulate
Pay your existing credit card bills and loan repayments ON TIME each month – this will help to show potential lenders that you are in control and more likely to make future payments. Better still, try to pay off any outstanding amounts on credit cards completely. Even in difficult credit card debt situations, there are solutions if you just keep communicating or negotiating with the card providers. Consumers with good credit can go to Propser.com and post a listing to consolidate their debt and often times receive a more favorable rate than most banks and credit card companies.
And lastly, as with presenting yourself for a job interview, make sure you put your best financial face forward before applying for a loan (and for goshsakes make sure there is no spinach stuck between your financial teeth).
—
Steve McDonald is a freelance writer and Prosper member since October 2007.
Are you still toting that faux leather booklet around, filled with your Care Bear checks? The days of that payment method may be numbered. With more and more on-line services offering non-paper ways to pay, why do things the old fashioned way (not to mention irritating postage and the time to mail a bill)? .
The Debit Card Virtually everyone has a ATM card (even my old Uncle Howard), why not also give it a debit function?
Styled like a credit card, it can replace the check book for general store purchases. Swipe it at the time of transaction, and the funds are subtracted from your designated account just like you’ve just written a check (without the withering stares of those waiting while you write a check).
A further advantage is now you have record at the bank of any purchase you make, in case of disputes or debit subtraction issues. Just keep track of your debit just like marking it in your check book (in fact, you can keep the check book to do just that!).
Using the Computer Most goods and services you use (utilities, cable/dish TV, store credit payments, etc.) have the means to log on to a website and pay with a fund transfer (either using your debit card or punching in your check book account numbers). They are protected by passwords and security systems, so read the privacy notices on each.
You can also set up online banking so that you can have checks issued directly from your bank. And you can set up the recurring payment methods so you have less worries about missing a payment. Also there are fund transfer services (PayPal, etc) that are convenient to use.
Doing the Environment Good As you move into the paperless payment methods, you become a Junior Al Gore. With less checks written, banks don’t fill the landfill with old paper. You also can track more easily where your money goes, and use virtual records on-line for deductions at tax time. It’s all good.
I wonder if a Junior Al Gore gets a Special Badge?
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Steve McDonald is a freelance writer and Prosper member since October 2007.
Within the vast billing network of your various goods and services, fees are affecting everyone these days. Banks, credit cards, mobile phones and even your retirement fund, for example, can siphon funds from you without your oversight. Make it a resolution now to look for the following hidden fees and gain extra money in your budget. There are many books about this topic, one of which is written by Bob Sullivan called Gotcha Capitalism.
Within the vast billing network of your various goods and services, fees are affecting everyone these days. Banks, credit cards, mobile phones and even your retirement fund, for example, can siphon funds from you without your oversight. Make it a resolution now to look for the following hidden fees and gain extra money in your budget. There are many books about this topic, one of which is written by Bob Sullivan called 
If you are a first time loan seeker, whether for home, auto or any other personal need, what do you need to do or know? What do loan institutions look for when assessing potential borrowers? There are many sectors of your personal finances that you need to delve into before you start your loan search and here are a few good notes…
