RSS FeedIs Your Teenager Ready for a Pre-Paid Credit Card
When you think about credit cards and teenagers, most likely your heart starts to beat a bit faster just from the very idea of putting these two together. Teenagers have all kinds of things to spend money on. They all need things such as music CDs, clothes, shoes, DVDs, video games, and junk food. It’s scary to think of just how much trouble a teenager with a credit card could get into. You might be relieved to know that there are actually prepaid credit cards made just for teenagers.
Should you decide to get a credit like this for your teenager, it is good to keep in mind that this might actually be a good thing to do. Having the responsibility of a credit card can teach a lot about how to manage money. A regular credit card would be too tempting for most teenagers to handle, but a pre-paid credit card can be a very positive experience.
There are several programs that offer these pre-paid credit cards to teenagers. The best way to make an informed decision is by gathering information on each program. Then you can select the one you feel works best for you and your teenager.
One such program is offered by First Bank & Trust of Brookings, SD. Teenagers and high school students are eligible for their Allow Prepaid Mastercard. The activation fee is $19.95 along with a reload fee of $2.50 per $100, and a $3.50 monthly maintenance fee. There is a parental control option to monitor your teenager’s spending.
For teenagers 13 years and older, there is the US Bank Visa Buxx Card. Designed with teenagers in mind, this is a prepaid credit card that requires an enrollment fee of $10 to $15 and a $2.50 reload fee. While there is not a monthly maintenance fee, there is a $2 fee for any inactive account which will be applied monthly if necessary.
These are just examples of prepaid credit cards that are available for teenagers. If you decide to get one for your teen, you will want to explore more options. Checking with your own bank may be the simplest route to take. They may have something to offer your teenager in the way of a pre-paid credit card. Whatever card you decide to get for your teenager, make sure you utilize the parental monitoring of their spending. Your teenager will not learn the best money management skills if they are going on spending sprees.
Playing the Stock Market
If you are involved in trading stocks, you probably already know that if you are able to analyze the market and predict price movement accurately, you will be more successful in this money making past time. This is true whether your trading is stocks, commodities, currency, or bonds. The two types of analysis are technical analysis and fundamental analysis, with one being just as important as the other one.
Technical analysis is the study of prices. This is what you use to go over the history of price movement so you can predict future prices more accurately. Fundamental analysis takes in the overall economic health of a nation. This is due to the fact that a nation’s economy will impact the supply and demand for that nation’s currency. Of course, this affects the price of that currency.
People who trade in currency will watch to see if the US economy is in an upswing, causing the economy to become strong. This pushes the value of the dollar up. When the currency traders see this, they will invest heavily in the dollar. This raises the dollar value even more.
This concept sounds really simple, but there is nothing simple about judging the health of a nation’s economy. There are various economic indicators that are used to study the economic strength. Fundamental analysts watch this data closely for the interest rate, consumer price index, unemployment rate, and gross domestic product or GDP.
These reports are regularly released to the public by both government agencies and non-government agencies. The best way is to just do your own analysis. You will see the information right in front of you and not have to depend on the interpretation of others. If you choose to do this, remember that the numbers turning up in a report is not what always has the biggest impact. Rather,it’s the relation of the numbers when compared to what was initially forecasted that is most important.
A rise in the interest rates may not be felt in a big way if the forecasters expected it. On the other hand, if they were not expecting a change,and an unexpected increase occurred, this could significantly impact the currency prices.
Fundamental analysis can sometimes be a bit too broad. It works well for predicting an overall economic growth and price changes, but there is not enough detail to target specific entry and exit points. It is at this time, a trader would turn to technical analysis.
If you are new to the whole trading arena, it would help you to have a mentor or the advice of someone who has done it a long time. You may find that this is something you are meant to do as a way to pad your bank account.
Buying Foreclosed Homes
You may not like to think about profiting from someone else’s loss, but you can find many homes that have been foreclosed on at bargain basement prices. These are homes that were repossessed due to their owners not keeping up with their mortgage payments. They are sold at discounted prices because the lenders involved just want to get their money back with out worrying about making a profit. A lot of times this means that you can get foreclosure rates that are too good pass up.
You will need to be sure to do your research before writing that check though. It’s important to find something that will meet your needs as well as your budget. Many times these foreclosed houses will need a lot of repairs. It also seems that the banks are not responsible for any damages to the properties.
Foreclosures come in all shapes and sizes. You might even find some that are totally run down, with mold and structural damage. The problem with buying these properties is that it can take a lot of money and time to fix them. The mold can actually be hidden in the walls and this is something you don’t want to deal with. The good news is that you will also find foreclosures that are located in good neighborhoods. This property will be worth the price if you only buy it for the land. There may be some other wonderful traits that can make the property an amazing find.
Whatever type of foreclosures you may be ready to buy, you will need to sign several addendums and other clauses that will exonerate the bank from any responsibility for the home’s condition, once the sale has been finalized. This will all be done before any contracts are signed. Because of this, it’s always a good idea to have the property of interest inspected to make sure the home is in good living condition.
Since banks and lending institutions don’t view foreclosures as a way to own the property, you can usually get a very nice deal. They are not interested in fixing up these properties. Their interest is just to get a return on their money. This way of thinking is what motivates them into selling great properties at bargain prices. While this does happen often, there will be situations where it isn’t the case. Before deciding to buy a foreclosure, it will be necessary for you to do your research to make sure the property is worth the money.
The Benefits of Buying in Bulk
Buying different items in bulk amounts can be quite a money saver when it is done the right way. This works especially well for large families, but it can also be advantageous to couples and single individuals. People are paid at different times depending on where they work, and those who receive their pay every 2 weeks or once a month seem to manage their money better when they buy needed items in bulk.
Items such as toilet paper, paper towels, canned goods, boxed food, and other things that have long expiration dates, are all good things to purchase in bulk amounts. Once the paper goods are bought, you can put them away and not have to worry about replacing them for 2 weeks to a month. As for the canned and boxed goods, these usually have quite a long shelf life. These may start to build up after awhile, so be sure to sort them according to their expiration dates.
As for frozen foods, these can also be purchased in bulk depending on what sort of food it is. Buying frozen foods in bulk usually makes more sense for larger families, as you can be sure it won’t go to waste. However, it can be also put to cost saving use by smaller families as well. When you find a meat pack containing family favorites, buying more than one large package is a good idea. Frozen fruit can also be stocked for quite awhile as long as it is protected from freezer burn.
It is also possible to buy bread products in bulk. Fresh bread can be bought, frozen, and thawed out as needed. There is some bread that comes frozen. You can buy these in bulk amounts and store them to use as you need or want to.
Drink mixes such as Kool-Aid or Crystal Light can be bought in bulk and stored for months. These are much cheaper than sodas and can actually be much better for you if you are using the sugar free mixes. Different types of juices can be bought as either frozen or bottled, and will last for at least a month at a time.
As you slowly stock your pantry and freezer, you will start to see the money savings add up. This will become evident as you need to purchase less and less of certain items on each shopping trip. In order to do this type of shopping, consider getting a membership at a store such as Sam’s Club or Costco’s. Bulk shopping is a specialty at these stores.
Getting the Best from Timeshares
Timeshares is a plan that popped up many years ago to enable people to vacation for more affordable rates, as well as a variety of other reasons. When the idea was first put into practice, it was quite popular. The premise of a timeshare is that several individuals or families make a monthly payment that grants them the use of the condo, home, or apartment for at least one week during the year. The weeks had to be coordinated so that each co-owner had a fair amount of time to spend at the timeshare. Most people used this as a way to plan a vacation each year.
As people gradually began to discover how limiting these timeshares could be for all the money they were paying during the year, they became a bit less popular. However, many of the co-owners found a way to make it worth the money. By putting some plans into motion, they found that timeshares were actually a good thing for them.
If you take part in a timeshare, the first thing you will have done is book the week that you want to use it. This has good points and bad points. While you have the advantage of knowing when your vacation is each year, there is no room for changing the dates. You are pretty much locked into that week. However, you also know that you will not be spending extra money to stay there for the week. You are already used to making the monthly payment, so this doesn’t dent your budget.
Plan your food shopping ahead of time right down to making daily menus. In this way, you will not be wasting any food, or put in the position of either leaving it for the next family or taking it home with you. While you will probably want to dine out a few times, it isn’t something that has to be done every day. Take along a good supply of bottled water, soda, tea and coffee. These items tend to cost more in tourist areas.
One way you can make extra money from your timeshare is by renting it out for your week. Many people co –own more than one timeshare for just that purpose. While they are vacationing in one of their timeshares, they can be renting out the other ones. This pays for their vacation, and allows them extra money to spend or save for other things. Some timeshares don’t allow this, though, so you should check ahead of time to see what the policy on this is.
Timeshares may not be as popular as they used to be, but many people still find them to be money saving investments. This is because they have learned how to make the most of them. There is no reason that you can’t do this as well.
Holidays on a Shoestring Budget
It’s only a few more weeks before the commercials and advertisements about holiday gifts will begin. Many of you dread this time of year for the simple reason that there is never enough money to get loved ones “nice” things. The thing you have to remember is that just because the television and newspapers say there are only certain things that are “nice enough,” that is not necessarily true.
First of all, the world is so inundated with all the newest in electronic toys and gizmos, that it has forgotten just what the true spirit of the holiday season is all about. People have not always had lots of money to spend on gifts, just as the world has not always had the shiny new things it has today. It IS possible to have a perfectly wonderful holiday by going back to basics.
Of course, if you have children, they may expect the newest in video or computer games. This is possible if you begin planning many months ahead of time for the gift you will buy for them. Putting back a small amount of money each week or month may just provide enough money to buy that one special present by the end of the year. It takes some strict budgeting and discipline, but it CAN be done.
Use any talents or abilities to create gifts that come from the heart. Everyone seems to have become so competitive about who can spend the most money on the coolest presents. Don’t let yourself get caught up in that. Instead, break out the crochet hook, or sewing machine. Some of the most beautiful gifts cost only the money for supplies, and your time. If you happen to excel in baking, keep in mind that this is the time of year that people love baked goodies.
You can also give the gift of your time. Create some appropriate “coupons” to provide anything from baby sitting services, to house cleaning, to cooking some meals. These are especially appreciated by older people who may not be able to get around as much as they need to. You can offer chauffer services, or shopping for them. These mean so much when presented to the right people, and they don’t cost you anything but some of your time, and possibly some gas in your car.
Decorating can also be done from home made items. This is something the entire family can become a part of. Things such as popcorn strings for the tree, and hand made ornaments will not only save money, but provide for family togetherness, which is after all, the true spirit of the holidays.
Funding your Own Small Business Without a Loan
You may be one of the many people who choose to start a small business each year. You might just want to be able to work from home, be more available to your family, or just be able to get away from a boss peering over your shoulder everyday. Whatever your reason is, you most likely need some money to get you started.
If your business idea is small enough, it is possible to get it off the ground without having to get a loan. This is a much better, and easier, route to go in the long run. Funding your own business without a loan rids you of the need to pay this money back when your business gets off the ground. You will most likely agree that it’s much nicer when you get to actually KEEP your profit.
A lot of small businesses can be started by simply saving the money you need for supplies. For example, if you are interested in beginning a gift basket business, the first thing you are going to need is baskets, and lots of them. You can find these in many places, but if you happen to live near a basket factory, you can buy a lot of them for a bulk price. As these will be an ongoing need for your business, it is impossible to buy too many of them. Decide what sort of baskets you will specialize in, and buy enough supplies to make a reasonable number of those baskets. Use your printer to make flyers for advertising in shops and anywhere else that allows flyers to be posted. At first, you can simply use your existing telephone for business calls, so you don’t have to pay for a second line. Take the money you start receiving for the baskets you sell and reinvest into the business. Branch out and start making custom baskets.
While that is only one example of how this can be done, there are many other small businesses that do not require a loan to start. If you are more eager to get your business up and running, it is possible to take on a partner, or an investor. Either of these options should be entered into only with people who share your dream or vision, or it will simply not work because your business will never be truly yours.
Think seriously about what you want to accomplish with your business and go from there. Plan for your venture and make a list of everything you need in order to begin it. It might just be easier than you think to keep banks out of the picture.
The Foreclosure Process
If you are faced with the dismal prospect of losing your home, you will want to take any action necessary to keep yourself from becoming homeless. To fight a foreclosure, it is vital to understand how the process works. As the process of foreclosure varies from state to state, homeowners need to be aware of not only how the process works, but also the timeline involved. When you are more familiar with the process, you can make a better decision on how to stop your foreclosure.
The first time you miss a mortgage payment by just a day, the foreclosure timeline begins, although no penalties are incurred. You will be given 16 – 30 days to make your payment. A late charge is added at this time, and you will most likely receive a phone call from the lender inquiring as to why the payment is late.
After 16 days, you will have a late fee added to your payment. If you have still not made the payment after 30 days, you will be considered in default. This means that you are really late on this payment now, and if you don’t pay it soon, the lender is going to take your home away from you. Depending on your lender, you will either be allowed to make the late payment in installments or you will be ordered to make the payment in full immediately. In certain states, once you are 60 days late, a filing of Notice of Default will be made. However, between 45 to 60 days, you will receive a “breach” letter which explains the terms of the mortgage in writing. This also gives you 30 days to resolve it. You can expect to hear from your lender daily during this time. You may be offered some payment options. If you are, you should take them.
Days 60 to 90 will bring you a notice of default. There will also be collection fees added to the already existing late fees. The loan will be handed over to the lender’s legal department, where documents will be sent to a local attorney to begin foreclosure. If things are still not resolved by 150 to 415 days, there will be a Notice of Trustee Sale filed. This means your home will be scheduled to be sold.
A foreclosure is a legal process and guidelines are set that must be met. After the case is turned over to the local attorney, there must be a public notice of the foreclosure placed in the local papers. As the homeowner, you have every right to try to stop this process. If you haven’t done so prior to this, now is definitely the time to seek the advice of your own attorney.
In the last part of the process, some states have laws that allow you the chance to buy your property if you can. By this time, though, you will most likely have been made to vacate your home by the local sheriff’s department, if you have not been able to make up the payments.
Rent-to-Own: Blessing or Trap?
Most people hit a point in time where they truly need something such as new furniture or appliances, yet just don’t have the money to pay for them. Their credit may also not be the best it could be either. This is usually when they flock to the nearest rent-to-own store. They know that, here, they can get whatever they need by making that first weekly or monthly payment, and signing a contract in which they agree to pay this same amount weekly or monthly for a certain length of time. They can also leave the store with the items they need that very day, or have it delivered within 24 hours.
It all sounds so very simple, doesn’t it? In many ways it IS very simple. However, in other ways, it can be a huge trap. When you enter the rent-to-own store you may be in such a desperate situation that you don’t even bother to read the fine print on your contract. You are probably also not looking at the highly inflated interest rate you are paying to “rent” your new refrigerator or living room suite. All you see is that you can pay an affordable amount of money and walk out the door with what you need. This interest rate DOES add up, too. You usually end up paying 2 – 3 times higher the amount than you would have if you had purchased it elsewhere outright.
The good thing about these programs, though, is that people CAN get what they need immediately, even with bad credit. This is a life saver to many who simply cannot have the things they need in the time frame they need it. In addition, you will have monthly or weekly payments that you can budget for. So there are no unpleasant surprises. However, if you miss a payment with these stores, you can expect a phone call the day it becomes past due. You will also have late fees added to the past due payment. If you default on your payment too many times in a row, the account manager will show up at your door with the store truck to take back the merchandise. This means you will lose all the money you have paid into it.
The rent-to-own stores have both good points and bad points. But if you are truly in a situation where this is your only answer, you can make it work for you. You can budget your payment, and even double up on them when possible. Once you have completed the contract, your item will become yours. You may have paid more money than you should have, but at least you were able to get what you needed when you needed it.
Refinancing a Mortgage
When you think about refinancing a mortgage, you probably want to do this to lower your interest rates, which should reduce your monthly mortgage payments. As with anything, there are good points and bad points to refinancing your mortgage. Essentially, when you refinance your mortgage, you are paying off your current mortgage by taking out a new home loan. The difficulty comes in because it’s not always to your benefit to refinance your current mortgage.
There are some things you should consider before making the decision to refinance. You should closely examine the rate of interest you have been paying and compare it to the current mortgage interest rates. When the current interest rates are least 3 or more percentage points lower than what you pay now, this is a good time to consider refinancing. The reason for this is that with a lower interest rate, you pay less interest annually. This means less interest that you will need to deduct from your income tax. There are even some refinancing costs that might be eligible for tax deduction during the year of your refinancing.
When preparing for refinancing a mortgage, you will also want to consider discount points and how they might impact the cost of the mortgage. Also, keep in mind that you could be facing additional closing costs. So, you will want to plan for that, as well.
Another thing that you will need to think about is whether or not you want to remain with your same lender. If you have had a good relationship with your lender, it might be possible to just renegotiate your mortgage at lower interest rate. This is usually done for a set fee. Renegotiating is not actually refinancing as much as it is an amendment to your current mortgage. Doing things this way does not require any closing costs.
If you and your present lender cannot come to an agreement, it is advisable to look around. Inquire about any charges you will need to pay, and compare interest rates along with closing costs. You will find that closing costs vary. These are dependent on things like the age of your current loan, the present mortgage market, any promotions a lender may have, and lender policies. Keep in mind that the final charges of refinancing will usually run between 3 percent and 7 percent of the full amount of the mortgage. This will help you decide which way you should go.
