Archives December 2020

If you keep your capital on several credit cards, you are probably lucky enough to have the cost of repaying your debt. If you can not pay off your credit card debt every month, optimizing your salary is the best solution. Pay the lowest interest rate and save more money. Start by paying the minimum installment amount specified on your credit card debt, and then try to settle your high-interest debt first.

Mistakes in Paying Credit Card Debt:

• Do not hurry:

Researchers in a study by the National Bureau of Economic Research believe that people do not use good mathematical logic to repay credit card debt because they tend to ignore interest rates.

The study found that the average household with two credit cards in the UK pays $90 more per year in interest due to incorrect pay splits. Most indebted households with more than five credit cards pay $1,000 a year in unnecessary interest, which could be avoided by focusing on paying off the credit card debt at the highest interest rate.

While many people pay off their small debts for the first psychological victory, scientists have found that they have lost large sums of money due to interest rates because they have used the “payroll” method.

“Compliance with salaries” Excluding mathematics and logic means that the debtor waives money for his entire debt. For example, you owe $5,000 for one card, $2,500 for another, and $1,200 for debt. Scientists have found that an average person pays $800 for higher debt and $400 for lower debt, regardless of interest.

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This does not mean that we have to pay extra for interest, but scientists have proven that the human brain is prone to making mistakes because the first number we see in credit card documents is the total amount of inventory, not the percentage of interest. This total amount of debt affects our minds a lot and causes us to make the wrong decision.

Do not fall into the trap of repaying credit card debt:

Another mistake we make is focusing on just paying the minimum amount offered to us. Do not do this. This is a psychological trick that credit card banks have designed to get the most out of it, even for years.

Economists certainly refer to written numbers as traps, such as the minimum amount to be repaid. The human brain is quite consciously inclined to make decisions based on the first available information (bank traps) so most of us have a laid back attitude when it comes to painting a picture of ourselves. Question: Why do you ignore the offer that is based on statistics? Answer: Because you are trapped in a trap.

A 2017 study by Canadian Transactions found that 47% of Canadians pay off their credit card debt in full each month, 39% is unsure whether paying more than the specified amount is the right thing to do and 10% each pay exactly the specified amount per month.

Repayment of high-interest credit card debt:

You see, I agree to cooperate with creditors (credit card banks) in the field of timely payment and the amount of the specified amount, but if you let the credit card documents convince you that the minimum amount specified for repayment, the maximum amount You can pay, it will cost you a lot.

Suppose you have a $2,500 credit card with a 19.99% interest rate of about $75 a month. And suppose you do not ask to add to your inventory. With that in mind, it takes sixteen years and eight months for you to zero your debt. Of course, you pay $2,862 in interest to the bank during this period – in other words, repaying this amount will cost you about $5,362 during this period.

Do you really want to get rid of that credit card debt and not pay extra interest? So ignore the word of the banks and pay $100 a month from your debt.

If you pay only $25 more than the minimum repayment amount of $75, you will get rid of your credit card debt 13 years and 11 months earlier, save $2,101 in interest and pay only $760 in bank interest. And most importantly, your debt will be zero a decade earlier. No wonder why banks like to pay only the specified amount.

How to Accelerate Credit Card Debt Repayment?

• Normal payment:

Payments may be made at any time as this will reduce the down payment. Sometimes it is better to refuse to buy goods to pay off your credit card debt as soon as possible. In practice, the borrower has to pay a monthly double payment.

• Payments that are not in the debt repayment plan:

Banks often issue regular payment plans with card payments. The credit card is calculated for the entire duration of the agreement. Therefore, maturity can be calculated one year in advance. Such a plan is beneficial for the bank but not for the borrower because the program is designed to maximize the overpayment. Therefore, it is more profitable for the borrower to pay the maximum amount possible to pay off the debt faster and minimize the overpayment.

The refund program is done without re-depositing funds from the credit card. If you make such a payment plan, you will not be able to repay the debt even during the year.

• Develop a new payment plan:

If you no longer need to use a credit card and want to deactivate it, you can call the bank. The bank employee should clarify the size of the debt and prepare a new repayment plan with it. To do this, the borrower must determine the maximum amount he is willing to refill his credit card each month so that he can have the money to meet his current needs.

Reconciliation should be done periodically to ensure that payments are fully received and credited. You can do this at a bank branch, in your personal online bank account, or by contacting the center operator.

• Disable additional services:

If you pay for all additional services, including SMS alerts on budget receipts and fees, internet banking, and payment. At first glance, the cost of such services is small, but refusing services saves money and sends money to pay off debt.

Conclusion

In this article, we explained how to solve the credit card debt problem and reduce the total amount. The bottom line is to get rid of debt as soon as possible by paying the lowest possible interest; you have to pay off your debt strategy and prioritize high-interest debt and pay more than the amount specified by the bank. The formula for solving this problem is really simple.

Today, millions of people receive credit cards at banks because they have many benefits, including easy registration. This method allows you to solve temporary financial problems and buy necessities.

“If you have any feedback about the best way to pay credit card off fast that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

Buying a car is one of the things you have to be very sensitive about and act very carefully. This is a high issue since cars are becoming more expensive; because buying a car may require long savings or heavy loans, and if there are problems, it can cause you irreparable damage. Follow us to acquaint you with the most important points of buying a car.

• Do your research and move on with complete information:

It is wrong to buy a car without information. You can find everything you want to know about a car online, car sites are great places to start researching cars in your price range.

Also, if you are buying a new car, your goal will be the price of the car. The price is the amount that the seller pays to the car manufacturer. On the other hand, if you are thinking of buying a used car, check out the recent resale prices for that particular car model.

This post contains affiliate links. Please please read my Disclaimer for more information.

• Look at pre-financing options:

Many people borrow from a car dealership, but this is not in their financial interest. Agency interest rates are usually higher than loans from banks and credit unions. Banks or credit unions are one of the best places to get a car loan.

Although you may not find the best deals online, you can use the internet to check your current interest rates, and finally, once you get a loan from any financial institution, you can get the car you want.

• Nearby stores:

Always go to at least one showroom to buy a car. In this way, you will be informed of their price. It may also mean going to out-of-town car shows, choosing your vehicle dealership differently depending on where you live.

• Negotiation terms:

Buying a car is a game of chess, not war; In addition to buying a home, buying a new car is one of the most important investments you can make in life. In fact, it may take several years to repay the car and let the seller know you do not want to drive just a little.

Do everything you can to get a car loan and then get a discount from the seller.

Go to the show with confidence, trust your weapons, and don’t feel bad about going through any offer. It is also useful to use negotiation strategies and tactics.

• Look for new and used cars:

Buying a used car was the best way to save money when buying a vehicle. The big reason behind this logic is that the high value and price of new cars disappear and diminish from the moment they come home from the dealership.

• Pay by a purchase price, not by monthly payment:

Car dealerships are very popular for offering their monthly installments and payments. Do not be misled. If these “amazing” installments are a 72-month payment, then they are not really attractive.

Make sure you always buy based on the price of the car, not your monthly payment. Also, make sure you know the full price of the car you are buying. Additional and hidden costs in the price include various taxes, car preparation, and delivery costs, and dealership costs, which you have never asked.

• Use the Internet:

Buying a car online is definitely an option; first, you are completely free from annoying salespeople. And second, you can get a much better price.

Consider this:

A salesperson at a trade show tries to negotiate the highest possible price because his commissions are based on a percentage of the sale price. On the other hand, the internet sales manager usually has a fixed salary and is rewarded based on his workload more than visiting several exhibitions.

After all, many major cars show also sell online. If you decide to buy a car online, you should still test the car and have it checked by a mechanic to make sure there are no problems.

• Do not list your business:

You need to keep the secret of your card in all aspects of the buying process, especially your business; Do not mention your business until the end of the buying process. Why? The seller will likely use this information against you.

• Consider insurance costs:

Car insurance premiums depend on the purchase price of your car; the cost of car insurance is a major factor in the cost of the vehicle. Get premiums online by providing information about cars and models and personal information including your age, marital status, and driving record.

Sports cars have higher premiums than regular cars, but some cars have higher insurance rates for different reasons.

• Avoid emotional and hurried shopping:

Do extensive research before buying a vehicle. Buying a car with lust is a risky endeavor. You may find out too late that you can not afford the car, or you may find that the car’s performance does not meet your expectations.

By reviewing the model and style of the car, and examining your insurance rates and tax source, you should buy a car that you have enjoyed for many years.

• Do not buy car accessories:

Buying a new car is a big purchase, and you may have to pay for it in the next few years.

• Do not purchase an extended warranty:

Car warranties provided by dealerships are expensive and, worst of all, often very limited and cannot cover the costs of many types of breakdowns.

If you are buying a new car with a warranty, the warranty should provide extensive coverage for your vehicles. If you are looking for a used car, keep in mind that many of them still have valid warranties.

• Always test the car:

90% of people who buy a new car test it. There are some cars that you are not comfortable with just driving, if this is the case, do not go to it.

If you have a spouse and children, take them with you for testing; their level of comfort is also important and will help you honestly evaluate the car. In addition to comfort, look for the following:

• Go shopping when shopping:

If you are going to buy a used vehicle, it is important to check the car thoroughly with a mechanic before the final purchase. Inspect the car mechanic for unusual signs of wear and accident as well as possible causes.

Mechanical issues or maintenance issues that the mechanic can determine whether or not you are buying the car and the mechanic’s report may cause you to buy the car at a lower purchase price.

• Buy the car you can and can afford:

If you are planning to buy a car before your current car installments run out, you should seriously re-evaluate whether you can really buy another car or not, you definitely do not want to be arrested for not paying the car loan.

A much better option is to wait for your current vehicle to be paid in full, then save the same amount in a ten-year profit account for a year and set it aside, and then buy your car.

Conclusion

Choosing a car from the options on the market may be one of the most difficult purchases possible; because you often have to look at the story from a long-term perspective. There are some who change their car faster. In this article, we tried to review the most important points of buying a car for you. We hope you find this article useful.

“If you have any feedback about things to know before buying a car that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

What Is Debt?

Debt is a financial obligation that we must fulfill in the near or distant future. That is, we buy something today to pay for it in the future. Buying a car in installments, taking out a loan, and the like are examples of debt.

How To Distinguish A Good Debt From Bad Debt?

Do you think debt is good or bad? Is debt good at all? Many financial advisors believe that there is no good debt and there is no way to determine good debt. They all even advise you to clear your debts as soon as possible and avoid debt and borrowing as much as possible. But is this always possible? Is this the best advice?

In this article, we intend to counter this argument. When debt is actually a good thing, it does not mean that it’s always good to be in debt, but a certain debt, under certain conditions, and sometimes better that does not exist at all.

This post contains affiliate links. Please please read my Disclaimer for more information.

I think debt can be good as long as we know we can take advantage of it.

At the beginning of the discussion, I need to explain that, in the opinion of Mr. Robert Kiyosaki, the author of The Rich Dad Poor Dad, debt comes in two forms. Good debt and bad debt.

What Is Good Debt?

According to economics, good debt is a debt that can have a higher interest rate than the interest paid on it.

In fact, good debt; is a debt, which has a low-interest rate and is used for investments such as buying a house, turnover required for a business, or a special investment with a reasonable income.

Good debts are the ones that make money for you. These debts are actually a kind of investment in a sector so that you can pay off your bad debts from the profit of that investment.

If your debts are not yet high enough to get out of control, it is best to learn how you can pay your own salaries and create new income models for yourself.

So debt is not a bad thing and can even pave the way for us to get rich. So we need to gain financial intelligence and knowledge to understand how to get into debt properly and how to manage debt.

Good debt is a debt that:

• It benefits you.
• It generates a revenue stream.
• Adds to your assets.
• It is profitable for you.

So develop good debt!!!

What Are The Bad Debts?

We can all get into debt for a variety of reasons. For example:

• To borrow a house, we borrow money from friends and relatives;
• We have little money to buy tools and we borrow from others;
• An unexpected thing happens that we do not have enough money to cover;
• We take money from others to finance a business;
• And dozens of other reasons…

Now there are some debts that the creation or continuation of which can eventually cause financial crises. In general, any debt that results in less than what it owes is bad debt.

For example, some people go to another loan to pay the arrears of a bank loan or to settle it. In most cases, this only changes the nature of the debt and even increases the number of debts in the long run.

Undoubtedly, such debt is considered a bad debt and keeps the person in debt and may even lead to the accumulation of debt for him. For this reason, we suggest that you answer this question whenever you want to create debt for yourself:

Is the result of this debt greater than the benefit it owed us?

If the answer is no, try to reconsider your decision to create that debt by thoroughly examining the aspects.

Bad debt is a debt that:

• It will cost you money.
• It will do you a disservice in the long run.
• It takes money out of your pocket.

So settle your bad debts as quickly as possible.

Let me complete my explanation with an example. You have received a loan to use in investing. You pay a 28% interest annually while you can get a 48% annual return on your investment. So this is good debt. You can have such debts as much as you can.

But if you have not been able to get a good interest on the loan you received or you have taken out a travel loan, this is a bad debt that you need to pay off quickly.

Here Are Some Other Examples:

I see people who are indebted to those around them and do not take any positive action to pay off these debts, until the number of these debts increases and causes trouble. It damages the reputation and personality of these people and questions their credibility.

I see people who have different debts in their business. Some of these debts are very small. Or some of these debts cause the credit of these people to be questioned, but they are still not willing enough to pay the debts and have no plans to settle these debts.

I see payers, although they receive salaries and benefits on time every month, they are still unable to pay their arrears. If they know they are adding more to their past debts than before, they still have no plans to settle with the debtors.

Why do you think some people do not pay their debts?

Why do some people not make an effort to end their debt despite having a decent income?

Conclusion

We have two types of debt. Good debt and bad debt. What most people do not know and often find themselves in a bad debt hole is that they do not know the difference between good and bad debt.

Good debts are the ones that make you money. Some debts are actually a kind of investment in a sector so that you can pay off your debt from the profit of that investment.

But bad debts are the ones that take money out of your pocket and make your pockets more and emptier. For example, debts to buy a car or clothes or electronics or a house, etc.… So the issue is not about debt. It’s a matter of knowledge between good debt and bad debt.

Do you know of any other situation that separates good debt from bad debt? Share them with us.

“If you have any feedback about what is bad and good debt that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

Sometimes life is confusing and financial problems, illness, heavy expenses, and house expenses all cause stress in people and as you know we can not always manage stressful situations but we can deal with them better. In this article, we will introduce you to the tips that reduce living from paycheck to paycheck.

• Savings up:
  

Successful people are in control of almost every single moment of their life.

Saving money may seem like a daunting task because you have to give up a lot of things. Spending money is incredibly enjoyable. It makes great sense to spend your money on something that belongs to you.

Rest assured that the effort to save is really worth it; saving makes for peace of mind, and the more money you save; the easier it will be to add savings over time.

This post contains affiliate links. Please please read my Disclaimer for more information.

If you save to pay several installments at once, sometimes you will be subject to discounts and good rewards. So it is cheaper to pay your installments faster with the art of saving.

• Add Revenue:
  

Give yourself a major kick you need to work harder to pay off your debts as soon as possible. This includes overtime, a second job, etc. Go to them now and get rid of living from paycheck to paycheck sooner.

Buy Second-hand Equipment

Contrary to many people’s beliefs, buying second-hand goods is not always the wrong thing to do, and you can make the most of it. Many people do not believe in buying second-hand goods, and in any case, they only believe in buying new and used goods, and in their opinion, buying second-hand and used goods is wrong. But this belief cannot always be true. You can pay much less to buy used goods and this can greatly save you from living from paycheck to paycheck!

Spend Less Than Income

You need to have a plan to spend to get rid of debt. If we pay a little attention, we will find that most of the time we spend our money on unnecessary expenses. With proper planning, we need to have accurate statistics of all our expenses and know how we can cover our expenses with our income. By spending less than you earn, you can save enough money and get out of living from paycheck to paycheck.

Timely Payment Of Installments

Do not run away from the truth. Do you know why you can not pay the installments? Have you been extravagant? Have you been in an emergency? Raise your head and identify and fix problems. Avoiding financial turmoil can lead to higher fees, higher interest rates, or even a loss of credit for you shortly. Failure to pay the installments will only make matters worse, decide to improve your situation. You may find that the situation is not as bad as you thought and that there are more options for change.

Understanding The Need Instead Of Demands

You should know that there are many differences between demands and needs. The needs of life are those things without which life becomes almost impossible and difficult. Like a place to live, food, clothes, and…

But other things like a car, wearing fashionable clothes, the best audio or computer device, and… things without which your life will not be disrupted, are called desires.

There is no end to human desires, but it should be noted that these desires should be commensurate with the size of our pockets. Always differentiate between your wants and needs and think more about needs than wants.

Avoid Unnecessary Expenses

Everyone is faced with desires and aspirations that they must pay to achieve. But economic conditions and income and living expenses do not allow many of us to achieve what we want, and we have no choice but to reduce unnecessary expenses.

In our lives, a large amount of money is always spent on extra expenses and the purchase of useless tools and equipment, and in this way, a large part of our money is wasted. Reducing costs and saving on living costs is one of the most important ways to save money, by using which you can end the month with less worry and more confidence, and in the long run, a comfortable life away from Have a paycheck to paycheck.

Compare Prices Before Buying Anything

Anything you want to buy or any service you want is definitely available in a few other shops or companies. It is enough to be able to get a few prices of the product or service you want and buy from the most suitable ones. By not rushing, you will avoid a lot of debt and you will even find good savings for your future.

Stock Exchanges And Mutual Funds

The stock market is very attractive. But you have to believe in the fact that few people can make a lot of money from the stock market. High risk, time-consuming, and need for high experience and knowledge are the things you will need to make a profit from the stock market.

Mutual funds are a good option for buying stocks and are less risky. In these funds, several stocks are gathered together to minimize your risk.

Manage Living Expenses By Paying Off Debts

It does not matter what debt you have. Pay them as soon as you get the money. My advice is not to owe your bank loans. If you have taken out a loan in the past, pay the installments.

Conclusion

Have you ever been in difficult and frustrating living conditions from paycheck to paycheck? What do you think is the other way out of this stressful situation that we have overlooked?

In this article, I tried to teach you the best ways to stop living from paycheck to paycheck.

Managing costs, reducing costs and expenses, planning and all your efforts are worthwhile when you get value and profit in the future. To have a better future, you must seize every opportunity to invest. It does not matter what your initial investment is and how much you can invest per month, it is important to start with the smallest steps to invest. Building a better future is possible with these small steps.

“If you have any feedback about ways to stop living from paycheck to paycheck that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

A bank statement is a collection of your important banking information and is a document that is issued to the account holder every month. In this invoice, one month of your account is specified and you need to check it every month. Many people do not pay attention to this important issue and only check it when they have a problem. You can control costs by checking your bill monthly.

What Does The Financial Statement Show?

• Account number
• Your transaction history and the impact of transactions on your account
• A detailed list of deposits
• Financial transactions and withdrawals
• Accrued interest and credits received
• Account balance
• Start and end of the course

You Can Understand Many Of These Issues By Looking At A Bank Statement:

• Know your financial habits and change them if necessary
• Find your bank account problems
• This bill can prove your eligibility for a loan
• A financial statement is required to file for divorce and other problems that require proof of income
• Using it, you can create an accurate budget for yourself
• You can use it to check your financial records and find out about mistakes and scams.

Differences Between Online And Paper Bank Bills:

In the past, bank statements were sent on paper by post. This way, your bills could be lost and you could not access the old bills. But today most banks provide these bills online to bank account holders.

This way you can see your bill without any problems and wherever you have access to the internet.

Save on paper by using online invoices. Also, your information is stored in the banking system for several years. These invoices are safer and protect your personal information.

Bank statements are usually submitted online by banks. Also, many of them print invoices on a piece of paper and provide them to you for free, and some charge a fee for the print. A property bill is not necessarily a financial transaction from the beginning to the end of the month.

Your bank account may cover one month to the third of the following month from the 4th day. Most banks keep this statement for at least 5 months so that you can access older accounts if necessary.

This post contains affiliate links. Please please read my Disclaimer for more information.

How Is A Bank Statement Read?

If you do not have information about reading the bill, it may seem difficult to read at first, but by reading the guide below, you can easily read it. Understanding how to read your bank statement correctly can help you better manage your finances and avoid mistakes such as overdrafts and extra costs. You should check your bank statement every month because only then can you be aware of your spending records with the bank.

First, we will introduce the main sections of the bank statement and then we will review the other sections:

• Personal Information:

In this part of your bill the full name and permanent address and usually the information that you gave when setting up the account. If your account has changed after opening an account, let your bank know so they can apply the changes.

• Account Information:

This section contains information such as account type, your account number as well as the billing period.

• Billing Summary:

In this part of the bank statement, the following information is shown briefly:

• Account balance at the end of the period
• Total impressions
• Total deposits
• Service fee
• Remaining at the end of the course
• Account balance at the beginning of the period
• Transaction Summary:

In this section, you will find details of all your expenses by date. The oldest payments are usually at the top and the newest ones are at the bottom.

Description: Where / with whom the transaction was made

Date: Date of transaction

Withdrawal: Indicates that money has been withdrawn or spent

Deposit: Indicates whether money has been credited

• Starting balance:

This section shows the amount you had in your account at the beginning of the period. That is, it shows your total balance without any deposit or withdrawal.

• Ending balance:

The ending balance is the amount that is in your account after the end of your monthly billing period. If you save more than you spend, the ending balance will be more than the starting balance.

• Deposits:

This section shows the installments of personal funds to your account. Deposits include direct deposits from your employer, cash checks, money transfers, and the money you transfer from PayPal or Venmo, and other credits.

• Withdrawals:

In this section you can see the number of withdrawals you have from your account; both online transfers and cash card transactions

• Interest:

Some banks pay interest on their accounts. The bank statement also shows the interest rate on your account. If you have several savings accounts, the interest of each one will be displayed separately as well as the total interest in this section.

• Fees:

In this part of the bank statement, the expenses paid are displayed accurately. These costs can include overdrafts, return checks, ATM withdrawals, and monthly maintenance fees. Also, if you have used your credit card when traveling abroad, the cost of foreign transactions can be seen in this section.

• Daily balance detail:

This section shows your account details every day. This section can be useful for reviewing financial habits.

• Overdraft protection:

Your bank account can show it if you have an overdraft from your account.

• Statement period:

This section displays the transaction history.

Conclusion

Banks issue bank statements to maintain and use their records. A bank statement is an overview of your financial activities and is a document provided by the bank to account holders. You can get this invoice on paper or online. With this invoice, you can access deposits, transfers, and withdrawals.

Bank statements are not complicated, but they do contain a lot of information that can help you. Although the accounts of different banks may be different, most of them contain the following information:

• Starting balance
• Ending balance
• Deposits
• Withdrawals
• Interest
• Fees
• Daily balance detail
• Overdraft protection
• Statement period

In this article, we talked about bank statements and the information contained in them. We hope you find this article useful.

“If you have any feedback about what is a bank statement and how to it that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

More and more often I hear life coaches saying that becoming rich doesn’t depend on your skills, education or initial financial investment. Surprisingly, it`s our habits and our lifestyle that affect our ability to achieve our financial goals. If you want to become rich, the first thing you need to change in your life is the choices you make on a daily basis. In this article, we`ve gathered 8 habits you need to quit in order to become rich and prosperous.

Take Courage To Change Your Life

Prosperity and wealth comes only to courageous and determined people. In order to achieve something, you need to want it badly, you need to be courageous enough to get out of your comfort zone and make changes to your life. If you are not satisfied with your life, think what you can change in it. Sometimes it`s job, sometimes it`s the people around you, and sometimes it`s as simple as your own laziness.

This post contains affiliate links. Please please read my Disclaimer for more information.

Stop waiting for better opportunities to turn up for you, make a goal and move towards it. If you are looking for a change, you are the only one who can help yourself.

Bring Awareness To Your Everyday Choices

Unfortunately, our daily life is full of mindless choices, things that we do without thinking and evaluating whether it is what we need and will benefit us or not. And this is probably the most serious mistake that we make.

We get back home after work, mindlessly turn on the TV, warm up a frozen dinner and spend the rest of the day in front of the TV. Well, a person with the right mindset would choose things that will improve their life – take a course after work to learn a new skill, go to a yoga class or go swimming to improve their well-being and release stress. They will definitely choose a healthier option for dinner that may even cost less than a frozen meal.

The fundamental difference here is that a successful person makes choices mindfully, trying to choose the options that will enrich their life and have a positive effect on it. Bring awareness into your life and you will see changes instantly.

Keep Your House Clean

The way to prosperity starts with the place where we live and the attitude we have towards it. Many of us can’t afford to have the house of our dreams, but it doesn’t mean that we need to give up on what we have right now.

It really disappoints me when I see people who don’t take time to clean their own apartment and get stuck into piles of trash. If you can’t afford a new set of furniture, you still can afford to keep your old furniture clean. This is the least you can do, moreover, it doesn’t take much time and will cost you almost nothing.

Then why not start moving towards prosperity today and not keep your home clean and tidy to inspire you on achieving more. That`s amazing to realize that the real success starts from these little steps we take every day.

Diversify Your Leisure

Strangely, many people believe that any entertainment costs money, and that`s why most poor people prefer to spend their free time on the couch in front of TV. However, this whole attitude is totally wrong, the person who is looking for opportunities will find a cheaper option.

Just think about it – how much will it cost you to go on a picnic to a nice park or gather your friends at home to play board games? And if you are into arts, there are tons of websites that offer tickets to less popular theater performances for next to nothing.

Improving the quality of your leisure time will improve the quality of your life on the whole. The more exciting things you experience, the more new things you discover, the more eager you become to learn and experience more.

Start Saving Money

Hard times can happen to anyone. No one – no matter how rich they are – is safe from an unexpected turn of events. The recent pandemic has proved it. But most rich people are more prepared for this kind of situations than poor people. Rich people realize the importance of savings or other kind of assets that you can rely on at hard times. Poor people tend to spend as much as they earn and if something unexpected happens to them, they are lost.

Mind Your Language

There are several factors that help us make the first impression, like our clothes, gestures and of course, the way we speak. Interestingly, it`s enough to talk to a person for a few minutes to find out about their educational background and probably even their social status. So if you want to increase your social position, it`s highly important to work on your vocabulary, manner of speaking and general knowledge.

Now, how do we improve our speech? There are a few ways to do that: reading books, the quality of your leisure time, and people that surround you.

Learn To Admit Your Mistakes

How many times have you heard people blaming their bad luck, other people and even the universe for what happens to him? A lot, right? People would blame anyone except themselves, many people just can’t admit their own fault, and that`s what prevents them from personal growth.

Successful people learn from their mistakes. They realize that everything that`s happening to them is their own doing, and if something turns wrong for them, they analyze the situation, identify the mistake they`ve made and try to find a solution.

More successful people don’t let these mistake happen, they analyze the situation and all possible consequences they may have to face before they proceed with their plan.

Surround Yourself With Successful People

People that surround us have an enormous influence on our lives; even without realizing it, we adopt the same behavioral patterns and mindset from them. So if you want to adopt the right mindset, you need to surround yourself with successful people and learn from them.

This is exactly what rich people do: they prefer to spend time with successful people full of experience and inspiration, they spend money on courses led by successful professionals. They don’t hesitate to invest in their own education, because these people not only share their valuable experience and knowledge with you, but become an inspiration for you, a visual goal you can try to achieve. By meeting prosperous people, you learn from little details like the manner of speaking, the language, the habits they have, because as you have found out from the previous tips, it`s little things that help you become a better and a more successful person.

Conclusion

To sum it up, I want to point it out again – it`s easy to become successful, it`s easy to change something in your life. You don’t need a lot of money, opportunities or luck to achieve that. All you need is to make the right decisions, change your everyday habits and start from bringing small changes into your life.

“If you have any feedback about what are some habits that separate rich from poor that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

Rat Race is a way of life in which people are constantly and intensely striving for more money and power. A concept of life that is full of endless and meaningless efforts to compete with each other for financial and economic excellence.

They compete with each other for cheese; an image of today’s society where people who have already lost a race try to reach a higher financial position than others; A tedious endeavor in a repetitive life that leaves no room for peace and enjoyment in the family. Our cheese in society is the same as endless dreams, having a good job, a lot of money, having a romantic relationship, and lasting comfort in life.

How to escape from this race? At first, you should know “who you are” and “how to live”. The purpose of this article is not to present life strategies and philosophical concepts for happiness, but to acquaint the esteemed readers with a different perspective on wealth creation and business creation. Remember that life will be very short for those who live alone. So I ask this question again. What is the way out of this contest? In this article, we will focus more on this topic. Stay with us.

• Believe in yourself:

Many people are just trying to have financial security instead of financial independence. Every human being has the ability to do great things to achieve enormous wealth. Do not think that I am not intelligent. An important principle for financial independence to make a difference in life is the intellectual independence of accepting ourselves. So always have faith in yourself.

This post contains affiliate links. Please please read my Disclaimer for more information.

• Write down your goals for financial independence on a piece of paper every day:

Think about how goals can be achieved. Writing goals on a piece of paper and thinking about it only takes 5 to 10 minutes, which is best done in the morning. Financial independence should be at the heart of everything you do. Financial independence is not something that is achieved by chance and unplanned. It’s something you have to consciously think about and plan for.

• Plan ahead for each day:

The best time to plan is the night before. Planning ahead every day, every week and every month will make your work faster and more determined. You have more focus and control when working with the program. Also, by planning you can better follow your habits and you can decide when to save time.

• Focus on every hour of your day:

Getting out of the rat race with a growing ability to focus more than any other skill or habit you have learned and increase your financial success. The things you focus on the most and spend most of your time on should be in line with your financial goals.

• Invest in yourself:

It should be an investment in your own prosperity and learning. Buy time management courses, read books on personal finance, and read articles on money and how to make more money online. When you have a lot of ideas for money, many people come to you for advice.

• After each event in your life, you should ask yourself magical questions:

At first, you have to ask yourself, what did I do right? And next time, what else should I do? If you take a few minutes to write down everything you did and everything you need to do differently, you can grow and learn two or three times faster after each call and situation. Improving yourself and the quality of your passion will affect the amount of money you earn.

• Be generous to others:

It has been proven that if you are a generous person, more wealth will be attracted to you and you will be happier. We often hear that money does not bring happiness, but the truth is that money is one of the necessities of happiness, and material well-being leads to life satisfaction, and the better our economic situation, the more satisfaction we have in life.

• Act against the community:

There are so many failures in society, so all you have to do is go against them, that is, do what others have not done. That is, try to go in the wrong direction instead of imitating the behavior of others. Develop a new way of living based on doing the opposite of what leads to failure. So do not imitate and do something yourself.

• Do not forget that time is more important than money:

How do you use your time?

Many people are in financial trouble because they do not know how to make the most of their time.

Time is limited and money is unlimited.

So you should not waste your time on money.

You can never go back in time, but you can make money again. But there are still many people in the world who continue to have a job that they do not like at all.

• Never be in debt:

One of the main reasons for financial insecurity in people’s lives is debt. It breaks you down and prevents you from achieving the goals of your dreams and aspirations in life. Debt deprives you of a happy future. If you want to achieve financial independence, living without debt must be at the top of your agenda.

• Have clear and concise financial goals:

If you do not have any clear financial goals, then it is very difficult to move towards passive income. If you want to have a great business for yourself, start a business for this purpose.

Alternatively, if you want to be an investor, learn to choose the right opportunities and accelerate them at the right time.

Only when you are clearly aware of your financial goals will you be able to recognize your true potential and escape the rat race. Having goals and moving in the direction of achieving them encourages you to live the life you longed for.

Conclusion

If you want to get out of the rat race, you need to reduce your stress and start without restrictions. In this article, we have explained the ways to escape from Rat Race. Do not waste your time anymore and use them to escape from the cage of rats that you have been stuck in for a long time.

“If you have any feedback about how to escape the rat race that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

Electronic banking is a method of banking in which the customer can enjoy banking services without a physical presence in the bank and using secure intermediaries, in other words, using advanced technology of networks and telecommunications to transfer resources (money) in the banking system.

Online Banking allows the customer to perform a wide range of funds and information transfers electronically through the Bank Amel website. Online banking has different levels. The higher the level of complete electronic banking, the less manual operations, centralized computer systems, wider accessibility, fewer time and space constraints, and ultimately the greater the security of banking information.

Citizens are using banks to save their money, and now internet banking is helping people save their time using virtual banks. Time is the most precious human asset that can never be compensated and returned.

This post contains affiliate links. Please please read my Disclaimer for more information.

Save time, reduce non-operating costs of banks and economic institutions, increase productivity, reduce social problems such as domestic and foreign travel, and as a result, reduce the opportunity cost and boost virtualization, and liberalize banks in providing some services and opportunities to offer new products. Online banking is like traditional banks, except that the customer does not go directly to the bank and does his banking with a personal computer connected to the Internet.

The benefits of online banking are examined from the perspectives of the customer and the financial institution.

From the customer’s point of view, its costs are saved; Save time and access to multiple channels for banking.

But from the financial institution’s point of view, we can point to features such as creating and increasing the reputation of banks in providing innovation, retaining customers despite the spatial changes of banks, creating opportunities to seek new customers in target markets, expanding the geographical area of activity and establishing full competition.

Focusing on new distribution channels, providing improved customer service, and using e-commerce strategies are the most important benefits of online banking. Equal competition, retention, and customer acquisition are among the benefits of e-banking in the short term, less than a year.

Integrating different channels, managing information, expanding the range of customers, directing customers to the right channels with the desired features, and reducing costs in less than 18 months or in the medium term.

Reducing transaction processing costs, providing services to target market customers, and generating revenue are also long-term benefits of e-banking.

Different Types Of Online Banking:

• Mobile-based banking
• Bank phone
• Internet bank
• ATM-based banking
• Sales based on sales terminals
• Electronic branch-based banking

Internet banking means performing banking and financial transactions using the Internet and its difference from other financial transactions of networks in the type of network that is used, that is, in Internet banking, the Internet is used as a global network. In general, the ranges of financial tasks that can be accessed through the Internet are:

• View accounts and bills
• Payment invoices
• Money transfer between accounts
• View the order in which accounts are processed
• View transactions
• Arrange checklists

Online Banking Services

Internet Bank has provided facilities such as receiving balance online, transferring money between all accounts in the bank, viewing bills, etc. to each bank’s customers. It is also possible to block lost or stolen cards by using these services.

Online Banking Services Are Reviewed At Three Levels And Include The Following:

• Information:
  

In electronic banking services, information is the first level. In this section, the database introduces its banking services and operations through public or private networks.

• Interactive:
  

At the interactive level of online banking services, it provides the possibility of a confrontation between the banking system and the customer. The risk in e-banking services is greater than the traditional method and requires appropriate tools to control users’ access to the banking network.

• Transaction:

In the transaction part, the customer must use a controlled security system to perform activities such as issuing checks, transferring funds, and opening an account. This level of e-banking services has the highest risk.

Reasons To Visit An Online Banking:

• Convenience:
  

The most obvious advantage of online banking is convenience. Unlike local banks, which are only open at certain times of the day, online banking is available whenever you need it.

• Direct control over your transactions:
  

In Online Bank, you can go directly to your bank’s website to do your transactions. Using Online Bank, you can pay bills and transfer, open a new account, change your account type, request a credit card increase.

• Reduce bank charges and further interest rates:
  

Reducing overhead costs associated with the virtual nature of online banking enables banks to provide more incentives for online banking with them.

• Advanced security:
  

Online banks guarantee your security and use a wide range of security tools to protect your information. If for any reason your account becomes a victim of direct financial loss, if you inform your bank, it will be refunded in full.

• Access to everything all in one place:
  

Using online banks you have access to the following:

• The current balance of each of your bank accounts in that particular bank (such as checking and saving)
• The current balance of each account borrowed at that particular bank (such as credit cards)
• Account transaction date
• Waiting for deals
• All payment invoices and bill payment dates.

Conclusion

In e-banking, financial services and information are electronic and there is no need to be physically present in the branch for the customer.

If people used to store their money in banks, using virtual banks would also save people time. Time is the most valuable human asset that can not be recovered in the short life of man on earth.

Some of the advantages of virtual banking are:

• Saving people’s time
• Reduce non-operating costs and overhead of banks and economic institutions and increase productivity
• Reduce social problems such as domestic and foreign travel and thus reduce opportunity costs
• Liberalization of banks in providing some services
• Create opportunities to introduce new products.

Online banking will play the role of current banks, with the difference that with the establishment of this bank, instead of the customer directly referring to the bank, he can easily do banking through his personal computer.

“If you have any feedback about what should I look for in an online bank that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

Most banks these days offer online banking services and you can use their services to pay your bills, transfer money, and check your account turnover at any time. Some of the leading banks even allow you to deposit a check into your account just by taking a photo of it. You can also easily access your banking information simply by connecting to the Internet and through a computer or mobile device.

Given the increase in online banking services based on online banking, it is not unlikely that in the future you will decide to transfer your accounts to an online bank. These banks offer the most benefits online and do not have any physical branches. In this article, we try to acquaint you with the latest services provided on the platform of online banking.

This post contains affiliate links. Please please read my Disclaimer for more information.

What Is Internet Or Online Banking?

Internet banking is the electronic payment system that allows its customers to access online financial transactions.

The financial institution that has an internet banking system offers facilities such as virtual banking, retail banks, and credit unions. Internet banking is known as virtual banking, electronic banking, or online banking. Internet banking increases the speed and efficiency of employees’ banking services in the branch. Online banking helps make inter-branch and interbank processes easier to do around the world.

This banking system, with the hardware and software facilities that it provides to its customers, allows them to carry out their banking operations 24 hours a day, without the need for a physical presence, through secure communication channels. In other words, e-banking is the use of advanced software and hardware technologies based on network and telecommunications to exchange resources and financial information electronically and does not require the physical presence of the customer in the branch.

Customers who have an account in the bank of their choice to access the internet banking of that bank must have access to the Internet and use virtual banking services by registering on the site of the institution and choosing a password. Internet Bank provides facilities such as receiving balance online, transferring money between accounts in the bank, viewing invoices, etc. to the customers of any bank. These services make it possible to block lost or stolen cards.

Purpose Of Internet Banking

The purpose of virtual banking is to use advanced software and hardware technologies based on network and telecommunications to exchange resources and financial information of customers electronically. This technology can eliminate the need for the physical presence of the customer in different branches of banks. The use of centralized computer systems, unlimited time and space for banking operations, high security, and the ability to track banking operations, and increase speed and efficiency are some of the features that necessitate the establishment of virtual banks in today’s world.

Benefits Of Online Banking

• Free access to the services provided by banks, regardless of location or time:
  

In traditional banking, customer service was limited. For example, these banks provided only 8 hours of banking services per day, and also create problems for customers on public holidays and weekends, but with the prevalence of electronic banking, the main problem; time and space restrictions removed from banking services.

• Remove barriers to account opening:
  

Another problem of the traditional banking system was opening an account, especially on the days of the end of the month or the end of the year, when customers faced a lot of time wasted, it was not possible to open an account.

Today, in the internet banking system, customers can open a new account at any time and transfer the money needed to open an account from their other account to their new account.

• Ease of paying bills:
  

In the traditional banking system, customers have to go to the bank at certain times and on certain days to pay various bills, such as water, electricity, telephone, and gas bills. In fact, through this, the payment problems have been solved and the penalties due to delays in the payment of bills have been reduced.

Other benefits of e-banking include the ability to purchase shares through the bank’s electronic system, the ability to receive or transfer various types of checks, the ability to access and monitor personal accounts, and the possibility of exchanging money and services between customers.

• Ability to pay taxes online:
  

If you have already allowed your online bank, you can transfer online and monthly tax payments to this bank payment system without the slightest interference. This system automatically deducts the required amount from your account and pays the same amount of tax to the tax authorities.

On the other hand, if you want to deposit the money of a check in your account, there is no problem, and simply by taking a photo of the check and sending it, the online bank will do it for you. In this way, it is possible to perform any banking operation without having to go to the branch, but you should keep your eyes open and do not forget that you will be deducted from your account for each service.

• See your trades:
  

Online banking allows you to access your account and transaction history from anywhere. Online banking services also allow you to find out about unauthorized transactions from your account more quickly and, if necessary, take appropriate legal action.

Some banks, if you make an online purchase from your account, first suspend the transaction and after your online confirmation, make the transaction to greatly reduce the possibility of phishing. Besides, if an amount has been deducted from your account by mistake, you can contact your bank and seller and check the reason.

• Money transfer between accounts:
  

Online banking allows you to transfer money faster between accounts and you can check your existing budget before spending.

When setting up your online banking account, make sure all your bank accounts are listed. This makes it easier to transfer money and pay off loans online.

It is also possible to transfer money between different banks online in this new way of banking. Of course, transferring money between banks can be time-consuming in some cases, but it can still be considered as a special, convenient, and positive absenteeism facility.

Depending on your account, your bank may limit the number of online transfers and impose restrictions if you exceed that limit.

You can also use online banking to better manage your money by setting up more than one savings account in a bank. Of course, not all banks offer this service, so do the necessary checks before choosing a bank.

With this service, after receiving each check, you can go online and transfer money to your desired savings account to be saved on a current basis or to receive a mortgage.

Conclusion

Online banking is the same electronic payment system that allows customers to access not in-person financial transactions. In this article, we talked about the benefits of online banking. Finally, although online banking has many advantages, in using online services, it is necessary to consider security issues and adhere to them.

“If you have any feedback about the advantages of online banking that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.

The decision to get married is a great incentive to save and manage your financial situation. Because if you want to save money, for example, for a wedding or honeymoon or to buy a house, this economic management will be a very effective help for you and your future spouse in the not too distant future.

Wedding expenses are one of the most basic and at the same time the most stressful parts of the wedding that occupy the minds of all young brides and grooms. Everyone wants to have their wedding celebration in the best possible way and at the same time have the maximum savings in wedding expenses.

Saving on wedding expenses does not mean not enjoying this important event in life and making it seem insignificant. The goal of cost savings is to properly manage your budget and wedding expenses, which can bring a better start to your life together.

By managing wedding expenses, we mean spending wisely, and the following tips can help you do just that. To save money for a wedding, you first need to consider the cost of the event. In the following, we will recount the wedding expenses and ways to save it.

• Wedding venue:
  

Statistics show that the majority of wedding expenses (about 30%) are related to the cost of the ceremony and reception. So be more careful in choosing the garden or hall where your wedding party will take place. For example, if you have a small number of guests, why choose a large venue? Why not go for a smaller place? By choosing a smaller space, your guests will get closer to each other and will not be “lost” in the space of the hall.

This post contains affiliate links. Please please read my Disclaimer for more information.

     Wedding invitation card:

Digital cards are very popular today and you can select the card you want with a Google search and send it to any of the guests. Digital cards are especially suitable for people who have guests from other cities and have to pay for postage to send the card. If you want to make an invitation card, go for simple designs because all the cards will be discarded after the wedding, so it is better not to pay extra for the card.

• The number of guests:
  

A large part of the wedding cost is related to the number of guests. For a large number of guests, you should also look for a larger hall that will certainly get more entrance and pay more for the reception. Shorten the guest list as much as possible; only list of top friends and relatives. This will save you money.

• Flower arrangements and wedding decorations:
  

Bridal car decorations, ballroom decorations, fireworks, etc. are not very expensive in appearance, but if they are put together, they can be very expensive. If you like your banknotes, try not to make emotional decisions. Some of these services, such as decorating the bride’s car, can be done at a lower cost.

For example, by removing some expensive flowers and replacing them with cheaper flowers or removing flowers that are not related to that season and choosing flowers that are more abundant in that season, you can reduce the cost of decorating the bride’s car.

• Wedding photography and videography:
  

Wedding photography and filming is another side cost. The number of printed photos, the size of the digital album, the number of cameras and other equipment, etc. may not cost much alone, but when combined, they will cost a lot. So try not to be emotional and order wisely.

As mentioned, the bride and groom should manage their wedding expenses list so that they can spend the days without worries and financial pressure. People who can realistically consider their cost list can save money and have a good event with the right action.

Save For A Wedding

More importantly, the habit of saving can greatly help your marital relationship and years of progress. And it will increase the feeling of satisfaction in you and the other party, and you no longer have to worry about your wedding expenses at the moment of decision-making.

Here Are Some Tips To help You Do Just That

Make a list of all your expenses. Most people do not know how much money they are spending each month or how much they think they are spending less than they really are. When you have a list of expenses in front of your eyes, it is easier to know what to do and what not to do.

• Loans: Especially long-term loans. This will not only increase your savings in the future but also increase your credit in the bank and the future; you will be able to take loans with lower interest rates and in longer installments, if you need to buy a house or a car.

• Eliminate unnecessary expenses, such as eating at a restaurant or coffee shop, buying a TV, cell phone, and clothing that you do not need. Keep in mind that over time, even small expenses can turn into a lot of money.

• Auction and sell items you do not need, online or through newspapers. Because it will save you some money for your wedding and you will have enough money for new furniture after your marriage.

• Open a bank account for yourself that has the highest interest and the lowest tax. While the stock market and other similar investments can be good for long-term investments, if you want to join the Married Jirga for less than a year, the best way is to open a current account.

• Put the money you want to put in the bank immediately and do not hesitate. You can also install a system that notifies you of your deposit online.

• Transfer any money that is in addition to your income to the same account immediately so that it is not spent.

Conclusion

If you do not usually pay much attention to your money, now is the time to focus. Be sure to consult with your partner about how to manage your money together, both for wedding expenses and at all stages of life. And when discussing, point out the specific ways you spend and save your money so that there is a mutual understanding in this regard as well.

“If you have any feedback about how to save for a wedding that you have tried out or any questions about the ones that I have recommended, please leave your comments below!”

NB: The purpose of this website is to provide a general understanding of personal finance, basic financial concepts, and information. It’s not intended to advise on tax, insurance, investment, or any product and service. Since each of us has our own unique situation, you should have all the appropriate information to understand and make the right decision to fit with your needs and your financial goals. I hope that you will succeed in building your financial future.