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Overdraft charges are one of the most expensive bank charges that can be levied against a checking account and cost consumers billions of dollars every year.  It has been estimated that nearly 25% of checking accounts experience an overdraft at some point over the course of a year and the fees average around $35 per occurrence.  Avoiding overdraft charges is not impossible and by following a few simple tips, you can ensure that no overdraft charges will be charged to your account.

Keep An Accurate Checking Ledger

Keeping track of the amount of money available in your account is the best way to avoid being charged an overdraft fee because you will always know how much money is in the account.  All deposits and withdrawals should be noted in the checking ledger, including any purchases made using a debit card, and the ledger should be balanced regularly.  Many people choose to balance their checking ledger at the end of every day because it only takes a few minutes of time and it is always up to date.

Add Some Additional Padding To Your Account

Another good way to avoid overdrafts on your checking account is to add two or three hundred dollars to the account that is not reflected in the checking ledger to pad the account.  Adding this additional money will come in handy if a paycheck is delayed and automatic payments are withdrawn from the account or if a transaction is missed in your checking ledger.  Act as if this additional money does not exist and do not plan to spend it for purchases.

Sign Up For Low Balance Alerts

Many banks have added low balance alerts to the services available on their websites.  This service sends you a text or email when the balance of your checking account falls below a certain threshold, alerting you that you need to make a deposit and restrict your spending until there is more money in your account.  The amount of the threshold is chosen by the account holder when they sign up for the alerts and can be set for amounts ranging from $50 to $500.

There are many ways to waste money every day, but using some common sense to manage finances can go a long way towards securing your financial future.  Taking a small amount of time to think about what you are doing and plan the best course of action will prevent you from making simple money mistakes that will cost you dearly over time.  Here are some common sense tips to follow in your everyday life.

Don’t Be Lazy

Laziness will cost you much more than you think over the course of a year because you are paying for the convenience of immediate gratification or the convenience of having someone else do your tasks for you.  Taking your clothes to a cleaning company will cost you 5 to 10 times more than doing your own laundry at home or at the Laundromat.  Eating out raises the cost of a meal to triple or quadruple what you would have paid to buy the ingredients and cook the same meal at home.  Take the time to do tasks for yourself and keep the money you would have paid to others in your bank account for your own needs.

Think Before You Act

Simple mistakes like parking in the wrong spot or not putting enough money in the parking meter can be very expensive when you receive a ticket for the action.  All fines received for mindless actions should be classified as wasted money and avoided as much as possible.  These unnecessary expenses can be easily evaded by being careful and taking the time to think about your actions before performing them.

Take Advantage Of Discounts

Using the discounts found on many everyday items can save you thousands of dollars every year.  From using buy one, get one free coupons on everything from shoes to groceries to purchasing new clothing from the clearance racks, there are hundreds of different ways to use discounts to save money.  People that take the time to review the discounts found in their areas may be able to buy everything they need for at least 25% less than the person who does not take advantage of discounted items.

Household grocery expenses are typically a family’s second largest monthly expense after housing expenses.  The cost of food products and personal care items continues to increase year after year, taking more and more out of a family’s household budget.  There are a number of methods you can use to cut your grocery costs by a significant amount and using these tips can save you hundreds of dollars over the course of the year.

One of the simplest ways to reduce your grocery costs is to limit the amount of money that you are spending at the grocery store.  Decide on a budgeted amount to be spent before leaving for the store and stick to this amount once you are in the store.  While shopping, keep track of the amount the items in your cart cost with a piece of paper or a calculator.  Once your spending limit has been reached, it is time to head towards the checkout or remove items from your cart to create spending room for items that you need more.

Making a list before you go to the store will also help you keep your spending on groceries in check.  Grocery stores use advertising signs and displays to entice shoppers into buying additional items from the store so that the stores profits will increase.  Many of the subliminal buying cues employed by grocery stores can be resisted simply by making a list of the items that you actually need and sticking to this list while you are in the store.

Choosing the cheapest brand of the item that you need or buying brands that you have a coupon for can reduce your grocery costs by 30% or more.  In many grocery stores, the cheapest brand of an item available may change from month to month as different brands are put on sale.  Some people choose to try different brands when they are on sale while some others choose to stock up on the brand that they like the most when its cost is the lowest.  For most products, the taste difference between the brands will not be very dramatic and may taste very similar.

Due to the changes being implemented across the board to banking institutions around the nation, many large banks are trying to come up with new ways to replace the revenue lost to the new rules.  Many of these banks are raising existing fees and adding new fees to checking accounts to recoup these lost profits.  There are several methods that can be used to keep the costs down on your checking account and using these methods can save you hundreds of dollars on bank fees each year.

Get Your Account Fees Waived

Many banks charge account fees or servicing fees for their checking accounts that are typically charged to the account monthly with the amount immediately deducted from the balance of the checking account.  To avoid these fees, you must meet certain conditions that are determined by the bank, such as having a balance above the minimum amount at all times, using online banking, or having payments direct deposited to the account.  Before opening a checking account, be sure that you can perform the actions to get your fees waived so that you can pay less or nothing at all for your checking account.

Avoid ATM Fees

Most banks penalize you for using another company’s ATM and in many cases, you must pay a fee to both your bank and the bank that owns the ATM.  These fees vary from company to company, so the fee that you are charged each time you use an out of network ATM can change with each occurrence.  To avoid these fees, open your account with a company that has ATMs conveniently located near your home or workplace or with a bank that allows you to use other bank’s ATMs for free.

Avoid Overdrafts

Causing an overdraft on your checking account can cause a cascade of expensive fees that quickly drain the money from your account.  The first fee will be an overdraft fee that can be as much as $35 for every transaction that results in a negative balance for the account.  If the negative balance is not repaid quickly, many banks also charge a negative balance fee of between $5 and $10 per day.  It is important to avoid causing overdrafts in your checking account at all costs, so check the balance of your account when it is getting low to ensure you are not spending more than your account contains.

The printer industry has adopted the business model long used by the Gillette and Schick. Give away razors for dirt cheap prices or for free and make the money back by selling costly razor blades that are specific to the model of razor you own. Printer companies do this by selling printers for subsidized prices and charging as much as $30.00 for replacement ink cartridges. Did you know that a gallon of printer ink can cost more than $2,500 per gallon? It’s true. Fortunately, you don’t have to play the game that Cannon, HP and Epson would like you to play. You don’t have to buy costly ink cartridges at full-retail price. There are several ways that you can save money on buying printer ink.

If you’re looking to buy cheap ink, your best place to look is online. There are a number of companies which sell remanufactured print cartridges for as little as 1/3^rd of the cost of an ink cartridge from a big-box retailer or an office supply store. These cartridges work just as well as the ones sold in stores, but are much, much cheaper.

Another method to save money on printer ink is to purchase ink refilling kits. These kits are generally sold for $10.00 and can often triple the amount of pages that you get out of a single ink cartridge. They typically include a small tool to drill a hole in the top of the ink cartridge, and a syringe with ink to re-fill your empty cartridge. You can usually use two refill kits on an ink cartridge before the ink cartridge isn’t useful. Using a refilling kit is probably the best way to buy cheap ink.

You should also be weary when your printer’s software tells you you’re low on ink. You probably have anywhere from 25 to 50 more pages before your cartridge starts to not produce high-quality prints. If you find that your cartridge is running low on ink, you can also take it out of the printer and shake it up to get some extra life out of it.

Hurricane Irene left many people on the east coast dumbfounded about how to financially deal with the natural disaster. While there were not as many human casualties as expected and the storm was relatively milder than many predicted; the weak hurricane/tropical storm combination took out a lot of vital infrastructure. It is estimated that the damage left by Irene will cost between $7 billion and $10 billion. Residents of the eastern seaboard were left without financial restitution and didn’t know how to properly financially prepare for the aftermath.

What if Irene had been a more violent storm? The entire population of the US would be in trouble because the financial hubs and firms that make our stock picks are clustered along the Atlantic. Here are some vital things to take care of if you are worried about a disaster knocking out power or crippling our infrastructure:

Insurance

Most of the damage caused to homes during Hurricane Irene was not covered by insurance because most of the damage was not caused by wind, but by flood. Like most Americans, floods are an unexpected natural disaster which can jump up and bite you like a snake without notice. The National Flood Insurance Program is a government run flood protection service which can protect your home starting at $129 a month. By conducting research about weather patterns and flood maps, you can better prepare yourself for unseen catastrophe.

Stock Necessities

Hurricane Irene did not only take out homes and businesses; many of the fisheries, cotton farms, and tobacco plantations were damaged in the wake.

Keeping a house stocked with supplies isn’t just a good way to stay prepared in case of emergency, it will save you a lot of money down the road. If you are worried about eminent disaster or not being able to access your local grocery store, there are several places online where you can purchase emergency food kits and MREs. If you want to stock up on the essentials, you should visit a Sam’s Club and purchase canned and dried food in bulk. Purchasing fresh produce, meat, dairy, and frozen products is a bad idea because your power might be out for a long time.

Evacuate

If you are truly worried about damage coming to your area, the best idea is to evacuate. You can rent a trailer and use your own vehicle to haul your most coveted possessions to a safer place. Government agencies will usually give you a couple of days warning before a disaster happens, so you should have plenty of time to make reasonable accommodations.

Hurricane Irene taught us not to take anything for granted when it comes to our personal and financial safety. Always be prepared because a light disaster might be more threatening than you think.

With house flipping a thing of the past, you may not think investing in real estate is a good idea right now with the economy still in recession. With mortgage rates so low, however, this may be the ideal time to buy property for a more long-term turnaround.

The current real estate market boasts properties for far less than what they cost a few years ago. This means that if you are looking into buying a house you can get more bang for your buck.

Whereas flipping was an incredibly popular investment venture, it required quick remodels and even less time to sell the remodeled houses in order to make a major profit.

At the same time, many people lost money on house flipping and it was a risky business. Many of the current foreclosures were homes that had been purchased with the intention of being sold very quickly.

That frenzied flipping trend possibly even added to the false positive economy prior to its implosion.

So, real estate investors should take things back to basics. Forget flipping and short-term investments and make money on properties the old fashioned way.

Buying a home right now in a depressed economy will save you money in the long run, especially given the top mortgage deals available.. Home values will inevitably increase, albeit slowly, as nations recover from the recession.

Living in your purchased property for a few years will allow the home to build up equity. You can even purchase existing properties and rent them out to tenants for a more stable income.

Once the economy has recovered and housing prices are up again, sell high and reap the profits.

For those who don’t think they can qualify for loans to invest, think again. Another advantage of a recession is that mortgage lenders are more lenient with people who have less than perfect credit.

This is because countless families and individuals have gone through foreclosures or bankruptcy due to job loss. Many lenders are willing to hear your side of the story.

With so many foreclosures being listed every day, take advantage of them. Some foreclosures are listed at as little as 50% of the current market value. You simply cannot get a better deal for real estate at this point.

To find the best rates, compare mortgages at moneysupermarket before applying for a loan and don’t bite off more than you can chew.

Be realistic when considering the amount of house or property you can afford. If it seems like it might be a financial stretch, don’t borrow that amount.

Keep in mind, however, that loan interest rates have reached rock bottom and will only climb from here. Do your homework and calculate the interest rate and loan amount to see if you can afford the loan if interest rates go up again.

No matter which piece of property you choose, shop around for those mortgages. With so many lenders going bankrupt or out of business, it’s a good idea to compare all your financing options. Mortgages, like real estate, are long-term commitments, so be smart to take advantage of this buyer’s market.

Making sure you are not paying too much for a motorcycle insurance premium means shopping around for the most competitive and honest company. The process of shopping for motorcycle insurance quotes involves more than traditional comparing of best price, but involves being smart about which websites a search starts from. The best searches begin by browsing the large online mall websites that compare multiple insurance companies’ side-by-side in one location.

Once you compare what multiple mall sites offer in information, you could compile a list of individual companies that have a great product at a reasonable price. At each individual insurance site, motorists should begin comparing the features of individual policies, procedures, loopholes, small print, and their individual quotes. The quotes the individual companies give to a motorist could very well differ quite substantially from those offered on the mall sites. Another increasingly important factor to consider is whether any Better Business Bureau or other bureau complaints have been filed in connection to the motorcycle insurance quotes offered by the individual company.

The BBB President of Northwest California territory has cautioned consumers purchasing certain types of insurance to be careful of seemingly good priced quotes. He has done research on several unethical instances and found key areas where people are being taken advantage of most involve the promise of “low rates” on “classic, RV, motorcycle, and pleasure vehicles, liability coverage only, multi-car policies and typically only for individuals with good driving records,”

Unfortunately under this recession, insurance fraud, especially in certain areas such as motorcycle and health insurance, have become more prevalent and damaging to consumers. While most of the fraud is occurring through written media like phonebooks and newspapers, online fraud does exist and could cost unnecessary financial setbacks. This means that reading the fine print, networking with friends, and asking questions to insurance companies directly will become more important for motorists.

Thankfully, unethical motorcycle insurance quotes are being reported, but as a consumer, it is critical to be honest in the information you give to the insurance company regarding your age, amount of passengers you will have, and the type of vehicle you have. Once an accident occurs, the insurance company can use information against you to change your policy terms, increase rates, or terminate your coverage. By being honest yourself along with diligent shopping, you can find the best premium for the best price.

Most people asked about their financial goals answer with general goals, such as achieving financial security, because many of us have not thought about which financial objectives matter the most to us.  Instead, we spend to meet day-to-day expenses that dominate our attention, leaving the most important objectives unidentified and unfulfilled.  Identifying the financial goals that matter the most to you and making a plan to ensure that they are fulfilled are very important for financial stability.

Financial goals continually collide with one another.  That is why you must decide which goals will take priority and work toward the lesser goals only after the important ones are provided for.  To get started, make a list of all the things that you would need to feel secure, happy or fulfilled.  Once you have your list created, you need to decide which of the many possible financial goals are really worth pursuing and start working toward them.  You will not be able to achieve every financial goal, so identify each goal clearly and why it matters to you, and decide which ones are most important to have a better chance of achieving what matters the most to you.

In creating your financial goal list, you should focus on things that help you feel financially secure or fulfilled, like building an emergency fund, getting out of debt, or saving for your children’s tuitions.  Rank the items in order of importance.  If you have a spouse or significant other, make sure they are part of the goal creation and ranking process. Children should also have some say in the goals that affect them and their happiness.

The most important ally you have in reaching your goals is time.  Take advantage of the power of compounding – the fact that even a small amount of money can earn interest and each year the interest is applied to a growing sum of money.  Money stashed in interest-earning savings accounts or invested in stocks and bonds grows and compounds.  To put the power of compounding on your side, you have to start early.  The more time you have, the more chance you have of success.

The longer you wait to identify and begin working toward your goals, the more difficulty you will have reaching them, so you should start quickly.  Once you have prioritized your list of goals, keep your spending on course. If a big expense does not get you closer to your goals, try to defer or reduce it.  Although this encourages you to focus on long-range plans, most of what you spend will continue to be for daily expenses, which is acceptable long as your long-range needs are taken into consideration.

When you’re trying to map out a budget plan to get your finances under control, there shouldn’t be any single approach to doing this. It’s very attractive to focus on one way to create a budget, but unless you’re taking extensive action to remodel your life and spending habits, you’re going to find yourself right back in the same situation.

As just one of the approaches to financing and budgeting, there are thousands of apps that can help you reach this goal. Apple and the iPhone get way too much attention when the Android market is getting better all the time. If you have a 4G Slide Android Phone or similar Android device, there are tons of apps out there for you as well:

Personal Budget Droid

This app is a free and simple approach to app budgeting. Personal Budget Droid is very user friendly and you can easily pick it up. It’s important to note that it’s simplicity should not imply that it’s not effective. With this app, you can use a bill tracking system where you can make multiple monthly budgets for different things. You can plan the entire month for housing costs, utilities, groceries, and anything else you can think of. The app has an added feature that allows you to keep a record of all of your transactions, and will calculate how much is remaining in each budget category every month.

Loot

The Loot app will help anyone keep track of the money that they already have and will log every transaction and penny you spend. It’s very easy to use and will give an an electronic record of your checkbook. This is a really popular app on the Android market and gives people the advantage of not having to rely on a bunch of paper. You can create multiple accounts and log any bills that you have paid or need to pay in the future.

Firewallet

Where the Personal Budget Droid is a simple and user friendly application, Firewallet takes a different approach. The application is very sophisticated and allows users to budget various accounts within accounts. It’s comprehensive approach might be more than the average person needs, but it does have a much more intricate and hands-on approach to budgeting and finances. You get a lot more bells and whistles with the graphs and charts that visualize your spending. There’s also a feature that alerts you when a bill is scheduled to come up.

Budgeting approaches are a lot like fad diets: there’s a ton of them and by themselves, no matter how hard you want it to work, it won’t. You should be using these apps as a way to keep track of your spending and get it under control. Concurrently, you need to contact a financial professional that can help you reign in your bad habits and give you a fresh approach to the way you look at your finances.