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Many of the people that choose to move money away from traditional banking eventually choose to put their money in a credit union.  Putting your money in a credit union allows you to put your money in a safe location without many of the fees that put the balance of your bank account at risk.  It can be difficult to know whether you are choosing the right credit union for your needs, but by following a few simple guidelines you can find a credit union that works well for you.

The Location Of The Credit Union

The location of the credit union is often the most important factor when choosing the right credit union for your needs.  People that work or live in a particular area may choose to put their money in a credit union that is close to them so that they can visit the location easily when they need to perform a transaction.  People that choose not to drive may be interested in a credit union that is located within walking distance of a shopping center, grocery store, or mass merchandiser that they frequently visit so that they can reach the credit union easily during their regular trips.

The number of locations the credit union has in the state or in the country can be important as well, especially for those that travel for business or spend large amounts of time away from home.  Some credit unions allow their members to use the ATM’s of other banking institutions for free or reimburse the ATM fees charged by other banks to make it easier for their members to access their accounts.  Direct depositing and online banking is also offered by credit unions with few physical locations to provide more access.

Financial Products Offered

Different people have different needs when it comes to putting their money in the best place that they can and most credit unions take this into consideration.  Credit unions will have a wide variety of different financial products and account options available to match the needs of many individuals.  In most cases, the financial products and account types are very similar to the types available at traditional banking institutions.  Choosing a credit union can be a difficult decision, but with careful review, you will find the one that is right for you.

Homeowner’s insurance is one of the most expensive insurance products on the market today, but nearly every mortgage agreement has a homeowner’s insurance clause that make purchasing the insurance mandatory.  This can put a large dent in your finances and take money away from other items, such as home improvement or entertainment.  Individuals that would like to save money on their homeowner’s insurance should follow these tips to make sure that they are paying the least amount for the coverage that they need.

Determine What Coverage Is Needed

In many cases, the minimum coverage is not enough to take care of everything that will be needed in the event of a disaster but you do not want to overpay for coverage that is not needed either.  Before shopping for the insurance, you should research what is available and carefully consider the value of the items that you would like to insure.  By taking the time to determine the correct amount of insurance needed, you can avoid overpaying for your homeowner’s insurance.

Research Your Options

You will never get the best price on your insurance if you allow the insurance company to determine how much coverage you need.  The goal of the representatives at the insurance company is to get you to purchase as much insurance coverage as possible, regardless of whether you really need it.  Conducting your own research before contacting the insurance company will help you learn about the different insurance products available and discover what type of insurance will be best for your needs.

Comparison Shop

Comparison shopping is one of the best ways to get the lowest price for the insurance products that you need.  Obtaining quotes from several different insurance companies will help you determine the average rates for insurance in your area and how much you should be paying for the coverage that is needed.  A general rule of thumb is avoid the highest and lowest priced quotes and choose one of the companies that has a good reputation and falls into the lower middle of the price range.

In his best-selling book, Trade Your Way To Financial Freedom, Van Tharp argues that the price of a financial asset at any given time is based on the shifting market perception of the ever-emerging fundamentals.  With this thought it mind, it is easy to understand why it can be useful to understand and track economic data releases as a trader.

Each month, every country in the developed world releases a string of economic data, which gives traders and economists a better understanding of the underlying fundamental strength or weakness of a country.  Financial markets, of course, respond wildly to these data releases.

Bloomberg always polls a panel of economists each month on every piece of economic data that is set for release in order to find what the market is expecting.  These expected figures are then made public, and this figure is where the market expects the data release to be.  If the actual release varies significantly from what the market was expecting, then there is typically a large amount of currency volatility in fx trading in the direct aftermath of the data release as the market prices in the new figure.

In the rest of this article, we are going to list the major economic releases each month and offer a brief description.

Non-Farm Payroll

This is the most important data release of the each month for the U.S. dollar.  NFP is always released at 8:30 am est on the first Friday of each month.  NFP is considered a leading indicator of employment, which in turn is a leading indicator of overall economic health in the U.S.  Currently, as the U.S. economy attempts to gain solid footing after the financial debacle of the last few years, NFP holds extreme importance since employment is a major problem right now.

Retail Sales

The U.S. economy is based on consumer spending, and the Retail Sales figure is a leading indicator of overall consumer behavior.  If Retail Sales comes out better than expected, then the United States dollar typically rallies, as this is a sign of economic strength.  However, if Retail Sales comes out worse than expected, the dollar tends to sell-off as investors remain skittish of U.S. investments.

Inflation

Inflation is reported each month through several reports including Consumer Price Index, Producer Price Index, and Home Price Index.  Each of these reports offers inflation readings in different sectors of the economy, but CPI is oftentimes considered the most important.  When inflation beats expectations, a currency tends to rise as inflation fears lead to interest rate hikes.

Central Bank Speeches

Each month, Federal Reserve Chairman Ben Bernanke has several scheduled speeches that he gives about the economy and monetary policy.  These speeches are typically followed by Q&A sessions with the press, and since these sessions are unscripted, they can lead to surprising comments, which in turn lead to strong currency volatility as the market responds to unexpected news.

FOMC Notes

Each month, the Federal Reserve releases the Federal Open Market Committee notes.  These are notes that were taken during the Fed’s last interest rate meeting, and the notes offer further insight into the Fed’s decision-making process, and they can give the market clues about future monetary policy decisions.  The FOMC  notes tend to cause strong volatility in the market during times when there is general uncertainty concerning the Fed’s immediate decisions.

In normal economic times, interest rate announcements are very volatile news announcements, but over the last few years there is basically no movement around those releases in the United States since everyone knows the Fed is now raising interest rates until well into 2012.

Saving money can be difficult, especially since there are so many wonderful things in the world to buy with the money you earn.  This is why many people choose to save money by using the direct deposit feature available through their company payroll department.  This feature became popular over the last decade and many people now choose to have their paychecks directly deposited into their bank account.

How To Use The Service

Using direct deposit to increase the balance of your savings account is simple.  Most payroll departments allow each employee to deposit portions of their paycheck into three separate bank accounts.  The portion allocated to each account can be a percentage of the total paycheck or a set monetary amount decided by the employee when disclosing their account information. 

Reducing Overspending

Setting up a direct deposit into your savings account reduces the risk that you will spend the money instead of saving it because the money is never available to you in your checking account.  Most of the excuses for not saving more money are that there was something important that the person chose to spend the money on instead of transferring the money to their savings account.  If the money does not have to be transferred, the person will have no opportunity to spend the money before it reaches the savings account.

By removing the saved amount before it can be added to your available balance, you are less likely to regret saving the money and less likely to let temptation lead you into raiding your savings account for frivolous purchases.  ‘You will never miss what you didn’t know you had’ and ‘out of sight, out of mind’ are two phrases that can be used for this method of saving because it is placing the money in a place where it will be saved with the least amount of effort on the part of the account holder.  The only way your savings will grow is by adding to the balance on a regular schedule and leaving the money alone until it is needed for an emergency.

Do you ever feel like you are getting nickeled and dimed to death by all the additional fees and charges placed on everything associated with airline flights? If so, you are not alone.  An increasing number of airlines are adding additional costs to their services to increase the true cost of the flights they are selling to consumers.  These hidden fees make shopping around for the best price difficult and time consuming and will increase the chance that you will end up paying more than you intended for the flight you want.  Many of these fees can be avoided, but first you need to be able to identify them.

Booking Fees

• Paper Ticket Fee – This fee is charged when you choose to have paper tickets printed and mailed to you instead of using an e-ticket when purchasing a flight online.  This fee typically ranges from $50 to $75 per ticket.

• Change Fees – If you need to change the flight date or time for any reason, most airlines will charge you up to $150 to switch your flight without paying full price for another ticket.  There is no way to avoid this fee in the event of an emergency, but you should be as sure of the date and time as you can be before booking a flight.

Check-In Desk Fees

• Checked Bag Fee – This is a relatively new fee that the airlines started to charge when fuel prices skyrocketed.  The fee is charged at the check-in desk when the person checks in for their flight and will typically cost $30 or less for the first suitcase and around $25 for a second checked bag.  Avoid this fee by limiting your packing to what you can place in a carry-on bag.

• Overweight Bag Fee – This fee is charged when your checked bag weighs more than the allotted limit.  The bags are weighed at the check-in desk and if the bag is overweight, the fee must be paid before the bag will be loaded on the plane.  Avoid this fee by packing only what you need and traveling as light as possible.

Flight Fees

• Food Fee – The days of airlines serving free meals on long flights are gone and you are lucky to get a small pack of peanuts or half a soda during your flight.  The cost for food on a flight ranges from $5 for a sandwich or salad to more than $15 for a meal.  Eating before you get to the airport will allow you to curb your hunger and avoid paying outrageous airline food prices.

• Phone Fee – Using the seat phone on a flight can put a big dent in your wallet as you will be charged a premium rate per minute for your conversation.  Avoid this charge by using the payphones in the terminals to make your calls before your flight leaves and after your flight lands.

When looking for the best savings accounts available today, it can be hard to pick a bank account that has the features that you need.  There are many different criteria that you should consider when picking a savings account because there can be many variations between the bank account features available at different banks.  By considering all of the different options available, a person will be able to obtain a savings account that fits their needs perfectly.

Choices To Make

The first choice that will need to be made when picking a savings account is which bank account features you like the best.  Many people pick a bank account that is basic because they do not have a great deal of money to put into the account and do not need the additional services available for savings accounts with large balances.  Most banking institutions have a tiered service plan where banks accounts with the highest balances get the highest number of free services and savings accounts with the lowest balances are the most restrictive.

The amount of fees required to keep the bank account open is another thing that should be weighed when picking a savings account.  Some savings accounts from larger financial institutions require more fees than accounts opened at regional banks or credit unions, making them more expensive.  Some accounts from major financial institutions charge a monthly or yearly fee just for keeping the account open.  Many people avoid opening a savings account at a large banking institution for this reason and choose to place their savings in a smaller, local bank instead because of the reduction in fees. 

Where To Apply

A savings account is a very popular bank account choice because it is very easy to find.  There are many different banks that have a wide variety of bank accounts with various features and will often have several savings accounts available to choose from.  The number of different features available will mean that anyone should be able to find a savings account that has the feature they desire.

If no banks in the area have a savings account choice that is desirable, the person can always find a savings account with the features that they want online.  Many physical banks across the nation will also have an online website where an individual can manage their bank account online and will allow the person to open the bank account over the internet.  Although this option may not be for everyone, it is a good way to get the exact type of savings account that you want.

During the holiday season, many people are consumed with purchasing gifts to give and food to prepare for their friends and family.  For some individuals, the simple act of holiday shopping becomes a tradition to be shared with loved ones.  People that are filled with the holiday spirit may be less inclined to notice the tricks and triggers that retail stores use to increase the amount of money each person spends during their time in the store.  Being aware of these tricks during your shopping trips can help you spend less and choose better bargains than what the stores are advertising.

Limited Quantities

One of the most common ways that retail stores trick consumers into buying more of their products during the holiday season is to broadcast that they have a desirable item in a limited quantity.  In many cases, the fact that there is a limited amount of the item available will cause people to rush out and purchase the item because they believe that there will not be any of them left if they do not act quickly.  Most retailers receive several shipments of popular items during the holidays, so if you are unable to obtain the item on the advertised day, you can wait until the next shipment arrives or you can order the item online.

Promotional Gift Cards

Is there a better way to bring customers into a store than to give them free money to spend?  Many retailers have begun to mail out promotional gift cards during the holiday season to the people in their area giving them a set amount of money to spend, typically around $10, on a particular day or range of days.  After these consumers enter the store, they typically spend much more than the value of their promotional gift card, adding to the profit of the retailer during this important shopping season.

Buy One – Get One Free Offers

Many consumers focus on things that they believe to be a good deal (like those that got into currency trading and bought Iraqi Dinars) or a great price and nothing can be a better deal than getting something free.  Retailers know this and offer tons of buy one – get one free offers during the holiday season to move more of their merchandise.  This can be good if you are shopping for two different people that like the same things or if you actually need two of the item, but in many cases two of the same item are not needed.  It is best to view these offers as a percentage of the price, and if you would not buy two of the item if each of them were 50% off, there is no need to purchase the item because it is buy one, get one free.

Having money in the bank can be a lifesaver when facing unexpected financial emergencies.  Additional money in your checking account or a separate savings account can mean the difference between handling these financial issues quickly and effectively or having to go into debt to solve the problem.  Following these simple steps can help you boost your bank account and create enough emergency savings to handle nearly any financial situation that arises.

Calculate Your Monthly Spending

The first step in boosting your bank account is to calculate the amount of money that you spend each month on your regular expenses.  This includes transportation expenses, grocery expenses, clothing purchases, and any entertainment spending that occurs on a recurring basis.  After this amount has been calculated, the total should be multiplied by 6 to identify the amount of money that will need to be saved to pay for 6 months of normal expenses.

Find The Best Bank Account For Saving

Different banking institutions offer different interest rates and perks for different types of savings accounts, so taking the time to look at the features and benefits of several different bank accounts can help you choose the best place to store your money.  To get the best return on your savings, inquire about the different types of savings programs available at several banking institutions to determine which ones offer the most benefits for the amount of money you plan on saving in the account.  In many cases, the savings program with the highest minimum balance will offer the best benefits and features.

Save Before You Spend

It is easy to spend more than you intend and not have enough left over at the end of the month to put enough money into the savings account.  This problem can be remedied by putting a specific amount of money into the savings account as soon as a paycheck is received.  This way the money will be taken out of the money that will be spent before it can be used for expenses and guarantees that the savings account will continue to grow.  Some employers will allow a paycheck to be deposited into two or more bank accounts, so you can have a percentage of your paycheck deposited directly into your savings account.

Resist Accessing The Account

The only way that you will be able to boost the balance of your bank account is if you give the funds time to accumulate without spending any of the money.  Remember that this money is intended for emergency situations only, not to purchase new electronics or take a vacation.  If you can resist accessing the account for frivolous reasons, you will be amazed at how fast the balance of the account will grow.

A new trend in bill payment today is using means other than the traditional way of writing a check and mailing it in to make a payment.  These other payment methods, including making a payment by phone and paying the bill online, are designed to process the payment faster and provide confirmation that the payment has been accepted in a few seconds.  Although these methods may seem like a benefit because of the time saved, many lenders charge for using these methods, which can cost the consumer a large amount of money over time.

What Triggers The Fees?

The fees that are charged for using these additional methods of paying a bill can vary from lender to lender and often depend on the way that the transaction is being made.  For instance, some companies may not charge for making a payment online because there is no customer service representative involved but will charge a fee for making a payment on the phone if the person must talk to a live individual.  Other companies will charge a convenience fee for making a payment in any way other than traditional check writing for the convenience of knowing that your payment was received, processed, and applied to the account the same day that the payment was made.

How Much Will The Fees Cost?

The amount charged by the lender may not seem like a large amount when viewed as a single transaction, but the amount adds up quickly when the entire picture is viewed.  For example, a convenience charge of $10 per transaction adds up to $120 per year if the same payment method is used every month.  If the person is paying convenience charges for three of their accounts each month, the total is $360 paid in convenience fees each year.  Multiply this by the thousands of consumers that use these payment methods and it can easily be seen how lenders and banking institutions are raking in millions of dollars each year from these charges.

How To Avoid The Charges

One of the most common reasons that a person choose to pay the convenience fees for making a payment using one of these alternate methods is because the payment will not arrive on time if paid using the traditional method of sending in a check.  When these bills arrive in the mail, it would be better to pay them immediately if the money is available in the bank instead of waiting until closer to the due date to make the payment.  This will ensure that all payments are made well before the due date and that all accounts will remain current.

It is important for every individual to have money saved that can be used in the event of an emergency.  Many of the people facing insurmountable debt began on the path of financial disaster by not having any savings available for use when an emergency situation occurred.  Starting a rainy day savings account is not difficult and anyone in any income bracket can use these tips to create their rainy day savings account.

Calculating How Much Is Needed

Before starting a rainy day savings account, you should calculate how much money your rainy day account should contain so that you have a concrete goal to work towards.  The best case scenario would be to have enough money to cover six months worth of your monthly expenses.  This will ensure that you will have enough money available if something unexpected, such as the loss of a job or a prolonged illness, changes your financial situation.

Increasing Your Balance

The key to growing your rainy day savings account to meet your savings goal is to save money on a consistent basis and to avoid using the funds for anything except for real emergency situations.  Needing a new pair of shoes or a new outfit is not an emergency worth dipping into your rainy day savings account.  If possible, you should divert a set portion of your paycheck into your rainy day savings account every time you get paid so that you get used to living without that money as disposable income as quickly as you can.

Another way to quickly increase the amount of money in your rainy day savings account is to choose a daily or monthly expense that can be eliminated and use the money that would have gone towards paying for that expense for saving in the rainy day account.  Nearly everyone will be able to find at least one expense in their everyday lives that they could do without, whether it is specialty coffees on the way to work, gym memberships, or dining out at restaurants.

Most people find that they do not miss the items that were sacrificed to increase the amount in their rainy day fund and often find more areas of excess that can be eliminated.  This reduces your monthly expenses and allows you to save more of your money for future use.  Although it can be difficult to find the discipline to reduce spending and save money on a regular basis, the rewards that can be realized by having money available to handle unexpected financial issues are well worth the initial discomfort of cutting your expenses.