Author / Kevin

Money Management

5 Advantages to Automatic Payment

There are many ways that technology is improving the lives of people all over the world. From increased communication to creating additional jobs, there are several positive things that have come out of the technological revolution. Automatic bill pay has been around for a while, but in recent years, it has become more common. While there are some disadvantages to be found when using technology, there are many advantages to automatic payments. From convenience to saving money, here are five of those advantages.

Convenience

The first thing that many people mention when talking about the advantages of automatic payment is the convenience. When a person has set up autopay to take care of a particular bill, they are able to choose the day that the payment is sent. Once that is done, the payment is sent out automatically until it is stopped. It also allows the money to be taken out of a different account, like a savings account. No matter what happens, the payment goes through unless it is stopped by the person who is making it. This is a way to make life a little easier and more convenient; a definite advantage to using automatic payments for bills.

On Time

Because this system means that each payment is going to be paid automatically, there is no risk of the payment being late. This not only prevents late fees, it also helps a person’s credit improve. Delinquent payments hurt a credit score, but delinquent payments are rare when automatic payments are used. When a payment is made on time and in the full amount, credit agencies see this and take notice. This can help a credit score improve and put the borrower in a position to be eligible for other credit opportunities.

Less Risk of Theft

A bill that is printed on paper and sent through the mail can be at risk of theft. This theft can either be identity theft or the theft of funds. Many companies offer automatic payments to protect both their customers and their own interests, to ensure that they receive their payments.  While there are still risks, there are also more safety features to help avoid those risks.

This is not something that just impacts individuals, however. A company also is at risk of losing money. To help prevent this and allow a company to see their total amount of money, companies like AccessPay offer financial products like SecureFlow. This product enables companies to detect fraud and error when making payments before the payment is made, preventing potential fraud from taking place.

Saves Money

Late fees are a very inconvenient cost added to a bill when it is late. These often create additional problems for people struggling to pay or are an inconvenience when a payment is late. Automatic payments help to avoid that by sending in the payment every month, regardless of whether or not it was remembered. Not only do automatic payments help avoid late fees by making sure that each payment is being sent in on time, they save money in other ways. When someone has to send in a physical payment, there are additional costs. Stamps, checks, and envelopes all cost money, and these are costs that can be removed by signing up for an automatic payment system. Some lenders use a rewards card to pay their bills, which can help them earn points and even cash.

Environmentally Friendly

Automatic payments offer another advantage, one that helps the environment. When a bill is automatically paid, this often means that there is an option to no longer receive a physical bill. Additionally, it means that there is no need to mail in a physical payment either. As a result, there are fewer pieces of paper that need to be thrown away, reducing the environmental impact that an individual or business has. While paper is easy to reuse, this still saves paper and helps preserve the environment.

For a corporation that is considering opening up their payment services to autopay or using an autopay system, there are companies that can assist them. Companies like AccessPay offer sound financial solutions to companies, helping them to make their finance departments more efficient and secure. For an individual, there are several advantages to using an automatic payment to take care of bills. Not only is this an environmentally friendly option, it saves money, is always on time, is convenient, and helps reduce theft. As with all financial discussions, however, it is important to do additional research to make an informed decision.

Money Management

The Best Budget to Keep You From Living Paycheck to Paycheck

I have tried many budgets to try to get me to stick to one without much luck. I always made excuses to where the money for a purchase would come from, like I worked some overtime this week so I can afford this. Wrong!! Yea I could buy it but I could make better use of my money.

I then discovered the Zero Based Budget, and my life changed forever. Not really, but it did change my opinion on budgeting. A Zero Based Budget is basically assigning all of your income to a category to make the remaining amount equal zero. What I do is just make a base income, which would be the minimum I would take home a month not including overtime because that’s never guaranteed. So here’s my sample budget:

Zero Based Budget

Each category I based to projected portion on past months and made it the highest possible number it could be without being overtly wrong. As the month goes by on a separate sheet you just jot down the expenses that go into variable categories like entertainment or eating out. Always remember to plan for special occasions for instance, if you’re going to a birthday dinner or something, be sure to adjust your budget accordingly.

At the end of the month all you do is add everything up and then all of the extra money can go towards your financial goals/savings. I think this helps because you can actually see where your money is going vs. where you think its going. Also, because you get to see the savings you made at the end of the month by watching your money.

Do you have any budgeting tips that work for you?

 

Money Management

The Importance of Payday Loans

Many people often show an aversion towards loans that are not properly warranted. For these people, any form of debt is often bad debt. The truth however can be wildly different; loans or debt are bad when you don’t use them properly and you are not able to pay off the loaned amount in time. However, if you can take care of these concerns, you can actually be confident that the loan is good especially if it betters your situation in the way you envisioned the loan would help you.

Enter payday loans! The importance of payday loans lies in the fact that it is one of the most readily accessible types of loans out there. True, the short-term nature of payday loans lends itself highly to risks like higher interest rates but this does not negate how this loan type can be tremendously helpful for many people.

In times of emergency, payday loans can provide the quickest access to money needed to help you survive a rough period. If you’re expecting an income that is delayed, payday loans can help cover your expenses for a few days until the money arrives. If there’s a school project for the kids that needs immediate funding, payday loans can be the most important lifeline that you have to make sure the kids get what they need. There are so many scenarios that lend value to the importance of payday loans, none more so than the fact that you can use it for medical emergencies and the likes.

All this can be traced to the fact that payday loans require little documentation to support and are generally payable within two weeks or so after the loan is secured. In essence, you don’t have to think about it for extended periods thereafter. It’s really a short-term infusion of cash meant to help you move along until you are in a much better financial situation. When used properly, as already discussed, it’s more than just a life saver. It’s something that can help better your life on days when you feel you are really at a low point financially.

Think of finding payday loan lenders and getting payday loans the next time you are hard on cash. It might just be the option you need to continue taking care of the importance things while the payday is still some days away.

Investing

Investing Tips That Seem Like Common Sense

Investing is something everyone should get into. Especially since it’s probably something you’ll be living off in your retirement. You’re going to want to make sure it’s still there when you get older and maybe even have a little extra to leave your kids. Here’s a few tips you should know about before you start investing in the stock market.

Before you even think of investing be sure that you can afford it. Don’t have thousands of dollars in credit card debt and start investing. You’ll never be able to beat the interest rate you’re paying on those cards. It’s a losing battle, so start paying those cards off first. But of course you can start educating yourself so that you’ll be ready when you don’t have that debt any more. Looking over Online Trading Academy Reviews can help you decide your course of action. Having a great teachers showing you the way can help you in the long run.

When you do start investing, be sure to think about diversity. Don’t throw all of your money at one stock. You’ll statistically have a bad time. Spread the love around so that you have a better chance of keeping your money. That way when one stock is down, your other ones will probably be up. This way you wont be a slave to the whims of the market and your emotions won’t take over your investing strategy.

Slow and steady wins the race. Just keep down the road of investing. Each month just keep putting money into your portfolio of stocks so that it averages out the highs and lows. That way you’re not worrying about when the stock is high or low and letting your emotions take over. Remember, you’re in this for the long haul. Rome wasn’t built in a day.

Money Management

The Financial Issues of Legal Trouble

At some point, anyone may find themselves on the wrong side of the law and need some help getting out of jail. One option is to employ the help of a professional bond company like as Expert Bail. Regardless of the charges brought against you, there are several ways to respond calmly, intelligently, and in an honest and efficient way.

What is a Bail Bond and How Do They Work?

A bail bond is essentially a document that is presented to the court promising that a defendant in custody will appear at all necessary court hearings for the charge levied against him or her. If the defendant does not show up, he or she is said to have “jumped bail” and doing so can have even more serious consequences, including the issue of a “bench warrant” for the arrest of the defendant in question.

Following the arrest of the defendant, the local court normally establishes a bail cost. The cost of bail can depend on several factors, including the severity of the crime and whether the defendant is a repeat offender or if is their first offense. Many states have a bail schedule that sets forth the cost of bail for various offenses, though the judge is usually free to set a different amount.

Once the amount of bail is set, someone must contact a bail bondsman. This is usually a family member or close friend of the defendant, but can also be the defendant himself or herself. A family member or friend who contacts a bail agent is fills out all of the appropriate paperwork and pays a percentage of the bail cost.

In effect, this friend or family member is guaranteeing that they will pay the full cost of the bail if the defendant fails to appear in court as ordered and is often referred to as the guarantor or the indemnitor.

Usually, the bail agent will ask for some form of collateral to further guarantee the bond process. This collateral is always something of value, such as cash, a car or jewelry.

After the paperwork has been filled out, it usually takes less than an hour to be released. This can vary from state to state and jurisdiction to jurisdiction however and may take between 30 minutes and 48 hours depending on local processes and rules.

How Much Are We Talking Here?

The exact amount a bail agent will charge depends on several factors. One of the main deciding factors is the cost of the bail itself set by the judge. In general, the more serious the offense, the higher the bail.

Bail agents normally charge a percentage of the total bail cost. Often, this is 10% of the total bail cost. The percentage of the bail is usually restricted by law. Bail bonds can normally be paid for with cash or credit card, though some bail agents also take checks or even PayPal.

Upon resolution of the defendant’s case and full payment of the bond, the collateral put up by the guarantor is returned to the guarantor.