Want to Save Money for the long Term – Compare Banking For Students Today!

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Students are a group of people that are pretty much a category of their own, especially when it comes to the personal finance industry. There is really a lot of literature written specifically for students, but does that mean that every student is going to be on the same page in terms of actual personal financial knowledge? Not so much. However, this is a data point that’s changing rapidly, so to speak. In other words, more and more students are realizing that just because they don’t have a lot of money doesn’t mean that they have to just let anyone and everyone have it. Spending money needlessly is only going to make problems worse in ways that aren’t always noticeable.

So, what’s a student to really start with when they’re trying to clean up their finances? Believe it or not, it’s actually their banking options. Compare banking for students is a topic that can really take some time, and many students might wonder why we would even suggest going with this before anything else.

There’s a reason for that too — you have to make sure that you’re thinking about all financial relationships. A bank can offer a student a lot of different things, including checking, saving, and even loans later down the road.

A student checking account is really only the beginning. That’s the “carrot” that the bank will use to get you in the door, but that doesn’t mean that you aren’t going to be cherished when you arrive. A lot of people assume that the banks don’t care about regular people, but we don’t think that’s always the case. It’s quite possible to develop a good working relationship with a good bank which can lead to better financial products. Instead of having to go to a third party for your mortgage, you can actually get the funding that you need right form the bank. Banks want to make their customers happy so that they will stick around. Trust us, they will make their money from you eventually. But that doesn’t mean that you won’t benefit in the process. You can build your credit with a secured credit card, which means that you won’t have to worry about trouble getting credit later down the road.

Today is a great day to compare banking for students — why not go ahead and check it out for yourself?

Secured Credit Card

What is The Secured Credit Card?

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The secured credit card is currently very popular on the market. Just as the name implies, we are referring to credit cards that have extra securities. You will need to open a special account with the supplier and then keep some money in the account at all times. This is a cash balance that will act as a supplier security. Contrary to what you might believe, the secured credit card was created in order to offer security to the lender and not to the borrower. The credit limit that you are entitled to will be linked with the money that you are currently holding in the account. In most situations we are referring to an amount that will be between 50 and 100 percent of the amount that can be borrowed. Due to this reason, secured credit cards will sometimes be referred to as being debit cards.

The secured credit card appeared due to the fact that there is a growing problem with regular credit card debt. More people monthly are starting to have problems and this usually happens due to the fact that the cards are not used properly. It is really easy to spoil your rating by simply taking out more money than you actually need. Keep in mind that once you have been labeled with bad credit, even if you end up repaying the credit line loan, you will still be seen as someone that has problems when it comes to loans. The secured credit cards stand out as a great way to improve bad credit score while also being able to take advantage of money that is offered. It is basically a loan that has collateral in the money that is stored in the bank account.

There are also people that have good credit score and that will use secured credit cards. This usually happens in order to avoid the bills and other fees that are linked to credit cards. An unsecured credit card will have a much more thorough check that you need to go through and the application form is a lot longer. In addition, there are also people that will not like to borrow any money and they use the secured cards simply as a way to gain access to their funds fast in the event that they are needed. No matter what your reason is, the truth is that secured credit cards will offer you a great way to function properly in today’s economic market and the benefits that are linked to them cannot be taken lightly.

out of debt

Should You Even Think About Investing When You’re In Debt?

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Investing is subjective, in the sense that it really is all about making it work based on your own unique needs and goals. However, when you’re in debt it can be hard to figure out the ins and outs of investing when you already have so much on your mind. There’s no reason to panic and it’s just going to make things worse if you do. What you’re really going to need to do is start thinking about what you want to get out of investing, and how to build a plan that’s really going to work for your needs.

So, to answer the ultimate question of whether or not to think about investing while you’re still in debt — we don’t see any reason for you to get out of the market until you’ve gotten fully out of debt. Everyone is going to have different opinions about this, but you have to decide for yourself what’s really going to be the best thing for you to do. If you aren’t careful, you’ll find yourself being left behind in the marketplace. At the same time, you don’t want to just dive in thinking that everything is going to flow together smoothly. You really need to make sure that you have a strong plan on getting things done. Otherwise you’ll just keep coasting along and who really wants to do that?

You should have a few things down pat before you dive into investing while in debt. If you’re someone that knows your budget down to the last possible bit, you will be in good shape to invest. On the other hand, if you’re deathly afraid to even think of your finances, you really aren’t in any shape to start your investing career.

You need to make sure that even if you start putting money towards your investing goals, you still have enough to take care of your normal living expenses as well as your debts. You don’t want to get behind on your debt repayment plan just because you want to invest.

Investing could mean getting into precious metals or it could mean going into a mutual fund. In fact, it could be something as small as getting into fractional stocks and bonds. Investing is always what you make of it, so don’t beat yourself up if you can’t really invest as much as other investors.

Educating yourself is really going to be one of the most important things that you can do before you get too ahead of yourself. Thankfully, we live in the information age and this means that you have more than enough resources to enter the investing world at your own pace.

Tackling debt can make you feel even more empowered to begin investing in yourself. However, if you have high interest credit cards, you might really want to wait until you have those balances under control. The high interest rates will just suck away money that you could be putting back into the business and growth of you! Don’t delay — start thinking about your investing and debt reduction options today!

Is Free Student Checking Truly Free

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One of the merits of looking into banking is that you really start seeing the connections between the difference areas of your financial life. The need for a secure place to store your money is very important. You really need to make sure that you have a way to store your money and access it when the time is right. You don’t want to find that you really can’t make any headway into your finances. You really have a lot more power than you think!

So let’s talk about a subject that’s getting a lot of attention — free student checking accounts. Now if you’re a student that has a lot of bills, it can feel like a welcome relief to finally get somebody that isn’t trying to hit you with fee after fee. College in the United States can feel like an entire marching band of fees waiting to crush you before you’ve ever gotten a chance to enjoy college.

Many banks do offer student checking accounts. There are often low minimum deposit requirements and no monthly fees. However, what you might not realize is that there are a lot of conditions that need to be met.

First and foremost, you need to make sure that you’re looking at the fine print. You don’t want to just go off the shiny advertisements — those are designed to get you in the door. They’re hoping that as you get out of college and get a better paying job, you’re going to be interested in some other banking products. It’s not like the concept is new — it’s a core marketing principle that has proven profitable. By developing a nice relationship with you early on in your life, they’re hoping that you’ll remember that kindness and take care of the bank later when the time is right.

Many banks require that you enroll in paperless statements — this cuts down on their costs of handling your account. And you will need to also handle deposits and withdrawals online in many cases. Using the actual bank can be extra. You need to make sure that you can use all of the available money in your account. You might be charged a fee if you have to end up under the limit that they assign to accounts.

You also want to make sure that there’s going to be free ATMs to use. A free student checking account doesn’t really matter if you’re never going to be able to withdraw money from an ATM without being charged a fee. There should be member ATMs that will let you go about this. If you’ve never seen them around town, make sure that you actually ask — it’s the best way to save yourself some painful heartbreak later down the road.

You also need to decide whether or not you want to sign up for overdraft protection. Our thoughts on overdraft protection can be summed up quickly — we think it’s a bad idea. Sure, it lets you avoid the embarrassment of something not going through. However, you really need to make sure that you control your finances better. If you honestly cannot afford something, having a $39 fee charged on top of your purchase that you can’t afford isn’t a good idea at all.

Keep in mind that there are alternatives to student checking accounts, like online banks and even credit unions. Your local credit union really wants to earn your business too, and they do it through offering things that the big banks won’t offer with a small local flourish that you’ll definitely grow to appreciate.

Is it the right time to start thinking about your money in a different way? Absolutely! Even though you might only be a college student now, the decisions that you make today definitely impact your future in a big way. Good luck out there!

Switching Banks

Beware the Overlooked Pitfalls of Switching Banks

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If you’re thinking about your banking situation, don’t worry — you really are in good company. A lot of people are thinking about getting on to another bank. They’re sick of their banks’ fees. They’re tired of not feeling like a valued customer. We aren’t here to tell you how to feel or even what to do — this is just general advice designed to make you think about your finances in a completely different way.

So, where do you really begin when it comes to your bank? You really need to think about whether or not the green truly will be greener on the other side. It’s tempting to think that everything will be better when you switch banks, but it might be time to start thinking about the reality of switching banks.

First and foremost, you could be triggering extra fees when you close your account. Many banks do charge an account closing fee to actually close your account voluntarily. So you need to think about that when it comes time to get a new bank.

Your new bank could also switch their fee schedule at any time. If you are constantly switching your bank account around and around, you will not be able to really be able to have your money grow or even stay accessible to you for very long.

Some people also find that it’s hard to figure out the policies from bank to bank. So you might get with a bank that lets you have your check earlier than a bank that makes you wait a whole week before they will release the funds into your account. Is this really worth putting up with in order to have less fees? So you really need to make sure that you are going to be getting exactly what you’re trying to get from the start. It’s easy to think that you really don’t have to worry about convenience, but that’s what owning a bank account is all about.

You have to think about all of your options equally. It’s one thing to be hell bent on switching to another bank, and it’s another thing to really absorb the weight and consequences of all of your decisions.

So now is the time to think about banking in a different way. We’re not saying that you shouldn’t switch banks, but you could be in for a lot more than you think unless you research ahead of time!

Banking

Banking Is Still a Wise Option – Do Not Let The Skeptics Fool You!

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Whenever the markets have long term issues, people begin making a lot of skeptical claims that can be laughable — unless you’re right in the middle of chaos, of course. You don’t have to feel like you have to fall victim to the bad economy in the slightest. It’s just a matter of making sure that you know what’s going to be useful to you, what isn’t going to be useful to you, and what you need to do in order to stay on top of you game — no matter what the market brings. Yes, we know it’s hard to look at the market and feel confident — especially when there’s potential for a lot of financial losses, but hear us out — it definitely gets better!

You see, one of the biggest trends going on worldwide is the questioning of the banking system at large. We are definitely fans of questioning where your money goes and what your money is going to be used for. However, to suggest that we should all pull our money out of the banks and then just do whatever with it from there is not a wise idea. The truth is that banks provide a lot of benefits for people across the board, and it doesn’t matter what country you hail from. Banking is not something that we always agree with, but the system as a whole is something that we definitely need to think around for a while.

Simply put, banks are all about security and trust. You can trust a bank to guard your money better than you can. Look at your house and your basic levels of security, and then think about the last bank that you’ve been to. Banks make it their business to put security as a priority. And while bank robberies do happen, they are much rarer than we realize — that’s why when one happens, it makes such a splash in the press.

Building a good relationship with a bank can help you get loans that you need to change different aspects of your life. Sure, you can get a mortgage loan from other sources, but a bank will usually give you a good rate. If you have challenged credit and you need a loan, building a relationship with a bank also works in your favor too. It’s never a bad idea to really make sure that you’re going to be able to really get things done with a bank from the start. Let them know that you want to rebuild your credit. If you can offer something as collateral that has value, you’re going to be able to get a small loan. Paying off that loan means that you can qualify for another one. A year of doing this can really give you a lot more buying power than you imagined. Sure, rebuilding your credit can take time — but banks really do love to help people.

If you think about it from their perspective, it makes sense. If they are seen as willing to help just about everyone, then more people are going to bring their money to the bank at large. This is something that helps the bank — more money means more opportunities to grow that money. That’s more opportunities to loan out even more money, and more chances to expand the bank’s services further.

By backing out of the banking system, your money won’t grow and it definitely won’t be as secure. There’s no time like the present to really look around at your local banks and start asking questions.

Indeed, we’re not saying that you have to just accept anything and everything a bank puts out there. We still think that you can do your homework without falling prey to conspiracy theories. We still think that there are definitely merits to having a bank account from a bank you can trust. But it is up to you to push back the doubt and the rumors and see what you can actually use and what you need to avoid.

Everyone is going to have a different financial blueprint for their lives. But if you truly value security and safety, a bank is really still going to be your best bet for a bright future — why not get started today?

pay_bills

A New Way to Direct Money in Your Budget

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When it comes to your budget, there’s nothing duller than bills. Bills might be a part of life, but that doesn’t mean that everyone really wants to pay them. It’s just a matter of stepping back and looking at your budget in a different way.

For example, most people think about the day that some of their bills will finally be paid. This means that they’ll have a lot of free money left over that used to go to those bills. For example, if you have a car payment then you look fondly on the day that your car payments will cease, giving you your car free and clear. However, the problem with this theory is that you will still need to make sure that the money goes towards something that is actually going to help you get other things done. Generally speaking, once we’re finished with a bill, we just regard the money as “free” — and then spend it on things that we don’t need. We don’t think about satisfying any of our financial goals, because that’s not as fun as buying a new computer or a new set of clothes or even going on vacation.

But you have to think about things that might be dull in order to get from one place to another. It might not sound as sexy to put your money away in another account, but it’s smart to do so. You won’t have to think about trying to figure out where the money is going to come from.

The only warning that we would put here is that you definitely don’t want to just throw the money into a CD or even just a savings account. The return on your investment isn’t high. If your goals are long term enough, then it’s better to throw your money into an investment account where it has a chance to really grow. That’s the reason why people build retirement accounts so quickly.

Speaking of your retirement, that’s one place where it would be wise to put some of that “free” money. You don’t have to put all of it there — but it’s really a good place to start.

As an alternative to savings you should also consider repayment of credit arrangements. With interest rates on savings accounts currently low, thought should go to settling any equity release plans or other debts where payment is due.

At first glance, you might not think about it, but doing things in this manner can really help you think about money in a completely different way. You aren’t going to have to sweat or worry about how to get things paid. By diverting money that used to be for the bills onto things that are meant to enrich your financial life, you will reach your goals sooner.

There’s a psychological element that can’t be ignored here as well. You see, when you actually take the time to put the money that used to be for the bills onto financial goals, you aren’t really losing anything. After all, you’ve already been paying this money out each and every month. So it’s not like you can’t live on other sources of money, right?

If you really think about it, there are a lot of bills in your life that definitely have an “end date”. If you direct the money positively, then you will not have to worry about what to do when it’s actually a rainy day!

gold credit card

To Go Premium Or Not – The Allure of Gold Cards

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There was a time in credit land where a gold card really did mean something. To be offered a gold credit card meant that you had made it, you were a real professional making real money, and the credit card companies finally smiled upon you. Never mind the fact that once you do achieve good credit, you’re put on enough lists to keep even the most analytical number cruncher busy. Yet times have changed since people first started talking about the world of gold credit cards. As we weather the global recession, credit card companies have to think differently about not only gold credit cards, but who actually carries them.

The reason for keeping gold credit cards exclusive is obvious — bigger spenders who not only spend money, but they know that they have to pay it back. They pay on time and they generally don’t carry balances. They know how precious their credit scores really are, so they don’t want to end up getting things messed up. That’s why in the past the credit card companies wanted to make absolutely sure that gold and platinum cards were mainly for the 760+ credit score holders. Yet now we’re seeing gold credit cards being offered to people in the mid to high 600s. Is this a sign of a new trend?

Yes, but what choice did the credit card companies honestly have? The recession has made companies really work on try to actually get the runaway profits that shareholders have come to expect. If they don’t find creative ways to raise the bottom line, they’re going to have a lot of unhappy shareholders.

The perks of having a gold card are definitely nice — sign-on bonuses and premium customer service — but is it a good idea? The danger of carrying too many credit cards is that you’re obviously going to be tempted to use them. Having a credit card on your side means that you’re going to be able to get things that you don’t have money for. If things go sour with your finances, you’re still on the hook for the money owed to the gold card.

Don’t think that these gold cards actually come cheap, either — you will need to pay an annual fee eventually, using around $75 – $150. Hold onto a card like that for even a year or two, and you’re already paying for all of those nice bonuses that you got just for signing on the dotted line.

By the way, many of these cards also include provisions for universal default. That means that if you are late on any credit card and it shows up on your credit report, you can expect your interest rate to go up. If you’re late on the gold card, you’re going to face another problem — late fees and interest rate changes.

What about those nice gold cards that don’t have any defined spending limit? Not as nice as you think they are. It’s very easy to lure people into believing that they have a limitless card — but in the fine print there is usually another provision that states they have the right to change your limit at any time. This means that if you start spending good money, and then turn around and get a big ticket item — your transaction might not go through.

Sure, there might not be a hard limit per se, but there’s definitely some sort of limit in place. Calling the credit card company and getting actual confirmation is the way to go. If you don’t figure out what your limit is and you go over, the credit card company can ask for the entire amount of the charges immediately — and then punish you further if you don’t pay up quickly.

Yes, we’re willing to admit that we’re taking the hard line here when it comes to your finances and the addition of a gold card. Yet there does come to a point where you have to look at the bigger picture and then make your decisions from that perspective. So don’t worry too much — look at all of your options, and do what makes sense for you!

Lifelock

Do You Really Need Lifelock?

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The holiday season is here, and that means that a lot of people are going to be out spending money. Instead of thinking that you are completely safe, you should actually be on the alert. That’s because the holidays are the perfect time to fall prey to criminals that would love nothing more to run up debt in your name and make sure that you have to pay for it. Fraud is something that costs everyone. It costs retailers, who have to raise their prices because fraud forces them to reverse sales and thus kill their own profits. Fraud costs customers across the board as they fight to restore their good name.

Given these facts, it’s really no surprise that everyone is thinking about protection services like Lifelock. However, you might be watching your money this year. That means that you might be questioning every service that you run across to see whether or not it’s going to be a service that you can actually use. You don’t want to throw good money after bad products, and we definitely don’t blame you for wanting to really make sure that it’s going to be something that makes sense from start to finish.

The short answer here is that Lifelock can be worth it if you simply want to avoid having to do the “heavy lifting” yourself, but you’re going to be paying 10 to 15$ a month for the privilege of someone else doing something for you. As always, if you would rather have peace of mind you should definitely pursue Lifelock.

What Lifelock’s services do is put out a fraud alert on your credit report — three times. That’s because there are three credit bureaus and they all keep different information on your credit. So you’re going to need to do everything related to your credit report three time sin order to cover the three major credit bureaus. In addition to putting out the fraud alerts, they also renew them every 90 days so that they do not expire. In addition, the company helps you cancel lost credit cards, licenses, and other items that come up missing from your wallet. The Direct Marketing Association will remove your name from their pre-approved credit card offers, and provide you with a free copy of your credit report each year. These things aren’t unique to Lifelock in any way, and are simply conveniences from the service.

The trouble with Lifelock is that it’s something that you can do yourself. What’s worse than that is that they are missing a critical step in the process of theft prevention — the security freeze. This is where no one can actually alter your credit report in any way — including opening new lines of credit. It’s something that many identity theft victims should think about, but they often do not. Lifelock does not provide this service, but they really don’t come forward and say how important a security freeze is. Yes, it’s a bit of a hassle to unthaw your credit report when you want new credit but let’s face facts — in this uncertain economy, new credit is really not the best thing that you need to think about. You are a lot better off making sure that you focus on keeping identity theft thieves from taking everything you have invested in your good credit.

If you want to take matters into your own hands, you will need to be proactive. Yes, it can be hard to find time to do all of these important steps, but guess what — they are very important, and you really need to do them. You need to make absolutely sure that you are protecting your financial future. After all, it’s really no one else’s job to take care of these things except yours. You want to make sure that you get a copy of your credit report and actually read it. The Fair Credit Reporting Act allows you to get three free credit reports per year. That’s one for each of the major credit bureaus. You can also enroll in a regular credit monitoring service that will give you not only your credit report, but your credit score as well. This way you can also rebuild your credit and see your scores go up.

In addition, you also want to cut down on the level of unnecessary communication you are receiving. Switching to paperless is definitely a smart idea. Your bank shouldn’t be sending you any convenience checks, nor should they be sending you your new debit card that way. Be sure that you actually change things up by having the bank simply hold your new debit card. You can pick it up directly from the bank. Yes, this is going to be a little more of a hassle, but it does keep credit thieves from getting their hands on your debit card. It’s harder to fight fraud on the debit card level, but still doable. It’s better to just sidestep the issue completely.

Junk mail with your information on it is just as bad. You will be doing yourself a favor by cutting it out.

Let’s not forget all of the forms that are honestly asking for your SSN. Your Social Security Number is special and nobody should be just using it for the sake of using it as a unique identifier. Have them create one. If they think that you are being unreasonable, that’s fine — ask them why they need it. Ask them what law they are using to require your Social Security number in the first place. From there, you should also make sure that you’re asking who will have access to your SSN and how your information is going to be protected. If any computer system is mentioned, there should also be citations of encryptions as well. You need to know who will have access to your information, and where that information is going to be stored.

Overall, now is the time to take back your finances. Should you really do it with Lifelock? You can, but you can also save the money and do it yourself — then put the difference into your emergency fund. It needs attention, you know!

1099-C

Don’t Let 1099-C Threats Stop You From Reclaiming Your Credit!

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During the holiday season, collection agencies are always thinking about ways to get you to do what they want — which is pay them, of course. If you’re trying to get out of paying the collection agencies what you owe, you’re going to find that they have a big bag of tricks designed to keep you from doing that. You have to make sure that you keep everything in perspective properly. It can be tempting to not really worry too much, but you are going to have to make some different decisions if you want to be able to take care of your financial life appropriately.

Dealing with the collection agencies can be tricky. If they are dropping your debts in a charge-off, you’re going to still be paying in the end. What we mean by this is that it’s quite possible to end up paying a lot of money to the company and still be on the hook for the amount that you didn’t settle for.

An example is in order — let’s say that you have a 10,000$ debt. You settle for about 4000, paid out over a 12 month payment plan. You might think that after all of your money is received that all will be well, right? Well, not quite — you see, the $6,000 dollars that you didn’t pay doesn’t just go up in smoke. The collection agency will often still file a 1099-C notice with the IRS, and that will be considered income.

Now if you don’t make much money as it is, chances are good that an extra $6,000 in income on your taxes isn’t going to make you a happy camper — especially when you don’t get to enjoy the money. However, the current tax laws indicate that it is income, so you will need to declare it. This is the fastest way to get audited if you’re not careful. You always want to report all of the debts that you are charged off, because the IRS will make sure that you do and you pay the taxes required. It’s always a matter of money, you know.

Yet we’re saying that the 1099-C isn’t anything to fear, really. Let’s flip it around here — say that they do go ahead and do this to you. It’s not the end of the world because guess what — your life sucks one tax year and then it’s over. You can always make a payment plan with the IRS if you really needed to, and that can keep things running smoothly for you in the future.

There are also exceptions to the 1099-C — like if you were considered insolvent at the time the taxes were filed. Insolvency means that you really didn’t have the money to pay the full amount. If your liabilities outweigh your assets, you can often make a good case for this. However, it’s easier sometimes to just skip the extra paperwork and pay what is owed than fight the IRS — you will almost always need representation to win a case, and this can get expensive in a hurry.

Now is the right time to take care of your finances and continue to raise your credit score over time. Why not start today? It’s going to be difficult at first, but when you see your financial life improving, you’ll totally be glad that you took the steps to change your life for the better! There’s nothing more satisfying than seeing your life rise higher and higher — so don’t delay, of course!

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