Feb 6, 2022
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Things my followers should know about banking.
1. If you are going to travel anywhere outside of your state or country, put in a travel notice before you leave with your bank. This way your card does not get blocked thinking your purchases are potential fraud.
2. You can opt out of overdraft on your debit card. Overdraft basically pays for any purchase you make in which you don’t have the money for it. This is nice in emergency situations but it does come with consequences such as a hefty fee on top of that purchase amount. That said you can opt out of it, so instead of accepting the purchase, it declines. (Note: opting out does not include an automatic purchases in which you’ve given your account information to the purchaser i.e turbotax, comcast, etc.)
3. If you do occur an negative balance for whatever reason, you have until the bank closes that day to make it positive without occurring the fee. (Note: this is only the case for some banks. So check with your bank.)
4. Saturday and Monday are the same business day. Meaning if you deposit a check Saturday it won’t clear until Tuesday.
5. Most banks have night drop which is slot located on the building that allows you to put any checks or money you want to deposit, but can’t because the bank’s closed. (Note: always be sure to put your deposit into an envelope with your account info either on or in it.)
6. DO NOT EVER GIVE YOUR ACCOUNT INFORMATION OVER THE PHONE. NOR WIRE ANY MONEY TO SOMEONE CLAIMING TO BE THE IRS OR SAYING THAT YOU OWE THEM MONEY, YOU KNOW YOU DON’T. Always contact your bank first for help digressing on whether or not the situation may be fraud.
7. Save your statements for at least five years. You never know when you need them for something like getting a loan, and if you need the bank to print them off for you it will cost money.
8. Online banking is a godsend. Like seriously you deposit, transfer, check your balance and do so much using online banking. I know some people are worried about getting hacked, but honestly there’s so much to benefit from it.
9. If you have a charge on your account that is fraud or perhaps a store double charged you, you can dispute it and get your money back. It’s not a sure fire thing, but as long as you’re genuine in your dispute banks are more than willing to give you back that money. (Note: You do have a limited time to do this. I remember correctly you have about thirty days from when you first discover the charge to dispute it. )
10. It is never too late or early to start saving. Banks have multiple resources and accounts to help you start savings money. If you want to know more about the products available to save just let me know.
Being a student is expensive. Tuition, textbooks, and school supplies all add up to a hefty sum. So if you’re a student and you want to save a little bit more money, follow these do’s and don'ts.
DO: Track your spending. I cannot stress enough how important this is. First, track your income from student loans, scholarships and bursaries, parents and any part-time job you have. Then, note-down any must-have monthly expenses such as rent and bills. You'll then be able to see exactly how much you have available to spend each month. It’s important to make a budget for certain categories and not go over that budget. For example, you might say that you only want to spend $40 on eating out per month. Budgeting apps make doing this and seeing how much you spend so much easier, so use them. I personally use Mint. To enforce your budget, carry cash, not your card and don’t let yourself take out more money until the next month. All in all, you want to make sure that you’re in the green (your expenses are less than your income).
DON’T: Move out if you don’t need to. I know, living on campus or in an apartment on your own has its perks. But, unless it’s absolutely necessary because you’re living in a different city or other personal reasons, live with your parents. You’re going to save an immense amount of money on rent and food. If you need to move out, opt for off-campus housing and live with roommates. Rent is going to be less costly and you won’t be forced to take those expensive school meal plans.
DO: Take advantage of student discounts. They. Are. Everywhere. So take advantage of them! Even if it’s a 10% discount. Sometimes student discounts aren’t displayed so ask the cashier whether or not they offer student discounts at the time of checkout. The worst they can say is no, so always ask! Every penny counts. For any Canadians out here, purchase an SPC card. It’s only $10 a year and offers various amounts of discounts to a ton of stores. The UK has the NUS Totum card which is similar. Let me know if there’s an American variant.
DON’T: Spend unnecessarily. Avoid impulse purchase, please. Do you really need new clothes or that 15 set of mildliners? Do you really need that coffee? Do you need both Hulu and Netflix? Ask yourself questions about whether or not you really need something before you purchase it. It’s okay to treat yourself once in a while, but don’t blow your entire budget on a single purchase or multiple unnecessary purchases. To avoid spending too much money on food meal prep and go grocery shopping with a list.
DO: Buy course books second-hand. If possible, rent out your books instead of buying them. And better yet, purchase them second hand online or through your school and sell them as soon as the course is over. But books aren’t the only school supplies that you can save on. Stop buying new pens all the time and you don’t need a new notebook or any expensive stationery that’s trending at the moment.
DON’T: Be afraid to reach out for help. Don’t wait until you’re in financial trouble to get help. Talk to your family to see if they can send you money. Get a loan, if absolutely necessary. Your school might even offer an advisor who can help you help you navigate your finances, from making a budget or applying for loans. If you’re having trouble with money, know that you’re not alone and don’t be too embarrassed to reach for help.
DO: Sell your items. Take your clothes to a consignment store, and sell miscellaneous items on local websites or online. If you have the time, you can even make things you can sell or provide a service such as tutoring. You might not make much, but any income is a good income.
DON’T: Only have a checking account. You need a savings account to set money aside that you’re not allowed to spend for the time being. Each time you receive income from jobs, put a portion in it. It may not be more than $10 or $20, but over time it will add up.
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Whether you're considering home assistance or other care options, these conversations need sensitivity and planning.
Having ‘the talk’ about long-term care with aging parents can be emotionally challenging, but it’s a crucial step in ensuring their well-being. Whether you’re considering home assistance or other care options, these conversations need sensitivity and planning.