Can you save money by using fractional ownership? The marketing of fractional ownership has to date focused on a certain type of development, i.e. super-luxury resorts laden with facilities and services at a very high cost. This isn’t all it should be about. In many ways it is potentially more beneficial to people that don’t have loads of money.

In most cases “fractional” ownership has involved taking the timeshare concept and making it 10 times more expensive! However the need for fractional ownership is created (at all levels of income) by folks not wanting to spend so much money on their leisure assets. Even for the wealthy, the cost of a luxury ski lodge in Aspen or the latest super-yacht is going to hurt. So if you are rich you can bring down the cost of owning your luxury yacht or prime Florida real estate. For the rest of us it can be used to bring down the cost of ownership of slightly more mundane items!

How Could You Use Fractional Ownership to Save Money?

Forget about anything you think you know about fractional ownership and consider the following:

A. Think of something that you would like to own or use but can’t afford (it has to be something that you don’t need to use all of the time). Typical types of things would be leisure assets (second homes, yachts, boats, caravans/RVs, tents), business equipment (expensive and occasionally used machines), or functional items such as a garden tractor.

B. Assess how much this would cost you if you were going to buy it. If you would have bought something used then use this price, not the new price.

C. Consider how many people could realistically share the use of this asset. When working this out you need to think about if the asset has a popular season (e.g. summer for beachside property, New Year for second homes in ski resorts).

Now divide B by C. Doesn’t this make your proposed purchase seem more affordable? There is no reason why fractional ownership has to be about luxury (although that is very nice). It can save you lots of money as well. Think about the following examples:

1: A family on a limited budget would like to save money on their vacation (or even afford to be able to go on one) by camping. The problem is that a full camping setup for a family of 5 isn’t cheap if you haven’t got much money. The fractional solution would be to share the cost with 2 other families in their local area. They would still each be able to go on vacation in the school summer break and take turns at using the equipment through the rest of the summer.

Example 2: If you enjoy yachting why not look at a fractional scheme for a used yacht. This can really bring yachting/boating within the reach of a lot of people. This was exactly the sort of scheme that I got involved with at the age of 18!

Conclusion

I’m not suggesting that fractional luxury ownership schemes are a bad idea, in fact I think that they put some really luxurious destinations within the reach of many more people. I just want to put forward the view that fractional ownership can also be used lower down the value scale to actually save folks on modest incomes money and make their life a lot more enjoyable.

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While it may seem like there is little hope if you have a poor personal credit rating, there are steps that you can take to repair it. Working proactively to repair your credit will save you money over the long term as you will be in a better position to secure financing at attractive interest rates. While some individuals hire credit repair agencies to follow this process for them, others work through these tips to repair their credit on their own.

Follow these 5 tips to help repair a bad credit rating:

1- Create a List and Organize Your Debts
The first thing to do when working on repairing your personal credit is to take a thorough inventory of all of your debts. Create a list of each consumer debt, the amount owed, the current interest rate and the minimum required monthly payment amount. You will need this information as you work through the remainder of the tips so even though it will take some time to become better organized, completing this step will save you money over the long term.

2- Review your Current Credit Report
Be sure to request a copy of your current credit report from each credit agency for review. It is important to review reports from each reporting agency as they can each contain slightly different information and numerical scores. As you review each credit report, be sure to begin with checking your personal information. Is your name spelled correctly? Are there any versions of your name that have been listed on the report incorrectly? Review the listed addresses for accuracy. Then, review each credit account listed on the report to ensure that you in fact utilized credit from the company and that all related information is correct. Identity theft has become common so it is important to review each component, including the bad credit components to ensure that they are related to you personally. If there is something that has been reported incorrectly, report this finding immediately to the credit agency and to the company reporting the credit extended to you. If the information can be proven to be false, it will be removed from your credit report, therefore improving your score.

3- Write Responses to the Credit Reporting Agencies
To elaborate on the process of managing facts and information that have been reported on your personal credit report incorrectly, the first step in the process is to create written responses. Create letters for each incorrect fact noticed and send them both to the credit reporting agency and to each individual reporting account. Continue to send letters until they respond or until the item has been corrected or removed from your report.

4- Begin to Re-Build Credit
Once you have removed the negative items from your personal credit report, you will need to begin work on rebuilding your score. Start by using secured credit cards or personal loans. These credit lines extend small amounts of credit based upon you providing the capital that the credit lines are secured against. As you use the credit and repay on time, your credit score will be strengthened. And, once it has been strengthened enough, you will be able to apply for and secure unsecured credit lines. Be patient and work to conservatively build your credit over time.

5- Learn to Use Credit Wisely

The last and probably most important step to take when rebuilding your credit is to learn how to use credit wisely. Consumers run into financial problems when they overextend themselves financially, they borrow too much for their personal incomes or they improperly use the credit that has been extended to them. Use only the credit that you need at the time of purchase or learn how to view credit as a way to leverage your current financial standing. Credit should not be used to purchase items that you cannot afford as over time, you will be placing yourself into a challenging financial situation. Also, learn to use credit for purchases such as homes, property and automobiles instead of just everyday consumer purchases. By learning to use credit wisely, it will be available when you are looking to make these wise financial purchases in the future.

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Because these mistakes are so critical, they are nothing to laugh at. Are you making these mistakes with your hard-earned income?
1. They haven’t figured out how much income they really need each week to exceed just paying their bills. They haven’t worked out a budget.
The correct definition of BUDGET is: the calculation of the amount of money necessary for an organization to function and achieve its purpose. If you are satisfied to just pay your bills, and you never pay yourself first into a savings plan, you will make other people wealthy and you will stay poor. Every vendor that you pay is in business to make a profit. Shouldn’t you be running your business to make a profit? The income target must include enough profit or the enterprise will go broke and fail.
2. They don’t work out ways to earn more income than they currently need, and then willingly do whatever it takes to execute their plan.
By incorrectly estimating the amount of income necessary to exceed breaking even, they almost always set their income target too low and lose more money existing on credit instead of going into action to raise their income. Anyone can discover different ways to make more money; it is often the ‘willingness to do whatever it takes’ that seems to be the problem.
3. They habitually spend more money than they make.
Using your income to purchase the ‘appearance’ of having wealth is a deadly activity. I call this breed of spender a Gratification Groupie. It can catch up with you fast and eventually can drown you in debt. This situation causes constant stress about money and brings on lots of sleepless nights. Money does not buy happiness. But, doing something worthwhile and productive and being appreciated for it will make you feel like you are on top of the world.
4. They never figure out what they need to buy in the future and set aside a little money each week in order to pay cash for the purchase later.
Buying something with a credit card because you are short on cash is committing your future earnings to the credit card company. You are then working for the credit card company as an economic slave. The right way to purchase things, especially high dollar items, is to set aside a small amount each week until you have enough cash to buy the item, and then negotiate a big cash discount. The guy with the CASH IS KING!
5. They purchase services and products based on WANT rather than on NEED.
Purchasing decisions must be based on how your buying the service or product can assist you to produce additional income for you. Let’s be honest here, do you want the latest cell phone that features email retrieval and text messaging because your friends have one, or do you need it to increase your work productivity because you are traveling to close the next business deal?
6. They never contribute to a retirement savings plan so they have it for use later in life.
If you are relying on other peoples’ future production to pay you Social Security payments so you can retire, that is really taking a gamble. Despite the fact our government reports the annual cost of living is rising 3 - 3.5% a year, the truth is that it is going up 8 - 12% a year. You have to make that much more income just to break even. Why does our government report that it is only 3 - 3.5%? Regrettably, it’s because the government has to increase Social Security payments each year by the percentage they report. Our Social Security system is already bankrupt and those living on Social Security alone are headed in that direction.
7. They never develop multiple sources of income. If one source dries up they are in trouble financially.
The expression ‘don’t put all your eggs into one basket’ is true today, especially when it comes to income sources. Research profitable services or products you can add, or business ventures you can participate in that are ethical, and have a great opportunity to producing a residual income.
8. They get stressed out about how little interest their bank pays on savings accounts while they are getting killed with much higher interest charges by carrying balances on their credit cards.
If you have high credit card debt, you are better off using excess cash to reduce the debt and stop the high interest payments rather than trying to earn interest from the bank. As you pay off your debt, it is wise to keep enough cash on hand to cover a few months of basic living expenses. Once the debt is gone, or will be soon, then start investing the excess cash where you can get real growth.
9. They worry about ‘the economy’ in general.
I’m surprised that most people actually worry more about ‘the economy’ than about their business or household failing financially. They worry about what the media is reporting about ‘the economy’ when that is something they can’t control, while never confronting how they are affecting the economy of their own business or household, which is what they CAN control. A rise in unemployment is no reason to worry. Small business’ creation of new jobs greatly exceeded the number of jobs lost in major corporations, according to the latest ADP report. A bank failure is no reason to panic. Banks get bailouts from the FDIC and other investors. Nobody is standing by to bail out your failing business. That is entirely up to you. So keep promoting your business, put aside some cash, and sleep like a baby while the bad news about ‘the economy’ rages around you.
10. They anticipate surviving financially without taking full responsibility for controlling their financial future.
Money problems have a simple solution. Increase your income, cut expenses, and correctly manage what income you do get. It’s not only about how much money you make, it’s what you do with it that determines your financial condition.
Correct money management is not taught in educational institutions. People get bad advice and false information about how to handle money. Then they make silly mistakes, get into trouble, try to solve the problem by using credit, wind up in more trouble, and then go looking for debt relief.
The good news is that there is an inexpensive, proven, money management software system that can reverse all the money management mistakes a person has made in the past, and keeps them from making those same mistakes again. It is an old-school system that your great grandparents used prior to the days of credit cards. Very rich people understand and use this system today.

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attorney network : attorney network

speedy payday loans ::

This is a customer oriented career. The advent of the internet has reduced the necessity of incessant conversation between the client and the stock broker to a great extent but that has not provided much work-relief to the brokers. The reason is, the increase in the number of investors is staggering. The computers have solved many problems related to buying and selling, but have created additional ones. Everybody is running the race against time. The career in the stock market is meant for the mentally tough. Besides, you must have the basic interest in such activities. With the backup of such innovative interest, you will be able to build yourself by continuous application. The learning process never ends. The syllabus of shares is continuously expanding. You must have the applications of a politician, an economist, a sociologist and mathematicians put together to study and make a career out of the subject. This is a career where you are answerable generally and sometimes specifically to thousands of investors who look forward to your guidance and trust. No investors will thank you for suffering losses. You are paid commission for the work that you do but at the same time, you have an ambition to succeed in your mission. A successful dealer is appreciated by the clients and attains popularity in the investors’ circle. A satisfied customer is your best sales representative. This is a career of adventure, integrity and trust. Notwithstanding the use of the internet, transactions worth thousands of dollars are sometimes carried out through verbal communications. Like the Banking Industry, new avenues are sprouting which have direct bearing on the transactions taking place in the Stock Exchange. Initially you can find opening in any reputed dealer as an apprentice, and then go to master the intricacies of the working under the atmospheres of pressure, in the playground of gains and losses. Some of the important sectors of investments are Investment Banking, Insurance Advisor, and Registered Broker for Commodities and Futures, retail Broker, Institutional Broker in trading equities or trading fixed income, IT-Securities Industry Specialist, distributor of stock books and magazines and the like. You are a permanent learner here and you never reach the peak. Not permanent victory or defeat-what mattes in stock exchange is permanent effort. You need to have the perseverance to learn continuously. Your customer’s interest are always more important than your self-interests. This is the business ethics. For a career in the Stock market, you need not be a Chartered Accountant, Cost Accountant, CFA or MBA. Apart from the aptitude, you need to pass two examinations for entry. One is the General Securities Registered Representatives Examination. You need to work initially with a firm for four months for gaining practical experience. You will also have to pass an additional examination called Uniform Securities Agents State Law Examination. When this exercise is completed, you are ready to get into the business and by now you have the knowledge of theory aspect and the common terminologies related to trading and legal aspects. When you complete these examinations, you are still a trainee and will continue to enjoy that status for two years. You are in a new profession now. You have entered the ‘college of self-education’ where your mind is your Principal. Your analytical abilities are your tutors. Once you have the license as a broker the practical test to your skills commences, and it all depends upon your business acumen and how the investor community accepts you as a dealer.

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Personal Loan, just as the term said, is basically a type of loan that you can apply for your personal reasons. You can apply for the loan when you need the money to fix your house, to pay for medical expenses or buy plasma TV or even to go on a vacation etc. Moreover, some people apply for personal Loans simply because they need the money urgently.
For any reason that people can come up with, it’s better to answer these three questions first;
1. How much is your income each month
It’s better to have an understanding about your income base and your resources, as they can make you see on how much you can afford to apply for a personal loan, how much repayment, plus how much interest that you can afford to pay. One easy way to start assesses your income base and your resources is to write down all your monthly income. Your monthly income should include salary, for both of your salary and your spouse’s salary, any government’s welfare, etc.
2. How much is your expenses each month?
After you write down all of income, now you can start to write down all of the expenses that you have in a month.
In your monthly expenses you could include your mortgage installment, credit card payment, car payments, health insurances, child support, school fees, living cost and bills, etc.
Now that you have all of your monthly incomes and all of your monthly expenses written down, you can start to sum up your income and your expenses, then deduct your total income with your total expenses. The figure resulted of this calculation is your disposable income. Your disposable income can tell you how much you can afford to make monthly repayments which include principal plus.
3. How can you anticipate uncertain future events?
Now you know that with your monthly disposable income level, you can afford to apply for Personal loan. But what happens if things are changing in the future? What happens if all of a sudden you loose your job, what’s happens if there’s a significant increase in bills and interest rate? In short, what happens if thing don’t go your way. How can we anticipate that?
Well, the best way to anticipate these kinds of things is to try to simulate what’s going to happen. For example let just say that because of the economic down turn these day, you loose your jobs. What should you do now?
You can try to do these in a simple way:
1. Look back to your list of expenses again and see which one of the expenses that you can reduce, or maybe to make it even better, you should make budgets for all of your monthly expenses.
2. Re-do the calculation again, this time without your salary, since you loose your job right, re-do the calculation until you can come up to the figures that can make you, at least, pay the minimum repayment each month.
Simple don’t you think?? Now that you know how simple and easy it is, you can start to simulate every possible situation that can happen to you in these hard times of economic downturn.
The basic idea of these three simple questions is to learn to understand more about our financial situation and how we can to equip ourselves the better way when the hard times comes. After all better be safe than sorry.
As you have just started your financial life afresh, in order to manage your finances & borrowings efficiently you need to have a clear idea of the fundamentals of personal loan. Till date, you didnt have much exposure to different personal loans which you are gonna have now. Before this you were student and have only been familier with student loans. You must have heard of mortgage calculator and debt management…but you do not have any clear concept of the basics of them. Now you need to have more detailed knowledge about personal loans.

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Do you think you have missing money tucked away somewhere but don’t know how to find it. Or even if you don’t think there could be anything, would you like to find a free and easy approach to making sure you don’t have missing money you don’t know about. An unclaimed money search can help you do that.

Missing money at Cash Unclaimed is a nationwide database containing records of unclaimed property. This includes bank accounts and the contents of safe deposit boxes, utility deposits, insurance policies, trust funds, bonds, mutual funds, stocks, uncashed checks (wages and dividends) and so on. Any or all of these and other categories of missing money could apply to you and unless you make the effort to search for money that may be due to you, you will never know.

Missing money searches are very informative and provides details of the various types of unclaimed property records, as well as tips on how to make sure that what is rightfully yours does not become unclaimed in future. Besides its own search, the site offers links to federal agencies like the FDIC, IRA etc.

Doing a search at for missing money is extremely simple.
- Open the search and fill in the relevant information – your full name and that state whose records you want to search.

- A list of results will appear. Go through them carefully and click on the one that is nearest to the information you have.

- After this you will be presented with a series of questions to see if you are the rightful claimant. If you are, you will be taken to the claim forms page. If you are not, you are returned to the search from where you can try again.

- Additionally, if the information you find may be of interest to someone you know, you can email them about it.

A TIP – missing money search database is refreshed frequently and its worthwhile to keep checking regularly, even if you had no success the first time. The site is secure and saving your results after a search will save you time when you next visit the site.

Searching for missing money should only take a few minutes and could be worth THOUSANDS of dollars to you.

BEWARE:

There are a few mistakes people make in their search for missing money. If you know the pit falls you can avoid them.

MISSING MONEY SEARCH MISTAKES TO AVOID:

1. Searching a poor database.
Make sure to search a good database that has money from off 50 states and federal databases.

2. Not following through wit the claim.
Many people find unclaimed money and then do not go through the process of filling out and sending in the claim form. This only take a few minutes but it needed to actually get the money.

3. Paying Property Locator Services
It is not necessary for you to pay a property locator service to find your money. To use a good database you may need to pay to access the database but this shouldn’t be more than $10-$15 dollars.

4. Not Searching for Family Members
Don’t be selfish! Put in the names of your friends and family to see if any of them are owed money too.

Now that you know all about missing money you can go find out how much lost cash you are owed!

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No doubt life insurance policy is most inmportant one to be taken, among all other insurance policies….every individual should go for it, specially in todays uncertain and insecure world. There are certain types of it, among whom “term life insurance” policies are really popular, and widely talked about. Visit this page & rad the article to know about some important tips regarding Term Life Insurance.
The effects of having bad credit can be far-reaching. Among the main disadvantages of having a bad credit score is that it can affect your chances of getting a loan later on, prevent you from getting a new credit card, or even keep you from being accepted for a job. Lenders such as banks and other financial institutions will take a look at your FICO score to see whether you are capable of paying back the loan. This FICO score is an indicator of the likelihood that you will default on a loan. If your FICO score is low, chances are you’re going to be turned down when you ask for a loan. Aside from that, credit card companies are likely to refuse your applications for a credit card in case you want a new one.

Start taking control of your debt.

The first thing you have to do once you realize that you have bad credit is to take the time to think about how you’re going to improve your credit score. There are many ways by which you can do credit repair, and it’s always best to start early. You can do credit repair by yourself, or you can choose to get some help from companies offering credit repair services. One of the most important steps you have to do is to make sure that you keep your debt under control by avoiding accumulating any more of it.

Get copies of your credit reports.

Before you start doing credit report repair, you first have to know what exactly you need to fix. Your credit reports contain information that lenders and other companies will see, and it would be good for you to get copies of your latest credit reports from the three credit bureaus. In case you find some inaccurate, outdated, or misleading information on any of these credit reports, then you should dispute the information so that they can be removed from your report.

Do credit repair by goodwill negotiation.

If you want to get some information removed from your credit reports, you can do this by doing goodwill negotiation. Goodwill negotiation is a way to do credit report repair by negotiating with creditors and asking them to remove various questionable items on your report. It won’t cost you anything to do this credit repair, and having several items removed from your reports can make a substantial difference.

Do credit report repair by credit disputation.

According to the Fair Credit Reporting Act, you have a right to contact credit bureaus directly and dispute questionable items on your reports. When you do this, the items you dispute will have to be reviewed by the credit bureaus. In case they don’t find any proof that the items you’re disputing are correct, then they will be obliged to remove those information from your reports.

Get help from companies providing credit repair services.

If you’re having a difficult time doing credit repair on your own and you want the help of professionals, you might want to consider contacting companies who are offering credit repair services. They can help you when it comes to negotiating with creditors or disputing items on your credit reports. They can even help you prepare a debt management plan or help you plan ways on how you can pay off your debts quickly and increase your credit score. What’s great about getting help from these companies is that you won’t have to pay as much as you would if you get the help of a lawyer. Aside from that, you can be sure that you’d have the help of a professional who will guide you every step of the way.

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Repair your bad credit : Repairing credit is a very useful means to take proper care of your credit. To improve your bad credit, it is a good option . It is the process of removing negative and incorrect information from your credit report.

Life as an Identity Theft Victim could be stressful and intimidating. Stressful as you need to ensure that all financial and credit accounts are in order or closed and opened new again. Negotiation with bankers and lenders could lead to less favorable terms and conditions should you not be in a financially stable situation.

Here we outline the fundamental reactions if you should find yourself becoming the victim of Identity Theft:

Immediately call the related bankers or lenders whose bills contain the bad charges. Essentially, in most situations, you are given a grace period of about a month to notify the credit company or lender should your find the transaction suspect. You will then be legally protected.

Inform them that you suspect the transactions are fraudulent, that you have become a victim of identity theft and request that the fraudulent charges be removed from your accounts. You will be required to provide documented proof to support your claims. If many of your accounts are involved, the is a high probability that your may be required to close all the affected accounts and open new ones. Report the crime to the police should your checks have been stolen and used, and obtain a copy of their report to forward to your bank and the merchant who cashed the fraudulent check.

Staying focused and organized with a cool head at this juncture is very critical. Keep a clear log of all the phone conversations, with whom you spoke to and what are the resolutions proposed or agreed upon. Collate all related correspondence in folders for easy reference. And the most critical aspect is to ensure that all correspondence must be certified return receipt requested so as to ensure that the relevant parties truly received your mail. Remember that at this juncture, how ever you react to the situation will reflect your maturity or inability to cope with the difficult situation ahead.

Contain all your correspondence within your bank or lender’s fraud investigation officers and never discuss with the customer service or bank managers. Limiting discussion to the fraud investigation department would ensure security and lessen confusion on the progress of investigation.

Access Security is critical. Whether you use ATM or Online Banking to access your accounts, there is need to add a new layer of security to your existing or new accounts. Contact you r banker or lender and request that they create an additional layer of security in the form of password for your account access purposes.

Understand that if you ID or SSN has been accessed and used, nearly all facets of your identity would be infringed. Imagine someone living your life, spending your money and credit. Hence, it is critical that you comb all your financial accounts and statements until you have fully cleared all outstanding fraudulent cases. Even at the aftermath, you should keep up the good habit of frequently reviewing your credit reports from the big 3 and ensure that your credit scores are maintain at a high level.

The pain, agony and stress associated with Identity Theft far outweigh the financial devastation at times extending over a period stretching from months. Hence, you need great patience and time to ensure all your Identity Theft problems are eventually weeded out.

Hiring a good financial advisor is very important, since that individual can help put all your money into context, making you arrive at the best financial moves for your future. With the numerous advisors out there, you must choose one that you can build a harmonious and lasting financial relationship with. Here are several tips.

Look For Candidates

It’s not difficult to look for financial advisors. If you go online and do a search, chances are you’ll get a thousand results. To narrow down your choices, one option you can try is go directly to people who you trust. Ask your fellow businessmen and colleagues for recommendations. You can be sure that these people have the same business interests as you, and the referrals they give to you will do you a lot of good.

Check Their CFP Credentials

Unfortunately, there are some people who pretend to be “financial advisors”, when in fact, they have very poor knowledge of this kind of work. To help you out, one factor you must look for is a CFP or Certified Financial Planner designation. If an advisor has this, it means he or she adheres to the CFP Board’s code of ethics, and meets their experience and educational requirements. If you want. You can look at the Financial Planning Association database, and check if the candidates you chose are listed there.

Experience Matters

They say that the passing of time can shake out the unworthy ones. If your candidate have managed to stay in the industry for a long time, then it’s a proof of his or her credibility. Make sure your financial advisor has at least four to seven years of working experience already.

Another aspect to think about is what kind of experience they have. Their specialization must coincide with what financial plans you have. For example, if you’re working in a large corporation, check if the advisor has handled complex employee benefit packages before. If you’re going to retire, ask how he or she can structure a portfolio that provides you with consistent income. If you have a small business, discuss the tax issues that adhere with your situation.

Hold An Interview

It’s not wise to settle for the first financial advisor you come across, because you’ll never know if you can meet another one who’ll give you better services. To make sure you’re getting the best deal, hold interviews for all the potential candidates you chose. Observe how they interact, and listen well when they are explaining. Ask important questions, like:

* Can I see a sample financial plan?
* What investment strategy do you use?
* When a real or potential conflict of interest arises, how do you handle it?
* What qualifications and licenses do you have?
* Did you receive complaints or disciplinary action before?
* Can you provide me with several referrals from your current clients?
* Do you have liability insurance?

Compensation

How the financial advisor is paid is always an important factor. There are two ways on how these people are compensated: through commissions or fee-based. Commission-based are paid by the company to sell mutual funds, variable annuities, insurance and stocks. Even though most adhere to ethical policies, they are sometimes brainwashed by company incentives, causing them to recommend various products that may not be in your best interest. For this reason, independent, fee-based financial advisors are a better choice. There’s little chance of a conflict of interest, since they don’t earn anything from products they sell you.

A financial advisor can charge you at least $175 an hour or more. The fee structure can become complex after a while, but remember that when you first meet with him or her, it’s suppose to be free.

Choosing an incompetent financial advisor is like throwing your money away. Avoid financial pitfalls by getting the best and most reliable advisor in the industry. When you’ve secured all your financial assets, you’ll be thankful you did.

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Bankruptcy Attorney in NY : Bankruptcy attorney in NY; Robert Aronov, has experienced great success, with closing over several thousand transactions. Robert Aronov & Associates, P.C. counsels clients in all areas of bankruptcy law.

In today’s world, making the most of our money is not just a catchy phrase; it is the difference between keeping homes or foreclosure; getting much needed prescriptions or buying groceries; bankruptcy or survival. Growing our money, saving time and being smart about our finances is the only way to make it in our economy.

We hear so much about the importance of saving on the nightly news, and yet very few Americans are able to put any money away for the proverbial ‘rainy day’. The consequences for not having any savings can be dire; if there is no money stashed away to cover those unexpected emergencies, like a larger than expected utility bill or a car breakdown, the money for that has to come from somewhere. All too often Americans find themselves putting these purchases on a credit card with a maxed out limit or a too high interest rate, or taking out a payday advance with complicated fine print. Both of these are risky moves, avoidable with some proper planning and money management.

When it comes to savings, a little bit can grow a long way. If you are able to stash a small amount of a paycheck each month in a savings account that draws interest, you are already ahead of the game. Depending on how much you have in your account, you could be currently gaining upwards of 4% on top of that money. That means for every $100 you deposit in your savings account, add $4.00 on top. That doesn’t seem like much, but in a year of monthly deposits, you could earn almost $50.00 for just having your money sitting in the bank.

Banks even sometimes offer higher introductory savings rates or other perks such as higher rates to those who use online banking, to get new business. Contact your local banker or search the internet to find out what the best rates and terms are. While you are at it, does your checking account draw interest? Many banks now offer checking accounts that accumulate interest on the money you have sitting in the account. Again, rates vary, and banks do run promotional offers for these kinds of accounts, but who doesn’t like earning free money for doing nothing?

While we are on the topic of checking accounts, is yours working hard for you? Does it have luxuries such as online bill pay or free checking? If it doesn’t, it should. Online banking is taking the country by storm. Gone are the days of envelope licking and stamp sticking; a new dawn of mouse clicks and instantaneous withdrawals has come. Many banks provide this service as an added convenience to their customers, but beware. Safety first when doing anything with money online. Many utility bills and house payments can be made online through legitimate banking procedures; auto payments, school loan payments, and credit card payments all can be done quickly, easily, and safely. The first rule of thumb when banking or bill paying online is to make sure you have a complex username and password combination. Many sites require a standard mixture of numbers and letters; use different combinations and unusual patterns to ensure no one can guess your security information. Also, use the security questions, as that is what they are designed for. Many of these sites require you to enter not only your username and password, but also to answer a series of pre-answered (by you when you set up the account) questions to confirm your identity. Store your usernames, passwords, and answers to security questions in a secure place where they will not be compromised.

These small steps can help you toward the path of financial fitness. Dig up the paperwork on your banking accounts; make sure they are working hard for you, not the other way around. Trim the fat in your monthly budget and find a way to stash some dough in an interest bearing savings account; it is free money just for letting yours sit around. Guard your identity when using handy online banking; make sure nobody is you except you. Making these small changes can make a large difference in your overall financial health.

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