Living In A Cashless Society-Never See One Red Cent

There are probably plenty of people today that think the moves that are being made to a cashless society are good ones. They get their paycheck directly deposited into their bank account and then use their debit card to make purchases.

If they have truly set up their own little cashless society they probably pay their bills online as well. They never see one red cent, they never hold a dollar bill in their hands anymore and they do not even have a checkbook either.

Everything they do and buy is with that little plastic card they get from the bank.

I for one still like the idea of having some bills and coins in my pocket, it makes me feel more secure. That may sound silly but I work hard for my money and like to see some of it on occasion.

There is even a more advanced form of being able to make purchases on the rise today as well: Cell phones.

You have most likely seen the commercial of the guy sitting in his chair, then realizing he has to go to the bank he gets up and gets into his hat and coat only to realize once more that all he has to do is take a photo of both sides of his check and send the photo to the bank to make his deposit. Then he removes his hat and coat and sits back down.

I agree that this sounds like a neat idea but then I think, why has he not just set up direct deposit with the company he works for? Maybe this works for third party checks as well but they make the commercial seem like it is his weekly paycheck.

I guess that in this ever growing, ever changing digital world this is called progress.

Then there are all of those restaurant and retail store gift cards and re-loadable cash cards, too. Some of the cash cards are not re-loadable but the idea is still there. You can usually purchase one of these cards for one of three set denominations from $25 to $100.

They are put out by the two major credit card companies Visa and MasterCard and can be used just about anywhere and for anything. All that is required of the user is to register the card online or by phone to activate it. Much like activating a credit card.

If everyone has the ability to pay for things they want electronically, almost no one would need a credit card. Buying small things on credit could possibly become a thing of the past.

Major purchases like buying a house or a car would still require a person to have a good credit rating but maybe consumers would stop getting themselves in way over their heads if they found it easier to live within their means.

Having instant access to their bank balances and the ability to pay using their cell phone could make the idea of a cashless society a reality sooner than anyone thinks.


Jimmy L Hancock Jr is the Owner of Check us out anytime for marketing tips and a free subscription to our cutting edge newsletter.
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Guide to Budgeting

What is a Budget? Why Should We Have One?

One of the most critical ingredients to any successful financial plan is a budget. To achieve our short term and long term financial goals, we must have a good understanding and control of our sources of income as well as our expenses and personal spending habits.

Budget: an estimate of income and a plan for domestic expenditure of an individual or a family, often over a short period, such as a month or a week (World English Dictionary). Simply put, a budget is A plan for spending and saving money based on one’s personal goals during a given time period related to income and expenses.

Maintaining a budget allows individuals to track their spending. By doing so, individuals (or families) can reduce their expenses to avoid going over budget. Therefore, maintaining a budget also allows individuals to identify places where he/she can cut expenses in order to reach short-term and long-term goals.

Ask Yourself These Questions about Your Budget Planning:

  •  Do you really know where the money from your paycheck goes?
  •  Have you ever wondered what happened to your money when you come up short in paying some bills?


Are you living Paycheck to Paycheck or know someone who is ???  Then check out our Report about stopping that cycle of Living Paycheck to Paycheck,  once and for all times.

Financial Survival After Divorce

Divorce and Financial Survival

No one gets married with the expectation of getting divorced someday. Regrettably, though, divorce rates are expected to continue climbing. Divorce affects all areas of your life, including your financial health, and can result in significant challenges.

If you’re struggling through a divorce, there are several things you can do to minimize the negative effects on your finances.

Consider These Options To Help You Financially Survive A Divorce:

  1. Come to an agreement on how to divide your assets. A particularly difficult thing in any divorce is the decision of who gets what. You and your spouse both may have an economic and emotional investment in almost everything, from the house to the art collection you acquired together.
    • It really is beneficial to avoid having the lawyers get involved in the process. Once the legal system is formally involved, the process is much more expensive and financially and emotionally draining.
  2. Try mediation. Mediation can be a money-saving alternative to the courts. This way, everything is a process of give and take, agreed upon under the guidance of an unbiased 3rd party. You can opt for methods of dividing your assets that are financially best for both of you.
    • For example, with investments, it’s usually better to divide them and sign them over instead of selling them and dividing the money; this because selling them can generate considerable fees and taxes. If you go to court, the courts may order the sale of the portfolio, making you liable for the fees and taxes.

After the Settlement

Trying to cope after the divorce is never easy. Once the divorce is settled, the unhappy fact is that you  will most likely be less financially well-off  than you were before the divorce.

Try These Strategies To Strengthen Your Financial Picture In The Aftermath: Continue reading “Financial Survival After Divorce”

Seven Money Habits That Can Keep You Poor

Just as there are habits that will make you rich, there are others that will make you poor. Habits aren’t always easy to break. When you see the damage caused by these common practices,though, you will be highly motivated to get them out of your life once and for all!

Here Are Seven Common Money Habits That Can Prevent Positive Progress:

  1. Not having a budget.Everyone needs a budget, even if they’re making a million dollars a year. Spending money is easy, no matter how much you have. If you don’t set some parameters, things can get out of control in a hurry.
    •  Sit down with all your monthly bills and set up a simple budget. Keep the little stuff in mind, too, like coffees before work or snacks at the gas station. Those small expenses can really add up.
  2. Carrying credit card balances. No one can consistently invest well enough to offset credit card interest. Take a look at your last statement to see just how much your credit card is costing you. Depending on your interest rate and balance, it can easily be thousands of dollars a year.
  3. Not setting up an IRA. Time truly is money. Get your IRA set up as soon as possible and put some money in it. The funds you’ll have at retirement are heavily dependent on when you get started. And IRAs are wonderful retirement tools. Fund yours as fully as you can each year and watch your retirement grow.
  4. Not saving. If you pay everyone else first every month, there never seems to be anything left over to save. Pay yourself first, and then pay your bills with what’s left. Many employers can have earnings automatically deducted from your paycheck and put into a separate account. Save some money every month. [ Note: this is probably the most quoted advice ever. Know why? Because it works and because, so many people don’t follow it.]
  5. Buying new cars. A new car loses an enormous amount of value in a very short period of time. Look into certified used cars that are only a couple of years old. Frequently, you’ll be able to find a car at half the cost of a new one, with minimal wear and tear. These cars usually have warranties, too.
  6. Letting the small stuff get out control.Take a close, honest look at how much the small stuff is hurting your bottom line. How much are you spending on fancy coffee in the morning? Do you go out to lunch every day? How about snacks? Magazines? A soda at the convenience store? Look at your bank statement to see what’s really going on.
    •  Small leaks can sink ships. Fix your leaks before they get out of hand.
  7. Not taking advantage of your employer’s matching contributions. When you don’t take advantage of matching employer contributions, you are just leaving money on the table. With the average employer matching between 3% to 5%, this can add up to a large amount over the course of your career. Factor in compound interest, and this can be very significant in your retirement years.
    •  Employer contributions should be viewed as free money, because that’s exactly what they are. Would you pass on money that someone handed you on the street, with no strings attached?

Did you think about your own money situation as you read through the list above?  Consider which habits are having a negative impact in your life and resolve to eliminate them immediately. Accumulating wealth can take time, so it is important to start as soon as you can. If you determine to fight these bad habits with everything you have got, you can watch your monetary success grow year after year.

Ways to Eliminate Debt with a Personal Loan

There are many ways to allocate the funds you receive under the terms of a personal loan. One of the most popular uses for such loans is to eliminate debt. A personal loan offers a great alternative for individuals who are struggling to make monthly payments on too many accounts. The idea is to pay off such debt with a personal loan, then only have one monthly payment to make.

The monthly payment is often much less than you were paying before on all your outstanding debts. Having only one loan payment can also improve your credit score. This is especially true if the other debt was mainly credit card debt with the balance being very close to the credit limit.

The first step is to make a list of all of your outstanding debt. Make columns for information including the creditor, the balance due, and the interest rate. In the last column calculate the total amount you will pay on that debt making your current payments. There are great calculators to get this information online. These calculators are free and easy to use. To do this, simply type in the balance, interest rate, and monthly payment. In many cases you will be shocked to see how much that debt is going to end up costing you.

Once you have completed that task, add up the totals in each column. You will need to know the balance due to pay off the debt as this is the amount you will need your personal loan to be for. You also want to remember that overall cost total. It is very important that before you agree to the terms of a personal loan that you have made sure the overall cost of that loan will be considerably less than if you continue to make minimum payments on the debt you already have.

If the cost is fairly close or more, than don’t take out the personal loan. It will do more damage to your current situation than good. Find out what the monthly payment will be as well. Imagine your shock if it ends up being more than what you are currently paying out.

This is a good time to take a realistic look at the reason why you have debt that you are having a hard time meeting the monthly payments for. It may be due to a change in circumstances that you had no control over. However, if the reason is that you have poor spending habits then you need to address this issue before taking out a personal loan. Nothing is more upsetting than getting a personal loan to cover your debt, then realize six months down the road that you have ran up a large amount of debt again. The situation with be much more grim now because in addition to paying off that debt you also have a personal loan payment to cover each month.

Enrolling in a debt management course or budgeting class can help you identify areas where you are not using your income wisely. There are also many excellent online resources to assist you. A good exercise is to have every family member write down all the money they spend over a week’s time. You will be amazed to see the pattern of things that are draining your wallet during this exercise, including that daily cup of coffee and eating on the run. This is a great way to get all family members involved in the budgeting process as well as involved in finding better ways to manage money.

Personal loans can be a great way to eliminate other types of debt if used correctly. It is your responsibility to do your homework first. Make sure taking out a personal loan to cover your other debt is going to offer you a solution, not result in more financial stress.