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5 Tips To Manage Your Personal Finance As A Traveler

Posted on December 29, 2020 By Perfetto No Comments on 5 Tips To Manage Your Personal Finance As A Traveler
5 Tips To Manage Your Personal Finance As A Traveler
Money Saving

Staying financially intelligent while traveling is an important skill to learn.

You’ll save yourself money, prevent being scammed, and understand how your money works in a different country.

This is what you need to know.

Our five personal finance tips for travelers are:

#1: Obtain a Credit Card

obtain a credit cardFirst, you should be thinking about getting a credit card when traveling abroad. You might have a few credit cards in your wallet, but they might not be optimized for traveling.

As a rule of thumb, you should look for a card that has no foreign transaction fees.

Of course, never open a credit card if you know you’re going to have a high balance on it. This could end up costing more in international fees.

Every time you convert currency, you’re subject to its current exchange rate.

Banks and money changing stores profit from creating the difference between the rate at when you buy your American dollars and the rate at when they sell you the foreign currency.

This can be a major deal depending on how favorable or unfavorable the exchange rate is.

If you have a foreign credit card that charges foreign transaction fees, expect to pay your bank 2-3% on each purchase you make.

That goes on top of the profit they made for exchanging your foreign currency. So if you plan on traveling more than once, having a credit card is a good investment despite the annual fees.

#2: Notify Your Financial Institutions

Remember, your financial institution might not be in the country that you’re traveling to. In fact, they might question your transactions abroad unless you speak to them directly.

Once you’ve contacted them, it’s best to tell them what country you’re traveling to and the duration of that travel.

Doing so prevents them from freezing your account and allows you to use your credit card freely when traveling abroad.

#3: Create Online Bank Accounts

Having an online bank account gives you added security and organization of your funds when traveling abroad.

With online accounts, users are able to check their balances, stay on top of their recent transactions, and deposit and transfer funds.

Also, creating automatic payments help you pay your bills on time while helping you meet your financial duties when you’re thousands of miles away from home.

#4: Multiple Payment Forms

The ideal form of payment will depend on the country you’re traveling to and your spending habits.

Thus, you should carry a multitude of payment methods such as cash, credit cards, and debit cards.

In fact, you should consider taking out a payday loan if you need some quick cash to fund your trip.

Options such as payday loans in California can give you the extra cash needed to make your trip exciting.

You should also consider having multiple credit cards and bank accounts when traveling abroad – especially from financial institutions that are accepted internationally such as Visa and Mastercard for credit cards and USBC and Chase for banks.

Even if you’re only going to use one spending method during the trip, you should still carry the extra credit card with you.

And, you should keep the card that you used to book the trip at all times, even if you don’t plan on using it for foreign transactions.

This allows you to have a dedicated payment plan that you can use to pay for an emergency flight if the situation arises.

#5: Use Cash

use cashFor American travelers, dollars are the most cost-effective method of payment.

This is because you can automatically save paying fees that you’d have to pay at any financial institution.

Most vendors will give you a fair rate when exchanges from dollars to their local currency.

While exchanging currencies at an airport is convenient, but you will pay for the exchange rates and fees.

Alternatively, you can withdraw the currency at an ATM machine or bank upon arrival.

Fortunately, no one denies cash when it’s used abroad. Having a few hundred dollars of emergency cash is a great decision in the event that you can’t access money.

Make sure to have small denominations of the cash ready, as carrying large amounts in public can be dangerous.

Conclusion

To conclude, keeping your finances right when you’re traveling will save you years of problems down the line.

When traveling, make sure all of your finances are with you to prevent them from getting lost, misplaced, or stolen.

By staying financially savvy overseas, you’ll be able to fully enjoy your vacation while keeping your hard-earned money safe.

Do you have any other tips to help manage traveling finances? Did you like the article?

Tell us what you think in the comments below.…

Legal Credit Card Debt Elimination

Posted on November 15, 2020October 15, 2020 By Perfetto
Legal Credit Card Debt Elimination
Credit Card Debt

Many people are finding themselves at the bottom of a growing mountain of debt and are willing to go to great lengths to eliminate their debt.

There are many credit card debt elimination organizations that will take advantage of your desperate financial situation. Most of these debt elimination companies fall under the heading of “if it sounds too good to be true, it probably is.”

Before you get involved with anything that involves your money do your homework and make sure you know what you are getting into.

Debt elimination services say they can get rid of your debt without you having to make any more payments and you don’t even have to worry about the consequences of not making your payments.

debt eliminationThis would be great if it were true! These organizations claim that your credit card debt is not legal debt. This debt elimination process is like a house of cards and is based on sections from the Title 15 United States Code, the Fair Debt Collections Practices Act, the Fair Credit Billing Act and the Uniform Commercial Code.

Some debt elimination companies will mail you propaganda that tells you how to enforce your belief that it is right not to pay your credit obligations. Sometimes there will be a large fee for this debt elimination service.

These organizations will also promise to provide you with people that claim to understand laws that pertain to you being issued credit by credit card companies.

Let’s think about this logically. If there were actually laws in existence making it illegal for credit card companies to issue you credit, why so many people have credit cards?

If credit cards were illegal wouldn’t there have been clear laws enacted as opposed to scammers trying to make a quick buck by exploiting a “gray area.”If you are having financial problems, there are many legitimate debt relief options that will help get you back on track financially.

You may want to consider a debt consolidation loan, credit counseling or a debt settlement company. You may actually pay off your credit card debt without the help of a service if you take the time to create a debt repayment plan and budget. There are many resources on the web that can help you reorganize your debts on your own.

If you are having problems paying your debts, there is reputable help available through legitimate debt management programs. There is no “free ride.” You bought the things now it is time to take responsibility for paying for them.

There is always somebody that will try to take advantage of a person in a bad situation. Always consult the Better Business Bureau before you make a decision that concerns your finances.…

How to Receive a Free Credit Report

Posted on October 15, 2020October 15, 2020 By Perfetto
How to Receive a Free Credit Report
Credit Rating

Credit tracking websites are a convenient way to keep your FICA score and personal identity safe.

Easy to use websites help you monitor your credit score by getting regular reports and emails regarding changes to your score.

They are safe and most of them offer a free report if you know how to do it and where to look.

Why should I do it?

Why not? As the consumer it doesn’t hurt you to pull your own credit score and it gives you the opportunity to see exactly what comes up under your personal information.

I recommend checking the report at least once a year and if possible right before large purchases. If you plan to finance something, the financer will use your FICA score to determine how other companies rate you as a buyer. They will then set an interest rate for you based on that score.

Identity theft won’t happen to me!

About three years ago I was a victim of identity theft. I was signed up, through a credit card, to receive alerts and thankfully I was able to catch the fraud before anything too bad happened.

The email alerted me that ten separate credit card requests had been made in the same day. I worked with the credit report monitoring representatives to cancel the requests and safeguard my identity. So the total balance that would have been available on those cards was $75,000.

This was more than two years salary at the time. Most credit reporting websites offer membership plans ranging from $10-$40 a month and offer automatic email alerts in case any changes are posted to your report. These changes can be ones that you yourself have made or attacks to steal your identity.

What if I don’t want to subscribe?

I still recommend taking advantage of the many sites offering free 30 day trial offers. Sites like Free Credit Report and Free Credit Report 360 are trusted and reliable credit reporting sites that allow you to try before you buy.

These sites allow you to see your credit report from the three major credit reporting agencies for 30 days free of charge.

You do have to enter credit card information but you won’t be charged until after the 30 day trial. This initial sign up does not require a contract so you can cancel at anytime.

If you just want a one time free report sign up on one of these sites and then call to cancel a week later. Your credit card won’t be charged and you’ll be able to access your report online for the remainder of the 30 days.

If you suspect you are a victim of fraud sites like Consumer Direct can help you take the steps to restore your identity and save money. (You can find the links below)

What can I do with my credit report?

I can already hear you asking, “What the point of having this score is.” Well, if you have a fantastic credit score ranging from 790-800s then you have little to worry about; you can shop with confidence knowing that retailers think of you as an ideal consumer.

If your score is less than ideal you can target the areas that are lowering your score. The credit reporting sites offer feedback about your score explaining some of the reasons you scored so low or high.

By improving these areas your score will go up and interest rates in the future will be lower.…

5 Easy Ways to Improve Your Credit Rating

Posted on September 10, 2020October 15, 2020 By Perfetto
5 Easy Ways to Improve Your Credit Rating
Credit Rating

First and foremost, it is imperative that you know what your credit score is. You can obtain a free credit report from www.freecreditreport.com and if you have a credit card, often times the online credit card system will have a link to your credit report as well.

Why is it so important to see what your rating is? Because if you don’t know what the score is, you won’t know what you need to do to make it go up.

Additionally, the higher your score, the better. Any time you apply for a credit card or loan, your credit history will be viewed. Don’t you want to know what those people see? I promise, it’s worth your effort.

Okay, onto some really easy ways to improve your credit score:

Pay your credit cards on time

Sounds easy enough, right? But more often than not, people tend to neglect paying credit card bills on time. Often it’s because they are low on cash and the CC bill is not a top priority. I promise you that in the long run, paying your credit card bill first will save you money.

There are several reasons as to why this is so:

A) if you don’t pay on time, you pay a fee. Once that happens, your whole payment goes toward paying off interest only.

B) your interest rate will rise. Check the fine print, your credit card company reserves the right to automatically raise your interest rate should you be delinquent.

By paying on time, not only do you save money, but creditors will see that you are able to pay on schedule. Paying on time every time = higher credit score.

Pay more than the minimum on your CC

credit ratingAgain, this piece of advice is good to follow because it saves you money while simultaneously improving your credit score.

Creditors know when you pay on time and they know how much you are paying. By paying more than the minimum (even if you can only afford just $1-2 in a tough month), creditors will see that you have “payed on time, payed more than the minimum.”

How does this save you money, too? Well, each minimum payment you make on your bill is likely covering mostly interest. By paying more, you’re actually making a dent in what you owe and as a result will pay off your loan faster.

Reduce the amount of CC’s you own

Most credit card/loan companies are dying to get your money. In fact, many offer incentives to get you to transfer your other credit card debt into their name. If said credit card company/loan agency has better interest rates (don’t be afraid to bargain with them) then do it.

This will save you money and time in the long run. And as for your credit score, the fewer open accounts you have the higher your score will be. Once you have consolidated your debt, call the other card companies to close your account.

Use your CC for big purchases only

This one is simple enough. Don’t use your credit card or loan money to purchase small items like coffee or knick-knacks. Credit card companies are aware of how much each purchase is and many are able to raise your interest rate if you make small purchases like these.

Why? It shows them that you are low on money and resorting to your credit card for minimal items.

Don’t pay your loans off too quickly

WHAT? I know – this one’s wacky. Now don’t get me wrong, you just always pay more than your minimum on loans and work on paying them off.

Let me give you an example. My junior year in college I got a small personal loan for a car. It wasn’t a big loan – probably around $3000.

My idea was that I should save up money from my summer job and pay off the loan entirely at the end of the summer. Bad idea. Why? I would have only had the loan for 4 months.

You see, loan companies like to make money and the way they do so is via interest rates. If I were to pay off my loan in full within 4 months of being approved, that would negatively affect my credit score.

It is always more important to show that you can pay consistently on time. My bank advisor suggested I wait at least 6 months to pay it off fully and that was sage advice!…

My Favorite Money Saving Tips

Posted on August 11, 2020October 15, 2020 By Perfetto
My Favorite Money Saving Tips
Money Saving

These are just a few of my favorite savings tips that I’ve collected, thought about, and used over the years!

1. Be Careful What You Clip – By that I mean, Coupons.

Often when we’re flipping through those wonderful inserts we clip about 15 coupons for items that we don’t need to buy – exactly what the company wants you to do – there providing you with an incentive to buy their product.

But do we really need to try NEW Special K Bars – no, since I’m not going on a diet soon and I’m not that big a fan of them – I don’t need to buy them.

2. Wait for the sales – It’s great when you have a coupon for something – but you’ll save about 50% more if you combine it with a sale!

So wait off on the Grape Jelly which you have a $.75 coupon for, until it goes on sale – it’ll probably be about 1.99 and a .75 coupon doubled is $1.50, so it’ll end up to be about .49 cents!

coffee at home3. Make Starbucks At Home – If you bought a $3.00 coffee every morning for 3 mornings a week, that would be close to $500.00 a year!

So why not make it at home – or better yet stop all together!

Lynnae at Being Frugal did a blog post yesterday on how to make a Frugal Mocha – check her out on my blogroll!

reading4. Read – I can’t believe I am saying this because my whole life I have heard about how reading is the key to knowledge – but it’s so true.

By reading The Tightwad Gazette I learned so much – by reading Blogs I save so much, and by reading books I open up a world opportunity.

So stop by the local library and pick up a few books!

5. Follow Blogs – This may sound like a weird tip -but it’s a valuable one. I have about 35 blogs (yes, 35 – thats actually considered small in the blogosphere!) which I follow daily.

About 30 of them are money-saving related, and the rest post just the deals. I’ve scored tons of free soap, shampoo, you name it – I probably got it due to some of the blogs I follow.

6. Shop When You Need To – By this I mean stockpile!

When an item goes on sale and you have 5 coupons for that item – use all those coupons, and buy 5 shampoos!

It may seem like a silly idea now – but when it’s 3 a.m. in the morning and your out of t.p. … you’ll be glad you have that toilet paper stockpiled!

One rule of thumb I have is to keep at least one shampoo, toothpaste, etc. handy for each person in the house. So if you have 4 people, keep 4 shampoos, 4 toothbrushes, etc.

7. Take Your Time – This was probably the most important tip I ever learned – you’re not going to save money in a flash. It takes a couple of weeks, even months to really get going.

So be patient with yourself – and remember you aren’t going to save $455 on your first trip – you’ll probably only save about $15.00 which is still pretty good!…

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  • 5 Tips To Manage Your Personal Finance As A Traveler
  • Legal Credit Card Debt Elimination
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