Personal Business and Finance

Whether by choice or circumstance, people are finding they have more time and more need to ponder finances these days. Very few people are making their way out of this recession completely unscathed and most are trying to be a little wiser about money in the process. In these times of layoffs and pay cuts, giving yourself a financial check-up is a good way to save money and perhaps change some bad habits.

Accounts
Take a look at all of your accounts, starting with the savings account. Either through past paper statements or online, take some time to check balances, interest rates and make a savings goal. If the savings account is near empty, make a goal to save $1000 over the next six months, or perhaps start a new monthly savings goal, say $150 a month. Many financial counselors recommend having as much as six-months’ worth of expenses saved. Job uncertainty is high these days and having a just-in-case cushion is not a bad idea.

Whatever the amount in a savings account or individual savings goals, it’s important to check interest rates. New York Times financial columnist Ron Lieber recommends looking into Internet savings account that offers better-than-average interest rates. Compare interest rates at banks and other savings sites. If the savings goal is very long term, then money should be put into a different kind of account with a higher rate of return (although there are usually penalties for withdrawals, so make sure the money is not needed in the short term).

Next, take a look at checking and other accounts to assess the fees. Banks can charge different fees for different types of accounts, as well as penalty fees for overdrafts or ATM withdrawals. If the fees seem excessive, talk to someone at the bank about how to restructure the accounts to avoid fees. The same goes with credit card fees and interest rates. Be sure to read the fine print and make payments on time to avoid fees, which can add up very quickly.

Last 5 posts by John tomy

• The Small Land Investment - September 7th, 2010
• Most Successful loyalty programs - August 31st, 2010
• Surviving a Texas DUI Case - August 29th, 2010
• Giving a Great Presentation In College - August 29th, 2010
• The Current Market in Credit - August 28th, 2010