Savings - Deposit your money

We soon are going to talk about personal budget, but before discussing that topic it is imperative that everyone knows how to save money. Your mentality is the only problem and the only solution. So you must focus yourself as your main financial objective to SAVE SOME MONEY.

When you earn for example 1000$, you should put 10% minimal to the savings.Some one that wins 500$ can and will only save 4-5% because life costs money. So this is like a pyramid, if you win more you can save more percentage of your salary and you can still live a better life.

But if you can't control yourself and you are still learning out to do that, please ask your bank to create a deposit account with a monthly forced deposit. Point your automatic deposit to the day you get your paycheck. When the paycheck enters you will get less percentage due to the deposit. After an year you will have more then one month of salary in your savings account. Treat it well.

Overdraft protection

One advice: beware of overdraft protection on debit cards.

What is this? Simply, it is a practice that is gaining popularity among banks, in which they allow you to spend money with your card even if your account is empty (under the principle that you will sooner or later put money in that account to cover the expense).

Sounds nifty, right? Wrong.

Banks charge for this service. So, when you unwittingly make a purchase of, for example, 2$ at the coffee with your empty account's card, you're setting yourself up to later in the month receive a bill of 2$ plus about 34$. Thirty-four dollars extra for each transaction, so if you go about your day spending with your card, you're in for a multiple zero surprise.

It's an expensive coffee.

Bottom line, beware of overspending. Always know how much you have in your account. And beware those convenient concessions your bank makes... banks aren't there to lose money, on any of their services.

Control yourself to control your debts

Last year i had a bank account with  -1500$. It was hard times, my company wasn't going well , banks where closing around the world and the credit crunch returned. I was in trouble!

So i decided i needed to step up, i began to generate more profit in my company to get a better paycheck, and decided to control my payments this way i could provide health to my accounts.

I decided that self control was the answer , by omiting my desires i could control my expenses. In order to make that easier , i started to use a small wallet that could only carry money. So when i went to a supermarket , a bar or some kind of store,  it was harder for me to spend because i was felling what i had to work to earn that money. If you do that with a credit card it is more easy, you do the math mentally i have 800$ i am only going to pay 200$ , so i have the necessary amount. But when you are counting 20$,40$,60$,80$, you start to think; do i really need this? Can i live without this? Maybe i can use other stuff?

It works like a charm. Get yourself in this Credit Debt Free mode.

Call to action

These are hard times. Many people dove into credit, either before or after the economic problems hit. Past circumstances were many, but now what really matters is getting your life back, from the worries of credit and debt.

This blog is intended to be an up-beat space where everyone can share advice and tips on how to drop those bothersome credit card debts and start to live better, bit by bit. If ways to save money (even if just a few cents every month) can be gold for many people, then let's build this bank together. Sure, there are no immediate solutions, but the goal makes the effort worthwhile, right?

So, get to action, start seeking old or new ways to save money. Learn and share. And hopefully, watch that debt block chip away piece by piece. Most important, don't despair, it's one step at a time up to the top where the air is clean.