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Don’t Pay to Manage Your Money

Don’t Pay to Manage Your Money

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    Bank fees, software, tax preparation: if you aren’t careful, your money can wind up costing you a pretty penny. I’m of the opinion that in most cases, you really shouldn’t have to pay to manage your own money. As long as you’re an individual (as opposed to a business), I can’t see the point of paying for a whole list of things that are available for free with just a little hunting. I’m not talking about options that require extra work on your part, either — while some of the open source budgeting software can be pretty cool, I’ll be the first to admit that it isn’t the best option for the average person.

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    1. Banking Fees

    In addition to an intense dislike for fees I can avoid, I really don’t see the point of paying my bank for the privilege of letting them use my money — which is what banking fees amount to. Most banks have at least one free bank account available, although it may not offer every bell and whistle. Credit unions can be good options for finding a free account, as well, as long as you qualify to join the credit union.

    There are also several banks that have built their reputations on offering only free banking, like ING Direct and FNBO Direct. Personally, I use ING Direct and have found it to be ideal — if you’ve used another bank with a great free account, please let me know in the comments.

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    2. Budgeting software

    With sites like Mint.com and Quicken Online offering free money management and budgeting software, I have a really hard time thinking of a reason to pay for budgeting software. In fact, the only concern that I’ve seen with online money management applications is the question of privacy. Sites like Mint have gone to some pretty significant lengths to protect users, but if you’re still worried, you might consider downloading an application. There aren’t as many solid software packages that you can download for free, I’m afraid, but I know there are a few options out there. If you’ve got a lead on a good one, please share it in the comments.

    3. Tax Preparation

    While there are a fair number of people who do need some help with tax preparation, it’s amazing just how many people can actually avoid paying to have their return prepared and e-filed. If you earned less than $56,000 in 2008, you’re automatically eligible for the IRS’ Free File program. Even if you earned more than that, you can get your taxes prepared for free with online options like TaxAct or TurboTax, as long as you have a relatively simple tax return.

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    You may need to explore other options if your tax return doesn’t look like it will be so simple: if you have a business, unusual deductions or income from a wide variety of sources, a free filing option may not be able to correctly complete your return.

    4. Credit Counseling

    There are so many companies promising that they can get you out of debt or avoid foreclosure, for a reasonable fee. The fact of the matter, though, is that such companies are shady at best. You are able to access free credit counseling, as well as consumer debt and bankruptcy help through the National Foundation for Credit Counseling. The NFCC offers referrals to local credit counseling agencies.

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    It’s worth noting that while you can avoid credit counseling fees, there are often fees associated with specific services offered by an agency. While these organizations are typically not-for-profit, they are still self-supporting.

    5. Personal Finance Books

    One of the librarians at my local branch told me that while our local library district has a huge collection of personal finance books — including many best sellers and new releases — they still don’t get checked out as often as you might think. If you’re working on straightening out your finances, and want to read a particular personal finance book, check your local library. If you’ve already got a library card, you can usually check a book’s availability online. You can have books brought to your local branch, add your name to the waiting list (if there is one) or even request that the library consider purchasing a particular book online in most library districts these days.

    6. Your Credit Report

    There’s actually legislation in place stating that each credit agency must provide you with a copy of your credit report each year. The three main agencies, Equifax, Experian and TransUnion, provide copies through AnnualCreditReport.com. You can also arrange for free copies of other reports, such as your ChexSystems’ report. ChexSystems is a reporting agency used by banks to report problem customers. You’re entitled to one free report each year from each agency.

    More Than A Little Savings

    You can save a surprising amount of money just by taking the time to find a free money management option. Whether we’re talking about banking or credit reports, there are plenty of free opportunities out there — and there’s not as big of a trade off for making the switch as you might think. In other areas, choosing a free option over a costly alternative usually means that you’re giving up an element of service or a few features. But with the monetary options I’ve listed above, there isn’t that much of a difference: you may even find yourself in a better position by avoiding services meant only to take your money.

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    Last Updated on November 19, 2019

    How to Become an Early Riser and Stay Energetic

    How to Become an Early Riser and Stay Energetic

    When you become an early riser, you’ll experience a lot of benefits including feeling more energized and having more time to do what you want.

    If you’d like to become an early riser, there are some things you should know before you run off to set your oft-ignored alarm clock.

    So how to become an early riser?

    Here are five tips I’ve discovered to be most helpful in making the transition from erratic sleeper to early morning wizard:

    1. Choose to Get up Before You Go to Sleep

    You’re not very good at making decisions when you’ve just woken up. You were in the middle of a dream in which [insert celebrity crush of choice here] is serving you breakfast in bed only to be rudely awakened by the harsh tones of your alarm clock. You’re frustrated, angry, confused, and surprised. This is not the time to be making decisions about whether or not you should stay in bed! And yet, most of us leave the first decision of our day to be made in a blur of partial wakefulness.

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    No more!

    If you want to be a consistently early riser, try making your decision to rise at a specific time before you go to sleep the night before. This frees you from making the decision in the morning when you’ve just woken up. Instead of making a decision, you have only to follow through on your decision from the night before.

    Easier said than done? Of course. But only for the first few times. Eventually, your need for raw willpower to get out of bed will diminish and you’ll be the proud parent of a new habit!

    Steve Pavlina suggests you practice getting out of bed during the day[1] to get a few of the “practice sessions” out of the way without the early morning fog in your head.

    2. Have a Plan for Your Extra Time

    Let’s say you’ve actually made it out of bed 2 hours before you normally would. Now what? What are you going to do with all this time you’ve discovered in your day?

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    If you don’t have something planned to do with your extra time, you risk falling for the temptation of a “morning nap” that wipes out all the work you put into getting up.

    What to do? Before you go to bed, make a quick note of what you’d like to get done during your extra hours the following day. Do you have a book to write, paper to read, or garage to clean? Make a plan for your early hours and you’ll do more than protect yourself from backsliding into bed.

    You’ll get things done and those results will fuel your desire to build rising early into a habit!

    3. Make Rising Early a Social Activity

    Your internet or social media buddies just don’t have enough pull to make your new habit stick in the long term. The same cannot be said for the people you spend time with as part of your early morning routine.

    Sure, you could choose to read blogs for two hours every morning. But wouldn’t it be great to join an early breakfast club, running group, or play chess in the park at 5am?

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    The more people you get involved in making your new habit a daily part of your life, the easier it’ll be to succeed.

    4. Don’t Use an Alarm That Makes You Angry

    If we’re all wired differently, why do we all insist on torturing ourselves with the same sort of alarm each morning?

    I spent years trying to wake up before my alarm went off so I wouldn’t have to hear it. I got pretty good, too. Then I started using a cellphone as my alarm clock and quickly realized that different ring tones irritated me less but worked just as well to wake me up. I now use the ring tone alarm as a back up for my bedside lamp plugged in to a timer.

    When the bright light doesn’t work, the cellphone picks up the slack and I wake up on time. The lesson learned? Experiment a bit and see what works best for you. Light, sound, smells, temperature, or even some contraption that dumps water on you might be more pleasant than your old alarm clock. Give something new a try!

    5. Get Your Blood Flowing Right After Waking

    If you don’t have a neighbor, you can pick fights with at 5am, you’ll have to settle with a more mundane exercise. It doesn’t take much to get your blood flowing and chase the sleep from your head.

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    Just pick something you don’t mind doing and go through the motions until your heart rate is up. Jumping rope, push-ups, crunches, or a few minutes of yoga are typically enough to do the trick. (Just don’t do anything your doctor hasn’t approved.)

    If you live in a beautiful part of the world like me, you might want to use a bit of your early morning to go for a walk and enjoy the beauty of the world around you.

    If you have a coffee shop open within walking distance, dragging yourself out of bed for a cup of coffee to savor on your walk home as the world wakes around you is a wonderful experience. Try it!

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    Featured photo credit: Nomadic Julien via unsplash.com

    Reference

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