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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 September 17, 2018

    Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny

    Why Do I Have Bad Luck? 2 Simple Things to Change Your Destiny

    Are you one of those people who are always suffering setbacks? Does little ever seem to go right for you? Do you sometimes feel that the universe is out to get you? Do you wonder:

    Why do I have bad luck?

    Let me let you into a secret:

    Your luck is no worse—and no better—than anyone else’s. It just feels that way. Better still, there are two simple things you can do which will reverse your feelings of being unlucky.

    1. Stop believing that what happens in your life is down to the vagaries of luck, destiny, supernatural forces, malevolent other people, or anything else outside your self.

    Psychologists call this “external locus of control.” It’s a kind of fatalism, where people believe that they can do little or nothing personally to change their lives.

    Because of this, they either merely hope for the best, focus on trying to change their luck by various kinds of superstition, or submit passively to whatever comes—while complaining that it doesn’t match their hopes.

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    Most successful people take the opposite view. They have “internal locus of control.” They believe that what happens in their life is nearly all down to them; and that even when chance events occur, what is important is not the event itself, but how you respond to it.

    This makes them pro-active, engaged, ready to try new things, and keen to find the means to change whatever in their lives they don’t like.

    They aren’t fatalistic and they don’t blame bad luck for what isn’t right in their world. They look for a way to make things better.

    Are they luckier than the others? Of course not.

    Luck is random—that’s what chance means—so they are just as likely to suffer setbacks as anyone else.

    What’s different is their response. When things go wrong, they quickly look for ways to put them right. They don’t whine, pity themselves, or complain about “bad luck.” They try to learn from what happened to avoid or correct it next time and get on with living their life as best they can.

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    No one is habitually luckier or unluckier than anyone else. It may seem so, over the short term (Random events often come in groups, just as random numbers often lie close together for several instances—which is why gamblers tend to see patterns where none exist).

    When you take a longer perspective, random chance is just . . . random. Yet those who feel that they are less lucky, typically pay far more attention to short-term instances of bad luck, convincing themselves of the correctness of their belief.

    Your locus of control isn’t genetic. You learned it somehow. If it isn’t working for you, change it.

    2. Remember that whatever you pay attention to grows in your mind.

    If you focus on what’s going wrong in your life—especially if you see it as “bad luck” you can do nothing about—it will seem blacker and more malevolent.

    In a short time, you’ll become so convinced that everything is against you that you’ll notice more and more instances where this appears to be true. As a result, you will almost certainly stop trying, convinced that nothing you can do will improve your prospects.

    Fatalism feeds on itself until people become passive “victims” of life’s blows. The “losers” in life are those who are convinced they will fail before they start anything; sure that their “bad luck” will ruin any prospects of success.

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    They rarely notice that the true reasons for their failure are ignorance, laziness, lack of skill, lack of forethought, or just plain foolishness—all of which they could do something to correct, if only they would stop blaming other people or “bad luck” for their personal deficiencies.

    Your attention is under your control. Send it where you want it to go. Starve the negative thoughts until they die.

    To improve your fortune, first decide that what happens is nearly always down to you; then try focusing on what works and what turns out well, not the bad stuff.

    Your “fate” really does depend on the choices that you make. When random events happen, as they always will, do you choose to try to turn them to your advantage or just complain about them?

    Thomas Jefferson is said to have used these words:

    “I’m a great believer in luck and I find the harder I work, the more I have of it.”

    Ralph Waldo Emerson said:

    “Shallow men believe in luck. Strong men believe in cause and effect.”

    Your luck, in the end, is pretty much what you choose it to be.

    Featured photo credit: LoboStudio Hamburg via unsplash.com

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