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Debit and credit cards (Plastic money) usage increasing day by day and now banking companies also promoting its usage among the people especially middle and upper class of the society. How one can take benefit by using plastic money efficiently? What are the various ways to get the maximum benefit and at the same time avoid ugly circumstances caused by using plastic money?
In the past 10 years banking and finance industry saw a radical change as far as innovation and IT usage is concerned. Remembering the days when there were long lines in the banks to withdraw money from your a/c. Now with the invention of plastic money like ATM cum debit cards made it easy to withdraw money from your a/c at any point of time. Plastic money is the alternative to the cash or standard money. Plastic money is refers to the credit cards and debit cards that use to carry for purchasing, shopping and paying bills. It is more convenient to carry plastic money instead of carrying standard money and it is safe too. Innovation in the form of plastic money change the finance and banking sector scenario. You can also carry loans in the form of credit cards and you have to pay interest as per your usage. It was never easy to carry bulk money with you while traveling and shopping. Now plastic money made it easy to pay your bills and payments without carrying paper money.
Efficient use of cards:
It is important to use plastic money judiciously. Any instrument is for our benefit and certain advantage if used efficiently. Plastic money is like a knife. We use knife to cut vegetables and fruits into equal pieces and also to save energy. It needs care and patience to use knife but a little mistake or hastiness may result into hand injury. In the same way credit cards needed proper management and planning to get benefit. Some advantages keeping credit cards are:
Convenience: A Credit and debit card allows you to purchase or shop without carrying paper money. You can pay the bills with the help of plastic money and also reduce the burden of keeping money with you.
Antitheft: To keep huge sum of money during shopping or purchasing is risky. To reduce the risk of money theft plastic money is the best option. It is much safer to carry while traveling and in case of stolen one can consult with the concerned bank whose services you are using and get it blocked immediately to protect your money from getting stolen.
Financial tool: Clever use of credit cards in purchasing and paying bills can be a good financial tool to manage finances. Monthly bill can be used to track the various expenses done in a month on various items. Various credit card companies provide customized services in the form of sending a percentage and category wise quarterly, half yearly or annual statement summary of your spending on different products and services.
To beat fake: Use of plastic money also protects from the fake currencies. Today fake currencies in India are a big problem. To avoid the use of fake currencies, plastic money can be a better tool than using paper money.
Consequences of ugly credit or debt management:
Using credit card is risk of getting into debt if not used cleverly. Credit card is a useful invention which allows us to purchase almost everything without carrying cash. Problems start when people started credit card for over purchasing without any concern of repayment of credit card bill in the end of month. Some basic problems arise due to ugly debt management and lacks of awareness are:
Read all the information and instructions carefully in the credit card statement and brochure about the use of credit cards.
Interest is charged if payment is not done in full.
Interest is having a compounding effect. It means if you are having Rs. 1000 outstanding balance with interest rate of 2% per month, then the balance for the next month will be Rs. 1020, then Rs. 1040.40, then 1061.21 and so on. At the end of the one year total balance will be Rs. 1268.24.
Credit card is free: There is no service provided by any company is free. Only for the first year all the credits card companies do not charge anything but from the second year onwards they charged some amount as an annual maintenance fee from the user.
Late payment fee: Always pay on time and pay in full if there is minimum payment option is given. Company will charge on the balance money.
Offers on credit card: Do not go for any insurance premium offer provided by the company over the telephone. They directly debit the amount from your credit card and if you are unable to pay the bill amount again compounding interest rate charged on your balance.
Debit cards & Indian banking industry:
Indian banking industry promoting debit cards very aggressively after current economic fall down which results into lack of liquidity in market. Banks are getting more cautious in issuing credit cards to its customers due to default customers. Recent data shows that banks are concentrating on debit cards due to its equal usability as credit cards in shopping, online purchasing and bill payments and no worry of default customers. Indian banks charging minimum amount of money ranges from 100 Rs. to 150 Rs. as an annual maintenance from customers for debit card facility. Banks are getting business and also no bad effects on the liquidity in the market. There are some points why Indian banks promoting debit cards:
High delinquency of credit cards and loss borne by banks due to loan defaulters.
A safer source of income for banks.
Debit cards works as a credit card except credit facility which reduces risk of non payment of bill.
Huge potential in the market.
Cash is for good and credit is for bad.
Way to reduce worry:
Use of plastic money is for reducing the worry of carrying cash not to increase the problems caused due to unawareness about its usage. For credit card holders it is important to use it as a facility of short term limited finance not to use it as an overflow of money to spend on less important items. Credit cards users have to use it very effectively to manage their monthly budget by rotating money wisely. As far as debit card holder and its usage are concerned they have to keep sufficient balance in their a/c to use it as plastic money cum debit instrument.
Personal Money Management (Budgeting)
Money is what, money can buy. One thing that matters most in this world is money, and people do not like their money to let it go easily. Realizing and understanding the importance of making a money management routine is something most people never do. However, most people do not know exactly how much they are spending but planning n budgeting can change that.
Allocation of money for a specific purpose comes under budgeting. As money is one of the most essential element of life n people don’t want their money to go waste. But the main problem is most of them doing have any idea about their expenditure n spending elements. But budgeting can solve this problem. Budgeting will manage your money n handle it to get use for the required purpose .in general it is calculate by person’s earning minus expenditure. By budgeting a person will get to know about correct use of money n by following the budgeting practice he can avoid the unnecessary elements which cause waste of money.
Through budgeting he can save money and take the correct use of it. By observing how much he is spending in proportion to earning can save money. Budgeting just requires common sense and simple maths, as whole it’s not a difficult task. It starts with what a person do with his or her income, basically per month after paying taxes. Then comes removing of all unnecessary expense elements. At last you will be having a plan which shows where to use money in correct way.
Keeping money for particular purpose will always keep you safe and happy. As life is full of uncertainties, budgeting may help you to get protection from them. Overall budgeting reduces your risk in financial terms .with having all the knowledge about his finance planning a person know where to use and how much to spend.
Benefits of budgeting
The benefits of a proper personal budgeting can be as:-
• A person knows exactly how much money he is having at a point of time.
• Will get to know about the flow of money into and out of the household.
• He can plan for the future accordingly and come to know what he exactly wants out of it.
Sometime budgeting becomes difficult when you are trying to do in a way that doesn’t suit you. But now it’s remaining a matter of worry no more.
In general, most people manage their money by dividing and allocating it for various purposes like some for household expense, entertainment, travelling, education etc.Then they spend amount of allocated money for that division. this practice help them to know about how much they have spend for particular n how much they will be having in their hand at last. Ultimately this process is proved as some what cumbersome. But with the advancement in the field of IT, today we have lot number of solutions. There are lot of software solutions are available in the market for personal budgeting as money-management software and websites. Here are some names of them:-
Mvelopes (online personal finance software with a focus on budgeting)
Quicken (a personal finance management tool developed by Intuit, Inc.)
Mint.com ( a free web-based personal financial management service)
Financial software that makes creating a budget easy:
• Provide more budgeting ideas.
• Teach how to refine budgeting skills.
• Help with planning for future large purchases.
All of the free personal budgeting software programs have different features and benefits. The important thing is to choose the one that works for you and your current financial circumstances and stick with it!
Ultimately it comes up to you how much to earn, how much to spend, where to spend, when to spend and for what to spend. But a well planned money management routine will lead you to live a non-stress full and happy life. As it is very well said by someone that “Money is not the most important thing in the world. Love is. Fortunately, I love money.”
It was never easy to get the loan at cheaper rates with so many different options from different institutions, and now IT revolution made it easy to get the information in just one click. With the help of internet websites and tool like home loan calculator now it is easy to analyze the various offerings and choose the best one.
Planning for home:
Every human being has a basic need for food, clothes and shelter (Home). Food and clothes needs minimal attention and planning compare to the third basic need i.e. home. When it comes to the buying or making first home people get more conscious. They collect the information through various sources like brokers, colony developers, relatives and print media advertisement. People individually work out on the things which require a lot of time and efforts:
• Budget preparation for purchasing home
• Need for space (1BHK, 2BHK or 3BHK)
• Choosing different location and facility
• Cash-loan ratio
• Different institutions and sources available in the market for getting loans
On the other hand some people totally depend on the brokers to choose the right match for home solution. If you need more option you need to depend on some more brokers until you get your choice. After getting your choice rest of the work related to finance and loans for home is not the responsibility of broker or an agent. It consumes most of your valuable time and efforts which you want to do in less time or by outsourced agent.
Planning is very important function and it requires a lot of time and efforts when it comes to real estate planning. The million dollar question, Is there any planning tool which helps to provide various solutions at doorstep in less time?
E-solution made planning easy:
Estate planning becoming more important in the present scenario where people have more and more options available to them. Competition among the financial institutions made product portfolio customized but little bit more complex. Loan available in the market are going cheaper and home prices also going down. There are so many options available but how to choose the best one.
In traditional way we use to hire different services and work on the data collected from the various sources. It requires a lot of time, money and efforts. Here are the some steps we generally use before purchasing a home.
1st step: Hire a property consultant or agent or broker to visit the different sites
2nd step: Collect the different home loan products solution and information from different financial institutions.
3rd step: Compare all the options available from the data collected.
In the present work environment nobody has this much time for data collection and analyze to choose the best option among the available options.
E-solution or E-way is the best way to get the proper solutions available in the market and choose the best customized option suitable to one’s need in just one click. There are various web-sites available on the internet from where one can choose the location of sites, home, land and bungalow at the same time feed their home loan requirements by using the home loan or premium calculator to know various loan options available compare all the options and select the best suitable option. Apart from the home loan and real estate solutions these web-sites also provide the knowledge about the other associated products like home insurance policy which protects the sum interest and asset in case of any demise.
Some web-sites related to home loans and real estate solutions are:
Advantages of e-solution:
• Saves lot of time, efforts and money.
• Easy to use (User friendly).
• Various customized options available in just one click.
• One stop services to get the information about loans and deals available.
• Provide a complete package with additional information about different protection solutions too.
E-solution made it easy with the help of various customized and simple software tools to gather important information for complete home solution at your desk without wasting much time in visiting various sites, hiring different brokers for different sites and then different financial institutions to let your dream home comes true.