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Credit Card Terms For Beginners

The Bangko Sentral ng Pilipinas has stated that almost 7 million Filipinos use a credit card as emergency funds or rather for groceries. To first-time credit card holders, you must know important terminologies before you use it for traveling, online purchasing, dining out, and shopping.

We understand that some of credit card terms can be so intimidating that you’d rather not to sign up to get one than to understand and get worried about your finances.

For better understanding, here’s a quick run-through to some essential credit card terms.

Credit Limit

Usually, banks are providing a minimum of Php10, 000.00 up to Php20, 000.00 of credit limit to every first-time cardholder. This is the total amount you can spend using your credit card.

For example, you will buy an android phone using your card; the retailer store will automatically deduct the item’s total amount to your card. To your advantage, you can get the android phone in an instant as well as you can pay the item on a monthly basis with the minimum account. No need to pay in full to the retail store.

Cash Advance Fee

You need cash at the moment and your friends don’t have extra money to lend you. You can also withdraw money from your credit card but not exceeding your limit. In return, the bank will charge you ranging from 3% up to 5% as interest, whichever is higher.

Over Limit Fee

Impulsive buyers tend to have over limit fee. This is a charge to you whenever you exceed to the approved credit limit during a cut-off date.

Late Payment Fee

The main reason why some of the credit card first-time owners were not able to pay on time is they are working full-time office-based. If you happen to pay the balance after the due date, there will be occurring late payment fee to your next billing statement. The amount of this fee is either fixed or depends on your usage.

Therefore, the next time you have inquiries about credit card terms, you don’t have to wait on queue over the phone with a customer representative, use this as your points to remember.

How to Make an Effective Investment Plan

If you have decided to secure your future by investing your hard-earned money in something you’re not exactly sure of yet, investment is a wise move if you want to guarantee the financial success of your future. It may be a little challenging, but most of your money will go someplace where you have no access to for a long time.

Investment involves risks and what makes it different from gambling or speculation is that investment involves a long-term outlook. Gambling is the just short term. Sure, you could earn hundreds of thousands in a matter of minutes but if you lose, you’ll easily lose the same amount, if not bigger, faster. With an investment, you have many avenues to explore and choose the right one is such big of a risk that it needs weeks or even months of studying and preparation.

One concept you need to familiarize yourself with is implied volatility. Basically, implied volatility is the assumption of a stock’s future unpredictability based on the price of its stock options. Volatility means instability and the higher the stock prices, the more unstable it becomes. As stock prices decrease, the less unstable it will be. Implied volatility is an indicator of what traders expect at stock prices. Low volatility translates to stock prices remaining stable and unchanged in the next few days and vice versa.

While implied volatility is one of the criteria to consider in choosing investment ideas, it shouldn’t be the only factor to think about. Financial experts constantly predict money-making investment ideas and if you are planning to invest thousands of dollars, you should try to catch up before you end up wasting your life savings on stocks that will be worthless in just a year or two. For instance, top experts expect this year to be a good idea to invest in high-quality companies, meaning corporations backed with strong finances and visible growth in earnings.

If you are still unsure, you can always test financial strategies prior to executing your investment plans. It’s your money and you’ve worked years to save that amount for yourself. Doing proper research is the least you can do to really secure your future and make sure that those dollars will be invested in stable industries or markets.

Comprehensive Definition of Personal Finance

Because of the economic slowdown we are experiencing today, personal income and salary continue to provide us with the financial power to purchase basic goods and services. For a fact that the national economy is not doing well, the need to apply principles of finance in managing our monetary resources has tremendously increased.

Defining Personal Finance

Personal financing pertains to the strategic planning and management of earning, saving, spending, and budgeting the financial aspect of a person or a family taking into consideration the aggregate expenses deducted from the income and the needed savings to adequately address future events that require spending.

Inflation, jobs, and the entire economy are still unstable resulting in the unpredictability of increases in the prices of basic commodities, available jobs, and household income. With these in mind, it is a matter of great necessity that every person strategically plans and manages one’s financial gain and expenditure in providing a better lifestyle and in preparing for future risks and spending.

How to Claim Financial Security

To be secured financially, personal finance must be had to address current monetary obligations such as debts and prepare the future. Personal finance involves long-term planning. Other than ensuring that the current bills are paid and that the present lifestyle is maintained, personal finance also prepares for the future such as when one must retire from work.

Upon retirement, the person’s monthly income will be reduced unless he or she has made financial planning prior to the retirement age and ensured that there is enough to spend according to the chosen lifestyle after retirement.

It is never an easy task to make sure that whatever aggregate income the household obtains in a month remains enough to cover for the expenses necessary to live decently at present and in the future without a threat of sinking in deep debts and losing properties due to foreclosures.

Best Personal Finance

Personal finance helps people acquire necessary information, tools, and strategies to use and apply to ensure that his or her income remains enough to cover the payment of debts, bills, and other purchases based on one’s overall present financial condition.

To live through the day is never enough. One must consider the future in living the present without sacrificing the current necessities. Personal finance combines principles and tools in finance that assists the person or household pays off debts and bills while at the same time ensures that the future is financially prepared such as through savings.

The best personal finance provides the person a decent and happy living with enough financial security for the future.

Why Track Your Spending?

Have you ever noticed that no matter how much money you make in a month, there is never enough?

You most likely know how much you earned last month, but do you know how much you spent? If you don’t, you are not the only one who doesn’t. According to a financial survey, most people spend 10% more than they make!

Why is it hard to track spending? It is difficult for people to track their spending and whether it is wise or not because they cannot differentiate the needs and wants. This is one of the biggest mistake people always practice in personal finance budgeting.

You may need things in life including food, water, shelter, and clothing. Needs are those things that we cannot live without. Needs are also those that living without would case difficulties and distress. Knowing between needs and wants is essential since your perception will determine whether you spend your money on it or not.

Advertising is so powerful these days that you may think of luxurious items as “needs” when in fact you don’t need them. These deceiving commercials on TV greatly influence your purchasing and personal finance budgeting behavior. It is your job to make a wise decision whether each new product is something that you really need and cannot live without. Some things may make life easier and add up to the quality of life you are living, but it is more important to know whether you can truly afford them or not.

Many people create a financial budget based on other people financial worksheets. As much as it is good to have some sort of reference, do not forget to make it personal. Customize your personal finance budget according to your expenditures. You are the only one who will refer to it daily so go ahead and make it your own. This way, it will also look more familiar to you.

Many people purchase items with a credit card more often than they would with cash. Always remember that it is better to buy items with cash as you are already free from obligations in the future. Some people may forget that a credit card does not do magic and a real bill comes at the end of the month – adding to your long list of financial obligations.

The key is to have patience in the process of the creation and maintenance of your personal finance budgeting.  In your personal finance budgeting, always remember the consequences of your spending. If you are going to spend your savings today on one thing, remember that this becomes money that is no longer available should you need it in the nearest future.