Personal Finances Management! Anyone?!

I went to breakfast alone today. It is a refreshing experience. I sat down with Melissa and Shannon for breakfast and was amazed to see James. I have not see James for some time now and was just wondering what happen to him, and then all of a sudden he appears. This guy! He gives everyone fits!!!

Breakfast was good. I had two scrambled eggs and some potatoes, as usual with a generous dose of pepper.

I went down to the bookstore today and there was a book sale. A good majority of the books are centered around the topic of religion and literature. I picked up a book entitled, “On My Own… And Clueless…” I mused at the title of the book and thought it really does describe my current situation best. I am indeed alone in a foreign and clueless about almost every other thing social. I must confess, I have a hard time making friends and I am very selective of the people I mingle with. I am often bad at maintaining friendships. I am incredibly self-conscious and often do not call my friends because I am afraid of calling them at the wrong time, and am most afraid of dealing with long periods of silence on the phone.

I bought the book and as I was tumbling through the pages of the book, I came across the section of finances, and I thought I will share a little food for thought.

There are a huge variety of checking accounts, but the best ones are actually the interest bearing accounts, where the bank actually pays you a fee each month for banking with them. To prevent myself from overspending, always have a savings account in another bank, this way, you would be able to separate out your savings from the rest of your finances.

“To remove the temptation of dropping below your minimum balance, consider excluding the minimum amount balance of $500/- and open your account with $700/-, simply write a starting balance of $200/- in your register. If you pretend the minimum balance is not there, you are less likely to spend it. The only time you need “to remember” the extra funds is when you balance your checkbook every now and then. “

Some types of free checking accounts also have other restrictions. You may be limited to a maximum number of checks you can write every month. And be charged a service fee for each check beyond that limit.

As quoted in the book, “with the rise of internet banking, some banks are offering accounts that are free as long as all of your transactions are done electronically. If you actually go into a bank for a transaction, you will be charged a service fee.”

I find this is interesting.