Six Ways to Buy More
Checking 'Float' Time
Previous-
Hoping That Check
Won't Clear Too Soon?If you routinely pay bills a few days before payday hoping a paycheck will clear before creditors ask your bank for payment, you've probably discovered that playing the float game doesn't work anymore, now that legislation has virtually eliminated the grace period for bill payers.
Fear not: Bankrate shares six moves you can make today to reclaim some of that lost "float" time.
Full Article: More on Bank Float
First Step: Sign Up for This -
Sign Up for Direct Deposit
Signing up for direct deposit can get a paycheck into your bank account faster than any other method. "It's not instantaneous, but it is sooner," says Gail Hillebrand, senior attorney at Consumers Union. "You usually get the money on midnight of the day it's due. Generally, you're going to cut a couple days off the bank's hold time at least."
Next: Step No. 2 -
Customize Your Due Dates
Are your bills falling at awkward times of the month? If so, call your creditors and request a change. Many creditors -- including credit card companies, mortgage companies and utilities -- are happy to accommodate you. Some even allow you to choose your due date online. What strategy works best? Some people prefer to spread their bills out over the month while others like to line them up when they have the most available cash.
Next: Step No. 3 -
Leverage Your
Credit Card Closing Dates
By customizing the due dates of several credit cards, you can buy yourself up to an extra month before you have to pay for large purchases. "If you put a transaction on one of your cards right after the closing date, you get extra time before you have to pay it," author Liz Pulliam Weston says. One warning: Label each credit card with its due date so you don't confuse them. Otherwise, you could be faced with a bill for that new refrigerator within a week.
Next: Step No. 4 -
Use Online Banking
Want to put high-speed bank technology to work for you? Bank online. This is your personal control panel on which you can monitor direct deposits, activate auto-pay, check your balance and eliminate the need for mail float altogether. What about hackers? Weston says with modern encryption, online banking is actually far more secure than paying by mail.
Next: Step No. 5 -
Take Advantage of
Account Alerts
Some banks and credit card companies offer customizable electronic reminders that alert you when your balance falls below a certain amount, when a bill is due or when a major transaction takes place. You can customize the alerts on their Web site or within your money tracking software (or both) to receive alerts either on-site, via e-mail or via text message.
Next: Step No. 6 -
Pad Your Check Register
Here's an old bookkeeping trick, updated for computer banking: In your accounting software, write yourself a virtual check that guarantees you'll always have that much more in your account than your register shows. "I keep a 'pad' in my checking account at all times; $100 at least, $500 is better, $1,000 is even better," Weston says. "The software allows you to write a phony check. It never actually clears but it's always in the software so it looks like I have $1,000 less in my checking account than I actually do."
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Extreme Savers Share Their Secrets
These days, as the cost of food and gas skyrockets, credit becomes more difficult to get and consumer confidence reaches an all-time low, saving has become a must.
At a time like this, it makes sense then to tap into the experience of people who are passionate about saving without living a Spartan life. See the Secrets
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Retirement Hot Spots
Thinking about changing your address during your golden years? A move is a big decision that should be based on many factors, including what the cost of living will be. Bankrate has rounded up key stats on 62 popular retirement spots, we highlight 30 of them here.
Click through our gallery to check out the prospective communities. Compare the price of goods and services there, everything from the cost of a dozen eggs to median home prices.
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Recent Comments
spotahottiedtcom 12:15:18 PM May 10 2008
Wilhite 09:13:50 AM May 06 2008 wrote:
Report This! If you must float checks, then you're operating too close to the edge. It's time to control costs.
WELL SAID!
Lucybocca 12:04:34 PM May 10 2008
These suggestions really don't help at all. If I had $500 to $1000 to pad my checking account I would not have to worry about bounced checks.
Cmurray070 11:12:46 AM May 10 2008
Pretty sad all these bums that know these ways of delaying paying bills, it is funny.
AStoltman 10:29:07 AM May 10 2008
LSC2two 07:08:16 PM May 08 2008
Report This! Saludos para todos desde Nueva York: De todas formas todas las companias quieren hacer negocio con las quebradas finanzas de los consumidores. Siempre es mejor pagar las cuentas de los sevicios de energia, gas, telefono y las deudas que se tengan con las entidades crediticias a tiempo para como consumidor no convertirse en victima de los altos intereses y recargos que conlleva el no pagar a tiempo. En otras, palabras, no permitamos que nos expriman hasta el ultimo centavo por un mal manejo de nuestras finanzas.
**********************888888
speak english???
Jkkdan123 08:17:30 AM May 10 2008
THERE IS NO EXCUSE FOR THE TEDIOUS PRACTICE OF WRITING A CHECK IN A RETAIL ENVIRONMENT.
Any a--holes still doing that should be thrown out of the store. They are so self-absorbed, they get a thrill out of delaying everyone else.
The Visa check card. Scan it, sign it, and you are on your way...and out of the way of the next person in line.
WLE24878 10:29:34 PM May 08 2008
if you want to get a guaranteed float on your checking account just take a safety pin and sick it in the wiring number in the middle of the numbers 5,6,8,9,and 0. Do this also with your account number
The bank will pull the check and have yo process by hand the next night two days later. Do not do this to every check or you will receive a nasty phone call.
You can also take a magnet and rub it on yor routing number and account numberand they will have to process by hand also.
LSC2two 07:08:16 PM May 08 2008
Saludos para todos desde Nueva York: De todas formas todas las companias quieren hacer negocio con las quebradas finanzas de los consumidores. Siempre es mejor pagar las cuentas de los sevicios de energia, gas, telefono y las deudas que se tengan con las entidades crediticias a tiempo para como consumidor no convertirse en victima de los altos intereses y recargos que conlleva el no pagar a tiempo. En otras, palabras, no permitamos que nos expriman hasta el ultimo centavo por un mal manejo de nuestras finanzas.
Marshajm18 01:06:57 PM May 08 2008
You can set up all payments on the day or two after payday -- then the bills will be paid when money is in the bank
Also most bills can be paid by automatic chg thru the bank on a day after pay day -- automatically withdrawn -- you will see it on your on line statement or can checkover the phone
If chging to a credit card -- have 1 set up for just bills and pay day the last monthly charge goes thru -- pay cc ea month in full -- this is a great way to budget and have cash on hands in an emergency -- there will be no fees unless you need to wait a month to pay the cc bill and then negligible.
Works for me -- bills are paid on time and costs nothing to me out of pocket except for regular monthly bills and maintenance on checking acct. Credit card does not chg for this -- and the bank doesn't either.
You just need a Credit card and a bank acct with a job that pays a salary --
and live within your means -- be responsible --
TXSTYLE1 12:22:25 PM May 08 2008
Yeah when I pay off this last one No more anything on credit. I'm tired of giving away MONEY!
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