Archive for the ‘Financial Management’ Category

Paypal Surcharge Fees

Wednesday, July 23rd, 2014 by

I was surprised to see this today as I was interested in making a purchase using Paypal as a payment option and to my surprise the item was more expensive than the listed price. Upon looking at it closer, it seemed like the merchant was charging its customers a$2 surcharge fee for anyone who wished to use Paypal as a payment option.

paypalsurcharge

It was funny in some ways as they didn’t seem to want to add this additional fee with using a credit card payment directly which makes me wonder if Paypal fees for the merchants are extremely high in comparison. Would you be more inclined to use your normal credit card instead in this case to avoid the $2 fee? It almost reminds me of merchants implementing a surcharge for customers who pay with a credit card instead of cash which is usually forbidden by the payment provider.

It Takes Facts About Interest Payments To Change People

Tuesday, July 22nd, 2014 by

I saw this interesting clip today of a couple who was essentially getting financial advice to help them get out of debt. The story itself wasn’t anything new as it was simply a case over spending and buying high luxury items. When the financial adviser went over their spending habits the funny thing was they seemed kind of contempt with it as if it was normal. Speaking for myself, putting like $15,000 on your credit card that you can’t pay off is alarming by itself.

It wasn’t until they dived into the topic of how much credit card interest they are paying each month where it finally dawned to the couple that things need to change. Isn’t that kind of crazy that it takes that little detail to get people to change their financial habits? It almost comes back to the general point on how many people don’t like to see other’s benefit where in this case it made them realize how the credit card companies got money from them. Before hand, I guess it is safe to say that they saw the situation as they were the one’s getting the better deal out of the credit card company.

I am almost interested in trying that technique to see if it works on others too for everyone that has an outstanding credit card balance each month. It’s like you don’t even need to go into detail to get people to think about their future. Instead, just show them how companies are making money off of them and it will be an instant change in mindset.

Still Waiting For Sales In A Membership Based Store

Monday, July 21st, 2014 by

I was with another person doing some shopping and price comparison today where they happened to have a membership card to a store which supposedly gives you better prices for items compared to traditional retail stores. Upon our little journey though, that definitely wasn’t the case in many instances the regular stores often offered cheaper prices and at the same time you don’t have to buy the items in bulk.

Interestingly enough, it seemed like the sale items at the membership store was consistently cheaper than the regular stores. So the simple conclusion out of this test is that even if you pay an annual fee to get exclusive discounts from a business you generally still need to wait for a sale of some sort as the regular prices can be just as expensive as non-membership based stores.

I think many people often assume that if you have to pay to shop at a place then the prices must truly be lower. Therefore, people usually throw away their shopping savviness and start throwing things into the cart. That just isn’t the case whenever I compare prices personally. While granted you may get some valuable spiffs and discounts at places that require a fee based membership, you still need to keep an eye out on what is actually on sale and is a good value I think.

When There Is No Reward That You Want

Wednesday, July 16th, 2014 by

Recently for a rewards program it was time to redeem my annual bonus as a result of me purchasing enough products from a company to qualify for a special bonus. While usually it is a unique novelty or collector’s gift of some sort, this year they decided to simply allow people to acquire existing products for free. The thing here was, the catalog of rewards they presented didn’t really interest me much. What would you do in this case?

My default answer is usually to just get the most expensive item on the list. That at least makes it feel like you are getting the best value or if you decide to simply sell it at where least you are doing it with the item that has the most financial value. It’s long shot as well, but sometimes it doesn’t hurt to ask if the company is willing to substitute the prizes for something else.

This is why many times too you shouldn’t buy things specifically for reward points only as it could just end up costing you money and a room full of things that you don’t need or want.

Would You Want To Know Your Anonymous Benefactor

Tuesday, July 15th, 2014 by

There was a nice story published today about a person who needed money for an expensive medical procedure and first tried to raise the fund through crowdfunding on a site called http://www.youcaring.com. In a surprising twist, it was mentioned in this article at http://ottawacitizen.com/news/local-news/donors-128000-gift-offers-new-hope-to-kanata-woman-with-fatal-disorder that an anonymous benefactor had read her story and decided to give her an envelope that contained a bank draft for $128,000.

As evident, the person did not want to be identified in anyway. This got me thinking, if an anonymous benefactor came into your life to rescue you financially would you actually work in trying to identify them? I was thinking about this and while it’s one of those curiosity things that drive you crazy if you don’t know, I think in the end it’s better that you don’t. By not knowing I think it makes you more generous and appreciative of life.

Odds are you are probably more likely to help others as well. They say money doesn’t bring happiness to people, but if used in these ways whenever possible it sure creates a lot of joy.