In a world which appears to be run by the banks, it can feel like we are powerless. However, you may have more power than you thought?
Money affects all of us, without money we would struggle to survive. This is why it’s so important to look after your money. However, our financial system is designed to make money at our expense.
Since the system is designed to be against us it’s understandable that many people feel unable to fight it. Most people don’t realise that it is possible to be in control of your own money.
Here are some ways to beat the bank by taking some power back.
Do your research beforehand
The banks are there to make money; they do not always have the publics’ best interest at heart. Bank employees are under immense pressure to make sales and reach targets. This quite often means that customers do not always get the products they want/ need.
If you do your research before speaking to your bank you greatly reduce the risk of being sidelines by hard pressured sales.
Pay cards and loans in full and on time
The banks make their money from debt, the banks rely on people not be able to manage their money. It’s important you ensure you also have sufficient funds in your account and you always pay your credit card and/ or loan payments fully and on time. This minimises the amount of money the banks are making from you.
Switch your bank accounts
Banks rely on customers depositing money into the bank, this money is then used to lend to other customers. The banks then make a profile from the interest and bank charges.
If you feel you are paying too much then shop around and see if you can get a better deal. You also do not need to stick to strictly with banks. Credit unions are a good not for profit alternative to the high street bank.
Look for alternative to loans
A loan is not the only way to obtain money, there are alternatives available –
- Sell goods – you can sell pretty much anything on the internet and there are also shops in the high street which will take various items in exchange for cash
- Online – there are various websites available which will pay you to take surveys, watch videos, etc.
- Rent things out – from conventional things like parking spaces and garages from the things you probably never thought us like exercise equipment and electrical goods, you can rent out almost anything
- Odd jobs – from babysitting to mystery shopping there is a whole host of possible ways to make money on the side
- Peer to peer lending – instead of banks lending money to customers you can lend to or borrow from other people
If you are going to invest, then be smart about it. Firstly, don’t throw all your money at one thing, spread your investments out. Secondly, see investments as a long term commitment, don’t get pulled in by the highs and put off by the lows. Thirdly, make sure you fully understand everything about what you’re investing in, I cannot stress enough about the importance of doing your research.
If you need any assistance regarding your personal finance please get in touch with us at firstname.lastname@example.org or call us on +353-74-911-6777.
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