Smart Money Tips

Wise Budgeting
Always pay yourself first, set up an automatic transfer of your salary into an investment and as the saying goes; out of sight out of mind definitely applies here
For those "wants" in life, wait three days before buying and if you still have that desire, find a way to purchase it. The slight delay will eliminate the biggest drain on your monthly savings; impulse spending

Money Drains
A) Subscriptions; cancel any magazines or newspaper memberships that you have not used in the last 30 days. On-line is generally free or your local library is another option
B) Bank Costs; check your statement to see if any maintenance or transaction fees are being charged, if so switch to a no-charge digital bank
C) Insurance Quotes; like anything, shop around for the best rates 
D) Extended Auto Warranties; generally not worth the money, as it does not cover "bumper to bumper" as you read the fine print and all its exclusions
E) Store Coupons; first not allowed for fresh food, then sometimes the name brand can be on sale (so ALWAYS compare prices) and cheaper, even after you combine the generic store product
with their voucher
F) Medicines; brand names have to recover their costs for research and development which is fair, but after several years that law on the patent is removed. So look for the Generic Drugs at a large
saving for yourself
G) Premium Gasoline; it does not improve fuel economy, boost power or clean your engine. Check your manual which grade is required for your vehicle and stop wasting money
H) Precut Fruit & Veggies; add two to four times the cost of the whole produce, then you ask yourself am i this lazy 😂
I) Credit Cards; until you can pay it down, transfer the balance onto a lower interest rate piece of plastic and saving you lots of coin
J) Streaming Services; paying for multiple overlapping video, music or gaming platforms
 is not smart
K) Convenience Money Pit; having too many food delivery apps and rideshares, it just drains
your account
L) Internet & Cellphones; staying on your plan without shopping around, come on
your better than this

 

Protect your Parents from Senior Scams

Fraud is the top crime against older adults, resulting in millions of dollars of financial losses each year. The scammers target the seniors with their accumulated wealth, great credit ratings and the rapidly changing digital technologies that they

lack the knowledge of. 

So its up to us to protect and educate the ones that have done so much for us previously

Common Tactics

A) Grandparent Emergency; they pretend to be a loved one who is in an urgent crisis (car accident, in jail or stuck in a foreign country) as they beg for money. Now with AI tools, they can clone the actual voice to make it sound realistic

B) Impersonations; from maybe the government or your bank, using aggressive fear language that if you do not forward personal information or funds you could face heavy penalties or arrest

C) Tech Support; a sudden popup appears to say your computer or phone has been infected with a virus, with a phone number to "pay" for a repair

D) Romance; the con is to befriend lonely or isolated seniors, then over time after building an emotional bond start asking for money because of  medical emergencies, travel issues or investment opportunities

Protect Yourself

A) If you get a call from the government, bank or tech company, hang up and then call back directly with the number you have on file for any of these organizations to confirm if legit

B) Set up a "family password" with everyone within your circle to be used, if there is 

a real emergency

C) For all your physical documents like a Passport or Birth Certificates, have them stored securely at home and for all your the old credit card statements plus medical bills please shred them 

D) If you did share financial information, call your bank fraud department immediately using the number on the back of your card to freeze your accounts and money

E) File a report with your local police department if money was exchanged or if you feel physically threatened