Best Places To Withdraw Cash Overseas

Armed with five currencies in our arsenal, my friends and I decided to go to an Indochina trip. We foresaw great expenditures ahead! This is why we decided to divide the expenses throughout the months leading up to our trip. Our airline tickets and accommodations were all taken cared of. However, there were hidden expenses that we overlooked. This burnout my cash.

Now, I turned to the local ATM to replenish my funds. My friends, on the other hand, used credit cards and exchanged their American dollars. Which of us got the better deal? Well, this has been an ongoing debate ever since.

MONEY REMITTANCES

Say that you have an emergency and you do not carry extra cash or plastic cards. How will you solve the immediate situation? For starters, you may have someone from home wire money to you.

Within a day, you can get money from well-known international companies such as Western Union or MoneyGram. These two charge variable fees depending on how much money you are sending, how the recipient will access the money, and where it will be sent. The most economical price entails the slowest service.

The only downside is that remittance fees can run from 1 to more than 10 percent! Generally speaking, faster services entail more expensive fees.

CREDIT CARDS

What will you when your hotel bills skyrocketed without warning? You may consider using credit cards for large purchases like this. I am referring to airline tickets, car rentals, and fancy meals too.

The most attractive advantage to using credit cards while traveling overseas is that purchases are exchanged at the interbank exchange rate. Usually, this is the best rate you can get for a currency exchange. While most credit card issuers ask for conversion fees, these fees are usually lower than what you must pay in currency exchange counters. Furthermore, there are a few cards that do not charge for foreign transactions!

The only downside is the idea of paying hefty late payment charges when the credit card bill arrives earlier than you. So, make advance payment arrangements.

DEBIT AND ATM CARDS

Debit card was my weapon of choice when we went to Thailand. It is a quick way to get cash exchanged in the local currency. I stress on its convenience as major cities and airports have ATMs available everywhere. Moreover, you will get the same interbank exchange rate when you withdraw with your debit or ATM card as you do with your credit card.

The only downside is that you will be charged a service or conversion fee for every withdrawal you make. Fortunately for me, there are several UOB ATMs in Thailand!

JUST A RECAP!!!

Image Credits:pixabay.com

The best ways to exchange currency include using your credit, debit, or ATM cards. As much as possible, use your financial institution’s ATMs to get lesser conversion fees. Before leaving for your travels, ensure that you have your money exchanged in at least two different currencies. When you are back home, see if your bank will buy back your foreign currencies.

Source: smartertravel.com

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Surefire Ways To Save Money As A Freelancer

The essential benefits (e.g., health insurance or retirement contributions) indulged by the freelancers are their primary responsibility. It comes along with a variety of other expenses including operating costs. It comes with a variety of problems including late payment from clients. As a result, freelancers must save more money.

#1: EMPLOY THE ZERO-BASED BUDGETING SYSTEM

Zero-based budgeting entails telling each dollar where it is going to go. Simply put, the money that comes in (net income) minus the money that comes out (expenses) must equate to zero. How will you assign your money efficiently? Well, you must prepare for the fixed and unexpected expenses. Assign an amount to fix expenses and variable expenses first. Then, the rest of your money will be put to savings.

For instance, you earn S$4,000 a month after taxes and you spend S$3,500 on your monthly expenses. Let your extra money be transferred to your savings account. Ensure that you have somewhere to place it with each month.

#2: ASK FOR A RAISE

Say that you cannot afford to cover all your expenses or you cannot commit to your savings. Consider asking for a raise from your loyal clients.

Working with a client for a couple of years can help you prove your worth. There is no harm in asking for a raise as the worst thing that can happen is rejection. You are putting yourself if the position where you are on the present time. So, negotiate your salary. Having an increase of a few dollars per hour or per project can help you save money each month. Trust me, it will add up!

#3: PAY YOURSELF FIRST

One of the most influential factors that will enable you to save is paying yourself first. Transfer a portion of your income to your savings account to cover insurance and retirement plans. Since your income varies per month, having a cushion will help you worry less. Have a minimum savings amount to keep track of your saving goals.

Making sacrifices along the way entails that you will not have to struggle during retirement or during the next big crisis. Be responsible with your finances!

#4: AVOID CREDIT CARD DEBTS

As much as possible, you must not participate in credit card debts as it is bad for your credit score. Friends of mine who carry credit card balances pay hundreds of dollars per annum in interest alone.

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Re-frame your mind! Never purchase anything that you cannot save up for. Following this statement will help you avoid flushing down your money due to interest. Cash should go to your savings and not your debts.

Sources: 1 & 2

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Which Suits You Best: Employee Or Entrepreneur?

There are definite perks when you become your own boss. When you are the boss, you call the shots! This does not mean that you will disregard the opinion of others and that of your clients. Simply, you need to interact harmoniously with your team, your business partners, and the clients. No man is an island, no matter how many coconut trees you own.

Being a boss fits a certain type of mindset. Consider reinventing yourself as an employee if you do not meet the Entrepreneur mindset.

THOUGHTS ON INDEPENDENCE

An entrepreneur welcomes the idea of working independently. Business owners are willing to take full responsibility for completing their own tasks on schedule. Not to mention, self-employed individuals who work at home spend most of their time without a staff supporting them.

On the other hand, employees set their minds to tasks given by their bosses. They are expected to complete these tasks within a given schedule.

THOUGHTS ON GOALS

Business owners plan, market, and oversee the success of their businesses. Running a successful business entails formulation a well thought out business plan. Write a simple mission and vision statement for the company to direct their goals to it. Having a specific set of goals directs the actions to a unified path.

In contrast, an employee follows the short and long-term goals that someone else set.

THOUGHTS ON MONEY

Business owners need to operate based on the financial situation of the company. Are you knowledgeable about the operation costs and profits? Can you create a fair paycheck while tackling risks? A key factor in starting a business is being able to handle the financial ups and downs. Take money management classes or hire financial professionals to improve your financial support.

Image Credits: pixabay.com

Lastly, employees take away the responsibility of building a successful business. Sometimes, they overlook the financial risks of building a profitable business. When this happens, the business owner must step in to mend things.

Sources: 1 & 2

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How to Sell Your Items Beyond Facebook

There are many ways to gain extra income by selling your old or new items. All you need is a good strategy!

CONCEPT STORES

The new wave of retail came in the recent years due to the boom of concept stores that integrate different types such as blog-shops or locker pop-up spaces. Concept stores or consignment stores fuse different brands in one house. Be advised that the store will take up rent fees as well as a cut from your sales. Many people are attracted to concept stores due to the convenience of having items sold in one place without worrying about various listings. You have to decide whether this works best for you.

PAWN SHOPS

When I was in Bangkok, I noticed that our driver watched The History Channel’s Pawn Stars during his downtime. The show revolves around a family spearheaded by owner Rick. People bid some of the most unique collectibles they hid in their basements. Pawn shops are good places to sell your ancestral jewelry, musical instruments, and other collectibles. You would get the most out of your money when you have your item appraised in person. Nonetheless, it is convenient to have others sell your items in an immediate period of time. Some of the Pawn shops in the country include Toa Payoh’s Min Tai and Tanjong Pagar’s Ban Joo.

GARAGE SALES

Whether you want to get rid of several items or you want to share your unused items, you could house a garage sale at your house. Prepare a space in your flat to showcase your items in a pleasing manner. Make invitations to give out to your friends and neighbors. Garage sales entail a traditional way to eliminate unwanted items.

Alternatively, you may rent a space for cheap. I found a website that offers cheap spaces for as low as S$10 per day. It is an eleven sq. ft. display counter at Suntec. Or, you may rent a forty-dollar per day space at Orchid Hotel.

ONLINE APPS

One of the easiest ways to sell your new or old products thru a smartphone is with Carousell. Simply snap a product, include basic information, and post it thru the app. Items on Carousell are presented in an Instagram-style grids. Buyers can leave public or private comments when they are interested. The only downside is that Carousell does not support any form of payments. Most users either meet up or do bank transfer to fulfill a deal.

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Ninja Ways To Earn Money While Vacationing

Taking a much-deserved vacation is supposed to be relaxing. However, traveling on a tight budget can reduce the excitement. It does not matter if you get paid vacation leaves! Planning for a trip is an expensive undertaking. Money should be placed in a practical position whereby you can still pay for your bills when you come back home. Earning money while on a vacation can be a simple solution to your financial woes.

Ninjas are warriors known for their speedy and sneaky attacks. Much like a ninja, you may earn money in the fastest way possible by following these tips.

SELL YOUR PHOTOGRAPHS

The Internet has a plethora of websites that buy and sell stock images from public users. Fotolia is one of the websites where you can make money by selling your digital photographs. Simply upload your best photos for the approval of the website’s administrators. Once your photos have been approved, it will be added to the marketplace where individuals or businesses can buy them.

You earn royalties which can vary from a few cents to a couple of dollars every time your photos are downloaded. Please be warned that Fotolia is closing on November 2019. Use it will you still can!

CLEAN YOUR CLOSET

While I was packing for my Bangkok getaway, I noticed how much clothes I should clear out. I remember the sleeveless tops and jeans that I no longer wear. Instead of tossing these, I can donate or sell some on Carousell. Carousell is an app that will enable you to connect to many local buyers. It can provide you a venue to negotiate with your potential buyer to get the best deal.

You will not have to worry about it while you are away. When you come back, you will be able to cash in on all of your offers and send all of your items.

SIGN-UP FOR REWARDS

Before jetting off to your dream destination, consider making an appointment to your nearest credit card issuer. Sign-up for travel-driven credit cards to reap its benefits. Some cards, like Citi PremierMiles Visa Credit Card,
will give you sign-up bonuses and points for every travel (e.g., 2 Citi Miles per S$1 on overseas travels).

Continue using said card to accumulate more points leading up to a better cash back experience. Who knows? Your next trip might be free!

Image Credits: pixabay.com

There are many ways to earn money with little to no effort at all. Do your research and stick to what you are good at. Have fun on your exciting trip!

Source: popsugar

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