Debit cards are a common form of payment today, and with good reason too. Aside from UPI, these cards offer the most stress-free and convenient way of paying for purchases. On the downside, its frequent usage causes people to make common debit card mistakes. Many of these mistakes, if not rectified, can lead to huge losses for card owners. With that in mind, here are some of the mistakes to avoid with debit card usage: Failing to pay attention to one’s debit card balance Debit purchases take out money directly from one’s savings accounts. So, it is wise to keep track of how much money is left in one’s savings account before and after they use their debit card to make a purchase. If someone does not do so and uses their card to make a payment of $200 unbeknownst to the fact that their account only contains $190, then their transaction gets “bounced.” In such cases, people may face legal consequences and severe penalties. Using debit cards for ultra-expensive purchases Credit cards are the better option as compared to debit cards in some cases. If users purchase expensive items that they may need to return in the future, then using a credit card enables them to immediately file a claim with their card issuer and get their money returned on their card right away.

Splurging on products and services could be lots of fun initially. However, spending beyond what one can afford, without considering how they are going to pay it back, could become problematic. One may try to get out of debt quickly—a good thought that may take a lot of work. However, when trying to clear dues, a person should avoid making these common mistakes as it could otherwise worsen their financial situation. Sticking to the same spending habits Some people who are in debt start paying off their dues regularly. At the same time, they also spend at cafes or other establishments. While it may look like they are improving their financial situation, it is not the case. So, one should break away from their excessive spending habits. For instance, instead of splurging on expensive coffee outdoors, one could brew it fresh at home. Not creating a financial plan Trying to get out of debt requires a financial plan. This plan should reserve money for necessities like healthcare, transportation, food, housing, education, and insurance. From the balance funds, one could create room to pay their debt. Individuals should also consider getting rid of credit cards. Doing so would make one think twice as they have to pay cash for dining outdoors, movies, purchases, and other things.

Paper checks are an important banking instrument that enables secure financial transactions. Although there are several modern ways to make payments, like debit or credit cards and payment apps, checks still reign as one of the most common and preferred modes of transaction, especially among older generations. Whether one is running a small business, managing personal finances, or just prefers the tangible nature of a check, there are several convenient ways to order checks. Ways to order checks for the first time Here are a few ways to order checks for the first time: 1. Online banking app One of the fastest ways to order a check online is to download the mobile application of one’s bank or financial institution, sign in to the account, and request a check under their specified section. For this step, though, one may require certain personal details like an account number, routing number, passcode, and zip code. It’s a perfectly safe and reliable option for ordering checks. 2. Put in a request to the bank Alternatively, one can also approach any branch of one’s bank or credit union. Banks usually offer some initial checks for free, but one may have to cover the cost of additional checks.

Annuities are a popular investment option that helps one get a steady stream of income during retirement. It is essentially a contract with an insurer in which one pays premiums and, in return, gets a guaranteed stream of payments in retirement. There are several annuity options, and choosing the right one can help one meet their long-term financial goals with ease. Also, one should avoid the following common mistakes associated with annuities: 1. Overlooking future tax implications Annuities are not taxed during the accumulation period. However, these benefits are only available until one withdraws money from their annuity plans. So later, the retirement income earned in the form of annuities will be taxed. This can be an additional monetary burden at the time. To avoid this issue, one must not let all their retirement income be taxable. They must set aside certain percentages of their income and direct them to non-tax deferred retirement investment options. 2. Investing too much While an annuity is a good investment option for retirement, it also tends to be rigid and difficult to get out of after a certain point. One can even end up paying penalties for several years after purchase if they miss a payment or two in the interim.

Choosing a life insurance policy can be a slightly different experience for seniors because there are more risks involved. Age and health play a significant role in determining premiums; sometimes, these can be high. Choosing the best life insurance policy for seniors doesn’t have to be a harrowing task or one that puts a strain on the finances. Check out some best practices to make the right choice. 1. Assess needs and budget Buying life insurance shouldn’t be a hasty decision, and one should assess all factors before picking one. Budget and needs should be the first consideration. Evaluate all outstanding debts, future payments, and one’s current financial situation before choosing life insurance. One can factor in funeral costs, medical bills, and help for surviving spouses or dependents before determining the coverage amount and policy type. 2. Understand the types of life insurance There are a few types of life insurance that seniors can choose from, and some of them are as follows: Term Life Insurance This type of life insurance provides coverage to the buyer for a specific period. If the insured passes away during the term, beneficiaries receive the death benefit. While term life insurance is typically more affordable, for seniors, it could be the reverse.

With the growth of mobile technology, phones have become an indispensable part of people’s lives today. This, however, has also resulted in climbing rates, making phones an increasingly expensive purchase. To make phone ownership easier for customers, several companies offer ‘Buy Now Pay Later’ (BNPL) personal loans. These plans divide the payments into smaller chunks and generally have no associated interest or fees. Here are some of the top BNPL providers to finance phone purchases. Affirm Affirm has many different BNPL plans that allow customers to choose between a few payment schedules. One of the most popular is the pay-in-four, where the purchase is divided into four equal installments paid in regular, two-week intervals. Depending on the purchase and retailer, buyers can also opt for 3-, 6-, and 12-month plans. While the pay-in-four plan charges no interest, the monthly plans may have an interest rate of anywhere between 0% to 36%. Afterpay Afterpay also has similar plans. When shopping from their partnered retailers, customers can purchase their phones with a BNPL plan on a pay-in-four or a monthly basis. The pay-in-four plan has no associated fees or interest charges. However, the monthly plans can only be used at select retailers for purchases over $400 and may invite an interest of 0% to 35.99% APR.

Most people’s daily activities, such as traveling to and fro from work or grocery stores, heavily depend on fuel. But the more fuel one needs, the more they must pay for it. This is where gas cards come in and help with cost reduction. Personal fuel cards make it incredibly easy for households and organizations to manage their fuel expenses, particularly because they can be easily regulated through the card. So, here are some popular gas credit cards one should consider: AARP® credit card from Chase The AARP® credit card from Chase offers several rewards on gas spending, and contrary to its name, one doesn’t have to be an AARP member to avail oneself of its benefits. Cardholders do not have to pay any annual fees and can earn 3% cashback on every dollar they spend on gas and at restaurants. Furthermore, one can earn 1% cashback if one buys anything else using the card. The best part about these credit cards is that the rewards never expire. Ink Business Cash® credit card With the Ink Business Cash SM credit card, cardholders can avail themselves of 2% cashback on the first $25,000 spent in combined purchases at restaurants and gas stations.

People have been increasingly investing in cryptocurrency, a form of digital currency. Some reasons behind its popularity include the near impossibility of counterfeiting or double spending, cheaper and quicker money transfers, and decentralized systems that don’t collapse due to central issues. Given its quick rise to fame, the market remains volatile, leading to several costly errors. Here are some mistakes to avoid when selling or investing in cryptocurrency to avoid losing money with these investments. Ignoring trading costs Market traders make several trades in a day. However, all these trades are not free; they often have a transaction fee. Some payment portals may also charge more for every deposit or withdrawal. Keep an eye out for these costs, which could add up over time and affect profits. Not working with a trading strategy Without a pre-set trading strategy, one is more likely to run into losses. A trading strategy lets one define how to pick tokens and when to buy or sell them. What’s more, this makes trading much easier in the long run. Forgetting about portfolio tracking Another common mistake people make is leaving their investments. Keep tabs on the portfolio by tracking returns regularly. Study the state of the market as well to edit trades as needed and maximize returns.