Simple strategies to get the most from your bank account

Your bank account is the focal point of your finances and the main platform through which your money flows. Read more: Simple strategies to get the most from your bank account

Simple strategies to get the most from your bank account

Your bank account is the focal point of your finances and the main platform through which your money flows.

It’s always wise to bank smart as banking is never an easy pursuit. Evaluate the bank you are working with, and strategies in all in your undertakings.

Significantly, managing your finances is never an easy undertaking. You have to plan how to use the money you save in or have in your bank account. Making the most from your bank account should be an endeavour you should strategies competently.

With this in mind, there are incredible strategies to consider and make use of your bank account. Have a look:

Monitor Your Bank Accounts Regularly

You may be a new account owner, or you have just made a few transactions. Nonetheless, it would better if you were neck and neck with your bank activity. Most importantly, be wary of fraudsters or deals that might affect your banking activities.

It’s easy to monitor your bank activities, especially if you do it directly by speaking to your bank. With the advent of better technologies, there are applications you can use and check multiple accounts or get additional banking information you need. As long as you monitor your accounts, don’t worry about trying to balance your account.

At any given moment, never assume your accounts. You might end up finding yourself on the wrong side of a massive burden of overdraft fees. Speaking directly to your bank will help gather robust information on how to stay abreast with your money. Always have a list of the things that your bank charges and figure out whether they are necessary in your case.

Utilise the Available Banking Features

There are useful features that banks provide their customers. And as a dedicated customer, you should make use of these features and manage your finances diligently. For instance, the bank you have an account with may offer free access to online bill payments or remote check deposits, especially through your smartphone.

Get acquainted with other banking features that connect you to your bank’s bill pay system, and they should be sufficient. Through this system, you can automatically make payments every month and stress-free.

Today, mobile banking is the in-thing, and many people are using it to manage their accounts. Don’t be left behind, as this is a rewarding opportunity you can as well utilise.

Link to Other Reliable Accounts

With ever-growing banking services, it’s easy these days to do transfers between accounts. All you need is one dashboard where you can run your accounts at the same bank.

If you are dealing with a genuine bank, it will allow you to link with other banks and open financiers. Ensure the bank you are dealing with makes it easy for you to do transactions between all your accounts, and at no cost.

Set Up Automatic Savings

A genuine bank will advise you to split your direct deposit and opt for automated savings. It means that anytime you receive monthly payments, they will be sent to different accounts.

You don’t just receive a large sum of money into one checking account. For instance, you can have a savings account or a vacation fund account where you receive a certain percentage each payday.

Be Accountable for Your Accounts

Be a responsible account owner, and be at the forefront in managing your bank account. Stay abreast with the latest trends in the banking world.

Don’t forget to mind where your money goes, how you spend, and what remains in your accounts. Focus on gaining long-term financial success and minimise any unnecessary expenditures.

Trust a Lender That Offers Dependable Loans

Making the most from your bank accounts is not that easy if you are making your first deposits or savings. It’s wise to always stay afloat with the latest trends in the banking world. You need to know when to get even the cheapest loans in the market. UPMoney offers you an opportunity to compare loans and get funded in minutes and without any misgivings.

Ensure your lenders say yes to your loan without any lengthy application procedure. The loan application process should work in your case. In this light, ensure your lender will automatically forward your loan to your account without any misunderstanding or unnecessary delays.

Read more:
Simple strategies to get the most from your bank account

Source : Business Matters More   

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Majority of businesses in Dubai may not survive Covid-19 lockdown

70% of businesses in Dubai may not survive Covid-19 lockdown with advisers telling business owners to get out before it is too late Read more: Majority of businesses in Dubai may not survive Covid-19 lockdown

Majority of businesses in Dubai may not survive Covid-19 lockdown

70% of businesses in Dubai may not survive Covid-19 lockdown with advisers telling business owners to get out before it is too late

If strict lockdown measures continue in Dubai, according to a new survey conducted by the Dubai Chamber of Commerce, the city will be emptied of up to 70% of its businesses. Roughly half the companies surveyed said they would have to close if there is just one more month of lockdown.

“The results of the survey are devastating, but not at all surprising,” Radha Stirling, CEO of Detained in Dubai, says, “Early on, we advised business owners in the UAE that the best action to take when forced closures became inevitable was to suspend their businesses and exit the country. It is a painful move to make, but it is the safest. Every economy in the world has been neutralised by shutdowns and a place like Dubai will be predictably harder hit than most. The tap of tourism has been closed, many people within the country are not working or earning salaries; supply chains have been frozen; even if lockdown measures are lifted today in Dubai, realistic recovery may take far longer than most companies can sustain.”

Stirling warns that the economic impact on the UAE of the global response to the Coronavirus pandemic is likely to be long lasting. Officials predict that the country of predominantly expats, could see a 10% reduction in total population, as many foreigners are opting to return to their home countries.

“Why did we advise business owners to leave? Because in the UAE, insolvency, default, bounced cheques, and any failure to fulfil financial deals or business contracts will land you in prison. So, when you are talking about 70% of companies closing within 6 months, that translates to a major surge in criminal cases against business owners who are likely to be accused of fraud, embezzlement, breach of trust, or any assortment of other wrongful allegations stemming from the damage done to their businesses due to the lockdowns. The malls will be empty, but the jails will be full.

While the UAE government has introduced stimulus packages to increase liquidity for the banks, Stirling cautions that this could become a lethal trap for business owners whose optimism or desperation cause them to take on excessive debts that the ravaged economy will never convert into profits. “It has always been tempting to take lines of credit in the UAE; they make it very easy. When your company is struggling, and you are hopeful for a return to normalcy, it is understandably even more tempting to take out further loans. But business owners have to be pragmatic; the market is not there, suppliers are not there, consumers are not there, tourists are not there; digging deeper into debt is a recipe for disaster in the UAE.

“History has shown us that UAE banks respond to economic crises quite ruthlessly; loans are recalled, credit closed, properties seized, late payments or bounced cheques are prosecuted vigorously, and even escalated to Interpol. If a business owner can realistically foresee that their company will not survive lockdown, or is unlikely to recover after lockdown, they should exit the UAE as soon as possible. Any outstanding issues can be better sorted out from abroad rather than from a prison cell.”

Read more:
Majority of businesses in Dubai may not survive Covid-19 lockdown

Source : Business Matters More   

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