How to Reduce Vehicle Running Costs

Owning a vehicle can provide convenience and freedom, but it also comes with a significant financial commitment. From fuel and maintenance to insurance and depreciation, the costs of keeping a car on the road can quickly add up. However, with some strategic planning and a few smart choices, you can reduce your vehicle running costs and keep more money in your pocket. In this article, we will explore some practical tips to help you save money while still enjoying the benefits of having a car.

  1. Choose a Fuel-Efficient Vehicle

One of the most significant ongoing expenses for vehicle owners is fuel. To reduce this cost, consider investing in a fuel-efficient vehicle. When shopping for a new or used car, pay attention to the vehicle’s miles per gallon (MPG) rating. Smaller and hybrid cars tend to be more fuel-efficient, saving you money every time you fill up your tank.

  1. Maintain Your Vehicle Regularly

Regular maintenance is crucial to keep your vehicle running smoothly and avoid costly repairs down the road. Follow the manufacturer’s recommended maintenance schedule, which typically includes oil changes, tire rotations, brake inspections, and more. A well-maintained vehicle is not only safer but also more fuel-efficient.

  1. Drive Smarter

Your driving habits can significantly impact your vehicle’s fuel efficiency. To reduce fuel costs:

  • Avoid aggressive driving, such as rapid acceleration and hard braking.
  • Use cruise control on the highway to maintain a steady speed.
  • Reduce idling time, as idling burns fuel without moving your vehicle.
  • Combine errands to minimize the number of trips you make.
  1. Shop Around for Insurance

Auto insurance is another significant cost associated with owning a vehicle. Don’t settle for the first insurance quote you receive. Shop around and compare rates from different insurance providers. You might find that you can get the same coverage at a lower price by switching insurers or negotiating with your current provider.

  1. Consider Carpooling or Using Public Transportation

If you live in an area with good public transportation or have the opportunity to carpool with others, consider using these alternatives to driving alone. Carpooling not only reduces your fuel costs but also helps decrease wear and tear on your vehicle. Public transportation can be an even more cost-effective option, as you don’t have to worry about fuel, maintenance, or parking expenses.

  1. Drive Less

Reducing the number of miles you drive is one of the most effective ways to cut vehicle running costs. If possible, try telecommuting for work, walking, biking, or using rideshare services for shorter trips. You can also plan your routes efficiently to minimize unnecessary driving.

  1. Optimize Your Insurance Coverage

Review your insurance policy to ensure you have the right amount of coverage for your needs. If you have an older vehicle, you may be able to reduce your coverage to save on premiums. However, make sure you have enough coverage to protect yourself financially in case of an accident.

  1. Avoid Premium Fuel

Many vehicles are designed to run perfectly fine on regular unleaded gasoline. Using premium fuel when your car doesn’t require it is an unnecessary expense. Check your vehicle’s owner’s manual to determine the recommended fuel type, and stick to it.

  1. Reduce Weight and Drag

Carrying unnecessary weight in your vehicle can decrease its fuel efficiency. Remove items from your trunk and roof that you don’t need for your trip. Roof racks and carriers can also increase drag and reduce fuel efficiency, so remove them when not in use.

  1. Plan for Depreciation

While it may not be an immediate cost, vehicle depreciation is a significant factor in your overall vehicle expenses. Choose a vehicle with a good resale value, and take care of it to maintain its value over time. You can also consider leasing instead of buying if you prefer to have a newer vehicle every few years without worrying about depreciation.

In conclusion, reducing vehicle running costs requires a combination of smart choices and proactive maintenance. By selecting a fuel-efficient vehicle, driving sensibly, maintaining your car regularly, and exploring cost-effective alternatives, you can enjoy the freedom of owning a car without breaking the bank. Remember that small changes in your habits and choices can lead to significant savings over time, allowing you to allocate your hard-earned money to other important aspects of your life.

New Zealand Financial Adviser says…

“3 Money Mistakes made by people”…

according to New Zealand financial advisor Frances Cook.

Frances Cook was on the AM show and explained the three mistakes made by people which are costing them hundreds of dollars every year.

Mistake number one

Not negotiating over price!

Frances says “Don’t just stay loyal to your power company but look elsewhere to see if you can get a better deal”

She advises people to shop around, for everything; that could be your power company, your internet supplier, or your phone company,” and not just stay loyal to them without questioning whether you may be better off with a competitor. “Start with one company and do your research to see what kind of deals they are offering, if you can ring them and bring it to their attention. They may give you a deal in order to retain you as their customer.

Mistake number two

Leaving your kiwisaver in a default fund.

Those who join kiwisaver and do not specify which fund they want their money in will automatically have their money in a default fund which is invested in conservative funds. The money is safe but the returns are very low meaning by the time those in conservative funds reach 65 their retirement nest egg will be smaller than it would have been if it was invested in balanced or growth funds.

This is applicable to those in New Zealand but it may apply to some abroad depending on how your retirement scheme works.

Mistake number three

Having a bad attitude

I couldn’t quite catch what Frances said was the third mistake but she did say that it was like not learning to swim because you don’t know how to. If you say, “I am not good or not interested with all this financial stuff,” then that kind of attitude will cost you a fortune over a lifetime. There is no excuse for staying ignorant about personal financial matters.

Gaining financial literacy is easy with so much information available online.

Check out Frances Cook’s website www.francescook.co.nz 

www.robertastewart.com

7 Things you should never do if in debt

7 Things you should never do if in debt

Written by R. A. Stewart

If you have consumer debt of some kind then there is a responsibility and an expectation that you will honour those debts and pay them off in good faith. It is your responsibility to repay whatever you owe and there is an expectation by the lender that he or she will be repaid the amount they lent plus any interest on the loan.

Taking responsibility for your financial affairs and not just burying your head in the sand when problems arise is a part of being a mature adult. Any money you have left over after paying your fixed costs is called discretionary spending money. Your debts are fixed costs which means they must be paid for. You do not have any discretionary spending money if you have consumer debts.

There are things which you must NEVER do when you have debt of any kind. Here is my list of no nos as for debtors.

  1. Subscribe to Satellite TV

This is something which you should never do when you are in debt. The cause of debt is the inability or unwillingness to live within your means and make sacrifices. Sky TV is something which you can do without.

  1. Go on an overseas holiday

How on earth can a debtor go on an overseas holiday when they have debts to pay? A person with a conscience would not be able to relax and enjoy themselves. 

  1. Spend money at the bookies

When you are in debt any money in your possession does not belong to you, it belongs to your creditors. You should not be gambling if you are in debt. That is irresponsible. The amount of money is inconsequential, even if it is just $5 on a lottery ticket every week. That is $5 that could be used to pay off your debt. 

The lower your debt the less interest you have to pay.

  1. Go out for a meal

This is another big no no for a debtor. Money spent in restaurants is something you do with discretionary spending money and since you are in debt, you do not have any discretionary spending money. If you have a partner who insists on being wined and dined, tell them straight out that you need to pay back your debts before going on nights out. If he or she doesn’t understand that then give him or her their marching orders.

  1. Subscribe to netflix

This is also something you do with your discretionary spending money. Netflix is a drain on your finances and your spare time. You cannot have a debt and Netflix at the same time.

going to the rugby

  1. Buy expensive gifts

It is all very well showering loved ones with expensive gifts for birthdays and Christmas but not Okay if you are in debt. You are the one who is paying for this madness, not your loved ones. 

Buying stuff on credit is only delaying the inevitable; the crunch always comes when you have to pay it all back plus interest. 

This all boils down to prioritizing your spending. If you are in debt then paying your creditors has to take precedence over everything else; that is after your fixed costs have been taken care of.

  1. Buy a new car

This is one of the worst decisions you can make when in debt because if you are already in debt then you have no more to buy a car therefore, the only way that you can acquire one is to borrow more money and this will keep you in poverty. I suspect that none of my readers will be stupid enough to make this mistake because people who are financially literate read articles which increase their financial education.

About this article: The information in this article is of the opinion of the writer and may not be applicable to your personal circumstances therefore discretion is advised. Feel free to share this article. You may use this article as content for your ebook or blog/site.

Www.robertastewart.com

Investing with online share market platforms

Share market tips for the Mum and Dad investor

Written by R. A. Stewart

I think it is fair to say that a lot of people dream of hitting it big on the share market and some do but for everyone who has found a pot of gold in the markets there are countless others who entered the markets blindly without doing their homework or having a strategy in place; this article is to give you some pointers if you have some money to spare and are looking for somewhere to invest your hard earned cash.

In the share market, as in real life, if you are able to reduce your number of bad decisions then you will be better off; not that there’s anything wrong with making mistakes.

You are sometimes better off by learning a lesson the hard way if that is what it takes for you to get the lesson. 

Here then are my share market pointers.

1 Investing directly into the share market is beyond most small investors because their ability to diversify their portfolio is limited therefore the only option is to invest all of their funds in one company which leaves them open to disaster. If that particular industry which the company is involved in suffers a downturn, value of the share heads south. It is similar to a horse racing fan attending the track and betting all of their money on the one horse instead of dividing their bankroll between several horses.

Small investors are able to invest in the markets, however, and enjoy the same benefits of larger investors by investing in managed funds; this is where your savings are combined with other investors. You do not have the choice of which companies to invest your money in as that decision is left to the trust manager, however, you can choose which type of fund to invest in whether growth, balanced, or conservative.

2 Investing in the markets is a long-term game, therefore, if you require the money in the short term then you may be better off leaving your money in fixed term interest bearing accounts however, having said that, investing in the markets can increase your savings if you give it enough time. Young people have the advantage of time on their side; they are able to take more risks with their money because they have more time to recover from financial setbacks than their parents.

3 Don’t try to time the markets! It is time and not timing which is the key to making money in the share market. If you are waiting until the markets dip before investing you are missing out on plenty of opportunities to increase your capital and this is particularly true in a rising market. 

4 Decide whether the money is required in the short term, medium term, or long term before deciding on where to invest your money. 

Money needed in the short term or on standby is money which may be needed for car repairs, a holiday, household expenses etc

Medium term funds is money needed for a new car

Long term funds are savings for your retirement such as your superannuation funds.

Short term is not money which should be invested in bank deposits where you are able to have easy access to it.

Medium term money can be invested in managed funds where you are able to have easy access to it but still have the potential for it to grow.

Long term money is money invested in a retirement fund such as kiwisaver in New Zealand.

Conclusion

Think of money as “seed,” it will reap a nice harvest if you give it enough time, therefore you need to sow enough seed in order to increase your wealth; the share market is an excellent investment and managed funds makes it easier for the ordinary person to get involved in the markets. My site www.robertastewart.com has articles to help you increase your wealth. CHECK IT OUT!

Start investing on a shoestring

Sharesies makes it possible for anyone to get into buying and selling shares. It is an online share market platform where you have the option of purchasing shares in individual companies or in various funds (managed/mutual funds). You can even start with $5. This is a no brainer because it gives investors young and not so young the chance to improve their financial literacy. There is certainly no substitute for experience when it comes to learning and this is applicable to everything else, not just investing.

Join sharesies here: https://sharesies.nz/r/377DFM

 

Note: This article is of the opinion of the writer and may not be applicable to your personal circumstances

#sharesies #kiwisaver #savingmoney #sensibleinvesting #sharemarket 

 

Share Price Consolidation

Share consolidation-what is it?

Written by R. A. Stewart

One term you do not hear very often is share consolidation. It is a term seldom used because not many companies have used this as an option. This article sheds more light on the term. Hopefully I have explained it well enough in terms that even the novice investor will understand.

Share market price increase may be misleading

If you are a casual share market follower and notice a particular company’s share price has jumped up in price suddenly and you are thinking, “What have I missed out on,” then it all may not be as it seems.

Let me explain.

Years ago around 2001 I think, I owned some shares in Air New Zealand. The company almost went broke. The company almost went bust. It was the government who bailed them out. The share price went from about $1.95 per share down to 14 cents per share. The share price increased a little but still only a fraction of what I bought them for.

What the company then did was increase the share price but you owned fewer shares.

This is how it works:

For the sake of simple mathematics, let’s assume company xyz’s share price is 20 cents per share.  xyz then decides to increase the price of the share to $1. 

If an investor owned 1000 shares at 20 cents, they will now own 200 shares worth $1 each.

Unless you are a follower of the share market you may be unaware of this actually happening. 

I don’t know how often this situation occurs but it may pay to do your homework if a particular share increases dramatically for no apparent reason.

What I have just tried to explain is known as reverse stock split or share consolidation.

This makes the company more attractive to investors. They may hold fewer shares but the real value of the total shares in that particular company is the same. It is just that now they hold proportionately fewer shares.

Share consolidation can be viewed negatively by investors as a company in trouble and this could impact the share price.

One reason why a company may choose share consolidation is that if it’s shares fall below $0.50 for 30 consecutive days then it will be de-listed. This is applicable to the New York Stock Exchange and there may be different rules for other countries. 

Another benefit of share consolidation is that it will mean fewer share certificates will need to be printed which will reduce costs.

It is always a good idea to check the history of a company’s share price before you invest in it. If it has been the subject of a share consolidation it may show up or at least give some indication that it has. Only a small percentage of companies will have been the subject of share consolidation, therefore, you are unlikely to come across this situation.

ABOUT THIS ARTICLE

You may use this article as content for your ebook or website/blog. The information may not be applicable to your personal circumstances therefore discretion is advised.

 

www.robertastewart.com

#share consolidation

#shares

#mutualfunds

#share market

Start investing on a shoestring

Sharesies makes it possible for anyone to get into buying and selling shares. It is an online share market platform where you have the option of purchasing shares in individual companies or in various funds (managed/mutual funds). You can even start with $5. This is a no brainer because it gives investors young and not so young the chance to improve their financial literacy. There is certainly no substitute for experience when it comes to learning and this is applicable to everything else, not just investing.

Join sharesies here: https://sharesies.nz/r/377DFM

Disclaimer: I may receive a small commission if you join sharesies.

Making career choices

So you want to be a sports star

What do you want to be when you grow up? An All Black, an Olympian, a rock star, a world champion in some other field?

It is wise to look at the percentages and see what the odds of achieving such lofty heights in your chosen field are.

Let’s use the sport of rugby as an example. There are 116,000 people who play rugby every weekend in New Zealand. How many of those will eventually play for the All Blacks?

There are fifteen players in a rugby team plus reserves. I think you should look at the mathematics and ask yourself “What chance have I got of playing for the All Blacks based on these numbers?”

That is not to say you should not aim high but rather you should have a backup plan, one which involves gaining an education of some kind. The life of an All Black or any sports star is a very short one, therefore having something to fall back on is going to prove very helpful to you.

If you are at High School and are contemplating your future, playing professional sport is no substitute for getting a good education. 

The life of a professional sports player is very short and having something to fall back on is important. One of my ancestors said, “Always have another string to your bow.” She was good at art but she was better known as the “Aunt who was a nurse.” Some artists do make money from their talent but there is no guarantee that a particular artist will be the next Banksie, though thousands hope to.

Life is like a pyramid, at the top there are those who have reached the peak of their chosen sport or career, and the further down the pyramid you go the more people there are. Using New Zealand rugby as an example; At the elite level are the All Blacks, these are the players who play for New Zealand. Next level down is the Super rugby, there are five teams in Super rugby, next level down is the National Provincial Champs which have more teams and participating players. Further down at ground floor level or as it is called in New Zealand “Grass roots level,” you will have the most participating players.

Those youngsters who desire to be a sports star need to have some kind of backup plan because the life of a professional sportsman is rather short.

To put it in plain language; “Having some career outside of sport will be an advantage to you.”

This involves education and upskilling of some kind. Gaining qualifications at school will provide the platform for further learning after you leave school.

Learning does not end when you leave high school, it is a lifelong process.

As technology advances, your IT skills must keep up with this technology.

When I was at school the talk was always about getting a job. I never had a specific job in mind about the type of job I may be interested in. I did have some far flung dreams about being a harness racing driver but there was never a plan in place as to how I was going to achieve that goal so it just became a daydream rather than a serious career intention.

The one mistake that a high school student makes is to not make any kind of plans for the future; a school teacher cannot do it for you, he or she can only advise their students of options available to them and they can only do that once they know what your interests are.

Your resume or CV can be the difference between getting the job you want or having your application ignored. If you need help with writing out your resume then check this out

www.robertastewart.com

Financial Windfalls

Financial Windfalls

What it is

Written by R. A. Stewart

A windfall is a large amount of money you didn’t expect to receive. It could be $200, $1000, and more. It is an amount of money which was not budgeted for because it arrived unexpectedly. Unless you have mastered the art of financial discipline there is a risk that this good fortune will be frittered away with no improvement in your financial situation. It is important therefore that you have a plan for any unexpected cash that comes your way. In this article I will take a look at some of the more common forms of windfall and explain how best to take advantage of them.

Types of Windfalls

There are various types of windfalls, they could be:

An Inland Revenue refund

An inheritance of money or property

Lottery winnings

Gift from a rich relative

Life insurance payout

Employee bonus

These are just some of the kinds of unexpected windfalls one may receive during their lifetime. It is important not to pin all of your hopes of a financial miracle on a windfall if you are in some kind of financial mess. There is no substitute for diligence. Most of the windfalls are the result of living a responsible, diligent life; for example you are not going to receive a tax refund or an employee bonus if you are not working.

As for a lottery win; one must understand that for every one that gains a windfall in this way, there are many thousands who do not. It is a case of thousands contributing money into the pool but only a few taking out. This is luck! The amount of money lost by each individual lottery player is equal or in most cases greater than what one considers a large windfall.

How to take advantage of a windfalls

Gaining a windfall is one thing but taking advantage of it is another. People who come into a sum of money unexpectedly will follow the same pattern of behavior with any windfall as they do when they receive their pay packet…

Those who are spenders will spend it, those who are savers will save it, and those who are investors will invest it.

The end result will be that they will be in the same financial position as they were before  they received their windfall.

Is a Financial Windfall Discretionary Spending Money?

That all depends on your personal financial situation.

The answer is “No” if…

You have consumer debt.

You have credit card debt.

You have a student loan to pay back.

You have some other debt.

Even a mortgage.

The answer is “Yes” if…

You have absolutely no debt.

Money obtained from a financial windfall is discretionary spending money if you have no debt but that does not mean that you should just go and fritter it all away. Windfall money can be used to strengthen an already solid financial situation. One way you can do this is make voluntary deposits into your retirement fund or to put it toward your emergency fund.

About this article

This article is of the opinion of the writer and may not be applicable to your personal circumstances therefore, discretion is advised.

www.robertastewart.com

Prioritizing your spending

Prioritizing your spending

Written by R. A. Stewart

Life is all about making priorities and it is not all about money and how you prioritize your spending but about what you do with your time. We have different financial commitments and different levels of income but when it comes to time, we all have an allotted 24 hours in the day, no more and no less but our income and how we earn our income will have an effect on how much time we have to devote to the important things in our life.

Many people sacrifice their time for money by spending all of their time working leaving little time for anything else. They are out of balance.

If you have a specific goal in mind such as saving for a house deposit then the sacrifices may be worth it in the long term. Maybe because only you will know whether the long days were truly worth it. It all depends on what your priorities are.

What factors should you consider when setting priorities?

Here are several to consider:

Your commitments

Your debt levels

Your age

Your family circumstances

Your health

Your career

Your pets

It is important that you base your priorities on what is important to you and that you do not try to copy someone else’s figures. There is no one size that fits everyone; it is your own needs and wants which determine how you are going to prioritise your spending.

Everyone has different levels of commitments; these have to be managed as best as you can. Commitments can be financial such as a mortgage or other debt or something more personal such as a relationship. 

Your age is another factor; you are not going to take out a 30 year mortgage when you are 60. If you are in your twenties you will have different priorities. As a young investor you can take more risks with your investing strategy because you have more time to recover from a financial meltdown.

That does not mean being reckless with your investing but rather; taking calculated risks.

Your family circumstances are another factor to weigh up. If you have kids then you will have less disposable cash to play around with than if you are single. The flip side is that if you are in a relationship then you have the advantage of having two incomes which will make it easier to save for major life events such as having kids. It is a good idea to put aside money for this purpose.

Then there is your health to think about. If you are fit and healthy then that is great but as we all know, Father Time catches up on us sooner or later. If you have health issues which lessens your chances of reaching the retirement age then your priorities need to be different from those who are healthy.

Then your career or job is a priority. It has to be your top priority because it pays the bills. It is where you spend so much of your time so a carefully chosen career will help make your life more meaningful. Adding different strings to your bow will give you more options. Learning does not end once you leave school is a lifelong project.

Your pets can bring enjoyment to your life but they can also become a burden to your finances as a lot of people have found during the cost of living crisis. The SPCA were swamped with cats and dogs because people could not afford to keep them. When deciding whether to get a dog or a cat it is important to work out how much this is going to cost you. It is also important to consider the fact that keeping pets fits the discretionary spending category and that money spent on them will be better off going towards the mortgage if you have one or towards your retirement fund. 

As far as pets are concerned, many people let their hearts rule their heads; I mean honestly, why else would one spend a grand on a vet bill for a cat or even more than that on a dog when it would be cheaper just to have the animal put down?

This article is of the opinion of the writer and may not be applicable to your personal circumstances, therefore, discretion is advised. You may use this article as content for your ebook, website, or blog. Feel free to share this article.

www.robertastewart.com

Goal setting

In order to get to where you want to go you have to know where you are going and this involves goal setting. Even if you do not set goals you will still end up someplace. Even those who ended up in the poor house started their journey someplace. Choosing where you want to go involves goal setting otherwise your destination will be chosen for you.

Setting financial goals 

Getting all of your finances in order takes a bit of give and take as far as deciding what you have to give up in order to achieve something else. If all our dreams came true we could buy anything we want when we want it but we do not live in our ideal world so we need to decide on what our priorities are.

In today’s world where getting one’s foot on the property ladder is unachievable for a lot of young people under their current circumstances, they need to find another strategy. These same rules apply whatever the circumstances and that is getting into the savings habit and investing money is important. If you are a New Zealander then I cannot stress enough how important it is to join the NZ retirement scheme kiwisaver. With all of it’s incentives such as the free government money and employer contributions this is a no brainer. Plus you will be able to use part of your kiwisaver for a deposit on your first home providing you have been with a kiwisaver for five years.

If you are from another country then your retirement scheme will have different rules and schemes.

A multitude of factors will determine your financial goals but the main ones are:

YOUR AGE

If you are young then you have the luxury of time on your side and make time work for you. As the saying goes, “It is time and not timing which is the key to making money in the markets.” 

YOUR FINANCIAL SITUATION

If you are in debt then your number one priority needs to be getting out of debt especially if it is consumer debt. That is debt on stuff that you don’t need such as a TV set, lounge, videos, and other appliances. “If you don’t have the money to buy such items you don’t buy it,” is a good philosophy to have.

The money that is spent on luxury non essential items can be better directed to building your wealth. 

YOUR MARITAL STATUS

This is an obvious one but your marital status is a major factor in determining what your life goals are going to be because life is not all about you because there is another person in the picture; this means that you both have to be on the same page.

So how can I achieve my goals with x amount of money in my pay packet?

1 Increase your income

2 Reduce spending

3 Sell stuff you no longer need

INVEST YOUR MONEY

Invest your money don’t just fritter it away like most people. An increase in your wages and salary should be invested unless ofcourse you are living from paycheck to paycheck. Set savings goals with long term, medium term, and short term savings goals depending on what you are saving for. 

The timeframe for when you require the money is a factor in determining where you are going to invest the money. You certainly would not invest in growth high risk high return stocks if you needed the money in the short term.

www.robertastewart.com

ABOUT THIS ARTICLE

In order to get your life and finances in order it is advisable to set goals. It is easier to set bite sized goals rather than set one big goal. It is easier for a marathon runner to set a goal of one mile repeated twenty six times rather than a goal to run twenty six miles.

Robert Stewart has his own website with articles on  mainly financial/money management on www.robertastewart.com

The tell-tale signs of a scam

The tell-tale signs of a scam

Millions of dollars are lost to scammers every year therefore, it is important to put rules in place in order to not be a victim. Here are 8 telltale signs to look out for.

Sign 1: The return is expected to be 10%+ per annum

Be even more sceptical if they say the investment is low risk. Investments by their very nature have their ups and downs. If it sounds too good to be true it almost certainly is.

Sign 2: Very high past returns

Scammers will try to tempt you by telling you about huge returns they have made in the past. They will select a particular period to present to you or simply exaggerate past returns.

Sign 3: You will be pressured into a quick decision

“Get in now before it is too late” or “act now” are commonly used phrases to get you to sign up. Scammers will prey on the fear of missing out mindset which many people suffer from.

Sign 4: You are approached out of the blue

A stranger approaches you by text, email, or phone with this great offer that is going to make you rich. The truth is they are the ones who are getting rich from this offer.

Sign 5: Free courses or seminars

You are offered a seminar for free or at a minimal cost. The presenters at the seminar can be very pushy and pressure attendees to sign along the dotted line.

Sign 6: Asking for PIN numbers and passwords

This is applicable to email scams. Never, never, never share your PIN numbers and passwords with anyone. Banks will never ask for these. When signing in to your bank type in the URL address and never just click on a link because scammers will set up a fake bank website which looks like the real thing. It is often hard to tell the difference though.

Sign 7: You have won a prize you never entered.

You receive an email saying that you have won a prize in a competition you never entered. This has scam written all over it. Delete the email immediately.

Sign 8: You are asked not to share this opportunity with others

A scammer does not want you to share this so-called opportunity with others; they want you to keep it to yourself. The reason being that others may spot the tell tale signs that this is a scam before you do.

This is all a reminder to be very vigilant and set some hard and fast rules that you never break under any circumstances. Things you can do to prevent being scammed.

1 Never, never, never give out your password or pin number to anyone under any circumstances. 

2 Never click on any email links from any bank; instead, type in the URL address and log in.

3 Do not leave all of your money in one bank account. Invest it in several places.

  1. Do not use the same email you use for banking for signing up to dating websites.

It is a good idea to cut out newspaper clippings from articles about people who have been scammed and learn from other people’s experiences. Take notes of how you can tighten your own security.

About this article

The information provided is based on the writer’s knowledge and experience, therefore discretion is advised as it may not be applicable to your personal circumstances.

www.robertastewart.com