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Wise Travel Card V Debit Card 

Written by R. A. Stewart

I own a Wise Travel card and a debit card. They are both convenient to have when I am travelling abroad but serve different purposes. There are some basic security rules one must follow when using these cards. Here they are:

  1. Don’t sign up with these cards with an email address which you use for cryptocurrency, dating sites, and whatever and when you are given the option of signing in to AI with a Google account don’t use an email address that you use to sign in to Wise or your debit card.
  2. Don’t click on any link you receive in your email; it could be a scammer for all you know trying to hack into your account.
  3. Don’t use an easily identifiable password such as your pet’s name. Someone could get this info about you by looking at your social media stuff.
  4. Don’t use either of these cards for saving for an overseas trip, a car, or whatever it is you are saving for. There are better options for saving money such as an ordinary bank account or in shares.
  5. Have other options for money if you should lose one card so that you won’t be caught out on holiday. Familiarise yourself with the process for dealing with a lost or stolen card.

A Wise travel card and debit card are convenient ways to pay but in different ways. Here are the differences:

Travel: Wise Travel Card 

Using a Wise travel card when you are overseas will save you a lot of money in bank fees. If you are using your bank’s debit card for your day to day spending while you are overseas then you will be shocked by the amount of money that has been spent on bank fees.

Accommodation expenses: Debit card

A debit card is handy for paying for your accommodation online which is what I do but if you are paying at the counter then both a wise card and a debit card will do the job. Bank fees on your debit card will be higher though. Be aware that some accommodation providers require you to give your debit card details to them as security.

Grocery Shopping: Wise card

A wise card is better for grocery shopping when you are overseas, if you used your bank’s debit card to pay for your day to day expenses then the bank fees will quickly add up.

Saving money: Neither a wise travel card  or an ordinary debit card are suitable for saving money due to security issues, but there is an exception to this rule and that is if you were putting money aside for your holiday spending money. I just top up my wise card months prior to travel and while I am on my travels.

Internet shopping: Debit card

I use a debit card for my internet shopping such as with ebay, trademe, and the like, but you still need to be careful with which sites you give your bank details to.

Bus/train transport: Wise card

I use a wise card for domestic travel whether it be the local buses in the cities like Edinburgh, Stirling, and Aberdeen or paying for train travel. Using a debit card for overseas travel is more expensive. 

About this article

This article is of the writer’s opinion and does not represent financial advice and may not be applicable to your personal circumstances  therefore discretion is advised. You may use this article as content for your blog or ebook.

Read my other articles on www.robertastewart.com

 

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Stop Overspending: Why Separate Accounts Are Your Best Savings Hack

Written by R. A. Stewart

These days people have bank accounts for different kinds of purposes depending on what the money is being used for. Having your money in separate accounts helps avoid the temptation to spend. Here are some of the most common types of bank accounts people have.

  1. Personal Savings Account

This is the account most people get their pay credited to. It is a spending account for everyday living such as groceries, car running costs, etc. Most people have their fixed bills such as newspaper subscriptions, power bills, and rent directly debited from this account.

  1. Rainy Day Account

This is for unexpected expenses such as car break downs, appliance repairs, school expenses, etc.

  1. Retirement Account

It is essential to have some kind of retirement account. New Zealand’s retirement scheme is called Kiwisaver. It takes vision to make provision for your later years. It is also the responsible and mature thing to do. If there is one thing which your future you will thank you for it is that in your present you have made consistent contributions to your retirement account.

  1. Rent or Rates account

This needs to be kept separate from an account you use for your everyday transactions because what you do not need is to be short of money when it comes to paying your rates or rent.

  1. Insurance bill account

Paying insurance is not cheap, whether it is house or contents insurance, or vehicle insurance and keeping a separate account for this will give you a peace of mind when it comes to paying it.

  1. Travel Spending Money account

This account is for your holiday spending money; this is discretionary spending money. You should not have a credit card for any reason, especially for travel expenses. If you cannot even save your holiday spending money then stay home.

  1. Travel Airfares account

The same rules as your travel spending money account.

  1. Investment accounts

Investing your money grows your wealth. In order to grow your wealth for your future you must invest in several places. Investing not only grows your wealth, it also grows your financial literacy.

  1. Debit card for online transactions

Having a debit card for purchasing stuff online is convenient. A debit card is not for saving whether short-term or long-term. It can be easy to fall victim to a bank scam with a debit card. All it takes is for you to lose your card so only have what you need in this account.

Power Saving Hack: If you have a freezer and there is a lot of empty space in it then get some empty soft drink bottles and fill them with water and put them in the freezer. A part empty freezer uses more power than a full one.

About this Article

This article is of the opinion of the writer and is not financial advice. It may not be applicable to your personal circumstances therefore discretion is advised. You may use this article as content for your blog/website or ebook.

Read my other articles on www.robertastewart.com

Explore Freely, Spend Wisely: The Ultimate Travel Companion

 

For the ultimate freedom to explore these incredible routes, get a Wise Travel Card. One card holds multiple currencies, letting you pay effortlessly in NZD for fuel, snacks, and accommodation. It automatically converts your money at the mid-market rate, saving you from costly bank fees. Top up and manage your funds instantly via the app, making it the smart, secure, and simple way to travel. Spend like a local and focus on the scenery, not the small print. Get yours and travel with ease.

https://wise.com/invite/dic/roberts10486

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The Value of a Rainy Day Fund

The Value of a Rainy Day Fund

Written by R. A. Stewart

Having a rainy day fund will enable you to pay for unexpected expenses when they arise. This could be for medical expenses, dental expenses, car breakdown, or anything else which may crop up from time to time.

A rainy day fund is not something you use to pay for discretionary spending items. Gym membership fees, a weekend away, or a day at the races are not things you would dip into your rainy day fund for.

When setting up this account you need to set guidelines as to what can come out of this account and what is a no no.

If you are in debt then should you have a rainy day account?

The answer to this is yes, but you MUST pay off your debt first before start depositing money into your rainy day account because the savings on interest will put you into a better financial position.

It is not sensible to have money in an account which pays next to no interest when you are paying high interest on loans.

If there is one bad habit which can be a hindrance to financial freedom it is the habit of borrowing money for stuff which should only be bought with discretionary spending money.

I hasten to point out that if you have debt of any kind then you do not have any discretionary spending money until that debt is paid off.

Getting into the habit of living more modestly means readjusting your lifestyle to fit in with your monetary goals. There are things which people spend their money on which are really choices. They have the choice to spend it on this and that or do without it. 

A bad money manager fritters away all of their discretionary spending money so that by the time the next payday comes around they are broke.

Having a raining day account will provide a cushion again unexpected events which can cause finance stress.

Where to keep it: Keep this money in a separate, easily accessible bank account — ideally a high-yield savings account. It shouldn’t be hard to reach when you need it, but keeping it isolated from your day-to-day checking account prevents you from accidentally spending it on regular expenses.

The benefits of a raining day account are:

  1. It protects you from high interest debt. If you have a $1,000 bill suddenly crops up then your only option may be to borrow that money at high interest rates.
  2. It gives you peace of mind. Knowing that you have money readily available to pay for some unexpected expense gives you some breathing space.
  3. It prevents you from selling investments at the wrong time. If you have investments in growth or balanced funds then you may be forced to sell them just when the markets are down. Having a rainy day account will insure that this does not happen.
  4. It buys you time and choices. If you suddenly suffer a job loss, a rainy day account will buy you time to decide on your next move instead of just making a random choice out of desperation.

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. This is not financial advice but the opinion of the writer.

Read my other articles on www.robertastewart.com

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Fear of Loss will kill your chances of prosperity

Fear of Loss will hinder chances of prosperity

The fear of losing money will cause people to play it safe by not stepping outside their comfort-zone and not investing their money for greater returns. 

Leaving your money in an ordinary savings account will mean that inflation will erode the value of your money yet that is exactly what a lot of people do. They are afraid to take risks.

Some of this fear comes from those who had experienced the crash of 1987, better known as “Black Monday” when portfolios were hit hard. Some people lost their life-savings and more tragically, a lot of the money which went down the drain was borrowed money.

In these situations, shares were worth less than the money borrowed to purchase them.

There are risks which are worth taking and risks not worth taking. It takes discernment to tell the difference.

I remember once (about 2001) I bought shares in Air New Zealand and they almost went bust, well they would have if the government did not bail them out. The shares dropped to a low of fourteen cents a share. I bought my shares in the company at around $2 a share.

This was the last time I bought shares in an airline. It was an expensive lesson. 

I have known some people who never invest their money for fear of loss; they cannot handle the volatility of watching their balances go up and down yet they have no problem with buying their weekly lottery tickets. If they had deposited that same money into their kiwisaver then these people would have a fortune waiting for them once they reach the age of 65.

“You make your choices and your choices make you.”-Jim Addison, Scottish Pastor

It is all about choices.

The choices you make today will determine which choices you are able to make in the future.

If you have been sensible and joined a retirement scheme and contributed to it all of your life then this choice will give you more options in your later years.

Ask yourself these questions, “What action can I take today which my future self will thank me for?”

There will not be a single person who reaches the age of 65 or whatever the retirement age is in your country, who will regret ever joining  and contributing to a retirement fund.

It is everyone’s responsibility to get a financial education. This will help you to make right choices for your money. Apply what you have learned which are applicable to your personal circumstances.

Getting over your fear of loss will enable you to grow your wealth rather than just leaving it in the bank where inflation will steal the purchasing power of your money.

About this article

You may use this article as content for your blog, website, or ebook.

The contents of this article may not be applicable to your personal circumstances, therefore discretion is advised.

Read my other articles at www.robertastewart.com

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4 Keys to Financial Success

 

There are rules to getting the most out of your money and these rules apply to everybody irrespective of your personal circumstances, stage of life, or goals. They are basic common sense.

  1. Live within your means

This is the most basic money management rule. If you do not follow this rule then you are going to struggle to get ahead financially. There are several reasons why people do not live within their means. The main ones are:

(a) Their income does not match their lifestyle

Some people have a lifestyle which is not compatible with their income level and so they overspend or they spend everything they earn with the result that there is nothing to show for their labours. The easy solution is to be more modest in your lifestyle choice. Cutting out things which do not add any kind of value to your life.

(b) Easy access to credit

Easy access for credit has enabled people to bury their heads in the sand rather than confront their financial issues. After all, if you want something then just put it on the plastic. There is a cost to all of this credit and it is called “Interest.”

(c) Lack of self control

Lack of self control is the main factor why people do not live within their means. Being able to say “No” to things you want will stand you in good stead. 

  1. Save

The habit of saving is a habit which will open doors for you as far as being able to afford things. It means that you do not have to borrow money for basic household appliances or a motor vehicle if one is needed. The money saved by not paying interest on these things add up to a fortune during one’s lifetime.

  1. Invest

Investing your money will enable your wealth to grow. Today, there are so many opportunities for those of modest means to invest with so many online investing platforms available. Sharesies and Hatch are excellent online platforms where investors can drip feed money into the share market. Most people in New Zealand have money invested in Kiwisaver. This is New Zealand’s retirement scheme. The annual tax credit and the employer contributions make this the best way of saving for your retirement. Even if these incentives were not available, Kiwisaver would still be a brilliant scheme even without the government money and employer contributions, because funds are locked up until you reach the retirement age of 65.

  1. Make right choices

It is important to make the right choices in order to live a more prosperous life. If you are on the minimum wage then your options are limited as far as what you can afford and the choice to get married, have kids, or buy a car is among those choices which cannot be taken lightly. It is all about making choices which align with your income level and your goals.

I am not saying that you should not get involved with someone if you are on a low income, but rather make sure that you are in a good financial position before you make major life decisions.

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. You may use this article as content for your blog/website or ebook.

Read my other articles on www.robertastewart.com

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What should you do with an unexpected windfall

Written by R. A. Stewart

If you have suddenly come into a lot of money such as from an inheritance or a lottery win then the first thing you need to do is to get financial advice. This is certainly applicable to those who have no experience at investing. A financial advisor will also advise you of the taxation issues.

There are some basic rules to making the most of your windfall which I am going to share with you.

Rule number one: Know where you are going

If you have no clue as to what your plans are for the future then you are likely to fritter away your windfall with the result that you have nothing to show for it. I have seen it happen! Financial planning requires vision. Making provision for the future is the sensible and the responsible thing to do. It will make life easier knowing that you have the funds available when some unexpected bill crops up. 

A financial advisor needs to know what your intentions are with your windfall before they can help you. It is advisable to sit down with a pen and paper and write out your plans for the future. 

Rule number two: Get financially educated

Lack of financial literacy is the most common reason for poor financial outcomes. With so much information on personal finance available there is no excuse for financial ignorance. Books written by New Zealand financial advisors such as Frances Cook, Mary Holm, and Martin Hawes are worth reading. Your local library may have one of their books available.

Improving your financial literacy will enable you to make more informed choices when it comes to investing your money.

Rule number three: Know the risks

When there is an opportunity to make a capital gain there is also the chance that you may make a capital loss, but calculated risks must be taken with your money in order to put it to work. The key is to take risks which are compatible with your time frame. The longer your time frame the more risk you can take on. Having said that, it does not mean retired people should not invest aggressively in growth funds if they understand that a market meltdown will result in their portfolio taking a hit.

Rule number four: Take responsibility

It is up to you to take responsibility for your choices. This also means not blaming others when your investments are not performing up to expectations. It is also up to you to take responsibility for your own mistakes and learn from them. 

Rule number five: Don’t Leave your money in one place.

Diversify your investments according to your risk profile. This minimizes the chance of losing your money in one hit. This advice is more applicable in the internet age when millions of dollars are lost in banking scams. Don’t leave all of your money in an account which can be easily accessible online. It pays to have an account which is not connected to internet banking. This can be used for depositing large sums of money.

Rule number six: Invest your money

Inflation is the enemy of the conservative investor. Don’t just leave your money in an ordinary savings account; put it to work so that it is making you money. This does not necessarily mean you are taking unnecessary risks with your money. If you have a lot of money to invest there may be a temptation to invest in something offering interest rates at a much higher rate than the banks are offering. Do your due diligence with such offers. The higher interest rates on offer do not always reflect the higher risk which investors are accepting. This was the advice of some financial advisors prior to the Global Financial Crisis of the early 2000s. It fell on death ears as so many got their fingers burned with the collapse of several finance companies in New Zealand.

About this article

The contents of this article are 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 blog/website or ebook.

Check out my other articles on www.robertastewart.com

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Going for Growth Funds

Going for Growth

Written by R., A. Stewart

Are growth funds appropriate for you?

The only person who can answer that question is you and only you because it is your personal circumstances and your goals which are the factors which determine where to invest your money. Your age, health, and commitments are factors which need to be considered.

Time is the one factor which covers all of the others. How long are you going to be investing this money for? 

There are three categories:

Short-term money. (1 year or less)

Medium-term money. (1-5 years)

Long-term money. 5+ years

If you are saving for something and will not need the money for more than 5 years, this is considered long-term and suitable for investing in growth funds. Just understand that the volatility of the markets will mean that your savings, whether it be for a house deposit or retirement will go up and down. That is the nature of the markets.

Saving for a car, an overseas holiday, or house improvements are goals which are normally achieved within five years. These savings are suitable for balanced funds which are a mixture of growth and conservative funds. Your savings will still bounce up and down but not as much as growth funds. 

These days it is easy to save by drip-feeding money into the markets with online platforms such as sharesies in New Zealand and Australia, Angelone in India,  and Robinhood in the US. If you are not from these countries then it is a good idea to do a google search for one which you can find in your country.

It is important to diversify your portfolio and have a goal for your savings even if it is just to build a portfolio on a shoe-string. Don’t just leave your nephew’s inheritance in a bank account that is easily accessible. Invest it in a fixed term account which cannot be easily accessed. 

Don’t invest all of your life savings in an online investing platform, even if you spread your money around several companies. You do not know what misfortune will hit that particular platform.

If you are saving for a house deposit then it is a good idea to invest the money in a fixed term account until you need the money. It helps develop a good reputation as being responsible with your money.

There are added risks with online banking and investing. The main one being scammers. If your email account was hacked then how safe would your money be? Having your money spread around in different places is better. Many sites ask you to sign up using a google account. You should never use the same google account you use for your banking when doing this. Always set rules which you never break and when you read of someone who has been the victim of a banking/email scam then learn the lesson which you can apply to your own life.

In this day and age of tapping as your payment goes there are dangers involved in this with the main one being that you will lose your card. If that happens then someone may pick it up and use it. Having too much money in the account which you use for this purpose is just asking for trouble. It is better to keep larger sums of money on another card which you do not carry around everywhere. Imagine if you had over a grand on the debit card which you lost. 

If you have no plans for your money then put it to work, don’t just leave it in an account paying little or no interest. Learn to be an investor and learn to handle the volatility of the markets. There are three sure ways to lose on the share market during the lows.

  1. Change from growth funds to conservative funds
  2. Sell your shares.
  3. Stop contributing to your retirement fund.

The number 1 person will find that the share prices have risen and they have missed out on the rises which would have recouped their losses.

The number 2 person will have sold their shares at a lower price than they would have received if they had waited until the markets recovered.

The number 3 person would have missed out on purchasing shares at a lower price and when the markets recovered they would have seen the value of their shares increase by a fair bit.

About this article

The contents of this article are 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 blog/website or ebook. Read my other articles on www.robertastewart.com

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How to set Money Priorities (And stick to them

Written by R. A. Stewart

Being strategic with your money will enable you to make the most of what you have and that means managing your money well; it also means prioritizing what you are going to do with your money.

Having clearly defined goals will enable you to do this but it takes a fair bit of discipline to stick to your plan.

If you are saving for a car then it means giving up stuff which does not add any value to your life. There are worse ways in which you can spend your discretionary dollar than on a vehicle. If you spend it on clubbing every weekend, then you will not have anything to show for the money you have frittered away. At least buying a car will add to your lifestyle.

Keeping pets can be very expensive and can cramp your lifestyle. The cost is not the only issue you have to deal with; if you are away on holiday then there is the issue of who is going to look after your cat or dog.

Then there are vet bills. Some folks are so attached to their cat or dog that they are prepared to spend $1,000 or more on vet bills. This is utter madness and can undermine a person’s financial well-being.

The questions which need to be asked are:

Is this purchase really necessary?

Will this purchase help me to achieve my financial goals?

Is this the best use of my money?

It is worth pointing out that there are some factors which affect your priorities. Some of them are your age, family responsibilities, your health, and your goals.

If you are aged in your sixties, then you are not going to have goals with a thirty-year timeline.

Another thing which should be mentioned is that whatever you are saving for should not be at the expense of your retirement fund. If you get into the habit of putting off retirement contributions after you have saved for whatever it is you are saving for then it will cost you when that time comes and it will surely do. 

Investing helps build your financial literacy. If you are not getting involved in the share market, then you are not gaining investing experience which will help you make better decisions in the future. It is better to make mistakes when you are young and with no commitments because your lifestyle will not be impacted. Not so when you are older when you may have your own family or other commitments.

We all have a choice of how to use our discretionary spending money and by setting goals on where your money is going you will have something to show for your money. It is all matter of prioritising you’re spending.

About this article

The opinions expressed in this article are 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 blog, website, or ebook. 

Read my other articles at www.robertastewart.com

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Who do you take Money advice from?

Who do you take Money advice from?

Written by R. A. Stewart

Everyone has some form of advice on what you should do with your money. From co-workers and family members to bloggers and those who are qualified to provide financial advice. A lot of people will have some form of opinion on what you should do with your money. So much so that it pays to not speak about your financial affairs with anyone; not that it is any of their business.

There are some red flags to note from any of these so-called financial experts. These red flags are just as applicable to the man in the street as they are to a qualified financial advisor.

Red Flag number one: The advisor has no money

I knew someone who turned a couple of hundred dollars into $6,000, then $10,000, then $20,000, and more. In the early stages when he had $6,000, his colleagues suggested to him that he should get a deposit for a new car with that money. I said “That is the stupidest advice you could ever get because not only will you end up with nothing but you will have a debt.” 

He ignored his colleague’s advice.

I told him that he should at least deposit at least $1040 in his Kiwisaver in order to get the $520 government money in July. I don’t know if he followed that advice.

Red Flag number two: They do not know anything your your personal circumstances

If you receive financial advice from someone who does not know a thing about your financial situation then treat that advice with some kind of scepticism. The advice and acting on it must be based on your personal circumstances and your goals for the future. Your age and health are other factors which have to be taken into account. It is your responsibility to make it known to a financial advisor what your future plans are but that does not mean that you should just reveal all to a random cold caller. Use your discretion and common sense when discussing anything with others. 

Red Flag number three: They advise you to invest your life savings in one company

This is a major red flag! Diversification spreads your risk but plunging all of your money in the one company can lead to financial ruin and affect your lifestyle big time. It may be true that there are some people who made a killing by plunging but it is equally true that a lot of people lost everything they invested. The only reason why a paid financial advisor would tell you to invest all of your money in the one company is that they are more interested in their commission rather than your financial well-being.

Red Flag number four: You are advised to invest in cryptocurrency

This is a major red flag. No one should ever advise you to invest in any kind of cryptocurrency. This is a high risk speculation rather than an investment. Only discretionary spending money should be used for purchasing Bitcoin. If you are young and have no commitments then buying Bitcoin will provide you with a bit of excitement, but it is certainly no substitute for your retirement fund.

Red Flag number five: The advice is unsolicited

If you receive a cold call from someone claiming to be a financial advisor then hang up or delete the email. Tell them that you already have an advisor. Whatever you do, don’t engage with them. If you have responded to anything they have said, then say, “Let me talk to my financial advisor first.”

A typical scammer does not want you to talk to anyone else about their so-called opportunity.

Learn to spot the terminology these scammers use in their correspondence and it will help you to avoid becoming their next victim.

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. You may use this article as content for your blog, website, or ebook. Read my other articles on www.robertastewart.com

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Your investing risk profile and what it is.

Written by R. A. Stewart

Your risk profile is the level of risk you can take with your investments based on your personal circumstances and your timeline.

The number one question to ask before deciding where to invest your money is, “Will the loss of my capital affect my lifestyle?”

Here is an example of how this may occur. 

Suppose you are saving for a car and you decide to use an online investing platform such as sharesies or robinhood to save for that car. You also decide that you will invest your money in growth funds and your savings are going well for a while and just when you are a month away from  purchasing your car, the market takes a dive. (as it has after Trump imposed tariffs on imports).

Your planned purchase of that car now has to be put on hold which has affected your lifestyle.

On the flip side of this is that you can purchase more unit trusts than previously so that when the market rebounds your savings will grow faster.

There are three options when investing in managed funds; growth, balanced, or conservative. 

Growth funds have the most potential to grow your money but they are also the fund with the most risk.

Conservative funds are the safest option but they are also the least profitable.

Balanced funds are a combination of growth funds and conservative funds.

Your risk profile will determine where you are going to invest your money and this is dependent on when you need the money.

This can be classified into any one of three categories:

  1. Long-term money
  2. Medium-term money
  3. Short-term money.

It is possible to fall into more than one category as an investor depending on when you need to access your money.

For example: Your retirement fund if you are young is classed as long-term money, but your rainy day fund is short-term money.

Long-term money is money needed after five years.

Medium-term money is money needed between 1-5 years

Short-term money is money needed within a year.

Long-term money may be money saved for a house-deposit or your retirement.

Medium-term money might be money being saved for an overseas holiday or a vehicle.

Short-term money might be money being reserved for unexpected bills which crop up or an overseas holiday you intend to take within twelve months.

There are so many investing apps available these days that setting something up for a specific savings project is a simple process.

The current share market falls should not be much of a concern to investors who are in the correct type of funds. Your financial plan has to consider the worst case scenario of a share market crash. Hopefully, a 1987 Black Monday type of crash will not happen.

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. You may use this article as content for your blog/website/ebook.

Check out my other articles on www.robertastewart.com