Use Your Credit Card Wisely! #Finances #Expense #Precautions

Nowadays, Credit Card is widely used for marketing of groceries to precious jewelry. People find it convenient to carry and use and it gives freedom of 50 days to use without paying an extra penny for the use within the stipulated time as decided by the banks.

While using the credit card, we need to be vigilant while using as misuse of it can cost dearly.

We know of the advantages of using the Credit card but we should also keep a watch not to delve the details of card or use it at secured sites to save us from fraudulent transactions and cybercriminals.

Every now and then, we come across news of credit card fraudulent transactions and people money been siphoned but we don’t pay much heed to it and continue our transactions in our own way.

Recently, one of my close associates was duped and this news shuddered me inside out and I became extra careful while using it.

Here are some precautions that we need to follow to keep ourselves away from hackers and online frauds.

  • Never ever share your card details with anyone: However, close your friend, family or associate is, never ever share card details with them. A credit card is an individual property and you are the sole owner because, for each and every transaction done on the card, liability is of the cardholder in which name card is issued. At times, the smart cybercriminals pose as bankers and insist to share the details. Don’t be fooled rather complain if ever someone tries to act over smart.
  • Sign at the back of the card: As soon as you receive the card, sign behind on the strip and store at a safe place and within your reach.
  • Don’t keep the Pin and Card together. It’s better if you memorize the Pin rather than writing down but still if you aren’t sure of your memory power, jot down separately. If ever someone comes across, they won’t be able to harm you in any way.
  • Never reply an email which requests to disclose your personal, bank & card details. The emails asking for personal details are phishing emails. Don’t fall prey to them.
  • Update anti-virus software on your system & mobile so that your system or mobile is protected from cyber-attack.
  • Be regular in changing the password and Pin of the card at regular intervals and avoid storing passwords in system or mobile. It may fetch trouble if someone gets hold of your system or mobile.
  • Avoid entering card details on unsecured websites. The websites whose URL does not have “https” are unsecured sites and can be prone to cybercrimes. Take utmost care while shopping online. Even avoid punching card at unknown outlets, there are chances of misuse or cloning of card.
  • Inform Bank immediately if your card is lost, stolen or misplaced. There might be chances of unwanted transactions if someone gets hold of your card so without losing time, inform your Bank and get the card locked. If you change your mailing address, keep your Bank informed.
  • Set Sms & Email alerts for the transactions of your card. This facility will save you from getting duped and save you from unwanted transactions and well help you to be updated of the ongoing transactions on your card.
  • Cross check the Bills of the Credit card: Make it a habit to cross check the Bills of the Credit Card and inform Bank immediately in case of any discrepancy.

Teach Your Child to Manage Money! #Experiences

Parenting is the tough nut to crack and it needs a lot of patience and perseverance to tackle the kids and guide him on right track.
The unconditional love for our children makes us do the impossible things and Mom is always ready with, “I’M POSSIBLE”knocking impossibilities down.
Mine journey wasn’t easy. My patience and experiences of my life helped me to fare out well managing both my kids…in spite of heavy turmoil inside, I am able to be cool outside & I don’t have the habit of cribbing rather I abhor cribbers.
Many people believe that in initial years, the children should be given immense freedom and after a certain age, start curbing them. I am against this practice.
You have to do the groundwork in initial years and inculcate good values and show them the differences between right & wrong.
We all learn from trial and error and parents are there to identify and rectify their errors.
Children are innocent at heart but smart too and catch things easily and if they are left to leave on their own terms, then they will have great difficulty in later life and to keep them disciplined will be challenging.
Train them with good habits from the initial days of their childhood.
Managing money is not an easy task and the children should be educated on how to manage efficiently.
How I Taught My Kids, “Value of Money
I am sharing my very own experiences with my two kids. My hubby was lenient towards children and rarely does he lose temper. He believed in pleasing them by fulfilling their demands. I was against this and made him understand that he is pampering them and we will have a tough time to handle them in the future. Initially, he did not pay much heed to it but my constant effort changed his thought and he decided to back out.
I took the reins in my hand and implemented few rules to follow to Teach them the VALUE OF MONEY.
  • Never fulfill all demands: The first & foremost rule is, never fulfill all demands of children else they will not understand its value and how tough is to earn a good sum. Simultaneously, they will learn the
    PRIORITIES OF LIFE and how to prioritize. Secondly, they will develop patience to deal odds of life.
My Experience: I was brought up in joint family where my Mum didn’t had the power to  tame me and my all demands were fulfilled.  
Consequences: Till today if my demands are turned down, I am hurt at
heart. I don’t put up my genuine demands fearing it might not be attended.
  • Buy Essential things: I see around that the people who are affluent and have several sources of income, they gift such toys and appliances to children which aren’t essential, rather it’s superfluous.
    You as a parent are spoiling them. Buy the things which are best for him as per his age and requirements. They will learn the VALUE OF MONEY AND THINGS.
  • Pocket Money: Fix a specific sum of pocket money for the children. Initially, fix a sum for a week and later on spread it for a fortnight & month. Ask them to spend on their toys, stationery, snacks and
My Experience: When my elder son was in KG and the younger one in a nursery, I fixed a certain amount for a week to spend on ice creams, cold drinks, and snacks. I was amazed to find them saving from that meager amount. With that little amount, even we both got a treat from our children, such was the power of money management of those kids.  I pinpointed to my hubby who used to readily give in to their demands to watch how smart they are in spending their own pocket money. This habit inculcated in them habits of SAVING & VALUE OF PENNY.
  • NEVER DISCLOSE FAMILY INCOME: If you are on the affluent side, never disclose income to your children. At a tender age, they
    won’t understand the sweat behind the flowing income but will be ready to spend extravagantly. Parents too have to check their expense style. If you are extravagant in spending then you can’t ask your ward to be thrifty.
  • REWARD THEM: by buying gifts for them on special occasions and when they do well in studies or maintain discipline during vacations etc. Appreciate them & reward them by giving money to buy the
    things they love to buy or the parents can gift them that their children love to have in their possession.  Even you can gift them a pot of flowers and make them responsible for watering and taking care. This way VALUE OF CARE will be instilled in your child. These small acts will motivate them to do better and get surprise gifts.
I shared my experiences of parenting and what I learned from my life experiences.
My children are quite spendthrift and they know the VALUE OF MONEY IN LIFE.
Share your experiences.
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How to Manage Your Finances?

Wish you All a Very Happy New Year, 2017. May this year be
more fruitful and comforting, this is my prayer for everyone, including me.
We all have heard the adage, “LIVE LIFE TO THE FULLEST” & the song pictured on
Rajesh Khanna, “Zindagi, Ek Safar
Hai Suhana, Kal Kya Ho Kisne Jaana”
has allured people to live life Bindaas, keeping the worries aside and
many seriously follow this track.
Even I follow the same but seriously not on terms of Finances,
else we are bound to stuck somewhere in life.
Finances is something that one needs to plan according to
the needs and for emergencies, that doesn’t mean that you can’t spend on
superfluous things or on luxuries or on the cravings that one has.
The cravings of spending differs from one individual to another.
Some are keener to spend on entertainment, clothes, books, travel, leisure etc.
The basic needs of food, basic clothing (not required every
month), rent, education, health can’t be curbed, it has to be fulfilled and
further we need to keep stack of amount for the emergencies and tough times.
The basic & emergency needs are more or less same for
all individuals only the capacity to spend depends on one’s earning &
lifestyle. The variation is more in the context of lifestyle expenses and there
comes the need to BUDGET to overcome the habit of over spending or buying for
no reason.
How I move with my Finances:
As the message beeps in, a wide smile spreads that finally
the amount is in. We know that we are bound to receive each month, still the
mind lurks for the beep, isn’t it amusing?
I maintain an excel file, wherein the expenses are mentioned
in one row, just I need to add in the break-up of amount as per the needs,
wherein maximum is to make the pay-out to different categories such as grocery
items, newspaper, flat maintenance, petrol, fees & medicines.
A fixed sum is subtracted from the major part to fulfill these
basic needs, and then it comes the investment part, wherein we need to pay for
the premiums, regular deposits, SIP’s & MF’s. All are not monthly
investment but I spare the amount on monthly basis to be rid of huge expenses
at one time. This way, it is planned and we don’t need to take tension to
accumulate the required amount.
The amount that is spared after meeting both ends that care
of superfluous needs, I say superfluous because even without spending on these
items, we can survive.  Still we meet
those expenses to taste the better taste of life and to live life to the
fullest and we earn to live a better life so we need to spend on our hobbies
In my list, to savor cravings, my list tops with clothing,
my wardrobe is full still I indulge in buying clothes for myself and family and
I have weakness for fabrics which includes, bed sheets and curtains too along
with clothes.
Second position is of books & Wi-Fi & Dish TV
package, wherein I spend a fix amount each month. I have kept these in luxuries
n comforts item, because in case of financial crunch, we can do without it.
Third comes the contribution in Social events, at times, it
becomes compulsory needs but if I accumulate amount under this head every
month, then we don’t need to feel the heat of it.
Fourth in my list is Travel and now after getting freed from
responsibilities of kids, I keep a part of it to travel and this craving of
Travel has taken lead now and I am spending a good amount of it, so I save an
amount to meet the needs of travel.
This is my way of planning budget, what is yours?
Do share so that by exchanging views, we can learn more.

Linking this post with @misra_amrita and @Deepagandhi1 for #MondayMommyMoments

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