Twila Van Leer

Choose the Right Credit Card for Your Business

June 1, 2018 By Twila Van Leer

Business Credit Card — Don’t begin using your business credit card without being firmly conversant with the card’s interest rate, payment terms and fees

A credit card is a handy tool for your small business, but you first need to study the options and choose the card that best fits your needs. It provides a convenient way to establish credit, manage cash flow and keep your business and personal expenses separate.

According to the Small Business Administration, there are numerous possibilities, including teaser rate cards (among the most popular), low interest rate cards, rewards cards, airline or frequent flyer cards, unsecured business credit cards, secured cards and prepaid cards.

Start by analyzing how you spend money in your business. Do you want to pay the charges monthly or over time? What grace period does the card you are considering allow?

Expect a credit check when you apply for a business credit card. In most cases, a personal check will be conducted as well as your business credit. Find out if you will be personally liable for outstanding debt on the card. That may depend on whether the card carrier offers commercial liability, joint or several liability.

Don’t begin using your business credit card without being firmly conversant with the card’s interest rate, payment terms and whether it requires fees. Do the benefits offered outweigh the fees? Fees may be charged for cash advances, late payments and foreign transactions. If you expect to carry a balance, what is the annual percentage rate? Create an action plan for using the card, including payoff limits on the balance.

If you will use the credit card for company travel, you might look into a card that offers airline-mile rewards. Look at other awards a card offers, such as internet and phone services, shipping services, gift cards and discounts to selected retailers or simple cash rebates. If your business spends consistently in particular categories, compare cards and get the most benefit for the way you spend company dollars. If you tend to carry a large balance, you could pay more in interest than you earn in perks.

Maximize Your Experience at HomeGoods

May 14, 2018 By Twila Van Leer

HomeGoods is a little bit different. It’s a haven for those who love the thrill of a flea market, but with more panache. A constantly rotating inventory offers something new every few days in the home decor area. To maximize your shopping experience in this outlet, try these tips:

Week days are less hectic. You’ll avoid some of the competition for an unusually desirable item if your aren’t arm-wrestling a dozen other shoppers. Late morning and early afternoon are the times least likely to be congested.

Look clear to the back of a shelf. The store stacks items in rows several deep, so unless you have reached clear to the back of the shelf, you may be missing something that would interest you. Bathroom accessories, kitchen wares and art pieces tend to be in this category.

Keep tabs on HomeGoods stocking by viewing the app now and again. The store doesn’t sell online, but keeps its app up to date showing the latest great finds they are offering. Follow the store closest to you, where the app is updated daily.

Inventory turns over quickly. If you are interested in an item but want to think it over, it may not be there the next time you visit the store. They have a 30-day return policy, so you can try out that sofa pillow with the option of returning it before making a final decision. If you want to purchase something too large to fit in your vehicle, they will hold it for up to a week, giving you time to make arrangements. As you peruse what’s in the store, you may see items with tags marked “sold.” They are likely being held for pickup.

If the item you wanted disappears from your store before you get to it, try the other stores. Not each of them has the exact same choices as another.

If the item you are eyeing has a nick, scrape, stain or other minor damage, ask for a discount.

Red stickers on sale tags signify real deals. But they may have been manhandled in the process. Examine them closely for real damage. It’s possible the merchant is aware of the damage and has already discounted the item as much as he is going to, but it doesn’t hurt to ask.

If you’re afraid your discount purchase at HomeGoods means the item will be out of style soon, don’t be. The store’s buyers look for good deals all year regardless of “season” so they are constantly restocking with goods that may have been out for only a couple of months or so.

Coupons Count!

May 12, 2018 By Twila Van Leer

Coupons that offer reduced prices on food products and other items are worth the effort to find and they are so readily available that there is no excuse for not using them. From standard newspapers to mobile apps, they are just waiting for you to snap them up and save money on your purchases.

You can use digital coupons by printing them out to take on your shopping trip; electronically send them to a store loyalty card, using the card to redeem them at the checkout counter; or you can obtain and redeem them using an app.

Here are seven sources of coupons to get you started:

Coupons.com is probably the largest source for manufacturer’s coupons. You can print them from the website or access and redeem them via the Coupons.com app.

RedPlum.com. This outlet provides manufacturer coupons that you can print or save to a grocery store loyalty card.

SmartSource.com also offers manufacturer coupons that you can print, access via app or redeem through your grocery story loyalty card. SmartSource refers to the latter option as “Direct2Card.”

MamboSprouts.com specializes in printed coupons for natural and healthy products.

Manufacturer websites are provided by the manufacturer direct to customers. Check the websites to determine if your favorite products are represented. Some of the giants that have many products include them in one place. For example, Procter & Gamble has its P&G Everyday program while General Mills provides its coupons via Tablespoon. Kellogg’s websites offers printable coupons after registering.

Many retailers provide coupons through their websites as well. Walgreen’s, for example, passes along manufacturer coupons that can be added to your loyalty card with just the click of a button.

Kroger and Target are among the retailers that offer manufacturer coupons on their mobile apps. You can check your favorite retailers’ websites or search a legitimate app store such as Apple’s App store or Google Play.

See, it’s simple. What are you waiting for? Start saving now the coupon way.

When Your Term Deposit Matures

May 10, 2018 By Twila Van Leer

Term deposit accounts are among the low-maintenance savings options. You deposit the money and then sit back and wait out the specific time you have chosen – six months to five years in general — while the interest builds. The interest tends to be better than in a regular savings account, making term deposit one of the best ways to diversify your long-term investments.

But when the maturity date rolls around, there are several options you might consider to continue the benefit of your term deposit:

Take no action and let the fund roll over automatically. Doing this will maintain the account at the current interest rate. Review interest rates before making the decision. Obviously, if rates are trending downward, you might want to consider another savings scheme.

Cash out the interest and roll over the initial investment. This approach allows you to balance spending and savings and maintains the investment to earn more interest.

Increase or reduce the investment. If you have more money to invest or need some of the term deposit money for some other purpose, make that analysis the guide to what you do as the term deposit matures. Take into consideration your personal circumstances and your long-term investment goals before acting.

Adjust the term. If you went with a longer period for the initial term deposit, but feel that your current financial status might benefit from a shorter term, re-deposit the money at a shorter term, say six months to a year. Some institutions allow you to make additional contributions to the account for the duration of the term. Flexibility is what allows you to make the best savings decisions over time.

Cash out the account. If you had a specific savings goal in mind when you deposited your money in a term account, such as home repairs or a new car, simply cash out the entire amount. Restart a new account when you are ready and have a new objective in mind.

Avoid Home-Buyer Mistakes

May 7, 2018 By Twila Van Leer

Buying a home is a big deal and not one to dive into without some careful study. Many first-timers in particular suffer homebuyer’s regret for failing to watch for common warning signs such as:

Failure to prepare for additional costs. What is on the price tag isn’t all there is to the financial aspect of buying a home. Be sure you are prepared for taxes, homeowner’s insurance, association fees, yard care and other items that only show up later in the process.

Not being aware of your credit score. The rate of interest you will pay — if you qualify at all — is based on your credit score. Before you start looking for a house to buy, find out what your score is. The three major credit rating companies allow a free assessment each year, so start out well advised. If your rating isn’t where you’d like it to be, make a concerted effort to pay off credit cards and collection accounts. Avoid accumulating new lines of credit and make payments on time to help bump up your score.

Failing to prequalify. Going through the prequalification process lets you go into home ownership knowing where you stand financially. You’ll be certain of what you can afford and not waste time looking at possibilities beyond your reach. A rule of thumb: Monthly costs associated with home ownership shouldn’t exceed 28 percent of your income.

Using the seller’s real estate agent. It’s better for you to have an agent focused on your interests in a possible deal. Use your agent to guide you through the maze of inspections, contracts and negotiations that surround a house purchase. Having the same agent represent both buyer and seller could lead to conflicts of interest.

Bypassing a pre-sale inspection. The best time to know if there are mold issues or leaky roofs on the house you have chosen is before you sign the final papers, not after. It may delay the final transaction briefly, but it’s worth every bit of the wait and cost.

Taking out another loan before signing. The lender will wait until the very last minute before signing to re-check your credit. Another loan may change the debt-to-income ratio and squelch your deal. Particularly if you have prequalified, another loan could significantly skew your figures. Wait on the new furniture until you actually have a place to put it.

Refusing to compromise. When you set out to buy a home, you obviously have a list of “must-haves” to guide the search. But staying within your budget is more important than most of the “must-haves.” Remember that paint can do wonders and wallpaper be replaced. You’re probably wise to limit the must-haves and be ready to be a little flexible so the budget stays intact.