Personal Finance and Investing

Managing our credit card accounts has never been more convenient and practical, and it looks like it just got a little bit easier.

Citibank has teamed up with the iPhone to allow individuals to effortlessly complete their mobile banking services. Called the Citi Mobile Suite, this iPhone application allows cardholders to access and manage their credit card accounts from their mobile phone, from any location and during any time of the day or night. Could it get any easier?

Advantages of Mobile Banking

Mobile banking; in particular, banking from your mobile phone, has never been easier, and the benefits are clear:

• Mobile banking allows credit card customers to keep an eye on their account, at any given time, thereby giving customers more control over their spending habits. Haven’t we all opened our credit card statements and stood there in awe at the balance because we didn’t realize we charged so much the month before? Mobile banking applications for mobile phones eliminates this monthly surprise by allowing customers to check their balance and their recent purchases, whenever and wherever.
• Mobile phone banking allows customers to keep a close eye on their credit limit so they don’t exceed it and incur costly over-the-limit fees. It allows customers to stay within their budget and not overspend without thinking.
• Mobile phone banking, like the one offered through Citi, allows customers to text requests regarding their credit card account, including balances and transaction history. This feature takes the concept of mobile banking one step further, as it allows customers to receive important information about their account on demand.
• Mobile phone banking allows credit card customers to track spending on their credit card as to prevent identity thieves from obtaining their credit card numbers and charging up their credit cards. The ability to view credit card purchases at any given time is a huge blow to identity thefts who before could potentially make unauthorized purchases for weeks before getting caught. The more connected we become to our credit card accounts the less likely that identity thieves will be able to get away with fraudulent spending.

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1. The first step to is finding ways to cut money spending on the essentials (food, water, and shelter). Before going to buy groceries, set a money cap on how much you want to spend and stick to it. When you go grocery shopping, bring a list of all the things you need, not want. Then have a separate list of things that you want, but don’t necessarily need. Go shopping, and buy everything you absolutely need, but look for the cheaper brand of things. Don’t think generic, but think store brand. Also get a discount card of your grocery store to receive other discounts.

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If you ever find yourself eking out one last £10 note in the final days before payday, never think you are alone. According to a YouGov report, almost half of workers struggle to make it from one payday to the next.

And it’s particularly difficult in January. Christmas and New Year always ends up costing more than most people expect. And some companies, in a strange act of misguided generosity, will pay you early in December in order to help you spend more than you should in the run up to the big day. So, chances are, right now you are wondering how to make it through the last few days of January.

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Fewer discounts –account

Discount Benefit to the buyer

Suppose discount I have to pay you rupees of 2080/ in a year’s time, but you want your money at once. Certainly you cannot demand and I cannot give full rupees of 2080/, what we do then? We find the interest rate prevailing, let us say, is 4%. Clearly I can discharge my debt by paying you rupees 2000/ at once. You lose nothing. Why because if you deposit rupees 2000 / at the prevailing rate, in any bank, it will amount to rupees 2080/ in year’s time.

Now we can easily or understand that rupees 2000/ is the present value (worth), on rupees 2080/ due one year hence. The p

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