So here are my financial New Year resolutions for the year 2012:

1. Getting out of debt. I am lucky that I do not have a lot of debt but I want to clear what debt I have and be very careful about the bills that I run up. What I plan to do is give up all except one credit card. This way there are fewer bills to keep track of and simpler and easier to make payments. There is less chance of an oversight that increases the debt.
2. I am going to pay more attention to savings and am going to try and diversify my savings portfolio in a way that offers better returns. I am thinking in terms of buying gold (can’t go wrong with this; global gold prices are going through the roof) which is something that I have learnt from certain traditional societies who invest all their wealth in jewelry. I am also thinking in terms of getting some mutual funds.
3. I am also considering taking some courses to learn some new skills to add to my skill set. This will help me have better and more marketable qualifications, which in the end should translate into a better income. This is a long term plan however which I still need to give a lot of thought to.
4. I resolve to eat out less. This is good for me in so many different ways. Not only do I save a packet by not eating out and cooking at home, I am less likely to overeat at home which is good for my health. When I cook at home I know exactly what goes into the meal so I know not to put too much sugar, salt and fat into what I eat.
5. I resolve to be a savvy shopper. You may well say that I am already a savvy shopper, which I am, but I shall be more circumspect in the amount that I buy and shall be more vigilant about trawling the net to find the best deals for all of that which I plan to buy.

Hopefully my financial new year resolutions may inspire some more out there: any more ideas?

So here are some tips and things to keep in mind that will help to keep you safe when shopping online:

1. Compare prices. This is one of the great advantages of shopping online, so take advantage of it. There is no need to pay more if you get a better deal elsewhere.
2. Read the details about the item properly, particularly if the deal seems too good to be true. There could be hidden charges or you could be agreeing to make certain future purchases without being aware of this (you could be authorizing automatic charging of your credit card each month without being aware of it and so on).
3. Also read the privacy policy of the site to make sure that your email address and other details will never be shared.
4. Check about details such as shipping and handling fees, delivery dates, warranty and return policy and so on. Also check for after sales service such as a chat line, or a helpline number for redress of any problems you may encounter.
5. Don’t shop from a shared computer if possible and make sure that your internet connection is secure. Also buy only from sites that have the “HTTPS” term in their web address (the site may be HTTP to begin with, but will change to HTTPS when making payment). HTTPS stands for Hyper Text Transfer Protocol Secure sockets. This indicates that the session is secure and it is safe for you to make online payments.
6. Using a credit card, particularly using a secure payment method such as PayPal can be a secure way to make online payments. Guard PINs, passwords and other details zealously and if a site asks for too many details or any seemingly extraneous personal details, ask why.
7. Look at the merchant or seller details particularly on sites such as eBay and so on, where pervious buyers will have offered their review or recommendation of the seller.
8. Save and/or print the details of the purchase that you make, and any subsequent correspondence so that if there is any discrepancy in the product that you receive, you can take appropriate action.

With construction work and infrastructure projects on the rise, heavy equipment sales have gone through the roof. Heavy equipments can be procured by purchasing or renting. One could avail new or previously used hardware. The skill sets needed to use the equipments efficiently and effectively is another matter altogether. But the good news is our country has no dearth of skilled labor. And more infrastructure projects means better quality of life for all of us.

The super highways and power plants, the highrises and flyovers, all take up immense effort. While the construction phase might lead to a lot of inconveniences like the kind I am going through, the end result is worth the pain. No country can develop and rise without going through such rocky and difficult activities. So while I spent the better half of last week complaining about the noise, I realise how important the work being done is, and have taken it upon myself to not only stop whining, but also offer refreshments to the workers from time to time. How good it feels to spread a little joy!

>> Security is of course the biggest concern. Though banks use secure servers (look for https instead of http in the website address) for their customers for online banking, phishing frauds, fraudulent websites, and so on are things to beware of. Also remember to make your online transactions more secure by following security guidelines and using the virtual keyboard for typing the PIN, password and so on.

>> With a bricks and mortar bank, if you have any doubts or questions you can have them addressed by a real person. With online banking you will be directed to help page or to a helpline number. This can be irritating to say the least.

>> If you want to access your bank through a public computer then this could mean that your sensitive data may be visible to others, so this is best done on a machine that only you or trusted people at home use.

>> The popular times of day when most people want to access their bank online may mean that the website is slow to respond at the time.

>> Websites also have down time and this may be inconvenient if you have urgent business to transact online. This is however not that much of a concern since most bank websites will issue advance notice to this effect if maintenance work is to be done; down time is usually scheduled and limited.

>> With online banking you need to keep track of certain numbers, passwords and other sensitive information that could be dangerous if divulged. You should either commit these to memory or store them in a secure place, which cannot be compromised. Forgetting or mislaying this sensitive information may mean a lengthy process for retrieval or change.

So clearly there are advantages and disadvantages to internet banking. However so long as you take all precautions to keep your transactions online secure, there is no reason why you should not enjoy all of the advantages and none of the disadvantages!

In the same vein as my recent post about online payment solutions and options in this post as well, I thought I would talk about online banking solutions. We have long become used to getting money at the ATM rather than going to the bank during working hours to withdraw money. This had revolutionized banking to a very great extent. Similarly online or internet banking or e-banking as it is also called, has further simplified and streamlined banking for us, in many different ways such as –

Online banking has many of the same advantages as online shopping – You can do it from the convenience of your home, saving time, effort and money in not having to physically go to the bank. You can do it at your own time, not having to curtail your banking to within banking hours which can be inconvenient and even impossible for working people.

You can do more with online banking – You can transact with several banks simultaneously without having to visit each physically. You can also ‘visit’ several different departments online for different requirements, which would be difficult and time consuming in reality. You can trade in the stock market, invest in or sell stocks, bonds and other instruments at will.

You can keep a close track of payments received into your account, debits created by payments you have made. You can keep a close eye on credit card expenditures, so that you are not in for a rude shock when the statement arrives. If there is any fraudulent activity, you can detect it with if you are regular with net banking.

There are many benefits for the bank as well – When you do your banking transactions online – transfer of amounts from one to another account, making bill and other payments, creating your own investments and so on, there is that much less work for the bank personnel or employees – less to pay in terms of employee salaries then. So since the banks are making savings, these can in turn be passed on to the customers, who may find that transacting online may be cheaper and may attract fewer service charges.

So as you can see the benefits of banking online are many. Are there also some disadvantages or things to beware of with online banking; we take a look at that in our next post.

E-learning includes all forms of electronically supported learning and teaching. You can find information on various online courses and degree programs in almost all subjects and vocations. You can find online degree programs in music and aviation too apart form the regular subjects. Research suggests that today more than 40 per cent of post-secondary students in the USA were taking some or all of their courses online. Such is the power and convenience of eLearning.

For the students who need help with their education fees, they can apply for aid here: http://www.fafsa.ed.gov/. Get help to pay for your college fees and then one can more than repay with the increase in income after one has completed their course.

Apart from Bank Transfers across the world, a whole set of online solutions have cropped up. The chief among these is Paypal. It is owned by eBay since 2002. Google Checkout is another similar payment gateway though not as popular and as widely used as Paypal. Checkout by Amazon is the new kid on the block offering stiff competition to the existing stalwarts. Credit cards are another very popular payment mechanism for online trades. Make sure you don’t fall trap to any phishing scams though.

Many other private companies also offer funds transfer facilities. One must look into the background and take some time out to research them online and offline before entrusting them with hard earned money. Transferring funds across the globe is big business today with companies charging as high as upto 4% in transfer fees. Do your research and make sure you pick the one most suitable to your particular needs and one that charges reasonably for sending and receiving payments.

This blog is all about shopping and in particular shopping online so I really know what I’m talking about when I say there are a lot of benefits to shopping online. Here are just 10 of the reasons why shopping online is a great idea:

1. It’s private. You can get yourself that saucy but if nothing that passes for lingerie, interesting toys, even medication that you don’t want to be seen picking up from the store.
2. Convenience that is unbeatable. You don’t have to leave the comfort of your chair much less get up get dressed and into a car. You can shop in the middle of the night if you so wish, the internet is never closed!
3. Wide variety. Your bricks and mortar store, can stock only a limited inventory. However when you make purchases from a central location, they are bound to have a better and wider stock that a local store or branch.
4. Cost. Since there is no cost of a bricks and mortar shop, shop assistants, overheads such as rent, electricity and so on, the benefit of lower cost can be passed on to the consumer. Also the fact that there are no middlemen involved in the deal helps the consumer greatly.
5. Less likelihood of impulse shopping. When you are in a store you see a lot of very strategically placed items that are meant to tempt you. At the checkout you may end up with a bunch of stuff you did not originally set out to buy.
6. Sending gifts is a breeze. You simply pick out what you want to send (with the aid of helpful suggestions it has to be said) and make the payment. Everything else gets taken care of. There is no need to go out, make a purchase, pack the item properly and then go out again to have it shipped. Distance becomes immaterial.
7. Best for browsing. The best part of shopping online is that you can do it at your own speed, taking as much time as possible to browse and select what you want. I find it particularly great for buying books, because you can not only browse by title, author and genre you can also check out reviews side by side.
8. You can compare prices. You don’t have to visit just one or two stores, you can take your time, and find the best prices available for any given item
9. You don’t have to battle the hordes. This is particularly important during the holiday season, that you don’t have to jostle with a thousand harried shoppers to get what you want
10. You can have the benefit of pre-owned stuff. The internet has produced the best second hand exchange opportunities where one man’s cast off can easily be a bargain deal for another.

Medicare Scam: This is something like a mobile lab scam – where the fraudsters target the elderly pretending to conduct fake checkups and then charging their Medicare account. Then another modus operandi is offering ‘free’ products door to door and then charging their Medicare account. Then there are those to steal someone’s identification number and use it to conduct tests; such as the woman who was charged for semen analysis and prostate exams!

Funeral Scams: There are the usual misleading pricing and faulty coffin problems that are faced by many in connection with funerals, but the major problem is posed by the Prepaid Funeral concept. Here a senior would, in order to ease the financial burden on their survivors, opt for a prepaid funeral – these are stacked against the buyer, are often fraudulent and fail to deliver all or some of what is promised.

The Census Scam: Here a person turns up claiming to be asking questions for the purposes of collating information about the census. They then proceed to ask about your bank account information, social security number and other financial details. Many provide this information in good faith, unaware that the motives are far from legal.

Anti Aging Products: The quest for a long life and a young body is a never ending one – it appeals to people’s vanity and their survival instinct to stay alive. So the many pills, sprays, lotions, creams and myriad other products that promise “reduced lines” or “youthful skin” or “look 10 years younger” make you sign up for a “free trial” and charge you for hundreds of dollars.

Care Giver Scams: As seniors come to rely more and more upon a caregiver, the dishonest ones may start to siphon off funds, insurance policies and other properties.

Lottery and Sweepstake Scams: Typically one is informed of having won a lottery but that there is a processing fee required and then one gets suckered for some more money.

The Fake Grandkids Scam: A supposed grandkid will call and say they are in dire need of money and are stuck somewhere. Or there will be a Canadian police officer who will call and tell you about a grandchild arrested in Canada asking that bail or bond is required to be furnished.

So beware of these and other senior scams.

Never give anyone your card:  This is stating the obvious but bears repeating. Even if an honest looking well dressed young exec type tells you his company is offering you a new credit card with a higher limit, don’t be tempted. He may even make you fill out a form but do not hand over your current credit card to this personable stranger. Also keep your credit card safe and in a secure place.

When you lose your credit card, inform the credit card company immediately: This also may be an obvious one, but it bears repeating that the earlier you report the loss, the fewer the chances of the card being misused. As soon as you inform the company, they can freeze the card and no further use can be made of it.

Also inform the company immediately if you don’t receive your credit card statement regularly. It could be that a fraudster has changed your billing address and that is the reason you aren’t getting your bills regularly.

Keep all passwords, PINs and TINs securely and change them frequently: Also it goes without saying that you never keep your passwords and PINs together with the card or have obvious ones like your birth date etc.

Use chip based cards: Rather than the black magnetic stripe, chip based cards offer better user protection. Copying the data on the chip or tinkering with it in any way is way more difficult so your card is safer. Many establishments do not even accept non chip based cards.

Be careful while shopping online: Fraudsters have a number of innovative ways to get your credit card information online. So be sure to use your credit card only on those sites that are secure. Usually the site name will be prefixed with https instead of just http to indicate security and the little yellow lock will signify that.

Destroy all old cards: If you now have a new card with a higher limit or because the old one expired, make sure that you destroy the old one properly to protect yourself against identity theft. This youtube video shows you exactly how to destroy your old credit card: