The conveniences - and pitfalls - of automated teller machines

There’s probably not one adult in the U.S. who does not use an automated teller machine on a regular basis. You no longer have to stand in line inside the bank to make deposits, withdrawals or inquiries on your accounts. If you’re going shopping, you can use your bank card to pay for purchases and even get cash back, withdrawn automatically from your bank account. Automated teller machines are not confined to bank premises either. They’re everywhere, at the mall and inside stores, from large department stores to the local mini-mart. Automated teller machines make our lives easier, often eliminating a trip to the bank among our errands. If these handy money machines were to disappear altogether, the entire society would be thrown into a tizzy.

However, there are negative aspects to the automated teller machines that you need to be aware of in order to save money, keep your finances straight and be safe from thieves and muggers.

Most important is the safety factor. It’s unwise to use an automated teller machine on the street at night, even if other people are waiting in line behind you. Thieves lurk around these machines and are practiced in looking inconspicuous. A person standing nearby may look as though he’s waiting to hail a taxi or looking out for a friend he’s meeting. In fact, he may be idling there, waiting for you to withdraw some cash and then mugging you. If you’re withdrawing money, find an automated teller machine inside a store in a well-lit area.

Another aspect of using automated teller machines can be dangerous to your financial standing. When banks first installed these machines, you were not charged a fee to get a mini-statement of account or to withdraw cash. As the automated teller machines began populating small stores and malls, transactions became a bit more complicated.

Now, if you use a machine in the mini-mart, chances are that the machine is owned by someone other than your bank. When you withdraw cash, you are charged a fee by the owner of that machine, which is clearly spelled out on the screen before you complete your transaction. You accept the fee and make note of it in your bank book. What you may not know is that your own bank will also charge a fee for processing the outside transaction. If your bank balance is not high and you make a number of such transactions, your account may become overdrawn, and a hefty overdraft fee will be assessed.

When you use automated teller machines, keep an eye on those hidden fees, be conscious of your surroundings and enjoy the conveniences they provide.

The art of investing money while in college - on a shoestring!

The typical college student lives on a shoestring budget. With tight class schedules and even tighter budgets, most students never consider investing money while in college. Wouldn’t it be nice to have an income - that exceeds that part time job - rolling in while you pursue your degree? Your investment capital needn’t be huge. There are lots of low budget investment possibilities for you to consider and which you can attend to in hours convenient for you! Let’s take a look at a few ideas to get you started.

Tutoring can be done on a casual basis, producing income with no cash investment. What most students fail to realize is that, over time, tutoring can become a full-fledged small business. For example, you begin tutoring one language student. Your satisfied student customer recommends you to a friend. A professor recommends you to another student. You find your appointment book filling up quickly, with your work hours scheduled in time slots convenient to your class schedule. When you’ve established a following, it’s time to form your business entity.  Get a business license, a business bank account and business cards. You’re ready to hang out your official shingle! Branch out with additional services. Target the general public as well as students. Offer translation and proofreading or editing services. This strategy for investing money while in college can provide a lucrative income before you’re out of school.

TESL (Teaching English as a Second Language) certification is not too pricey and this skill is much in demand all over the world. Advertising is cheap or free. Go online with an ad on craigslist.org, put flyers up at the student union and on local community bulletin boards. You’ll get customers! Again, you schedule lessons that fit your schedule. Investing money while in college is a wise decision that earns you credibility and income. The experience also looks good on a resume.

Use your imagination. Make use of your strengths. Graphic design students can put up a website for next to nothing, offering logo, book cover and menu design services, along with brochures and business cards. The English major’s website can offer proofreading, editing and writing services. Make the most of your skills and build a business that grows with you. Consider forming a consortium with other students to combine skills to your mutual benefit.

You can see how investing money while in college can be accomplished on a small budget. You name your own hours and receive a good return on your investment. Your business moves right into the future with you. You’ll have a sizable portfolio in a few years. If you choose not to keep your business, you can sell it!