Final expense insurance or burial insurance allows the policyholder to cover the expense of their own funeral service. It is an important financial tool that offers coverage for both burial and cremation. Funeral services can get expensive, and this is one way of ensuring that family members do not have to worry about it should the time come. There are some must-know details to explore before purchasing final expense insurance, and these are listed below: No requirement for a medical examination Final expense insurance policies do not require applicants to undergo any medical examinations. Simplified-issue life insurance, one of the policies that offers coverage for final expenses, does require a different test. The applicant may have to answer specific questions about their health and lifestyle. Other policies, like the guaranteed issue policy, do not require the applicant to answer any questions. Basis for policy denial An applicant could be denied a final expense policy, particularly the simplified issue insurance policy. As mentioned above, applicants may have to answer questions about their health and lifestyle. If the answer to these questions indicates a risk to health or life, the policy can be denied. Moreover, if the person applying for the policy participates in activities that could be deemed dangerous, they may have to pay higher rates.

People work hard to put aside money for emergencies. This money must remain safe and not be used for daily expenses or unnecessary spending. That said, not everyone wants to keep their savings or the extra money they have managed to put aside in an easily accessible account. An alternative is to open a Certificate of Deposit account. While doing so, one should make sure to avoid some common errors. Choosing a longer term CDs have different lengths. People looking to invest can choose from a whole range of six-month, twelve-month, two-year, or even five-year CDs. Some banking organizations provide even longer choices. This excites the people looking to invest in CDs, and they choose a lengthy term. However, that is not always the right choice. The thing is, people cannot be sure that CD interest rates will go up. Even if they do, no one knows what the increase in the percentage will be. While people investing in long-term plans can get stuck with a fixed-rate interest, those investing in shorter terms can enjoy better returns through reinvestments. Not researching Some people keep dealing with the same bank they are comfortable with. But this might cost them in the long run.

Debit cards are a common form of payment today, and with good reason too. Aside from UPI, these cards offer the most stress-free and convenient way of paying for purchases. On the downside, its frequent usage causes people to make common debit card mistakes. Many of these mistakes, if not rectified, can lead to huge losses for card owners. With that in mind, here are some of the mistakes to avoid with debit card usage: Failing to pay attention to one’s debit card balance Debit purchases take out money directly from one’s savings accounts. So, it is wise to keep track of how much money is left in one’s savings account before and after they use their debit card to make a purchase. If someone does not do so and uses their card to make a payment of $200 unbeknownst to the fact that their account only contains $190, then their transaction gets “bounced.” In such cases, people may face legal consequences and severe penalties. Using debit cards for ultra-expensive purchases Credit cards are the better option as compared to debit cards in some cases. If users purchase expensive items that they may need to return in the future, then using a credit card enables them to immediately file a claim with their card issuer and get their money returned on their card right away.

Splurging on products and services could be lots of fun initially. However, spending beyond what one can afford, without considering how they are going to pay it back, could become problematic. One may try to get out of debt quickly—a good thought that may take a lot of work. However, when trying to clear dues, a person should avoid making these common mistakes as it could otherwise worsen their financial situation. Sticking to the same spending habits Some people who are in debt start paying off their dues regularly. At the same time, they also spend at cafes or other establishments. While it may look like they are improving their financial situation, it is not the case. So, one should break away from their excessive spending habits. For instance, instead of splurging on expensive coffee outdoors, one could brew it fresh at home. Not creating a financial plan Trying to get out of debt requires a financial plan. This plan should reserve money for necessities like healthcare, transportation, food, housing, education, and insurance. From the balance funds, one could create room to pay their debt. Individuals should also consider getting rid of credit cards. Doing so would make one think twice as they have to pay cash for dining outdoors, movies, purchases, and other things.

Who doesn’t love using credit cards? They are convenient and easy to carry, and they offer several rewards such as cash-backs and discounts on various kinds of purchases. However, credit cards also come with a few risks. For instance, if one is not careful with their card usage or bill payment, they could damage their credit score. So, to enjoy using credit cards safely, here are some common mistakes one must avoid: 1. Making only minimum payments Credit cards offer benefits even on bill payments, like the option to make a minimum payment—which is a fraction of the total amount due—on the due date. So, if one cannot pay the entire bill, they can still keep using the card by making a minimum payment. The problem with this feature is that one may be tempted to keep making only minimum payments every month, which can make interest on late payments pile up. Over time, this interest can build up to a large amount. 2. Missing the payment deadline Forgetting to pay the credit card bill on time is a common mistake that can cost users. Missing the deadline here could lead to late payment fees being levied by the card issuer and also an increased interest on the unpaid balance.

With cashless payments being widely accepted, debit cards have become highly popular globally. These cards are convenient, can be used at almost all retail outlets, and help one withdraw money instantly whenever needed. Also, many debit cards do not charge annual fees and offer cashback for spending money on certain products and at specific stores. But, to maximize the benefits, here are some common mistakes to avoid when using debit cards. Overlooking hidden debit card fees Some debit card companies charge hidden fees for overdrawing one’s account, entering the PIN to make a transaction, and other scenarios. If cardholders are not aware of such additional charges, they may never understand where their money is being spent. So, one should carefully read debit card terms and scan the document for details on such additional fees. Using multiple debit cards Different banks may offer various deals on their debit cards. So, it is common for individuals to use multiple cards to avail of all such offers. But with such deals comes additional fees charged by each bank on their debit cards. These overhead charges can increase one’s spending in the long run. So, it is best not to have more than three debit cards.

Paper checks are an important banking instrument that enables secure financial transactions. Although there are several modern ways to make payments, like debit or credit cards and payment apps, checks still reign as one of the most common and preferred modes of transaction, especially among older generations. Whether one is running a small business, managing personal finances, or just prefers the tangible nature of a check, there are several convenient ways to order checks. Ways to order checks for the first time Here are a few ways to order checks for the first time: 1. Online banking app One of the fastest ways to order a check online is to download the mobile application of one’s bank or financial institution, sign in to the account, and request a check under their specified section. For this step, though, one may require certain personal details like an account number, routing number, passcode, and zip code. It’s a perfectly safe and reliable option for ordering checks. 2. Put in a request to the bank Alternatively, one can also approach any branch of one’s bank or credit union. Banks usually offer some initial checks for free, but one may have to cover the cost of additional checks.

One of the latest and most popular phenomena in the world of financial transactions is the “Buy Now, Pay Later” plan or BNPL financing. These plans involve a third-party payment merchant that allows buyers to make purchases without paying any upfront amount. The due payments are paid over time, mainly without any interest rate or credit check. This process may seem interesting, but there are common mistakes one should avoid when committing to BNPL plans. Not reading the terms and conditions Knowing how the buy now, pay later plans work is important. Reading the fine print of these plans will help its users know exactly how they operate and scan through any hidden clauses. Buy now, pay later plans differ from one merchant to another, so it’s crucial that the buyer understand the plans and conditions thoroughly before signing up for it. The terms and conditions will allow the users to know how often payments need to be made, what actions to take when a payment is missed, and what needs to be done if there is an issue with the purchase.  Late or missing payments This common mistake can lead to a financial crisis if not addressed in time.

The logistics and freight industry is worth over nine trillion dollars worldwide. This makes it an attractive avenue for scammers to make easy money. To ensure their safety, companies must take stringent measures, such as hiring reputable contractors and following security guidelines. Being aware of common freight bill frauds and how to avoid them can also help companies keep their shipments and profits safe and sound. Some common scams include: Fake load booking In many cases, the scammers work in tandem with drivers to make fake load bookings. Here, they steal the company’s identity and place it on an illegitimate truck. Since this looks legit to an outsider, customers may hand over their shipments for moving. However, this shipment then gets stolen, making one’s company look responsible for the loss. To avoid this, provide customers with proper bill details and a toll-free number so customers can verify the company’s identity. Double brokering Many companies also engage in double brokering, where goods are transferred from one freight carrier to cheaper options without any authorization. This increases the risk of losses, thefts, and delays. Companies must always be notified in case of such transfers and receive formal documentation to maintain transparent transactions.