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If you have purchased a new car (or even a not-so-new one) using the tips provided in the last article, you will probably want to save money on gasoline, especially considering the currently high prices. According to this article by David Hamilton, simply using relatively safe driving techniques can help you improve your overall gas mileage and squeeze some much-needed money out of a limited budget.

Want to spend less on the road? Drive safer. The same driving techniques that keep insurance cost under control can curb other car costs as well. Through a combination of safe driving habits and preventive maintenance you can stay safe, reduce costs, and cut your accident risk.

Low tire pressure, a dirty air filter, or oil made heavy and thick by accumulated debris can increase your risk of a sudden and potentially dangerous breakdown. On the financial front, fueleconomy.gov reports the savings from properly inflated tires alone can reduce effective gas cost by as much as 11 cents per gallon.

Preventive maintenance is crucial, but small changes to your driving habits will make the biggest difference over the long haul. Key among these changes is simply slowing down. According to research conducted by Energy and Environmental Analysis, Inc. speeders pay an additional 20 cents per gallon for every five miles above 60 miles per hour.

The usual argument for a faster pace is a lower travel time, but the numbers just don’t add up. A poll conducted by Gallop.com estimated that the average round trip commute lasts about 46 minutes. Even assuming you spend the whole time going 80 on a 60 mile an hour interstate, your total time savings is about five minutes each way. This small time savings will cost you nearly two dollars extra on every fill-up.

Saving safely isn’t just about the way you move. The way you stop and park can plays a role as well. By watching for upcoming red lights and stop signs you can slow down in preparation and reduce the need to slam on the brakes. In the short term this will cut the amount of time your engine is burning money going literally nowhere. A safe following distance and earlier, less drastic reactions to road changes could also lower your accident risk. As an added bonus, consistent application of this driving style will extend the life of your brakes.

Gas-saving enthusiasts squeeze an extra drop out of longer stops as well. Those who keep close watch on the fuel gauge wince at the gas wasted backing out of parking spaces. Why waste gas backing your car out of a space only to go forward again? The simple solution is to pull forward when you park. The safety advantage comes from a better field of view and easier control of the car.

Regardless of the exact safe saver techniques you choose, the key is consistency. The daily impact on your gas budget can seem small, but it will quickly compound. Some of the more dramatic savings are even easier to miss. You might not even notice it when you slow down early ahead of a fast braking car and avoid a collision. It is even less likely that you will see the concealed highway trooper who clocked your safe speed and let you pass without adding a ticket to the price of your commute.

This article by Kristin Goodman provides some good beginner’s tips for those who are looking to buy a new car for the first time. As with most other significant purchases, it ultimately comes down to doing the proper research beforehand and avoiding impulsive buying decisions. Meanwhile, if you need to obtain financing for a car and want to figure out what your payments might be, you can look at my previous article on simple interest amortization.

Imagine driving to a car dealership, purchasing the brand new car of your choice and being back on the road in 20 minutes. Impossible? It’s not! Not only can you buy a brand new car without the usual hassle, but you can get the exact price you want (less than the manufacturer’s suggested selling price). Here’s how:

1. Do your homework. The Internet is a wonderful tool! Once upon a time, car buying meant physically going to a car dealership and talking to the (somewhat overzealous) salesmen. Now, you can shop for a vehicle in the comfort of your home! You can compare prices, research options for the vehicle of your choice, and determine what vehicle fits your budget. You can even research the value of your current vehicle prior to selling it! By the time you set foot on the car lot, you are an educated consumer, and you know exactly what you want.
2. Let’s make a deal. If you’re not comfortable with face-to-face haggling, you can still get a great deal. Many car dealerships allow you to contact their Internet sales department online and make an offer. Once you know what the vehicle is selling for at one dealership, you can negotiate with another for a lower price.
3. Application made easy. With the size of a loan application these days, it can take longer to complete the paperwork than it does to decide on a vehicle! Once you’ve reached a deal, have someone at the dealership email or fax you the required documents. You can submit all the required information before you even get to the dealership, saving you lots of time.
4. Make an appointment. Once your vehicle has been selected, your price negotiated, and your financing in order, talk to the representative you’ll be meeting with. Pick a time that works best for you (mid-week evenings are usually a slower time for dealerships) and make an appointment to wrap up your deal.

With everything in order, you will literally be out of the dealership cruising down the road in your new car quicker than it takes for a trip to the grocery store. You will have saved yourself lots of stress and can now just relax and enjoy your brand new car!

With all the talk lately of recession and rising fuel and food prices, families are struggling to find ways to save money and make ends meet. This article by Joanie Raisovich shows you how it’s possible to drastically reduce your grocery costs and not sacrifice good taste or good nutrition.

1. Plan your meals. The first step in saving money on your grocery bill is taking time to plan your weekly meals. Plan each evening meal’s entree as well as side dishes. Select several items that are cheaper to fix to easily save money on your groceries. Good examples of inexpensive meals are spaghetti, meatloaf, soup or stew, and meatless meals.

Planning ahead also allows you to take advantage of using leftovers for meals or for packing lunches. Both can save you quite a lot on your grocery bill.

2. Shop once a week. Each time you go to the store, you’re tempted to buy more than you need. Limit that temptation by only shopping once a week. As a bonus, you’ll save gas and time. This is one reason for planning your meals; you can easily buy everything you need in one visit.

If you really feel that you need to go back for milk, bread, etc., then force yourself to just buy those things.

3. Buy in bulk. The key to buying in bulk is being familiar with what items normally cost at the supermarket. Many canned goods are cheaper when purchased at the big box stores, but you do need to double-check since some items are actually more expensive. Take some time and jot down the prices of items you typically buy so you can do some comparison when you start buying in bulk.

Be careful about buying perishable goods in bulk; they often spoil before you can use it all. Many times the big box stores sell only name brands, and while they’re cheaper, you might still be able to beat the price by buying generics where you normally shop.

4. Freeze leftovers. You may be accustomed to tossing leftovers, but don’t. Instead, freeze them and use them for easy meals when you’re too busy to cook. This is a much better and cheaper choice than takeout. You can also take leftovers for lunch and save even more. While you’re buying your weekly groceries, buy plastic wrap and bowls to put your leftovers in so you won’t have an excuse not to save them.

Many meats, rice, bean dishes, and soups freeze well. Frozen vegetables and fruits are quick and healthy choices.

5. Buy cheaper brands or generics. You may be used to buying certain brands, but keep an open mind. Try a cheaper brand or even a generic. Often these are just as good as the brand you’ve been using. Generics are particularly good when you’re mixing them in with other items. For example, while you may notice the difference in generic lunch meats, you’re not likely to notice when you change to generic sugar, oil, or flour.

When trying a new brand, buy only one or two just in case you don’t like it. After all, if you won’t eat it, it’s not saving you anything.

6. Buy less meat. Meat is one of the most expensive items on your grocery list, but you don’t have to fix meat for every meal. Instead, try bean, pasta, or rice based dishes. You’ll save money and eat healthier at the same time. As a bonus, these dishes often freeze well and make great lunches and leftovers.

7. Shop at local markets. Fruits and vegetables are often cheaper and fresher at local markets than at the grocery store. Many markets offer deep discounts on fruits and vegetables that are over-ripe. These are still good, as long as you can use them within a day or so. They are also great options for freezing.

8. Buy only groceries at the grocery store. Don’t buy laundry detergent, shampoo, cleaning supplies, etc. at the grocery store. You’ll spend a lot more than you should. Instead, buy these items at a dollar store and you’ll save money. Don’t forget to explore cheaper brands and generics for these items as well.

9. Avoid boxed convenience foods. Ready-to-eat foods are real budget busters. A precooked box of beef and gravy can cost five or six dollars. For the same amount of money, you can buy twice as much meat that you’d cook yourself. Take the time to prepare your own meals and you’ll save a lot of money. As a bonus, you’ll avoid all the preservatives that these foods contain.

10. Make your own desserts. Instead of buying cookies, cakes and candy pre-made, make them yourself. For example, a pre-made frosted cake can cost $7-$10, but you can make one homemade in less than an hour for about $3.

11. Clip coupons. Coupons are a great way to save money on your groceries as long as you don’t let them tempt you into buying items you normally wouldn’t use. Also, coupons are typically for boxed convenience foods that are already more expensive. Use good judgment and only buy items that are real money savers.

With a little time and effort, you can see a big reduction in what you pay for groceries. Cook more, use leftovers, and explore cheaper brands. You’ll soon find even more creative ways to save money and feed your family.

In my earlier article on simple interest amortization schedules, we looked at how to figure out the monthly payments and total costs of paying down debts from loans on things like homes or automobiles. This short piece by Alexander Bond deals with the other side of the financial spectrum - why it is important to get into the habit of saving money instead of spending it all, and why Albert Einstein once mentioned that the most powerful force in the universe was compound interest.

Meanwhile, if you’re just looking for an easy way to calculate compound interest and play around with the numbers, this calculator page for savers from About.com will give you a good idea of how much interest you can earn over time with various rates and principal amounts.

According to legend, a Dutch trader named Peter Minuit bought the Island of Manhattan from the Lenape Native American Tribe for $24 worth of glass beads and other trinkets. On the surface, this seems like a bad deal for the Lenape; some would likely see it as an early form of predatory capitalism. But if we examine the situation more closely, we may find a different story.

If the Lenape tribe had invested their $24, earned a return of 6.25%, and did not take any withdrawals, they would have had $371.1 billion by the end of 2006. This growth rate on their investment actually ends up being greater than the value of the land they sold. In 2006, the New York City Department of Finance estimated the property value of all of Manhattan to be around $200 billion.

In modern investing, 6.25% is usually considered a rather low rate of return. It is equivalent to what the bond market is returning in recent years. What if the tribe had taken a slightly riskier investment strategy? Assuming an 8% return on investment, the tribe would have $151 trillion today. Maybe selling the Isle of Manhattan wasn’t such a bad deal after all!

Of course, the Lenape Indians did not have the financial tools and investment knowledge that we have today. You, however, can put the power of compound interest to work. Due to the miracle of compound interest, even tiny amounts of money can become large ones very quickly. If you can save even a modest amount of money and put this information to use in your retirement portfolio, you can eventually enjoy the benefits of having a comfortable nest egg.

This article by Roz Andrews discusses the advantages of shopping for books online and provides some suggestions for how to use some of the major e-commerce sites in this genre. I’m not sure whether I agree with the author’s premise — my mother is a frequent consumer of books, and most of time she buys them from our local Barnes & Noble store and uses her membership discount. Admittedly, since the advent of the Internet I rarely go shopping for printed books or magazines anymore, so I cannot say for certain whether it is really less expensive to purchase books online or to buy them from a traditional bookstore. Perhaps some of you who have more experience in this area can weigh in on this one.

If you love reading and like to acquire a steady stream of books, shopping for books online is usually more cost effective than visiting a bookstore.

Amazon is the most famous book shopping website. You can browse through Amazon’s catalog of thousands of books and read reviews written by readers. You can either buy new books directly from Amazon or from one of the many Marketplace sellers. If you are eagerly awaiting the latest book by your favorite author, you can pre-order it at Amazon and the book will be sent to you as soon as it is published.

If you love browsing for secondhand books, Amazon and eBay are perhaps the best websites. Used books are sold by Amazon Marketplace sellers and many eBay sellers offer secondhand books. eBay is a treasure trove of rare and difficult to find books, from the antiquarian to the limited edition; from the proof copy to the old and well-read. You can also find books that were only published in other countries.

Amazon and eBay are like extended virtual secondhand bookstores with an unlimited supply. Don’t forget about the many eBay stores specializing in books – you can browse until your heart’s content.

There is often a great deal of overlap between what is offered on Amazon and what is available on eBay. Bear in mind that eBay sellers are free to set their own postage and packaging charges for each book, while Amazon Marketplace sellers have to charge Amazon’s standard shipping rates. This may mean that you can get a better deal on eBay if you are buying only one or two books. However, if you are purchasing several books, Amazon’s charges may be more favorable. If the books you want are offered on both websites at similar prices, compare the shipping charges before buying, and you may be surprised at the savings you could make by just selecting one website over the other.

If you are looking for a rare or out-of-print book that you cannot find on eBay, Alibris.com is the best place to look. It also offers a wide range of textbooks, and free or reduced shipping costs apply to some items.

Other websites offering books include bookstore chains such as Barnes and Noble and Borders, whose website is operated in conjunction with Amazon. It is worth checking out these websites to see if there are any favorable special offers or bulk discount deals.

Nowadays it is possible to purchase books online very inexpensively. In most cases, you will pay less than in a retail bookstore, even after taking the shipping charges into account. So enjoy a day’s book shopping without leaving home and save money by buying books online.

Although I have never been very fond of credit cards due to my traditional opposition to deficit spending, these ubiquitous pieces of plastic have become such a fundamental component of American economic behavior that it is difficult to ignore them completely. This article by Mary White explains some of the basic issues that we should be aware of when considering which card we should use to begin establishing a reliable credit history.

When you’re thinking about getting a credit card, it’s a good idea to shop around to make sure you are getting the best possible terms. All credit cards are not created equal. Many of the charge cards that promise very low interest rates look terrific at face value, but aren’t as good as they seem when you read the fine print.

Interest Rates

Choosing a charge card with a low interest rate is a very important consideration, particularly if there is any chance that you will carry a balance on your revolving credit account. If you carry balances on high interest rate credit cards, you can very quickly find yourself sinking into debt that you may have a hard time eliminating.

It’s important to keep in mind that many credit card companies offer very low interest rates to attract new customers, but raise the rate after a certain period of time. To avoid finding yourself dealing with an exorbitant interest rate a few months after opening a new account, you have to find out the details about interest rate terms and increases before you choose a card.

Annual Fees

Some credit card programs charge annual membership fees. Such fees are often waived for the first year a new cardholder has an account with the company. Unless you read the fine print of your new account, you might not realize that an annual fee will be charged to your account each year on your anniversary date. If you don’t want to be surprised by an unexpected membership fee on your statement, find out the details of annual fees before getting new cards.

Rewards Programs

Many credit card providers offer rewards programs as a means of attracting and keeping customers. When selecting a credit card, it is a good idea to pick one that has a rewards program from which you can benefit. Common rewards programs include: airline miles, points toward hotel stays, gift card rebates, cash back, credit for gasoline purchases, and more.

Provider Reputation

Make sure that you select a credit card from a reputable lending company. Thoroughly read the application form before you fill it out and submit it. Make sure you understand all terms and conditions, and pay very close attention to interest rates and all associated fees. Avoid any lender that requests payment of a credit card application fee.

Making Your Decision

By doing your homework before you select a credit card provider, you can be assured of selecting the option that works best for you. A low interest credit card with favorable terms can be an excellent tool for building a strong credit history.

The idea of creating a simple interest amortization schedule usually arises when someone needs to make a relatively large purchase and must borrow money, usually in the form of a home mortgage or auto loan. The concept of amortizing a loan simply means to pay it off and decrease its amount over time. In fact the word amortize was originally derived from the French word amortir, which means “to bring death”. This is presumably what we want to do with our debts.

An amortization schedule is simply a table or chart that shows the amount of each payment on a loan, along with other relevant data such as the principal (the original amount of the loan), periodic interest paid, cumulative interest, and the remaining balance. It is useful for figuring out what your monthly payments are going to be for different interest rates and loan amounts, as well as how much interest you will wind up paying over the life of the loan.

In order to make a simple interest amortization schedule manually, you can use the following formula to determine your periodic (usually monthly) payment represented by the letter A:

P is the principal, i is the periodic interest rate, and n is the total number of periods or payments that will be made before the loan is fully paid.

However, almost no one except for a small number of mathematical purists or people afflicted with severe cases of technophobia would want to go through the rigorous process of creating an amortization table manually. Fortunately in the 21st century computer age, we have handy little things like Excel spreadsheets that will do the computations automatically and present the relevant data in an easily readable form without having to crunch the numbers by hand or even use a calculator. You can download a spreadsheet program such as this for free at freewr.com. Here is a screenshot of what it looks like:

This program is pretty easy to use; all you have to do in order to create a new table is to click on one of the cells beside the phrases “Loan Amount”, “Interest rate”, or “Total # of Periods” and change the number in the fx bar at the top to your preferred value. Then click on any other cell and all of the numbers in the table will be recalculated. This can be fun to play around with by trying out different figures for the principal amount, interest rate, and loan term.

By using a simple interest amortization schedule, we can see how important it is to get a favorable interest rate as well as the benefits of making a substantial down payment in the beginning, thus reducing the amount that would need to be financed. For example, on a $20,000 car loan that is financed at 10% and amortized over a 60-month (5 year) time frame, we would wind up paying a total of $5,496.45 in interest with a monthly payment of $424.94.

However, if we were able to control our impulsive buying urges long enough to save up $10,000 first and then finance the remainder over a shorter 36-month period, we could reduce the monthly payment to $322.67 but more importantly, the total interest paid would be only $1,616.19. This adds up to a significant difference in our long term cash flow because we can reduce our recurring expenses and eliminate them more quickly, thus freeing up more of our income for business building activities and investments.

When going to the grocery store, many people already realize that they should not go when they’re hungry because one tends to buy and spend more than originally intended. However, there are some other commonsense tips that you can use to save money at the grocery store while still buying what you need. This article by Keesa DuPre lists five such tips that can help you to live more frugally and reduce unnecessary expenses.

1. Make a List

Just making a list — and then actually sticking to it when you’re in the store — can cut out nine tenths of all impulse purchases and save you money because you aren’t buying things you don’t really need. Even better is when you know the approximate cost of everything you’re purchasing and bring just enough cash to pay for your purchases, plus tax, and no more. This leads us into the second smart shopping tip:

2. Don’t Buy On Credit

Spending money you don’t have via credit cards is one of the biggest mistakes that you can make when trying to spend less. If you only spend the cash in your pocket, believe me, you’ll cut your spending by half or more. Many people rely on credit cards for making purchases of everything from milk and eggs to gas to clothing; the idea of leaving the card at home is going to be a bit difficult for them. But it’s worth trying, if only for a couple of weeks to see how much you actually end up saving when you don’t have practically unlimited ‘invisible money’ to spend.

3. Don’t Buy Brands

There are certain cases where a brand-name food really is better than the off-brand, and in that case, it’s usually a good idea to go ahead and lay out the money for the brand. But in most cases, you can find off-brand or ’store brand’ versions of anything you actually need. The store brands are almost always cheaper, and most of the time they work just as well as the name brands. In fact, some of them actually taste better!

4. Shop Sales — Know a Bargain When You See One

Shopping sales — that is, things like waiting to buy your meat until your local grocery has it on sale — can also save you money. But there is one important caveat; you must know when a bargain is not a bargain. Purchasing something at 50% off is no bargain if it’s money you wouldn’t normally have spent, or an item you don’t generally purchase. A bargain is only a bargain when you’re saving money on an item that you would buy anyway.

5. Ask.

Finally, the old adage “ask and you shall receive” holds true in smart shopping, as well — sometimes you can get a better price just by asking for one. We’re not talking about used car lot haggling; it can save you money, but most people aren’t comfortable with such aggressive negotiating. Politely asking if the store can give you a better price, on the other hand, is subtle and pleasant enough that most people feel comfortable doing it.

Remember that the best way — the only way, in fact — to save money on grocery shopping or anything else is to NOT spend it. Anything that helps you to keep from spending money will help you save money.

With the overall economy heading into recession, relatively high gasoline prices, and the never-ending expenses of maintaining a reasonable standard of living, many of us are looking for ways to earn some extra money by working from home to supplement our incomes. This brief article by Katherine Hansen provides some suggestions for doing this by using whatever natural talents or passions we already have and turning them into something profitable.

Whether you are looking to earn some extra money or if you are ready to tell your boss goodbye, you may already have what you need to start your own home business. Talents like decorating, gardening, writing, organizing, party and event planning, and cooking are among many skills that a lot of people either lack or simply do not have the time to do well, which means they are willing to pay people like you to do it for them. There are several ways that you can take those talents and make extra money working from home by turning them into a profitable business.

Here are just a few examples of the types of businesses you could start at home:

1. Begin your own home or office design service
2. Become a landscaper or gardener
3. Start a small nursery with your prize winning plants
4. Take your knack for organizing and help people get their homes and offices up to date
5. Begin a party and event planning service to help people plan weddings, holiday parties, conferences, proms, etc.
6. Offer your services and your great recipes to deliver homemade dinners ready to heat and serve, deliver lunches to job sites, or cater special events.

As you can see, there are many ways to take what you already love doing in your spare time and make extra money working from home by turning it into a successful business. If your hobby ends in the creation of something tangible you may decide to sell your work online. A variety of online store sites, such as GoEMerchant.com can help you turn your arts and crafts into a quick and easy online shopping experience.

Choose your own hours and prices for your services at a rate that is competitive for your area and skill so you are in control of how much you earn. Isn’t it time to do what you love?

If you’re looking to buy a house or other type of property and need a mortgage loan, there is usually a fair amount of paperwork involved and information that needs to be collected. This article by Susan Keenan describes some of the things that you will need to have at the ready to make the initial qualifying process a relatively smooth one.

So, you have finally taken the move and decided to purchase a home. Now, you need to get a mortgage so you can pay for it. It’s important to understand what you need to bring with you so that you can avoid any snags that might delay the process.

Once you have selected your lender, whether online or in person, it’s time to pre-qualify. In order to do this, you need to gather a few things that might not be readily accessible.

Make sure that you bring the following items for each person who will be named on the mortgage: pay stubs for the last four weeks, W-2 forms for the last two years with employment history including your employer’s name, address, and phone number, proof of any additional monthly income, including commissions or bonuses, and your list of monthly expenses, including other loans, credit card debt, or child support and alimony payments.

Sometimes other pieces of information are important as well. Therefore, if you have any of the following items, bring them with you to substantiate your claim: copies of any retirement income, pension checks, and alimony or child support payments that you have received. Plus, bring any of these if you have them: a divorce decree, social security award letter, or disability letter.

Even if you are applying online, you might still need these documents for dates and amounts. In some cases, you won’t have the document because it simply does not pertain to you. In other cases, the lender might not even ask you about it. Get it just to be on the safe side.

Special circumstances exist for those of you who are self-employed. You will need to have the following documents handy: federal tax returns for the previous two years, balance sheets for the previous month, loss statement for the previous month, and profit statement for the previous month.

Remember that anyone co-signing the loan will need to provide his or her information and to supply copies of his or her documents as well. Having all of this stuff ready and available can speed up the process to become qualified for the mortgage.

Plus, you need to find out the methods of payment that are available to you should you incur any expenses during the application process. Can you pay with a credit card? Is an electronic withdrawal okay? Do you need a certified bank check or will a personal check suffice?

Once you make it through the pre-qualification process, it should be smooth sailing. It may take a day or even a few days for your application to become processed and approved. Be patient and wait it out. Once you have your approval, then you can really relax.

Photo credit: The image in the upper left corner is a photo of an original handwritten mortgage document dating from December 5, 1894. After squinting at the handwriting for a while and looking at the larger sized versions, I determined that the mortgage was for “four messuages” in Stafford county “to secure £800 and interest”. Kudos to Dan Catt for this very interesting find!

Today I managed to procure a well-written article by Melissa Gover that discusses the money-making advice of Robert G. Allen, a notable author who has published some interesting books about real estate and financial investments. Overall, Melissa’s article agrees with what I have read on other websites - the strategies that Robert Allen lays out in his books are theoretically lucrative, but in practice are difficult for someone who is not experienced in the real estate field to implement successfully.

If you’re looking for advice on how to expand your wealth, look no further than Robert G. Allen. His bestselling book Nothing Down helped establish Robert Allen as one of the most important investment advisors of our time. In addition to this financial book, Allen has carved out his own niche by giving the world advice on how to grow and invest their money. A frequent guest on many television and radio shows, Allen has become a staple in the world of financial publicity claiming to grow a million dollar empire from a tiny investment in no time at all.

Although some claim that Allen has helped them achieve financial independence, it is more likely that he suckered them into a bad investment. This is why it’s so important that before you invest any money you do all the research for yourself. Making claims is easy, but any successful businessperson will tell you that making money doesn’t happen overnight. For example, his nothing down techniques encourage investors to purchase distressed properties, which are those near foreclosure or from estate auctions. Ideally these properties will be much cheaper because of the exigent circumstances, but while Allen encourages purchasing these properties he offers no advice on how to find them. A common complaint from many “students” of this technique is that by the time you find these properties you’re paying too much for them.

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While most of us enjoy the convenience of withdrawing cash from an ATM when we need it, many such machines have begun charging significant fees for their use unless you happen to be a customer of their associated banks. For example, I noticed that Bank of America has recently raised their fees for each ATM transaction made by non-customers from $2 to $3. While this may not seem like much, it can add up over time and become an annoying extra expense to keep track of when trying to manage your finances.

Fortunately, there are an increasing number of banks that will reimburse such fees to your account even if you use non-affiliated ATMs. One such institution is USAA Federal Savings Bank. I have had an account with USAA for over three years now, and know from personal experience that they always rebate ATM surcharges at the end of each month regardless of which particular machine you use. The only caveat is that the rebate is limited to a maximum of 10 withdrawals or $15 per month, whichever happens first. However, I have never used ATMs frequently enough to exceed these limits, so this has never been a problem.

In this article, I will provide a list of other banks that either offer no fee ATM transactions at their machines or reimburse fees like USAA does. I will also answer some ATM-related questions that you may have, and then finish the article with a few tips on how to avoid ATM fees altogether.

What does ATM stand for?

ATM stands for Automated Teller Machine, also known as Automatic Teller Machine. It is a computerized bank terminal that is designed to accept cards with your account number and PIN (Personal Identification Number) on them, which are usually encoded with a magnetic stripe. Such machines have the ability to dispense cash, take deposits, and perform a few other basic banking functions such as transfers between accounts or information about current balances. Although the term “ATM machine” is actually redundant, I have used it a few times in this article because it appears so frequently in search queries.

What is the total number of ATM machines in the United States?

According to the American Bankers Association, there were approximately 395,000 ATMs in the United States as of 2006. In that year, they processed over 10.1 billion transactions.

Why do ATM machines eat your card?

Occasionally, ATMs have been known to “eat” cards in certain instances, which understandably frustrates their users. This usually happens for one of the following reasons:

1. Some ATMs are programmed to seize the card if the user enters the PIN incorrectly three times in a row (the dreaded “three strikes” rule).

2. In some locations, the ATM will eat your card if you do not retrieve it within a certain time period after fully completing a transaction (15 seconds for some machines, but this may vary).

3. In a few cases, cards have been eaten because the user had insufficient funds in the account or was trying to initiate a fraudulent transaction of some sort.

4. Sometimes the ATM simply malfunctions and keeps the card when it is not supposed to, in which case you can attempt to get it back by notifying the relevant bank. I read about one case where this happened and the bank personnel eventually had to pry the ATM open to get the card back, after which the renegade machine continued to eat the cards of subsequent customers.

What is an ATM PIN reversal? Is this a scam?

This is a concept that has been propagated by forwarded emails claiming that you can enter your PIN (Personal Identification Number) backwards at an ATM machine in order to secretly summon police. Supposedly this can help you in the event that you are being threatened by a robber while in the process of withdrawing cash. However, this idea was never actually implemented by any banks, although there have been a few proposed bills in state legislatures referring to the idea of such a system. While technically not a scam, it has become known as an urban legend that is not really true. Both scopes.com and scambusters.org have confirmed that emails claiming that this is true are bogus.

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Today I had the chance to review a new site that may be able to provide some help to those of you who are struggling with bad credit problems. Appropriately enough, it’s called BadCreditOffers.com, and it provides information about an array of financial services ranging from bad credit loans to credit repair. Each section of the site has links to several reputable finance companies that are willing to accept applications from customers with “less than perfect” credit histories. A convienient summary of each company’s most relevant features and rules is also included alongside each link.

Overall, this site seems to provide a useful service for people who need to make important purchases but have run into difficulties because they cannot get the financing approved. By putting a sufficient amount of relevant information from several different companies under one virtual “roof”, BadCreditOffers.com saves people the hassle of applying to many credit card companies or financial institutions only to be turned down, or (perhaps worse) being accepted for financing but under very unfavorable terms. Meanwhile, for people who do not necessarily need to buy anything but instead want to improve their credit, they also have a credit repair section which contains information about companies that provide assistance with bill consolidation, debt relief, and consumer credit counseling.

Of course, the best way to avoid the difficulties of bad credit is to abstain from deficit spending to begin with, but if you do find yourself in debt and need assistance with financing or credit repair, BadCreditOffers.com may be able to point you in the right direction.