There may be times when you feel that your financial advisor is not giving you the advice that’s best for the situation, and so you wonder: Is your financial advisor working for you, or is he doing all this in his own interest? Read on and find out the difference.

To be sure the financial advisors come from different backgrounds, different knowledge and levels of experience. It is only understandable that they may have varied opinions regarding a particular financial dilemma, however, some of their advice can just be downright ugly, and here’s how you can tell whether or not you’re getting good advice.

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No one can predict the future with certainty, so you cannot really expect your financial advisor not to make mistakes. There is, however, a big difference between a mistake made based on sound judgment and analysis, and one made because of lack of knowledge and carelessness.

There are two common reasons why you’re getting bad investment advice:

• The advisor places his own interest before yours; and
• Your advisor lacks knowledge and fails to observe due diligence.

Bad advice can have both short term and long term consequences. But they all have the same effect overall: loss of money. So, as an investor, you should never fully trust your financial advisor. Yes it’s good to have someone to confide to once in a while, but remember, the final decision is still yours.

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As globalization spreads a lot of people find themselves traveling more frequently. So, if you’re one of those travelers, your expenses can include a lot of things, such as accommodation (hotel/motel rooms, etc.) to interesting souvenirs that you find along the way. Needless to say, you must be well funded every time you travel. Now here are some pointers on how to finance your travel as well as how to avoid surcharges that are unnecessary.

Avoid excessive currency exchange fees. It is a good idea to be prepared before hand and have a few dollars, say about a hundred, exchanged for the equivalent currency of your country of destination. Use Automated Teller Machines that are affiliated with major banks. This way, you can dodge those high currency exchange charges.

Sometimes you wonder whether you should use cash or credit card when you travel. In many places, cash will be the norm, so you need to have your dollars exchanged before hand, preferably at home, to the local currency. However, some local merchants are willing to accept US dollars, so you might as well use that before exchanging your dollars into the local currency. Take note of how much the merchant is charging you in dollars, as he may be using a rate that’s favorable only to him. You should always be updated regarding the latest exchange rate by consulting financial Web sites.

Credit cards may charge you a uniform one percent conversion fee. However, you still need to confirm your credit service rates ahead of time - preferably prior to leaving home. There may also be an additional one to two percent service charge, so it is best to prepare for that. Many travelers confine the use of credit cards to hotel rooms.

No matter where you travel or for how long, you will always be needing money. The different forms of currency, and the exchange rates and fees can be mind boggling at times. A little planning ahead of time can spare you from both unnecessary expenses and headache. Doing some research can be well worth it. Bon voyage!

Along with rising costs, comes another element that is perhaps more dangerous than inflation.  That is a feeling of helplessness. I mean what can you do to beat the rising costs of fuel? Or groceries for that matter.

Amada Gengler, a writer at CNN money, has some great ideas to beat the rising costs that harass us. Let us take a look at what they are:

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Save 33% of your gas bills

According to Amanda, the way we drive can have a significant impact on our fuel expenses. Apparently, driving at a slower steadier state, allows you to save upto 33% of your gas. This essentially means getting your foot off the pedal, and increasing the efficiency of your engine.

Take a list with you to shop

Supermarkets are laid out in such a manner, that they force you to buy things you don’t want. This is the reason for long aisles, and attractive displays. Keeping in mind your shopping list ensures that you don’t get distracted.

Also, search more for your goods. Firms pay a lot of money to get their goods on the best shelves, and so the most visible product is not necessarily the cheapest

Cut down on Vampire Appliances

Vampire appliances are those that take up energy even when not in use, like your computer which may be in suspend mode, or your Xbox. Amanda estimates that you can save upto $300 a year on these appliances.

So take heart, and follow these good strategies to keep your money in your wallet.

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A new mortgage is costly. That’s what you need to keep in mind before going into that direction. It’s costly no matter if it’s your first loan or a refinancing of one that already exists. Every homeowner pays, on the average, around 3 to 6 percent of the outstanding principal for a new loan. However, you do have plenty to choose from when looking around for a better mortgage.

Seek the help of professionals. Hire the services of a mortgage broker. This can prove to be a real advantage to you, whether or not you have credit problems. Get a mortgage broker who at the outset discloses his fees in writing.

If it’s a non-broker deal, in order to negotiate, you can utilize competing bids. A detailed analysis regarding cost-benefits is of vital importance. But don’t be disheartened even if you have to face a myriad of factors to consider given the importance and impact of this transaction on your future, your efforts will eventually pay off.

What are no-cost mortgages? It is very likely that you’ll come across lenders that offer this type of mortgage. Note that no-cost does not mean free. It’s just a way of saying that expenses are rolled into the transaction, which can be through a higher rate or added to the loan’s amount. The latter situation may prove a real headache later on since this could hinder your ability to subtract your taxes aside from paying interest on the added amount for the duration of the loan.

The way to cut cost is with the line items of the lender, not third party fees that you pay lawyers or county tax offices. However, you should as a rule keep your focus on the big items as these are the ones that can have a real impact on your savings.

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As a homeowner, it is likely that your mortgage payments eclipsed your other expenses. It is therefore understandable that whenever an opportunity presents to reduce those payments, many will grab it a bit too soon.

Let’s admit it. Who’s not tempted by such an offer? Basing your decisions solely on the amount you can save from refinancing is too tempting. However, this is a very simplistic approach. What you should do is use a model that is more sophisticated, and wait for larger savings as this line of action would benefit you more in the long haul.

Try to evaluate the benefits being offered to you. Shop around and see if there are better offers. If you focus mainly on the amount you can save without first looking around for better offers, you will end up saving less than what you could have if you waited a little while for a better offer. It is equally disastrous to wait too long before taking any of these offers even when interest rates have tremendously dropped.

Just remember that a lot of financial decisions are complicated, although they may not seem to be so at first glance. Keep your eyes peeled for any savings opportunities you encounter. However, avoid jumping at the first opportunity to save tidbits, when you could save so much more by waiting for the better offer.

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The biggest hassle that you’d probably face as a prospective homeowner is taking out a mortgage. Hearing all the interrogatory questions the bank asks you about your income and property can really be annoying. However, the bank does have reasons for asking all those questions.

They simply want to know whether you can be trusted as a borrower, whether you have enough source of income to pay back the loan, and whether you have some valuable property that can serve as collateral should you be unable to fulfill your obligations.

Are you earning enough to pay back your lender? Your lender of course would be interested to know not only the cash and assets that you now possess, but also how much money you will be able to generate in the long haul, say in a span of about thirty years. Another thing you need to disclose is whether or not you have other debts. Whether you have other assets or not will count a lot when the bank starts figuring out how much money the will lend you. They will most likely look into your personal property, like a car or other movables that they might consider valuable, or they might also look into stocks, mutual funds and other investments that you’ve made.

The thing to remember is you should try to come up with 20 percent, at the very least, of the worth of your new home. This will enable you to avoid having to pay for mortgage insurance, otherwise known as private mortgage insurance (PMI). However, you most likely are already qualified to avail of financing arrangements that will buy you a home for as low as three percent of its price.

Now, as a prospective homeowner, try to see whether you really need to buy a new home, and how long you plan to stay in it. If you’re planning to stay in it for only two years or so, why bother?

Can you afford the mortgage? This is something you really need to figure out before you start borrowing. Don’t rely on the bank to make that decision for you. Remember banks serve their own interests, not yours, and will at times loan you the money even if you can’t really afford to pay it back. You may have to give up certain things just to get that house, and if you don’t want your money tied up on that mortgage, then don’t buy that house just yet.

Lots of people are trying innovative ways to save money, and most of them fail. After all, how long can you keep cutting off discount coupons, and finding cheaper and cheaper places to buy gas?

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CNN Money talked to dozens of couples who have been trying out an even more drastic and perhaps innovative way to save cash - Cut out the plastic! Studies comparing the before and after plastic phenomenon have found that people spend upto 30% more cash when they have a Credit card, purchase more non-essentials, and are less price conscious.

The reason is probably that people simply don’t realize how much money flowing out of them. It’s very nice to have the security that a Credit Card provides you with, knowing that you don’t have to exactly calculate whether or not you’re purchasing within your means. Of course, the other reason is you feel there are no restraints on your spending.

According to Richard Thaler, a professor at the University of Chicago Graduate School of Business, having a credit card breaks the link between buying something, and paying for it. Another research concluded that people whose credit lines are higher, also end up having more credit.

This means that the savings that not having a credit card can provide, are mostly psychological. You can save a lot more by giving up your credit card, than you can by pursuing other means. Penny wise, Pound foolish!

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If you’re a homeowner, chances are your monthly mortgage payments is by far your largest expense. You are probably perplexed as to where you’re going to get the money to pay your monthly dues, especially if you’ve got other debts to pay. Now, what you need to do is spend a few minutes reassessing and reviewing your mortgage.

Are you overpaying your mortgage lender? You need to find this out. How much money did you borrow? If it’s greater than your home’s appraised value, chances are you’re paying private mortgage insurance. PMIs depend on how much you’ve paid in down payment and on the value of your home. PMIs can inflate interest rates up to 1 percent, which can mean hundreds of dollars of additional expense every month. Needless to say, you have to get rid of PMI.

To free yourself from the burdensome PMI, you need to show proof to your lender that your mortgage balance is in fact below 80% of the value of your house. Next, send payments to apply to the principal, which must be expressly indicated as such, to reduce the loan balance. If real estate values are increasing in your area, have your property reappraised, and try talking to your lender. Ask what you can do to get rid of PMI.

Refinance your mortgage if feasible. Refinancing is a rather straightforward measure; your aim is to pay the principal with money borrowed elsewhere with a lower interest rate than your previous debt. Even if it only amounted to a hundred dollars saved each month, refinancing can still save you thousands of dollars in the long run.

Once you’ve gotten your debt low enough to eliminate PMI, you need to apply as much additional payment as you can to the principal. You need to do a little math and find out how much eventually you will be able to save if you pay off your debt early. Compare this with how much extra money you’ll save if you didn’t pay it off early, but instead invested some of your savings in an index fund that earns, let’s say about, eight to ten percent.

Take advantage of your home equity, which is the value of your home less the owed amount. This is another good source of additional low-interest cash that you can apply to the principal. Earlier you made refinancing as your first choice in helping you cut down on interest, and now, home equity loan can be a good second choice. You can also get a home equity line of credit, although this has the highest rate, it affords you the most flexibility in generating cash if you need to pay for some major expenses such as home improvements for instance.

All in all, a mortgage loan is a debt that you need to manage carefully. If you apply the advice given in this post plus a little bit of common sense, all will be well.

Here are some quick tips for you if you’re thinking of hiring a financial planner. You must take them into consideration before you hire one, or you could be in danger of not getting the best you can, or worse.

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Make sure they’re competent

You have to ensure that your planner has the right credentials. Refer to an earlier article of mine which shows you what a Certified Financial Planner is.

Just Investing is not enough

Remember that you want someone who can advise you on a range of financial topics including insurance and mortgage payments. Planning doesn’t end with just investments.

Know how your planner is making his or her money

You need to know how much of a vested interest a planner has in recommending a particular product. If he is getting a cut out of whatever he sells to you be wary of his advice, as it is unlikely to be dispassionate.

Check and see how well he gets to know you

You don’t want someone who is looking to push their own agenda onto you. What your planner feels are the right life goals may not be what you think are the right life goals. For example, if he feels that you need to start saving for your kids college fund, and doesn’t take your word for it that you don’t ever plan to have kids, reject him. You’re hiring him so that he can advise you on how to reach your goals, not so that he can decide your goals for you.

If you’re a typical married person, chances are that your estimates on the state of your partner’s finances will be way off. The results of a study conducted in 2003 show that over 35% of people are unable to accurately pinpoint when their spouses were planning their retirement. The situation was the same when they were asked to assess their spouse’s net worth.

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But this is rather understandable. As a married man, I know that finances can be a touchy topic. Specially if the marriage takes place late in life, there is an awful lot already going on before the couples tie the knot. Some financial details are just embarrassing, and sometimes, querying about them looks like a threat to the other person’s independence.

But apart from maintaining a healthy relationship, there are more hard economic reasons why you should keep yourself informed about what your spouse is upto. The main reason is that without that data, you will be in tailspin when your partner is missing. Either they has passed away or (God forbid) you are going through a divorce, you need to know what is what so that you don’t make a major mistake in the first case, or significantly lose out in the second.

Important things to know are your partner’s various sources of income, not just the salary, but bonuses and commissions, their investments, Insurance schemes, and their debt status. Any of these can have a significant impact on your own financial decisions, and after all, you do want to make the best ones right?