The advent of Internet technology has revolutionized the way we live. We order food, buy presents, communicate, make travel arrangements, search for information, read the newspapers, and even find love and friendship because of what it can do. Its become such a staple of modern life that it’s hard to imagine how we ever lived without it. One area which has been transformed by the Internet is banking and money management. Many people do their banking online exclusively, making a trip to the bank a thing of the past, and writing an actual, physical check a novel experience.

When you open up an online savings account, for example, you can manage your money very easily and conveniently, 24 hours a day. You can check your balance, see how much interest you’ve earned, check on all of your deposits and withdrawals, move money from one account to another, get email alerts from your bank or credit union regarding specific transactions and events, and even get extra money by referring people to your bank as fellow customers. You can also review your bank statements online, thereby avoiding wasteful paper. Banks will also post frequently asked questions – “FAQs” – online next to your account so that you can find out what’s what should their information line be closed for the day. Also, when you make a withdrawal from your online savings account, you no longer need to get a paper receipt for it, since the transaction will be recorded online. This cuts down on paper waste that can accumulate in pockets and drawers and just about any other surface. That in itself is a great benefit to having an online savings account.

If you’re thinking about opening an online savings account, be sure to sit down or speak to a qualified bank representative to get all the information you need. Once you commit to online banking you’ll find it hard to go back to the old-fashioned ways of managing your money.

Handing out gift cards is very popular during the holidays; however, it may not be the best idea during a recession. It seems shoppers are catching on to this idea. According to a report by TowerGroup, sales are projected to drop by 9 percent in 2008.

But why do experts recommend shoppers shy away from this gift idea during difficult economic times? Here are a few reasons:

•    Gift cards typically don’t go on sale. Unlike merchandise, it’s not easy to find a gift card on sale. So if you’re more price-conscious this season, it’s a good idea to pick out some thoughtful items on your own.
•    It’s cheaper to send cash or checks. Unless you find tax-free gift cards online with free shipping, you are more than likely going to have to spend a few extra bucks for your card. In times where penny pinching is essential, it might be better to just send cash or a check.
•    Retailers are going out of business. For those retailers filing for bankruptcy, card funds may not be redeemable – a risk probably not worth taking.
•    A card expires, money doesn’t. You can bet that if you hand someone cash, it will be spent. However, gift cards get lost, stolen, or sometimes expire – a potential waste of money that a price-conscious shopper may want to avoid.

If you’re goal is to get the most bang for your buck this holiday season, you might want to try other alternatives to gift cards like clothes, jewelry or even a gift basket. You may find that your loved ones actually appreciate their gifts more knowing that you put thought into what they might like.

A 10 point Declaration of Financial Independence by ING Direct.

A perfect message for these financial times. ING Direct has authored a new declaration titled “We, The Savers” which speaks to being in control of your financial life. We can’t individually solve the huge financial issues our nation is facing, but if more people took a few simple steps forward towards additional financial responsibility we are all collectively better off. The ING Direct Declaration of Financial Independence is a great start.

Here is the list:
1. We will spend less than we earn.
2. We will use our home as a savings account.
3. We will take care of our money.
4. We will defend our credit worthiness.
5. We will ignore unsolicited credit card marketing.
6. We will know the cost of borrowing.
7. We will invest for the long term.
8. We will take care of the things we have.
9. We will remember what matters.
10. We will be heard.

You can read more about each of the declarations at WetheSavers.com, even sign it and see others that are participating. If you agree, sign it and pass it on. A great touch is the free bumper sticker signers qualify for at the bank’s online store. We all need a new bumper sticker to cover the “I love my SUV” one, and it’s a great way to start a conversation about taking more control of your personal finances.