Nominal interest rate and effective interest rate…. you’re paying HOW MUCH? I’m sorry what? Many of us don’t realize that we are paying more than the posted rates we see in commercials. What we are actually paying is the effective interest rate, which is based on how often the interest on our balance owing is […]
Cash, debit or credit… what’s your payment preference? Most of us put very little thought to how we pay for everyday purchases. In fact, I would go so far as to suggest that our method of payment is so automatic, that we don’t even stop to consider why use cash, debit or credit or the […]
Taking advantage of an employer matching program is like getting free money! Free money is sometimes attainable if you know where to look. I’m baffled at the number of people who do not take advantage of an employer matching program, which can be considered free money. Many companies both large and small can have employer […]
Secured Credit Cards are like having a second chance at building your credit! A second chance at rebuilding your credit that is! Most of us aren’t taught in school what a credit score is, let alone how to manage and build our credit. It’s no wonder when it comes time to qualify for a mortgage […]
Have you heard the expression ‘throwing good money after bad’? Well this idiom can also be applied to understanding sunk costs! Let me explain… have you ever spent money on an item or experience and later, had to pay more money towards the same original expense? This could be considered throwing the good money after […]
Do you know your net worth? Net worth is probably one of the simplest ways to have an overall snapshot of how you are doing financially. It takes into consideration your assets (everything you have and own) and all your liabilities (everything that you owe) and it’s all tied together in one number… Ta Da! […]
Here’s my best money saving tip; know the trade-off! My best money saving tip when saving for something really big is to break it down into bite sized micro-saving goals and understand the trade-off. It is very common to get overwhelmed when you are saving for something really big. It is easy to think that […]
Let your money reach it’s full potential with compound interest. According to Albert Einstein, compound interest is the 8th wonder of the world. Compound interest is interest added to a principle amount, which in turn earns additional interest. To clearly understand compound interest, it is best to contrast it with simple interest. With simple […]
Have you been building an emergency fund? Ever notice how the rain bothers you most when you’re caught off guard? When you’re wearing a fabulous outfit and your hair looks great. We all know to expect rain, so why don’t we always find ourselves prepared? If you had rain boots, an umbrella and a good […]