The Wirecutter recommends: 1. Get your debt in order If you don’t pay in full each month: Lower interest payments on your credit cards. Call your card companies and negotiate a lower rate.Refinance your mortgageUse federal student loan protection 2. Shore up your cash Save the money you would’ve otherwise spent. You’re not eating out…
Category: money management
Get money smart. 25 tips to improve your financial well-being from CFPB
This is just a summary of a great website from the Consumer Financial Protection Bureau; it’s almost like a complete personal finance course in one place. Click here: https://www.consumerfinance.gov/about-us/blog/get-money-smart-25-tips-improve-your-financial-well-being/?utm_source=newsletter&utm_medium=email&utm_campaign=General&utm_content=October2019 Understand where your money goes 1. Take our quiz to see how healthy your finances are. https://www.consumerfinance.gov/consumer-tools/financial-well-being/ 2. Learn where your money is coming from. …
Why save when interest rates are so low?
“What’s the point in saving your hard-earned dollars if you don’t know what it’s for?” asks Ross Menke. “By visualizing that future experience, you’ll feel in real time what lies ahead.”Jonathan Clements explains:“To get started with visualization, write down your goals in great detail. Once your specific goals are established, write down how achieving those goals will make…
Back to Basics: Compound Interest
Suppose you started with one penny on the first day of the month and then doubled it each day—to two cents, then four, then eight and so on.After 10 days, you’d have $5. After 20 days, you’d have $5,000 and, after 30 days, you’d have more than $5 million.Read the details in Jonathan Clements’ blog: https://humbledollar.com/2019/01/repeat-for-emphasis/…
Parents Pass (Bad) Money Habits to Kids
“Parents signal their attitudes about money, either through purposeful and explicit messages or in unconscious ways. Meanwhile, children learn the behaviors that take them into adulthood by observing what parents do. These observations can override financial knowledge in shaping behavior.” The Squared Away Blog features a research summary by Dr. Sonya Britt, a certified financial…
10 BAD Personal Finance Myths
“Though they may seem correct on the surface, these personal finance myths could be costing you a fortune,” writes Sean Williams. 1. I don’t earn enough to save money 2. A penny saved is a penny earned 3. Assets should be allocated based on a set formula 4. Cash is king 5. I have to…