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How Interest Works When You Borrow Money

In our second mini lesson on interest, we will learn how interest rate and APR work when you borrow money from a financial institution. Interest on Money That is Borrowed When you borrow money, interest is what you are charged for using that money. This means you will end up paying back more than the […]

saving with compounded interest over time

Saving: An Effective Way to Save $5,000 In A Year

In my last post on this topic, you learned how you can save $5,000 in a year by simply depositing a certain dollar amount on a bi-weekly or monthly basis. This is a simple method but not effective. There are far better options when you choose a interest bearing savings account with a moderate opening […]

Saving: Two Ways to Save $5,000 In A Year

For many people, particularly part-time working students and entry-level professionals, saving can be a daunting task. Sometimes, the end target simply seems too high, but it’s easy to get some perspective when things are broken down week by week, or month by month. The following two examples will illustrate how it is possible to save […]

Ten Creative Ways to Reduce Your Expenses and Save More

Saving money is important, and one of the easiest ways to do it is to reduce your expenses. With small lifestyle changes you can spend more and save less. Here are ten creative ways to change your spending habits. #1 Stop Buying Take Out Coffee Americans pay an average of $2.70 for a takeout coffee. […]

How to Pay Your Bills – 2 Convenient Ways

In our last post, we discussed how you should handle past due bills. In this post, we will discuss two convenient ways to pay your bills. First, let’s be clear. By bills, we are talking about your living expenses and debts. Examples of living expenses are rent, utilities and transportation costs. Debts would be payments […]

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