How to Stop Buying Things You Want

You know when you “want” things, rather than “need” them? How do you cut down on the wants? Whether you're trying to get out of debt, pay down credit cards or save for a home, you need to stop buying things you want. Full stop. No "stop buying things you want, unless it's a really good sale" or "but if it's the last one on the shelf it's OK" excuses. Here are some helpful hints on how to stop buying things you want, in order to live a more financially stable life. Why Are You Buying? Identify why you're buying, or why you want to buy, this item. Purchases are often caused by a variety of triggers. … [Read more...]

Seven Useful Personal Finance Tips

Managing personal finances is often challenging, especially since money can be a scary topic for many people. There are many pieces of advice available on how to improve an individual's financial picture, and some of these tips are better than others. Here are the seven most useful tips for personal finance. Put Savings First Many people make the mistake of saving what they have left at the end of the month. For too many though, this number is zero. In order to make progress towards goals, savings needs to come first and should be done automatically. Banks, investment companies, and 401(k) plans all have automatic savings … [Read more...]

Can You Avoid ATM Withdrawal Fees?

By attempting to forecast cash needs in the future, many people can save money on ATM surcharges. Frequent withdrawals from these machines can be avoided with careful planning and adherence to a monthly budget. You pay fees by using the ATM services, so in order to reduce this amount by a significant margin, consider making larger withdrawals on a less frequent basis. There are actually two separate entities that collect these fees: the ATM owner and the network provider. The costs of getting money in this way can be as high as three dollars each time it is used and are earmarked as surcharge fees. Although this does not … [Read more...]

The Magic and Myths of Compound Interest

Understanding the power of compound interest is perhaps the most important concept that anyone can use to save and accumulate wealth. The phrase "you need money to make money" was never truer when it comes to compound interest. Compound interest can make a small pile of money turn in to a big pile of money. The 2 key elements that make compounding work are interest rates and time. Following is an explanation of some of the magic and myths of compound interest. What Exactly is Compound Interest? Compound Interest is the process by which interest is calculated. It can be compounded in different increments. The greater the … [Read more...]

Saving For a Rainy Day

Why Everyone Should Have Savings For a Rainy Day People find saving money for a rainy day one of the most difficult tasks to do. If you are one of those people, take heart, there is still hope. It is much easier to take on this responsibility than you think. It does take a discipline, but with practice, you can build a rainy day savings account quickly. How fast a savings account grows is highly dependent on how determined you are to make it grow. Why Save Money for a Rainy Day? Rainy day money is for emergency purposes. Whether you need a new clothes washer or a tire goes flat, rainy day money will keep you from … [Read more...]