Not to say parents escape blame for not teaching their children about the beginning stages of personal finances, which include spending wisely and contributing to savings accounts, but why was it not taught it school? Currently less than half of the states in the US require a personal finance class to be taught in public high schools prior to graduation. Many of us actually do not learn until we make mistakes on our own, which as long as the issue is caught right will not cause long term damage, but continuing with current behavior and you could be off track, setting you years into debt, with little to no savings. … Read the rest
Investing in your health has numerous benefits – increased levels of happiness, lower stress, a longer life and ultimately a better financial situation are all reasons to take your health at least as seriously as your finances.
We all budget for the normal expenses – rent, utilities, food and savings – but there’s a lot of value to be found in optimising your budget for better health. From getting in better shape to having higher quality healthcare, there are plenty of reasons to set a personal budget for your health.
If you don’t track how much you spend on food every week, you may be surprised by the figures.… Read the rest
Depending on which analyst or talking head you listen to, the “American Dream” is doomed, or at least highly endangered.
According to Liberty for All: A Manifesto for Reclaiming Financial and Political Freedom however, there are still a lot of things that ordinary consumers can do to build their own fortunes, especially in this day and age where traditional rules of success have been thrown out the window. Below are a number of “new rules” taken from the book. Enjoy
One of the first is also the most interesting. It’s the ability to stay mobile and move wherever economic opportunity exists.… Read the rest
If you feel like you spend your life making economies and trying to live on less, there comes a point when you decide you want the money you do have to start working harder for you. The big question is how to do this.
Many money-making ideas usually require having a lot of spare cash to invest in something like a buy to let property or a business. But what if you’ve only managed to put a little bit aside each month in a saving account? What difference can you make with that? With interest rates as low as they are at the moment, your savings certainly aren’t going to multiply when sitting in the bank.… Read the rest
Although you won’t find them at as many banks as you will savings accounts, money market accounts are definitely an option at many of them. If you glance at both briefly, there are some similarities, including that both pay interest and offer liquidity, as well as both being protected by the FDIC, and similar check writing rules.
On the other hand, money market accounts almost always pay a higher interest rate, making them a more attractive option for most savers.
The simple truth is that, when it comes to what they can do with funds that are being saved in a savings account, most financial institutions are extremely limited.… Read the rest