Understanding interest is super important when it comes to managing your finances because interest is what makes the world work. Unfortunantly, it is either your friends or your enemy, there really is no in between.
The two types of interest are:
0 Comments
In the last post, I discussed all things bank charges. For this post I'm going to cover how you can use bank accounts to your advantage.
Remember when I described the bank as being a business? Well think of a bank account as the products its selling. This goes for life insurance, mutual funds, etc. Today let's focus on bank account. There are different types (chequing, savings, etc.). I am going to go over all of them and their differences in another post coming up. So you decide that it's time to open a new account. If you're turning 18 you have to leave your youth account. Here are my tips to help you find the right bank account! Having a bank account is a right of passage that brings you one step closer to adulthood. However, when you sign on to opening an account, there are things that the banks won't tell you in detail. One if these things are bank charges.
One summer I overcame my biggest challenge. Money Rules!
This 500 page bible by Gail Vaz-Oxlade was no small feat. Each page was jammed packed with information. If you asked me about it I probably couldn't remember about it. Gail Vaz-Oxlade has been writing financial books for years! She has also hosted a variety of shows including "Till Debt do us Part" and "Princess". Like Dave Ramsey (the cash envelope system dude), she has a very set system to financial success. Look! I agree that there is a way to financial freedom but everyone is a different case. So sometimes I don't fully agree with everything these financial gurus say. However, there is one lesson Gail preaches that EVERYONE need to follow! Christmas is an expensive time of year. The things that I've seen people do to afford the perfect Christmas is heartbreaking. Taking out loans, maxing their credit cards, the list goes on.
At the end of the day stuff is really just stuff. It's easy to get caught up in the ads and deals. This is why it is important to plan out Christmas every year and budget responsibly. This goes for everyone! Here is how I plan for Christmas. Step #1- Make a list The first thing I do before any shopping is sit down with a piece of paper. I start by writing everyone I plan on buying a present for. Grocery stores are king when it comes to tricking us into buying more than we need. How many times have you had to throw away food because your fridge was overflowing? Or slipped a chocolate bar or pack of gum into your cart?
Here are a few ways that the grocery stores get you and how to dodge these situations! Leaving a store with more then intended has happened to all of us! It's easy to say that in order to avoid impulse buying, one must have a substantial amount of discipline but that's not always the case!
Hello all of my friends on a budget!
I think we've all seen shows like "Extreme Couponing" advertised all over television. I recently just watched this British documentary about extreme cheapskates and one of the people in the show was a mother obsessed with couponing. She based everything her family did on coupons and saved a ton of money along the way. Overall, couponing is a really obvious way to save money. Why wouldn't you take two minutes to print out a piece of paper and save money? Whenever I see similar posts to this I get annoyed because everyone suggests the same things. Most are advertising things like online survey sites, websites like Swagbucks, or things like starting a blog. The truth: these are more often then not them trying to get you to use their links so they profit off you. Ever notice that? Start a blog using this specific site and use MY link for a discount. They're making a profit by making an excuse of a blog post.
My good friend Madeline who is preparing herself for graduation next year asked me to put together a budget for her. So I looked at some templates for her but there is a lack of student budgets online. Many would ask why students even need a budget? My belief is that good habits start early. Even if the budget is small, at least the skills are being taught.
So I've decided to post how I budget although I'm a working student. If you're saving up for something or just want to be more conscious with your money than this is a good way to do that. This budget plan is simple and is good for teens with any income. Even if it's your weekly allowance. I personally have a budget binder which goes into much for detail but this one is a great start to learn how to budget. I took the liberty of making a budget sheet with that age group in mind. My apologies for the quality. I just made this on word to give you an idea. You could easily draw this format out or make it yourself on the computer. Trust me, I figured out how to make one and I am no computer tech. |