Money Tips

Giving Teens an Allowance – Money Management Tips for Parents

A parent asked me about giving her 13 year old teenager $50 a week for an allowance. Since I’m no expert on teens and money management, I asked the creator of KidsSave for her input. Here, Karyn Hodgens offers some practical tips on giving teens an allowance… This was… Read More »Giving Teens an Allowance – Money Management Tips for Parents

Getting a Payday Loan? How to Avoid Borrowing a Paycheck Advance

Money problems can make people consider getting payday loans, or borrowing a paycheck advance. Payday loans are small, short-term loans with high interest rates, which makes them a bad idea; here are eight ways to avoid borrowing a paycheck advance.

“When many people get into a financial bind, they go to a payday lending store and borrow a few hundred dollars,” says Ethan Ewing, president of Bills.com. “They plan to repay the loan in a week or two, when they have the money. But they pay a huge price. Payday loans can become a dangerous addiction that can cost hundreds or thousands of dollars a year.”

Below are ways to avoid getting a payday loan. For tips on earning more money, click How to Sell Your Stuff on Amazon.com and eBay 4 CD ‘s. And, read on for Ewing’s advice for getting a payday loan and avoiding borrowing a paycheck advance…Read More »Getting a Payday Loan? How to Avoid Borrowing a Paycheck Advance

How Compound Interest and Simple Interest Rates Work

This simple, easy comparison of compound versus simple interest rates includes two tips for maximizing the benefits of compound interest. Financial expert and author Adam Goodman also describes two surprising facts about compound interest…

Before the tips, a quip:

“Many of the biggest and most far-reaching investments we make in our lives are investments that have little or nothing to do with money.” – Daniel Quinn.

That said, most of us do invest our money in something – whether it’s our home mortgage, 401K or RRSPs, or mutual funds. For solid financial advice, click on The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey. And, read on for Adam Goodman’s description of compound and simple interest, and how interest rates affect investment decisions.Read More »How Compound Interest and Simple Interest Rates Work

5 Types of Divorce – How to Get Divorced Without Money Problems

Choosing the right type of divorce can help divorcing couples avoid money problems. These five divorce options will help separated or divorcing couples prepare financially and emotionally to end their marriage. “Divorce can be very costly, depending on the method it’s done,” says certified divorce financial analyst Lisa Decker. “There… Read More »5 Types of Divorce – How to Get Divorced Without Money Problems

Keep Your Credit Rating Good – Avoid These Common Credit Card Mistakes

You want to keep your credit rating good so you can get home mortgage loans and better interest rates! Here’s how to avoid two common mistakes that destroy your credit rating, from Chris Scully, financial expert and president of CarePlus Financial.

Before the tips, Scully describes how long it takes to rebuild your credit:

“According to the Fair Credit Reporting Act, the credit bureaus may retain derogatory information on your credit report for up to seven years,” says Scully. “Bankruptcies can stay on your credit report for up to 10 years and things like unpaid tax liens and unsatisfied judgments can stay on indefinitely until they are paid.”

But, this doesn’t mean that you’ll have “bad credit” for 7-10 years!  The amount of impact reduces as time passes; Scully has seen people with acceptable credit scores 2-3 years after starting to rebuild their finances. Every situation is different. Read Credit Repair Kit For Dummies for more information on rebuilding your credit after debt, and read to learn how to avoid two common mistakes that destroy your credit rating…Read More »Keep Your Credit Rating Good – Avoid These Common Credit Card Mistakes