Not everyone has the guidance or experience to manage his or her money well, especially from a young age. While most of us pick up some good habits along the way, getting off to a good start is so important for securing your long-term financial future.
Here are some of the golden rules for personal finance that everyone needs to know.
The holiday season might almost be over, but now’s the time to look at how you can get even more out of your next holiday. With a bit of planning, these ideas can help you save money on your next getaway.
High interest debt is bad for your financial health. It continually pulls you down and makes it harder for you to move forward. Yet many people still don’t do everything they can to get rid of this sort of debt as quickly as possible.
Basically, when saving money, you can and should be using your money to make more money via investments or high interest savings accounts. However, if you have high interest debt, any investment strategy you follow will typically not yield a return higher than what the debt is costing you via interest.
There are lots of things you can do to improve your financial position. Well there are kind of really only two things; increase your income or spend less.
Increasing your income is a great idea and definitely achievable, but instantly increasing your income isn’t possible – it takes work. While you’re working hard, here are some things you can do to reduce the cost of living and save more money!
Investing is one of the most important tools you can use to improve your financial position.
It’s essentially using your own money to make you more money. It’s available to everyone, and there are only a few main types of investments to understand, yet many people either choose not to invest or don’t know how. Let’s run through the main types of investments that are easily accessible to you and I.
Firstly though, we need to talk about two key fundamental aspects of investing: compound interest and leverage.
It’s one of the most common decisions a car buyer can face – and one of the least understood. What’s actually the benefit of leasing a car? We know there’s some sort of ‘saving’ – all of the online lease calculators show us that – but what exactly are we saving?
Leasing a car is essentially a finance option that lets you have use of a car for a defined period of time. At the end of this lease term, you hand the car back – or sometimes you can buy the car outright, known as a balloon payment. There are a few different types of leases, but we’ll just be talking about novated lease agreements.
If you’re looking to take on a new home, you’ll be weighing up the options carefully and deciding what’s best for you. Should you be buying your home in order to secure your future, or could you actually make yourself better off through renting?
Traditionally, home ownership was the best way for an individual to grow their personal wealth. With house prices rising and equity in your home increasing, you could create a strong investment for your own future, or for your family. However, a shift in the market over recent years has actually caused the tables to turn. If property investments continue to shirk the average and instead climb at a slowed rate, it will take much longer to make your investment back and for your home to start working for you. For some, renting may actually be the smarter long-term option.