The Money Belt is your gateway to financial learning. Here, you can build your knowledge and confidence in handling finances and situations involving decisions about money. It’s the place to get practical tips and test what you know — and don’t know — about managing money without the risks and consequences you would encounter in real life.
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December 3, 2010
Budgeting
Budgeting
The holiday shopping season officially starts on the Friday after Thanksgiving. So, most of us are gearing up to tackle the our holiday budget planning. According to the National Retail Federation, Americans will spend nearly $25 billion during November and December on gift cards alone. Think about this at a personal level: if you charge an extra $1,000 on your credit card and pay a minimum of $25 per month, at 19% interest it ‘ll take you nearly 5 1/2 years to pay for those gifts! And don’t forget that during those years, you’ll face five more holidays with more expenses.
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December 2, 2010
Budgeting
Budgeting
To budget carefully is to really think about each item on which you are spending money. You probably are serious about allocating money for specific expenditures, cutting out unnecessary items, etc. I myself am always looking for new ways to cut back on spending. One thing that occurred to me recently was that I spend quite a bit of money on items that you can just as easily acquire for free.
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Canadians continue to rack up more debt but the speed at which they are piling it on is beginning to slow, the TransUnion credit agency reported Tuesday. The average debt for about 24.8 million Canadians tracked by the report, which excludes mortgages, rose to $25,163 — up 4.3 per cent in the third quarter compared with a year ago.
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December 1, 2010
Investing,Reviews
Attractive commission structure. Stock trades costs 1 cent per share with a $4.95 minimum and a $9.95 maximum. Options trades are $9.95 + $1 per contract. Over the course of an entire year, this can add up to thousands upon thousands of dollars worth of savings.
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During the real estate boom of the early 2000s, paying off a credit card with help from a home equity loan seemed like a no-brainer. After all, housing prices in most parts of the country were skyrocketing. Why would you pay double-digit interest rates on a credit card when you could cut those finance charges in half or more?
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Creating a monthly budget is very important. It allows you to keep track of how much money you make and how much money you spend each month. It also allows you to find out how much you can set aside for savings. The good thing is you don’t have to be an accountant to set up a plan. The following templates will help you control your spending and keep your finances in order:
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