2. Pay off debt with the snowball method
Photo: H. Armstrong Roberts/ClassicStock/Getty Images Money doesn’t come easy, and unfortunately, neither does understanding it. Whether it’s a past-due bill or a mountain of student-loan debt, most of us have to contend with financial issues on a daily basis
There are plenty of methods, strategies, and rules of thumb to help you reach your money goals. That said, all of the options might be overwhelming — perhaps you don’t even know where to start. Don’t worry, we have you covered. Below are five of the simplest but most effective strategies for how to save money, according to the experts.First things first. If you want to save more money and spend less of it, you have to know where that money is going in the first place.
When you see all your purchases in one place, it’s much easier to take stock of where you stand financially. You can also see exactly how your past decisions have brought you to where you are today, O’Connell adds. For example, you probably have a feeling you dine out too much, but when you see just how much you’re spending on restaurants every month, that number can be a motivating eye-opener.
There’s a caveat, though. One researcher said that the method works best “to the extent that a consumer’s debt accounts have similar interest rates.” Let’s say one of your debts has a slightly higher balance than another, but a massively higher interest rate. In that case, it makes more sense to focus on the higher-interest-rate debt instead. Be logical about how you approach your debt, but remember: Personal finance is psychological, and quick financial wins can be a powerful tool.“PYF.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'the simple life' was an accidentally brilliant reflection on america's political divide16 years ago, Paris and Nicole illuminated the festering culture wars before Trump brought it all to the surface.
Read more »
Slideshow: Simple Exercises for Joint HealthFor every pound you lose, it takes 4 pounds of pressure off your knees and 6 pounds off your hips.
Read more »
Your Best BBQ Ever: The Simple Secret Is Better MeatIt you want a better cookout, start with better meat. From basic burgers and hot dogs to ribs, luxury steaks and wild game, these will elevate your backyard cooking.
Read more »
Stop Everything: Paris Hilton and Lindsay Lohan Are Starring in a 'Simple Life' Reboot
Read more »
https://www.health.comGet energizing workout moves, healthy recipes, and advice on losing weight and feeling great from Health.com. Find out how to manage diabetes and depression, prevent heart attacks, and more.
Read more »
40 Little Life Hacks from ADHD GurusRun-of-the-mill organization strategies don’t work for adults with ADD. Our ADHD brains — and attention spans — need more creative, clever “organization hacks” to the problems of …
Read more »