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Source: BankRate.com
When you borrow money, the lender will ask you to repay those funds over time. But banks expect to be paid something for their services and the risk they take when lending you money. That means you won’t just pay back the money you borrowed. You’ll pay back the loan plus an additional sum, known as interest.
Interest is one of the primary ways that lenders, banks and credit card issuers earn a profit. Here’s a look at how interest works and how you can calculate the cost of borrowing money.
Source: GreenPath Financial Wellness
April is Financial Literacy Month – designated by the U.S. Congress to raise awareness about the importance of financial literacy education, especially now with the economic uncertainties caused by the ongoing pandemic.
Financial literacy simply means having an understanding of how to use money wisely. It is also about having information to build up short- and long-term financial habits and skills that lead to greater financial well-being. Research shows that your overall health and wellbeing is directly correlated to your financial health and wellbeing.
We’ll be sharing insights throughout the month that offer up information as part of Financial Literacy Month, so let’s get started with a look at the impact of financial stress.
Source: BankRate.com
Economic or financial abuse — encompassing anything from secretly withholding funds to restricting basic needs — isn’t the typical focus of discussions about abusive relationships, but it’s a more common issue than many may think. In fact, one study found that 99 percent of female survey respondents who experienced domestic abuse experienced some form of financial abuse.
Some abusers may use manipulation to covertly remain in control of a victim’s finances while others resort to outright intimidation or threatening behavior. No matter how financial abuse presents itself in a relationship, rebuilding financial independence takes time and patience.
Source: GreenPath Financial Wellness
April is Financial Literacy Month – a good time to consider the importance of financial literacy education, especially with the economic uncertainties caused by the ongoing pandemic.
Continuing our series of blogs sharing information as part of Financial Literacy Month, the focus today is on finding the right financial tools for success – whether the resources help us with budgeting, setting financial goals, or managing credit card debt, loans, or other debt.
Check out these financial tools to begin understanding options to figure out your finances.
