When money is tight, you don't feel like you have much control over anything. You're at the mercy of your bills, debt and other financial obligations. You feel powerless. However, a little action can make a surprising difference.
Tagged With Global Money Week 2016
It's easy to get stuck in our spending habits. We don't give them much thought and they become automatic. There's nothing wrong with spending your money, but if you want to spend more mindfully, it helps to understand your habits. Finance writer G.E. Miller suggests calculating your "personal inflation rate".
What if a bank's interest rates were so low, they actually charged you to keep your money there? And what if you could take out a loan without paying any interest at all? That's the idea behind negative interest rates. We're sort of in uncharted territory with this concept, which is why it's making headlines lately. Here's a quick rundown of what negative interest rates are and what we can expect from them.
A higher salary will do more for your finances than pinching pennies ever will. However, if you don't learn to be frugal with a little bit of money, you'll probably end up with the same financial issues when you start earning more. Or, as financial author Patrice C. Washington puts it, "how you manage $100 is likely how you'll manage $100,000."
From 14 to 20 March, the world celebrates Global Money Week. To mark the occasion, the Australian Securities and Investments Commission (ASIC) has released some practical tips for parents that will help children to develop good money habits in later life. (The key is to talk about it -- the earlier, the better.)