How It Can Help You, If you want to become a better investor, you will want to become less human. That sounds harsh, but it will benefit you to take stock of your own biases and recognize where your own faulty thinking has hurt you in the past. Consider asking yourself tough questions, like, “Do I always think I am right?” or “Do I take credit for investment wins and blame outside factors for my losses?” Ask, “Have I ever sold a stock in anger, or bought a stock based on a simple gut feeling?” Perhaps most importantly, you must ask yourself whether you have all of the information you need to make the right investment choices. It’s impossible to know everything about a stock before buying or selling, but a good bit of research will help ensure you’re investing based on logic and objective knowledge rather than your own biases or emotions.
If your credit card issuer calculates your balance using the average daily balance method, tou can minimize your finance charges by paying your balance down earlier in the billing cycle. The daily balance method is similar to the average daily balance method because it uses the balance each day of your billing cycle. Instead of averaging the balance, each day’s balance is multiplied by the daily rate for a ”daily finance charge.” Each day’s finance charge is totaled for the finance charge for that billing cycle.
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If your credit card issuer uses the average daily balance method to calculate your finance charge (check your credit card statement or terms and conditions to confirm), you can use these instructions to estimate your finance charge. You’ll need to have an idea of what your average credit card balance will be. Your credit card agreement may include a minimum finance charge that’s charged anytime your balance is subject to a finance charge. For example, your credit card terms may include a $1.00 minimum finance charge. If your calculated finance charge for a particular billing cycle is only $.65, you’ll be charged a $1.00 finance charge for that month.
If, for some reason, your minimum payment is less than your finance charge, paying the minimum will result in a bigger, not smaller, balance. Can You Lower Your Finance Charge Amount? Since your finance charge is based on your interest rate and credit card balance, you’ll pay higher finance charges when these amounts are high. You can reduce the amount of interest you pay by paying off your balance faster, requesting a lower interest rate, or by moving your balance to a credit card with a lower interest rate. You can also avoid finance charges altogether by paying your entire balance before the grace period ends. If you pay your balance in full each month, you’ll avoid finance charges completely.
Couples and Money: A Couples’ Guide, Updated for the New Millennium. As a psychologist and a Certified Financial Planner, Dr. Victoria Collins brings a unique perspective to personal finance solutions for couples, married or unmarried, who are in dispute about financial issues. The book includes practical advice, worksheets, and true stories that will help couples achieve financial harmony and work toward common financial goals.