The average daily balance method uses your balance during the billing cycle multiplied by the APR for that balance. The average daily balance method can be less expensive compared to some other finance charge calculation methods. Your average daily balance is the sum of your balance on each day of the billing divided by the number of days in the billing cycle. Here is the calculation for the average daily balance method: average daily balance * APR * days in billing cycle / 365
Best for Shared Expenses: Spendee. Many other personal finance apps are for individual use. Spendee allows you to create shared wallets with friends and family that you can use to manage shared expenses for a household budget. Import your bank transactions and let the app categorize them for you to tally how you’re spending money each month. You can manually add cash expenses for a more accurate picture of where your money goes. Keep from going over budget by creating budgeted amounts for each spending category and tracking your progress toward the budgeted amount. The bill tracker functionality ensures you remember to pay each of your bills and avoid late payment penalties. If you’re going on a trip or another special event, you can create a category specifically for that event to track your spending and keep yourself on budget.
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The average daily balance method is one of the ways a credit card issuer can calculate finance charges on your credit card. Finance charges are how your credit card issuer charges interest on balances you carry beyond the grace period. Paying a finance charge increases the cost of your credit card debt beyond the original purchase price. Knowing how your credit card issuer calculates your finance charge can help you estimate the amount of interest you’ll pay if you don’t pay your balance in full. You can check your credit card billing statement or call your credit card issuer to find out if your credit card issuer uses the average daily balance method for calculating finance charges.
This popular app has a lot of fans, and it runs on Linux systems courtesy of Adobe AIR, a platform that allows for You Need a Budget’s slick look with easy-to-read graphic qualities. YNAB is great for anyone who’s really into keeping tabs on their budget, and it’s the budgeting software to check out for anyone who wants to get started with budgeting. It offers some great options for support, and for learning about budgeting and living within your means.
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.