If you want to calculate your own finance charge, you have to know your credit card balance for each day of the billing cycle. While your credit card statement won’t list each day’s credit card balance, you can use your statement (or your online transaction log) to figure out the balance. Start with the balance at the beginning of the billing cycle. Then, add or subtract from the balance each day you have new transaction. Let’s say your APR is 12% and your billing cycle is 25 days long. You started the billing cycle with a balance of $100. On Day 4, you made a $100 purchase. On Day 20, a $25 payment was credited to your account. Your daily balance for each day during the billing cycle would be: Day 1 – 3: $100. Day 4 – 20: $200 ($100 purchase). Day 20 – 25: $175 ($25 credit)
Investments, The investment support in AceMoney includes some basic graphs, a list of investment transactions and a list of portfolio holdings with the total value and overall loss or gain. There’s enough there to keep an eye on your investments, so you’ll have to use stock analysis software if you want more advanced portfolio support. Your brokerage likely provides more advanced analysis tools online as well. Automatic Transactions: AceMoney will not automatically download transactions for all accounts when you open the software, a feature found in Quicken and once found in Microsoft Money when it was fully supported. Instead, you must go to each account and click on the Download transactions button.
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The Millionaire Next Door. In this newly updated book, authors Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. attempt to debunk the myth that most American millionaires have inherited their wealth. They even go as far as to identify seven common traits that are shared among many of those who have accumulated significant wealth. By demonstrating how hard work and smart investing have made millionaires out of average Americans, this book shows us that we too can be among the ranks of the wealthy. The book makes for a very interesting and motivating read.
Before downloading transactions, you can select predefined periods of time for the transactions you want to see in the register, and it’s great to have this option, which is particularly helpful if you only want the past six month’s worth (for example) of transactions instead of two years worth. Not all personal finance software offers this option, and you can easily end up downloading months of transactions that you don’t want to track.
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.