Money basics
The money ideas that shape every bill and paycheque: budgets, interest, APR, credit card minimums, savings accounts, beneficiaries and how long your savings would last. Lessons give both US and Canadian rules where they differ.
- 4.4How do you write a checkWrite the amount twice, in numbers and in words, and leave no blank space anyone else could fill in.
- 4.8What does APR mean on a credit cardRead an APR as the yearly price of carrying a balance, and avoid paying it by clearing the full statement balance by the due date.
- 4.11What is a high yield savings accountCompare your savings rate with the national average every year, and move your money when your bank pays less than a fair rate.
- 4.12What is a contingent beneficiary, and how to name oneName a backup beneficiary on every account, because the first person on the form may not outlive you.
- 4.6Why minimum payments cost so muchPay the full credit card balance every month, and if you cannot, pay as far above the minimum as you can.
- 4.7The rule of 72Divide 72 by the yearly rate to estimate how many years it takes money, debt or prices to double.
- 4.17Know how long your savings would lastKnow your runway in months now, because a crisis is the worst time to do the math.
- 4.9Making a monthly budgetGive every dollar of take-home pay a job before the month starts, and check your spending every week.
- 4.5Setting up direct deposit with a void checkGive a payer your account numbers on a voided check or your bank's form, and keep your old account open until the first deposit arrives.
- 4.3Endorsing and depositing a checkSign the back of a check only when you are ready to deposit it, and write down where the money may go.
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