Perhaps a better question than why banks pay so little on savings is “Why do so many people keep savings at such low rates?” I think the simplest answer is “Because it’s so easy and safe.” But mostly nowadays that answer is that people just don’t think about what that might mean in real dollars […]

In simplest terms, opportunity cost is about lost value that comes from making one decision over another. A variation of cost-benefit analysis. Usually it’s about monetary loss, but there are opportunity cost examples that involve emotional or other types of personal loss. While we can usually identify the basic costs involved in our choices, sometimes […]

Years ago I worked with a woman who didn’t believe that saving money now matters. She had fabulous clothes. Designer furniture. Treated herself to dinner out most nights. And

Borrow money from family? Not something everyone would call a smart thing to do. But people do it all the time … and I hear a good number of them manage to survive (mostly) unscathed. Unfortunately, that’s not true for everyone. Things can go wrong. People can do wrong. And not all families will forgive. […]

If you have loans of any kind, you may be wondering whether it makes sense to pay them off. And if so, exactly when should you use savings to pay off loans? It’s a good question. Loans feel like a burden. And it would probably feel great to never have to think of them again. […]

“Why can’t I save money?” you ask. For those of us who can save, it pretty much becomes a habit. And for others who never seem to save a dime, the habit is to always push a little more when it comes to spending. Unfortunately, old habits are hard to let go of, even with […]

You hear people talking about how well the stock market is doing. Or how much they have saved in their retirement accounts. But where do they save money to invest in the first place? Are they all earning salaries in the hundreds of thousands? Did they win the lottery? Well, for some people … yes. […]

When it comes to money affirmations, I want to be careful not to tread on any sincere beliefs. So let me say up front that I think the power of positive thinking and affirmations that aim your brain in a direction of abundance rather than poverty can be a helpful thing. At the very least, […]

I have been very reluctant to give mobile banking a try, but finally gave into the Chase mobile app. I have to say that I found their mobile app extremely easy to use. And I was pleasantly surprised. Big thumbs up. Since I have physical issues, I can’t always get myself to an actual brick […]

I’m writing this for everyone who has ever lived in a noisy apartment — and couldn’t afford to move. Or for whatever wishful-thinking strategy kept waiting for it to magically stop. But it doesn’t. And even a day feels like an eternity. If you’ve never had the … uh … pleasure you cannot imagine how, […]

I’ll admit I was a little nervous about opening an account with Ally. First, I never worked with a bank that was online only. Second, I didn’t know much about Ally bank, although I had heard of it. Could I trust it with my money? And I know I’m not alone in my concerns. That’s […]