Everyday Money

One of the more basic terms that you should understand when it comes to your money and banking is APY, as it is a significant term in understanding how your money grows. In this blog, you’ll find a quick overview of this term. Read on! In a nutshell: APY= Annual Percentage Yield.Annual percentage yield is the number that tells you how much you’ll earn with compound interest over the course of one year. A higher APY is generally better when you’re looking at

In today’s financial world, things are always changing. How much do you know about the products and services offered by your bank, including certificates of deposit, loans and accounts? Here is a quick quiz to test your knowledge  How Much Do You Know about CDs,  Bank Accounts, Loans and More?  Take the quiz below to find out! Question #1: Certificates of deposit with longer maturities usually provide higher interest rates than those with shorter maturities. a. Trueb. False Question #2:  Why is

Question #1: Certificates of deposit with longer maturities usually provide higher interest rates than those with shorter maturities. a. Trueb. False The financial IQ answer is a.Usually institutions are willing to pay higher interest rates if you are willing to commit to leaving your money on deposit for longer periods. If you prepared a graph and plotted interest rates on the vertical axis and time periods along the horizontal axis, you would have what is sometimes called a “yield curve.” 

Credit scores play an important role in creating your financial profile, and in securing your ability to get loans at favorable rates. Here are some tips to help you understand and manage your score: Also, take stock of how leveraged you are. If your debt is close to your credit limit, that will impact your credit score. Be prudent about applying for new cards. Applying for too many cards in a short timeframe could trigger a negative action on your

Everyone has dreams, and some of you may even have long-term goals mapped out. Whether your dreams involve a new house, an early retirement, or just living debt-free, having sufficient financial resources plays a key role in achieving these goals.  So, why is it that so many of us don’t have a financial plan? Maybe it’s because we don’t feel like we have enough money to even justify one. Or, maybe we put it off because we don’t know how