What is the First-Time Homebuyer Tax Credit?
In 2023, first-time homebuyers made up 32% of all home purchases, a noticeable increase from 26% in 2022. This shift reflects a growing trend among younger buyers, with the median age for first-time homebuyers dropping slightly to 35 from 36
How Much of Your Paycheck Should You Save?
According to a 2024 CivicScience survey, around 1 in 4 adults reported not having enough money to save after covering their bills. This highlights a common struggle many people face when it comes to balancing their expenses with saving for
Simple vs Compound Interest: Comprehensive Explanation
In the world of personal finance, simple vs compound interest can be the deciding factor between financial success and stagnation. Whether you’re looking to grow your savings, take out a loan, or make smart investment choices, understanding how these two
What’s the Difference Between Checking and Savings Account?
According to the Federal Reserve Board’s data, in 2023, six percent of adults were considered “unbanked,” meaning they or their household had no access to checking, savings, or money market accounts. This highlights the importance of understanding how these accounts
What is an Amortized Loan? A Guide with Calculations
In the world of personal finance, few topics can seem as daunting as loans. From the technical jargon to the complex terms and repayment structures, navigating the loan landscape can feel overwhelming, especially if you’re new to it. But don’t
How to Avoid Interest on a Credit Card
Credit cards can be a convenient financial tool, but high interest rates can quickly lead to debt if not managed carefully. As of May 2024, the average commercial bank interest rate on credit card plans for all accounts was 21.51
