Category: Money Basics: Budgeting, Debt & More
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What are Interest Rates?
Imagine you lend a friend £10, and they give you back £11. That extra £1 is the interest. It’s the cost of borrowing money, or the reward for lending it. When it comes to your finances, interest rates play a big role in how much your money grows, or how much you end up paying.…
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What is Net Worth?
Imagine you’re looking at a map of your financial journey. You want to know where you are right now, where you’ve been, and where you’re heading. That’s what your net worth is for. It’s like taking a snapshot of everything you own and everything you owe, all at once. It’s not just about what’s in…
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What is Inflation?
You might have heard people talking about ‘inflation’. But what does it really mean for you? Inflation means things slowly getting more expensive over time. Let’s take a look at how inflation affects your money and what you can do about it. The Money Part: Understanding Inflation Inflation is when the prices of things go…
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What is a Bank Statement?
Ever feel like your money just vanishes? You know you’ve been paid, but where did it all go? Your bank statement can be like a map, showing you exactly where your money’s been. Let’s have a look and see what we can learn. The Money Part: What Your Bank Statement Shows You Your bank statement…
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What is an Overdraft?
Picture this: it’s a Tuesday, just a few days before payday, and suddenly the washing machine decides to give up the ghost. You’re left with a pile of dirty clothes and a sinking feeling in your stomach. We’ve all been there, haven’t we? Those unexpected moments when you need a bit of cash to bridge…
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What is Debt?
Debt. It’s a word that can make anyone feel a bit uneasy. But it’s a part of life for many of us. Knowing how to manage it can make a big difference. Think of debt like a path – sometimes you need to take it, but you want to make sure you know where it’s…