Purchasing wisely Archives - DIYmoneytrack.com

Is your purchasing power growing?

Purchasing power refers to the amount of goods and services an individual or household can afford to buy with their income, taking into account prices and the cost of living.

If making financial decisions in life were a video game, then you might have ‘real-time’ access to your purchasing power every time you faced a spending choice. For example, can I afford to buy this new car, and how should I pay for it? How will my decisions impact my ability to make other purchases, like affording a house?

The reality is that you don’t need access to a real-time indicator, but understanding your purchasing power can help you make informed decisions that put you in the driver’s seat without compromising your financial well-being.

Purchasing power is a vital personal finance metric because it provides a realistic view of the value of your money over time, especially in the face of inflation. By understanding and monitoring your purchasing power, you can make more informed decisions about budgeting, saving, investing, and long-term financial planning to protect and grow your real wealth.

If you are interested in learning more about purchasing power and how to calculate it, then please read on.

How to minimize fees to maximize your big money returns

As referenced in my new book Making Big Money Decisions and recent blog posts, transaction fees can take a big bite out of your returns. The good news is that the costs for holding investment funds and selling a house in the USA continue to decline, allowing you to keep more of your money. Since these investments are usually large, even small differences in the fees you pay can add up to significant amounts of money over time.

If you are interested in finding out more about these transactions costs and tips for ensuring you are paying the lowest fees, then please read on.

Do you know if your vehicle has been recalled?

If you’re unfamiliar with the term “recall” as it relates to your vehicle then you’re either fortunate or uninformed (or both). A recall means that the vehicle manufacturer recognizes there is a problem with one of its vehicles that could jeopardize your safety and must fix the problem at no cost to you. Although a manufacturer is required to notify you of any recalls, sometimes those notices don’t get to you. There’s a good chance you’ve been impacted by the massive recall of nearly 50 million Takata airbags; a recall that impacted vehicles made by 19 different automakers with the airbags installed in cars with model years 2002 through 2015. Continue reading “Do you know if your vehicle has been recalled?”