From the category archives:

Debt

Pay off debt or save?

by Adam March 15, 2010 Debt

Saving for medium term goals has an immediate psychological value: it makes your wishes and dreams more real. This post argues that you should be saving for medium term goals regardless of your debt-level

Read the full article →

How to Pay off Debt

by Adam March 12, 2010 Debt

With this first of 3 posts on the power of focus when it comes to growing your pennies, Magical Penny will highlight techniques and strategies to help you remain focused on your financial goals. Read the article to find out some easy snow and water-related ways to give your debt reduction plans an incredible amount of focus!

Read the full article →

Are 0% interest Loans Really Free Money?

by Adam March 8, 2010 Debt

Wouldn’t it be amazing if all loans were set at 0% interest?

That’s right. ‘Free’ money. Actually it wouldn’t be that good: By taking away the cost of carrying debt, a 0% interest rate might seem great at first but it takes away the financial incentive to be debt free, or keep your lifestyle down or be able to make an impact with your savings goals: the goals that ultimately can define your future.

Read the full article →

Consumption Smoothing

by Adam March 5, 2010 Debt

In principle this plan is brilliant as it allows you to consume more when you’re young when you’re not making much, safe in the knowledge that your future self can easily afford to foot the bill. Why live like a pauper and a king when you can simply live comfortably all your life?

Read the full article →

Using a Credit Card

by Adam March 1, 2010 Debt

Used correctly I’ve come to the conclusion that a credit card is like a power-tool: in the wrong hands it can be hugely dangerous to your financial life but it can be useful too, although seemingly less useful than if I were in the US, where FICO rules supreme and the perks are more tempting. Intrigued? You should be! Read on :)

Read the full article →

Lifestyle inflation -the silent killer of dreams

by Adam February 26, 2010 Debt

Being in our 20s and 30s we are uniquely placed to make a huge impact on our future wealth because we have so much time to let our pennies grow. Avoiding lifestyle inflation and keeping expenses low is a great way to leave you with enough pennies each month to begin investing.

Read the full article →

How to Afford your Mid-life Crisis Car

by Adam February 24, 2010 Debt

If you make the choice to lower your car-debt now when you’re still young and still (relatively) cool, you can afford that sports car just in time for your mid-life crisis!

Read the full article →

Paying off UK Student Loans

by Adam February 22, 2010 Debt

Whilst the accepted wisdom with debt is that it should be eliminated as quickly as possible, the student loans in the UK are possibly an exception to this mighty personal finance rule as although they are still debt, they do not have the traditional down-sides of risk and cost.

Read the full article →