Making your Money Work for You – Compound Interest and the Rule of 72

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When it comes to saving money, taking advantage of compound interest is a brilliant thing. It’s often one of the easiest and simplest ways to “use your money to make money that makes money”.  Compound interest can also work against you.  Most revolving credit contracts – such as credit card companies – use the compound interest methodology.  If you don’t pay off your balance in full you are charged interest – if you do it this again the following month you will be paying interest on not only your principal BUT also on your past accrued interest.  It’s how they make their money.

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