TessMore Finance Blog

Managing money efficiently may seem like largely a numbers game. You’ve got to earn a certain amount of income to cover all your expenses. If your income doesn’t stretch, try subtracting from your spending. And don’t forget to save aside a certain percentage for retirement and other goals. But truly becoming a master over your money requires more than just understanding the math. “It’s time to look past the numbers, this measurable that we hold in our lives that determines whether we are successful or we are failing,” said Kumiko Love, an Accredited Financial Counselor and founder of The Budget Mom . In her new book, “My Money My Way,” Love shares the importance of seeking financial fulfillment instead of focusing only on the numbers. Financial fulfillment, she said, includes  having clarity about your goals, being confident about your money decisions and operating from a place of financial stability. A Mindset Shift On the journey to financial fulfillment, it’s important to...

Managing money efficiently may seem like largely a numbers game. You’ve got to earn a certain amount of income to cover all your expenses. If your income doesn’t stretch, try subtracting from your spending. And don’t forget to save aside a certain percentage for retirement and other goals. But truly becoming a master over your money requires more than just understanding the math. “It’s time to look past the numbers, this measurable that we hold in our lives that determines whether we are successful or we are failing,” said Kumiko Love, an Accredited Financial Counselor and founder of The Budget Mom . In her new book, “My Money My Way,” Love shares the importance of seeking financial fulfillment instead of focusing only on the numbers. Financial fulfillment, she said, includes  having clarity about your goals, being confident about your money decisions and operating from a place of financial stability. A Mindset Shift On the journey to financial fulfillment, it’s important to...

Yes, an income statement is the same as profit and loss statement. These terms are used interchangeably. Traditionally, this statement was referred to as an income statement. However, companies and businesses have been using the terms profit and loss more frequently in recent times. Background There are numerous success factors for businesses, among which efficient and effective management of finances takes utmost importance. Financial statements are the primary tools businesses use for financial management, planning and forecasting. There are three main components of financial statements; balance sheet, cash flow, and income statement, which show a firm’s financial position and performance at a specific point or period of time. By analyzing the financial standing of a business, managers can make better decisions about budgets, assets, investments and expenditures. Moreover, the shareholders, banks and other stakeholders decide whether to invest in a company or not by looking at its...

Secure Credit Card Info Credit card information includes your credit card number, security code, and other details needed to use your card. It’s essential to keep credit card information secure—like being careful about how and where you use it—to avoid fraud. The Federal Trade Commission received more than 2.1 million fraud reports from consumers in 2020. A significant number of those were credit card fraud. While credit cards can be a secure, convenient, and even beneficial way to pay for things, it’s important to know how to use them wisely and in a way that keeps you safe from potential theft.  Most credit card companies have anti-fraud measures of their own, so even if you are a victim of fraud, it’s not the end of the world. Often, your credit card company will remove fraudulent charges from your statement if you report them and they conduct an investigation that proves it is fraud. However, it’s definitely still a headache to deal with, so preventing fraud in the first...

There are a lot of ways to pay off credit card debt—from simply paying more than your minimum every month to using a strategy like the snowball method. The best approach for you depends on how severe your debt is, what your interest rates are like, and how much you can realistically afford to pay. Did you know that in just the second quarter of 2021 alone, consumer credit card debt grew by $17 billion ? It’s true, many Americans are struggling with credit card debt now more than they ever have before. With many Americans unemployed, struggling to make ends meet as consumer prices rise and wages stay stagnant, it’s no wonder why people are charging more things to their credit cards in order to keep food on the table.  If you’re struggling with credit card debt, it can feel like trying to dig your way out from underneath a mountain with no idea how to get out of credit card debt. There’s no one-size-fits-all solution, but you do have options. In this article, we’ll walk you thr...

So you’ve made a budget, cut out unnecessary spending and found ways to earn extra income. You finally have money to set aside. Great work! Now the question is: Where will you stash that cash? If you just let it pile up in your checking account — or worse, stuff it under your mattress — your money won’t be working to its highest potential. You want your savings to grow! Depending on your goals, there are different ways you should save. You’ll put your money in a 401(k) or an IRA if you’re saving for retirement. If you’re looking to contribute to your kid’s future college tuition bill, you might want to stash your money in a 529 savings plan . But if you’re saving money for a rainy day or trying to bulk up that emergency fund, a high-yield savings account is the perfect place to store your coins. What Is a High-Yield Savings Account? As of Jan. 18, 2022, the national average interest rate for saving accounts was just 0.06%. But high-yield savings accounts can have interest rate...

If you started cooking more during the pandemic and have now made that a habit, you have likely cringed at the high price of spices and dried herbs. How can that tiny bottle of ancho chili powder cost $5? Take some advice from us before you substitute that chili powder for paprika just because they are both red (don’t!) or leave out the main flavor agent in Grilled Five Spice Chicken because you forgot to buy the Chinese spice mixture. We’ve rounded up 10 ways to save money on spices — and dried herbs, too. It will take some organization and planning, but we’ve got a game plan that will help stock your spice cabinet for special occasion baking, holiday cooking or just a quick weeknight meal. In this post, we’ll cover: First Steps: Plan Before You Shop 1. Buy Bulk Spices 2. Shave Costs With Whole Spices 3. Make Your Own Spice Mixes 4. Try Dollar and Discount Stores 5. Save Money (and Shop the World) at Ethnic Grocery Stores 6. Don’t Overlook Spice Stores 7. Buy Fresh at Far...