Saving

French banks use a very old-fashioned system when rewarding your savings with interest. Here is a guide on how to save in France and make the most of your money.

Wouldn't it be awesome to know within one second how long it will take to double your money? Here is a simple trick that allows you to do just that.

Doubling your money – A simple mnemonic trick

The higher your interest, the quicker you will double your wealth. This is why it is crucial to choose the right level of interest rate.

The easiest way to remember when your money doubles is by memorizing the following mnemonic trick:

7 – 11 and 11 – 7

How much money will you be able to enjoy if you put $/€/£ 10,000 into your savings account, leave it for 7 years, and come back to it in 2022?

You might be twice as rich and look at a nice $/€/£ 20,000 without ever having done any extra work or without any additional money added to the original stash.

But you might also only look at $/€/£ 700 extra, just enough money to pay for a week’s holiday in a holiday resort. Not bad either, but certainly not good enough considering you spared the money for a whole 7 years.

What is the first thing that comes to mind when thinking credit card? Many will associate the word credit card with ... well … credit. A potential plastic evil that permits buying new gadgets, paying at the restaurant, stocking up on clothes, and too frequently having to repay a big chunk of money at the end of the month.

If you are anything like me you also hate keeping a budget for your daily expenses. Noting down every item you spend your money on, every coffee or bottle of water bought while out is such a pain. When I go out I just want to enjoy myself and not have that nagging feeling of remembering and noting every beer I drink. I just want to enjoy quality time with friends.

But the main reason why keeping track of my expenses does not work for me is that each time I created an excel file to keep track of my spending in the past, I quickly lost motivation to maintain it.