When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Your savings is a crucial part of your financial plan. A healthy savings account helps you cover unexpected expenses, pay for large purchases and achieve your financial goals without straining your ...

Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Red Venture's senior editor of content partnerships. Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc.

Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.

It came as no surprise to anyone that the Federal Reserve cut the benchmark interest rate by another 25 basis points, or a quarter of a percentage point, on Dec. 18, bringing the target range down to ...

There's a well-known saying that compound interest is the “eighth wonder of the world.” While the quote’s origins are debated, the power of compound interest is undeniable. It can transform modest ...