Sometimes when you’re starting out, it can be more helpful to take a laser-focused approached to the basic building blocks of money management. That’s what Magnify Money does well, and we wanted to review this resource for you if you’re just beginning your financial education.
Covering the Basics
At Magnify Money, the goal is to connect people with the right financial products. The founders of the company are former bankers with a passion for educating as many people as possible about effective money management.
They aim to serve as consumer watchdogs with their blog, promoting transparency within the financial industry and educating consumers on their choices and supporting their financial empowerment.
Four Prongs to Start Your Savings
The emphasis at Magnify Money is on the basic decisions that will maximize your savings every day and, as they say, magnify your money. Their approach is four-pronged, teaching consumers how to reduce their credit card interest, eliminating unnecessary fees, maximizing cash back, and earning interest on all your savings.
By tackling each of these four aspects of your personal finance, you can reduce debt and stretch your dollars. It’s small changes like these, their website says, that can make a big difference in your financial situation.
Magnify Money also offers a variety of resources, including videos and tips, step-by-step guides on key topics like debt, credit scores, and identity theft, and handy calculators to help you decide the best debt repayment approach for you.
Comparing Financial Services and Providing Education
One of the main aspects of Magnify Money’s site is the financial product comparison. Choose the product you’d like to optimize, with options that include credit cards, bank accounts, loans, and other products.
Enter some info around your finances and habits, and the site will give you recommendations based on what you need, comparing features of each product. The information you enter isn’t personal -- there’s nothing that would risk your personal identity.
In addition, their blog has a highly targeted focus that serves its main audience well. There are a wealth of in-depth reviews of various financial products and services with detailed information on benefits, pricing, and alternatives for the subject of the review.
And there are also “warning” posts that shine a spotlight on common and specific practices that aren’t always in the consumer’s best interest. It’s this “watchdog” stance that truly sets the Magnify Money blog apart.
If you’re looking for a site that will help you specifically target day-to-day financial decisions like credit cards and savings accounts, check out Magnify Money. They provide a systematic approach to financial literacy and taking control of your money and is especially suited for those who are beginning their journey to understanding their finances.
By offering small steps, detailed guides on key topics, blog content targeted at transparency in the financial industry, and in-depth reviews of various financial products and services, the company works hard to put money back in your pocket.