Growing My Financial Skills and Habits

August 21, 2026

My financial coach recently helped me understand the meaning of Annual Percentage Rate (APR). She explained it’s the total yearly cost I must pay when borrowing money from a bank. This cost includes interest as well as other additional fees. Borrowed money can be used for purchasing a home, developing a business plan, buying a car or, as in my case, paying off credit card debt. I also learned that APRs vary depending on the type of loan. In the case of a credit card, the APR is based solely on interest.

One major takeaway from my financial coaching sessions is that I’ve been able to develop strategies to manage and pay off my credit card debt, and I created a monthly spending budget! This has helped me clearly see where my money is going, and I’ve started setting spending limits for essential household purchases.

I also started exploring where I can buy the same products at a lower cost than what I’d previously been paying. Something I didn’t realize before working with my financial coach was that I never took the time to compare prices when shopping for everyday necessities. Now I compare prices, and this experience has given me the opportunity to save as much as $10 on the same product!

My financial coach also taught me the importance of making it a weekly habit to review my account balance. This strategy has given me the opportunity to understand where I’m spending my money and has helped me recognize that I’m in control of all transactions made by my account. It also allows me to spot any irregularities that may occur and take quick action to address them before they become bigger issues.

Another tool and strategy I learned through financial coaching is the importance of creating an emergency fund. I didn’t have one before, but I have started building one and already am experiencing the benefits of having it!