Quick: It’s your turn to pay for a dinner at the local diner and you’re facing the receipt. What’s 18% of $24.50?
For those of you who just broke into a cold sweat or hated SAT math problems, this post is for you. You face numbers all the time in personal finance, whether in tackling your budget or understanding your credit score, you face numbers. Much of personal finance requires statistics and data so developing a “sense” for numbers is really helpful.
To beef up your number skills before the tough questions come along, here are some ways to get started:
- Calculate tip without your smartphone app. No peeking at the “suggested gratuity” section at the bottom of the receipt either.
- Predict your take-home pay after taxes. It’ll keep you honest about what you can expect in your bank account every pay period.
- Estimate the total price you’ll pay when shopping at the mall. This includes discounts and sales taxes. Bonus points if you get it right and the cashier gets it wrong.
You may not grow to love numbers like I do, but regular practice will make you much more comfortable with them. (By the way, the tip is about $4.50 and the maximum possible credit score is 850.)
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