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Laundry Detergent, 171.54% APR Loan, and 30 Rules of Thumb

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No Credit Needed is warning readers of the laundry detergent cap. I always use very little laundry detergent, even with full loads. Considering how much water is pumped into the washing machine, a half of a cup of detergent won’t make much of a difference. All it takes is a very little amount to clean clothing.

Ever wonder what a loan with 171.54% looks like? AllFinancialMatters runs the numbers. A loan for $1,250, paid biweekly over 3 years, will require a total additional payment of $2,050 in interest. I think I’ll pass.

Frugal Trader has compiled a list of 30 personal finance rules of thumb. These are 30 common axioms that with varying levels of usefulness or accuracy. Frugal Trader added some commentary to each “rule.” I’m not a big fan of rule of thumbs as they require the assumption that everyone is the same and everyone is average.

Published or updated March 19, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 3 comments… read them below or add one }

avatar MillionDollarJourney

Thanks for the mention Flexo!

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avatar KC

Thanks for the tip on the laundry detergent. I’m about 2 weeks behind on my laundry and I was getting ready to do some (or a lot!). I always use less than recommended, but now I may try even more less (even more less!?). Anyway, its not summer time and my clothes can’t be that smelly and dirty.

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avatar SY

“You should spend no more than 2-3 times your household salary on a house. [I think your mortgage should be no more than 3 times your household salary as a maximum. Any equity/down payment you have should be taken into account in this Rule of Thumb]”

If we were to follow this Rule in New Zealand, I’ll probably have to stay a renter for life! The current affordability rate is 80.2% of the median nett income.

http://www.nzherald.co.nz/category/story.cfm?c_id=54&objectid=10499313

I’m in my mid twenties and find it frustrating that I can’t get into the housing market even if it’s just a modest house in a ‘not-so-desirable’ area a good 40-minute drive from the city. It would mean coughing up NZ$700 a week to service a mortgage for 25 years. Compare this to the NZ$145 rent I currently pay where I can walk to work in the city!

The only upside is that I’m earning about 8.35% interest on my online savings account …

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