Inflation happens when the general prices of goods and services rise over time, reducing what your money can buy. This typically occurs when there is too much money in the economy chasing too few goods, or when production costs increase.

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Most financial experts recommend having an emergency fund with 3 to 6 months of living expenses saved. Some people with unstable income or dependents may need 6 to 12 months of expenses instead.

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Compound interest is when you earn interest on your money, and then earn interest on that interest too. Over time, this creates a snowball effect that makes your money grow faster than simple interest.

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A credit score is a number between 300 and 850 that shows how likely you are to repay borrowed money based on your financial history. It is calculated using information from your credit report, including payment history, amounts owed, length of credit history, new credit, and types of credit used.

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Social Security offices in 13 states and one territory are temporarily closed or operating phone-only, affecting locations in Arizona, California, Florida, Hawaii, Iowa, Kentucky, Maryland, Michigan, Montana, Pennsylvania, West Virginia, Northern Mariana Islands, and Iowa.

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