Money Management Tips to Make Your Finances Recession-Proof

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With all the uncertainties that the Corona Virus has brought, it can be hard to predict what is going to be the long-term effect on the economy. Unfortunately, if a recession does hit, it will be something beyond our control. However what we can control is how we personally respond to it and how we prepare for it.  Taking precautionary measures sooner rather than later can help you protect your finances and make them recession-proof.

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Making your Money Work for You – Compound Interest and the Rule of 72

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When it comes to saving money, taking advantage of compound interest is a brilliant thing. It’s often one of the easiest and simplest ways to “use your money to make money that makes money”.  Compound interest can also work against you.  Most revolving credit contracts – such as credit card companies – use the compound interest methodology.  If you don’t pay off your balance in full you are charged interest – if you do it this again the following month you will be paying interest on not only your principal BUT also on your past accrued interest.  It’s how they make their money.

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Savings and Retirement Tips: Pay off your Mortgage Early or Invest?

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When it comes to saving money, especially for your future, it can be hard to decide where to put that money to get the best bang for your buck. If you have loans, like a mortgage, you might consider an early pay-off. What feels better than being debt free, right? But building wealth can be tricky.

When it comes to saving money, interest rates rule the world. You want your money to earn more than it would cost you elsewhere. So, if your rate of return on investing is more than you would save in paying down interest, then investing would earn you more money and be a smarter option. However, if your mortgage interest rate is higher than your rate of return on investing, then you would save more money by paying down aggressively on your mortgage instead.

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Financial goals to Strive for by the Time You’re 30

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When you are in your 20’s you experience a lot of exciting changes in your life – graduating from college, starting your first job, buying your first car, getting your first apartment, etc. And of course not everyone moves at the same pace or takes the same path in life, but it is important to plan ahead and set some financial goals.

When you set financial goals, especially at a young age, it can set you up for financial freedom later on in life. It might not seem super important right now to plan 20, 30, or 40 years ahead, but doing so can give you more choices in the future.  It is a great feeling knowing you are on track with your money, and now is the perfect time to start working towards financial security.

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Advice from Millennials on How to Buy a House in Your 20s

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If you’ve been paying attention to the real estate trends, you may have heard the Millennials just aren’t buying homes at the same rate as their previous generations. Aside from the simple fact that it’s just not affordable for most, many site reasons like high student debt and low loan availability. Studies show that only 37% of millennials owned homes in 2015 – that’s 8% lower than Gen Xers and Baby Boomers at the same age.

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Finance tips every 18 year old should know

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Do you ever wish you could go back in time and make different financial decisions? Some of the worst financial decisions are made when we are young and just starting to manage our own money and bills. At 18, you get that first taste of freedom, you can get your own credit card, open your own bank accounts without a parent, and even get a loan for a car on your own. But, making the wrong choices this early in the financial game, can set you back and affect your credit for years to come.

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Why every millennial should have a Roth IRA

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There’s often a debate over which retirement fund you should choose:  a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”

Retirement Planning – I’m 50 and haven’t started yet!

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If you’ve done any research about retirement planning, you know that it’s NEVER too early to start. In fact, starting to save during your college years is slowly becoming the norm! But what do you do when years turn into decades and you still haven’t started saving for your retirement? If you are in your 50’s and haven’t been able to build up the retirement fund, you’ll need to get started and fast. Here are some tips to help you out! Continue reading “Retirement Planning – I’m 50 and haven’t started yet!”

Saving for Retirement? Here are some pitfalls to avoid

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When it comes to saving for your retirement, every penny counts. Regardless if you are just starting to save or in the home stretch to retiring, making the wrong financial decisions could have a big impact on your retirement goals. With social security no longer being a sustainable retirement option, it’s important to make sure that you set yourself up for the future. Continue reading “Saving for Retirement? Here are some pitfalls to avoid”

How to plan a wedding on a budget

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It’s one of the most memorable days of your life, and for some, one of the most expensive (student loans and mortgages aside!) – it’s your wedding day! From the proposal up until the Big Day, it’s a lot of planning and celebrating and making sure your wedding day is just as magical as you’d envision since you were 5 years old. But at 5 years old, you had NO IDEA how expensive it all was. So, how can you have an amazing wedding without starting your marriage ten of thousands of dollars in debt? Easy – a wedding budget. Continue reading “How to plan a wedding on a budget”