So you’ve spent the time creating your budget (or plan to create your budget soon, learn how to here), but now you need to actually stick to it so you can take control of your finances! First, let me congratulate you on creating your budget – that took a lot of time and thoughtfulness. But now comes the real work – sticking to the budget. After all, you won’t reach your financial goals if you can’t stick to them. It takes work and determination. You CAN do it, and these tips will help you stay on track.Continue reading “Tips to Help You Actually Stick to Your Budget”
Can you really save money by growing your own fruits and vegetables? Yes, of course you can if you plant your garden and grow the right things. In fact, an average plot provides an estimated 300 pounds of fresh produce worth $600, according to a study by the National Gardening Association (NGA). That estimate is based on an average gardener’s investment of $70 – so $530 is a pretty nice return!Continue reading “How to Make the Most of Your Garden to Save Money”
When it comes to financial or money advice, it seems like everyone has an opinion – some of it can be great and definitely worth looking into, and some of it, well, it’s just really, really bad and should be avoided.
If your resolution for 2021 is to save more money or get your finances in order, here are a few pieces of BAD advice you should steer clear of.Continue reading “Financial Advice to Avoid in the New Year”
Gone are the days when someone worked for the same company for 40+ years before retiring with a pension, fancy pen, and maybe if you were lucky a gold watch. Today, the average 50-60 year old has had about 12 jobs over the course of their working career.
With changing jobs comes a trail of old and sometimes forgotten retirement plans, typically a 401(k). These orphaned 401(k)s shouldn’t just get left behind – it’s your money and some could even have thousands of dollars in them.Continue reading “How to Roll Over an Old 401(k)”
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.Continue reading “Money Management Tips to Make Your Finances Recession-Proof”
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.Continue reading “Making your Money Work for You – Compound Interest and the Rule of 72”
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.Continue reading “Savings and Retirement Tips: Pay off your Mortgage Early or Invest?”
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.Continue reading “Financial goals to Strive for by the Time You’re 30”
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.Continue reading “Advice from Millennials on How to Buy a House in Your 20s”
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.Continue reading “Finance tips every 18 year old should know”