Whether you're saving for retirement or planning a vacation, creating an effective budget is a great way to save money and avoid overspending. With a budget in hand, you'll have more control over your assets and can effectively track progress for any financial planning goals you've set. Below is a comprehensive guide that will help you create a budget that works for you.
When the economy is struggling and inflation is high, the rising costs of goods can make it difficult to rein in expenses. Saving money during times of inflation might seem impossible when you need to pay for your mortgage, health insurance, food, and a car payment. These expenses add up quickly. It's possible, however, to save money during inflation by creating a budget. Here are some money saving tips to keep in mind while you make a budget.
Bloomberg economists have estimated that the average household in the U.S. will be spending upwards of $433 more per month in 2022 than they did last year. This is a minimum of $5,200 per year if you make no changes to your style of living. If your budget has little room for additional expenses, you will need to make some difficult decisions about your budget.
Pay yourself first
You know the scenario, it’s payday and before you know it bills are paid and you’ve already planned three dinners out with friends. Your budget is wiped out and you did not add to your savings. One of the best methods to ensure that you are hitting your savings goals is to pay yourself first.
Earlier this month, we discussed dollar-cost averaging as a strategy for investing which can offer you a higher average rate of return over the long-term and a seamless means of investing each month without too much pain for your wallet. Today, we will discuss the best way that you can achieve this strategy through the concept called “Pay Yourself First”.
Kids have a unique way of blowing any parent's budget. The endless requests of "Can I get ….?" give us a clear indication as parents that children do not understand the value of money, and teaching them important values about spending and saving can be a difficult task.
Spare your budget and your patience by teaching your children the value of money early on and help them become super saving smart adults! We recommend these books to help YOU teach your children about managing money and saving.
Credit is an arbitrary idea that affects us all and has a huge impact on our overall financial life. According to the US Debt Clock, the average personal debt per citizen in the US is $56,322. Whether you have good credit or are struggling to take control of your credit, here are some tips to help you navigate this difficult concept.
There are many ways to implement plans for your retirement. The two sides of the spectrum of possibilities are to develop a plan and stick to it no matter what, or just go with the flow and see how things play out. Outlining these two options seems almost ridiculous as they represent extreme polar opposites of one another. The reality is that the best plans are those that are well thought out but also allow for flexibility.