Creating a budget doesn’t have to mean setting yourself up for a life of restriction. By improving your money management, you can focus on making your money work for you. That means spending more on the things you want while still staying in control so you can achieve your long-term financial goals.The right spreadsheet and budgeting technology can help you create and track your financial budget. There’s no need to
Most people get into debt at some point in their lives — whether through student loans, credit cards, or car loans. Of course, the goal should be to pay off this debt so you can focus on improving your financial stability through successful investing and eliminating some of the fears surrounding money you might be harboring.However, if you have multiple debts — and don’t have the liquidity to pay them
Net worth provides a quick snapshot of your overall financial health. This simple figure is calculated by subtracting the dollar-value equivalent of all of your debts from all of your assets. Knowing your net worth can help you determine where you are in your financial journey — and, just as importantly, where you want to go. Read on for a quick guide to calculating your net worth.Net worth is calculated
The Envelope System is a great method for saving money.It works by allocating money for certain categories like eating out, shopping, movies, and so on in envelopes. Once you spend the money in the envelope, that’s it for the month. You can’t spend more.It’s a great system to use if you’re in debt, because it forces you to be actively aware of your spending — but is it all it’s cracked up
The debt snowball method is a system that concentrates on paying off debts with the lowest balance first. The idea is that you’ll be able to clear your smallest debt the quickest. This allows for a quick win, which can keep you motivated to continue paying off your debts. Once you pay off the smallest debt, you then move on to focus on the next smallest debt.This is a popular
Personal finance software isn’t just something for accountants and personal finance managers. Everyone can benefit from user-friendly software to help manage their money. The right solution can make it easier to plan and track your spending, helping you become a more fiscally responsible adult.There are plenty of easy-to-use tools available. You don’t have to stress about needing accounting skills or struggling to learn a complicated piece of software. Here’s what
According to Gallup research, 62 is the average retirement age for Americans; however, there is no one right retirement age. The ideal age for you will depend on many factors, from your personal preferences to your lifestyle and the nature of your work. For example, if your job is physically demanding, early retirement might be logical.Regardless of when you hope to retire, you’ll have to make sure you have sufficient
Tracking expenses can help inform smart money management, ensuring you have clear oversight and control over your finances. While the thought of examining the money you spend may be daunting at first, this is one of the first steps in setting a monthly budget that works for you (i.e., one that covers your basic needs and wants without leaving you feeling like you’re living a life of denial).When setting up
A health savings account (HSA) can be a practical part of your comprehensive money management strategy. HSAs provide a secure place to keep pre-tax money and let it grow tax-free. You can later use the cash in your HSA account for qualified health care expenses.In addition to helping you save on medical costs, investing in an HSA can also benefit your finances in other ways. This article will provide an
A new year is an opportunity for a fresh start. From losing weight to starting a new hobby, there are a few resolutions that people frequently come back to again and again when determining what they want to change about their lives. Improved financial stability is another goal that we all seem to strive for consistently — but often fall short on.Only 19% of Americans have enough cash saved to
