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Savvy Money Moves For Any Income Level
Financial advice is rarely one-size-fits all: If you read financial blogs regularly, you’ve probably seen your share of tips that just don’t apply to your situation. To a family of four living on an income of $20,000 a year, the idea of starting an “emergency fund” with six months’ worth of living expenses probably sounds close to impossible. And if you’re a single person pulling in $65,000 a year,... -
Six Simple Ways to Improve Your Budget
When it comes to budgeting, I think a lot of people expect that they’ll sit down with a few weeks’ worth of receipts and a pad of paper, do a little math, and create a household budget so perfect and balanced and practical that it won’t need adjustments or changes — ever. And this is where so many folks run into trouble. We tend to see budgets as things... -
Contemplating a Purchase? This Flowchart Will Help.
Financial success and stability isn’t all about budgeting and saving – it’s also about knowing how (and when!) to spend wisely. The thing that gets people in trouble is that we make purchases based on our emotions. Instead of weighing the facts, considering the alternatives, and making a careful and informed decision, many of us simply break out our checkbooks (or debit cards, or even worse, our credit cards)... -
Choosing a Roth IRA That’s Right for You – in 3.5 Easy Steps
If you’ve been looking for a good way to save for retirement, you can’t get much better than a Roth IRA. A Roth IRA allows you to invest a portion of your annual income (up to $5,000 per year) in a variety of different things like stocks, bonds, CDs, mutual funds, or real estate. Your investments earn interest, and when you retire, you can pull your money out –... -
The Six Deadly Sins of Credit Card Use
How a Few Bad Habits Can Add Up to a Cycle of Eternal Debt We all know that credit cards are hazardous to our financial health, but Americans are still using plastic just as much as ever. Just how bad is our addiction to plastic? According to a recent Cardhub study, Americans racked up a little over $18 million in credit card debt in the second quarter of 2011... -
Five Decisions that can Make or Break Your Financial Future
You weren’t born rich. You didn’t win a million bucks in last week’s lottery (and, odds are, you won’t be next week’s big winner, either). You’re not a CEO, a movie star, a pro athlete, or a rapper with a multi-platinum album. You’re not Warren Buffet, Bill Gates, or Oprah Winfrey. And you know what? That’s okay. You don’t have to be any of those things to enjoy a... -
Frugality 101: Five Good Money Habits
When it comes to personal finance, many of us like to think that some folks are just “good” with money. Managing money is a talent, we tell ourselves. Some people are good at budgeting and saving in the same way other people are good at fixing things or baking or doing Sudoku puzzles – right? -
Are You Prepared for a (Financial) Disaster?
Could Your Budget Survive a Pink Slip? A Major (and Unplanned) Expense? Perfecting Your Contingency Plan You’ve probably heard at least one financial guru or TV-news talking head discussing the need for an emergency fund. Some say you need $5,000 in the bank. Some say $3,000 is plenty. Many (I fall into this group) say the amount varies from person to person. The logic is, by socking away some... -
Savings Strategies You Can Stick To (Really!)
If you want to start saving more money, it’s a good idea to find ways to make realistic adjustments to your spending habits. Saving isn’t about deprivation – it’s about spending your money wisely and finding ways to get the most bang for your buck. Saving – like dieting – is all about making changes you can live with. -
Budgeting by the Numbers: The 50/30/20 Budget
As someone who makes a living by helping people untangle their sometimes (very) messy financial lives, I can tell you that I know what gets folks in hot water, financially speaking. Sure, it’s easy to just chalk it all up to irresponsibility. But it’s not always that simple. Most of the people I work with are trying to change their financial situations: They’ve read the books, they’ve gathered their...