Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
You probably have the best intentions when it comes to saving money. You likely start off strong every month but then inevitably, your friends ask you to go out for a drink. A drink turns into two, and before you know it, you’re sitting down at a full blown three course dinner complete with dessert and a bottle of wine. There goes your budget.
With all the temptations out there, it can be hard to keep your finances in line. Of course, splurging here and there every once in awhile is okay. After all, money isn’t just for hoarding. But the habit of overspending can become a much bigger problem if you don’t keep things in check. Take these five steps to stop overspending today before everything gets out of hand:
Much of our culture views shopping, even when it’s done online, as a social activity. This is especially true around the holidays because there are inevitably friends or family who will ask whether you’d like to shop for gifts together. Shopping is much more fun when done in a group, but doing so is often painful for the pocketbook.
If you’re a parent or come from a close-knit family, you might not even have the choice to shop alone (or even prefer to), but those looking for a way to save money or curb spending should definitely consider the following benefits of shopping solo.
Many Americans have little to nothing at all saved up. In the event of any emergency, most people just don’t have any resources to weather the blow. That’s pretty much an open secret though. After all, those living paycheck to paycheck and struggling to get by often find that building a cushion from scratch is daunting.
It can be difficult to understand how to build up your savings, but the key is to start little by little. Nothing is impossible once you get started. Here are five tips to help you strategically start building your savings:
We eat lunch every day. If you are the type of person who buys lunch daily, you are kissing $1,000 or more good-bye every year. (For some of us, it’s more like $2,000, $3,000, or even $4,000 a year!)
What a fantastic waste of money. This isn’t to say that you can’t eat out periodically, but as we constantly talk about here: Frugal is the new in. [ continue reading… ]
Support groups are a proven way for people to eliminate harmful habits and make positive changes such as eating healthy and exercising. The secret to why this works is the powerful influence of a social network – especially one that shares common traits. Studies show that, just as bad habits spread in social networks, healthy habits do, too. In fact, they could even be considered contagious!
This principle can apply to finances, as well. While we see plenty of health-related support groups, there aren’t many financial accountability groups. My theory is that this has a lot to do with the money talk taboo — people either consider it improper or uncomfortable to talk openly about their finances (sometimes, even with their spouses!).
Just as accountability groups have made it easier for people with “shameful” habits to take the first step to recovery —admitting there’s a problem — those of us with financial skeletons in the closet have the best chance of finding the strength and motivation to make necessary changes with the help of a friend. [ continue reading… ]
My husband asked for a divorce recently. Once I move beyond the initial emotional shock of the situation, I began thinking about the financial ramifications of our marriage ending. One of the items to consider is what to do with joint bank accounts.
Who Gets to Keep the Bank Accounts?
Every expert I’ve talked to about divorce and finances agrees that it’s best to separate finances as quickly as possible. This includes closing joint bank accounts and opening different accounts. I didn’t want to give up the main account, though.
Most of my finances are automated, and many of the automatic bills, from insurance premiums to my student loan payments, come out of the account that my soon-to-be-ex husband and I used to share. The last thing I wanted was to set up new payment information for all of those accounts. [ continue reading… ]
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