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One of the scariest financial situations to be in is living paycheck to paycheck. Unfortunately, too many people are in this predicament. According to a study done by LendingClub and PYMNTS.com, 64% of Americans live from paycheck to paycheck. What’s even more surprising is that almost half of Americans who earn more than $100,000 live this way as well. It’s a difficult situation to be in, especially when you have a family to support. It can also be mighty tough to get out of this rut.
Having savings to fall back on in case of emergency is important to everyone, which is why living paycheck to paycheck can be so dangerous. Any unexpected expenses can really complicate your life and create long term problems that make it more and more difficult for you to dig out of this hole. If you’re living paycheck to paycheck, consider these seven tips to help you get on the right course: [ continue reading… ]
Many of us are unsure about what to expect when it comes to planning for the future. Study after study in recent years indicates that many of us aren’t sure whether we will be able to retire comfortably and “on time.” And with the crazy price increases seen everywhere of late, it really does seem that it’s increasingly difficult for some to feel confident about retirement.
A recent study from Allianz Life highlights the concerns that many feel about being able to meet their retirement goals. According to the survey, 84% of respondents believe it’s unrealistic to start retirement at age 65 by doing exactly what they want. Many believe they will have to work longer, or that they will have to curtail some of their expectations for retirement.
Reading this survey got me thinking about my own retirement confidence, and considering what “retirement” means to me. [ continue reading… ]
Around six months ago, I declared I was going to “unspoil” my kids.
My kids are pretty well-behaved, but I wanted to start teaching them about responsibility and the value of a dollar.
Even though my kids are young – three and five – I’ve still found some ways to start instilling financial responsibility in them.
Here are several ways to unspoil your young children and teach them about money:
Give them simple chores – without pay
As a child, I was never made to do any chores. No washing the dishes, running the vacuum, or even cleaning my room. I think this was a big mistake.
My mom, who worked a day job, tried to do it all. The thing though was that she could never really keep up. Instead of making her three children contribute to the household, she overworked herself. I thought it was normal since this was all I knew. Now that I know differently, I don’t want my kids to think they never have to make household contributions. [ continue reading… ]
One of the things I noticed as I went through two cross-country moves in the space of a year was that downsizing ended up being a big help to my finances. When you have less stuff, there’s less to worry about, and less to take care of. Plus, you don’t need a bigger place to keep all your things.
Here are some of the ways downsizing can help your finances in big and small ways:
Downsize Your Home
Moving into a smaller place can reduce your overall expenses. Not only is your base cost lower, but you probably also pay less in utility costs. If you sell a bigger house and buy a smaller place, you end up saving on property taxes too. And, depending on your market, you could actually come out ahead if you sell a bigger house and then rent a smaller place.
That way, you don’t even have to worry about property taxes, maintenance, repairs, and some of the other expenses that come with buying a home. Owning is a major goal for many people so I understand the desire to own but figure out what lifestyle works for you and decide what might make the most sense. [ continue reading… ]
If you’re a romantic at heart, if you believe that choosing a life partner isn’t something you think about and plan for but something that just happens, if you believe in “love at first sight” and in “happily ever after,” then I suspect you will strongly object to this article.
I am going to argue here that when choosing a life partner, you should make sure their financial behavior is acceptable and that their financial belief system is compatible with yours. If you identify issues, you should address them prior to committing. And if you realize that the gap between your belief systems cannot be bridged, you should consider letting go of the relationship. [ continue reading… ]
I fell in love with a foreclosure in my area last summer. The house seemed like the perfect investment property; it was in a good area, had good bones, and just needed some basic cosmetic work – like replacing the carpet, stripping the wallpaper, and painting.
After stumbling upon the house, I drove past it several times. The place wasn’t even on the market yet but I already had my heart set on making an offer. I had no idea how much it was going to go for other than a rough estimate based on other properties in my area. I also didn’t have enough money for the down payment. Sure I could’ve (in theory) used my emergency fund for the down payment, but that would’ve been a pretty risky move.
Still, I had this childlike mentality come across me; the house looked like a diamond in the rough, and I wanted it!
I made a goal to save enough money to cover the down payment, closing costs, and a small renovation budget – a total of $25k. (Keep in mind real estate is fairly cheap where I live in the Midwest.) I also set myself a now seemingly unrealistic deadline: less than one year.
I started putting money away in June, averaging about $500 per month. While I’m glad this house motivated me to create an investment property fund, I’ve also come to the realization that I set a pretty unrealistic goal.
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