Study after study has shown that our personal beliefs have a direct effect on our financial behavior. In 1982, researchers like Yamauchi and Templer established what they called the “Money Attitude Scale,” which outlined four basic money attitudes: 1. Power-prestige (using money to show status) 2. Retention-time (preparing for one’s financial future) 3. Distrust (not […]
There has been a lot of talk lately about budgeting, fiscal cliffs, and the government’s management of money. Everyone agrees that the government is doing a poor job of managing our tax income, and many are quick to throw in their thoughts on how to balance the federal budget. But the hard truth is that […]
Most people spend every dime they make, often before they make it. They spend it on movie tickets they don’t need, food they could’ve cooked, and knick-knacks they can’t afford — swiping the credit card and digging themselves deeper into debt with every purchase. Savings can never grow when your spending constantly chips at the […]
I consolidated my undergraduate loans in 2003, which in some ways was the golden age of student loan consolidation. Back then, consolidating was a solid method for reducing interest rates, reducing monthly payments, and taking advantage of lender discounts. Unfortunately, there have been many changes to the regulations governing student loan consolidations since then. Consolidating […]
One of the biggest changes our family has made over the years is cutting back on Christmas spending. When we first had kids, we felt it was necessary to fill the floor beneath the tree with gifts. It wasn’t unusual to spend between $200-500 on each kid for Christmas. A week after Christmas, most of […]
For as long as I can remember, my family has purchased used and inexpensive cars. Subsequently, I never used a car that cost our family more than $5,000. I recently wrote about my decision between buying a used car or leasing a new one. If I decided to buy used, I would be on the hook […]
