Budgeting for expenses that come every month is tough enough. Working in those irregular expenses that come only a few times a year can be even tougher. Property taxes, car tag renewal fees, annual insurance premiums, and holiday spending are a few examples of expenses that don’t come around that often. But if you’re not prepared for them, these irregular expenses can wreck your budget. Here’s how you can keep that from happening. Know your irregular expenses...
If the income from your job isn’t cutting it or you’re looking for way to get ahead financially, adding a second income stream may be a solution. A second income stream, it’s from a second job, a money-making hobby, or a side business, can benefit you in more ways than one. It’s easier to afford your living expenses. More than 50% of Americans are spending at or above their income on living expenses, reports CNN. If...
If you want to be better with your money and reach your financial goals, you must learn to be financially disciplined. Being disciplined will keep you from making mistakes like overdrafting your bank account and withdrawing from your savings and retirement funds. It will also help you make better financial decisions and achieve more financial success. Some people are naturally more disciplined. For everyone else, financial discipline is a habit that can be learned. Commit to specific...
We spend a lot of our time working, so if you’re not completely satisfied with your job, it’s hard to shake the idea of quitting. But, no matter how much you want to leave your job, there are some times when it’s best to stay put – at least temporarily. You don’t have another job lined up. It could take several weeks or even months to get a new job, especially during periods of high unemployment....
It takes a lot of time, effort, and sacrifice to build a healthy emergency fund. Seeing so much money in your bank account can be tempting, especially when you’re constantly bombarded with advertisements for electronics, events, and trips. If you want to your money to be in your account when there’s actually an emergency, you have to avoid dipping into your emergency fund. Reduce your spending to within your income. Living within your means prevents the...
Do you ever think about your money and doubt that you’re doing well because you’re not where you want to be? Your finances might be in a better place than you think. Here are eight signs you’re doing well financially. You could survive a few months on your savings if you had to. If you lost your job today and couldn’t get another right away, do you have enough money in savings to last you two...
Major life events can affect your finances and your ability to pay your bills. Job loss, disability, death of a family member, or relocation can create temporary hardship and make it difficult to stay on top of all your expenses. One option for affording your bills during short-term financial hardship is forbearance. Under forbearance, the lender agrees to lower or suspend your monthly payments for a specific period of time; six months or a year, for...
If you’re feeling like you’re spending more money than you should, you’re looking for a way to save money fast, or you need to stretch your money to the next paycheck, a spending freeze could be beneficial. A spending freeze is essentially a financial fast where you refrain from spending unnecessary money for a certain period of time. Dramatically cutting your spending may not sound like fun at first, but it can be worth the sacrifice...
Last month I rolled out a new series in which I will post monthly tips for saving money, which I’m calling “frugal flips.” So far, the first four I’ve proposed have the potential to save up to $1900 a year. Frugal Flip #5: Make your own soap Before you tune me out because this one sounds too complicated, hang on a moment. It’s actually super easy and will only take a few minutes of your time,...
According to Experian’s latest quarterly report the average amount financed on a new car loan is $30,621. With the average loan term and interest rate at 68 months and 4.69% respectively, an average car buyer would end up paying $4308.49 in overall interest. For many of us that’s a lot of money. It’s no wonder “tens of thousands of people” sign up for so-called loan payment acceleration plans who claim to help them pay off their...
