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Budgeting

Minimalist Budget

Budgeting for Upcoming Purchases and Goals

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People need to have money to purchase groceries and day-to-day household items.  They need to have money to pay their monthly rent or mortgage as well. Therefore, most people devote a lot of time to thinking about money.  It can be incredibly frustrating to lack sufficient money to cover certain things. You may think that only people with middle-class or lower incomes think about money so much. But that isn’t the case, whether you make $10 thousand or $10 million a year you still think about money. It may be how do I get enough money to pay for food and rent this month or it may be “Ouch, that stock just lost 10% of its value” but either way it is a concern.

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True Cost: How to Calculate the Financial Needs of Your Family

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When you sit down to write out your expenses, you probably know that you need to account for mortgage or rent, heating, electricity, water, car bills, credit card payments and student loan debt. However, don’t forget to account for the smaller bills too. For example, you might need to contribute money to your children’s sports team, or you may have small private loan that you’re still paying off. Don’t forget that money has to pay for food whether you’re going to the grocery store or eating out at restaurants. Don’t forget to factor in things like insurance and saving for emergencies.

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These Numbers Should Make You Mad and Get You Motivated

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It seems like a national epidemic… One of the biggest challenges that people face today is dealing with their personal debt. According to NerdWallet the average American family has $16,748 worth of credit card debt, $176,222 worth of mortgage debt, plus an auto loan debt of $28,948. All of this is on top of $49,905 worth of student loans (almost $25,000 per adult)!

According to Federal Reserve data in 2014 the Median household income was $53,718 and it rose to $56,516 in 2016. Unfortunately, that is the most recent data we have, but even if median household income rose to $60,000 in 2016 that is a lot of debt to be carrying on that amount of income.

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Breaking the Budget Bonds: How to Free Up More of Your Finances

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If you’re like most people, you realize that you put a budget in place to limit spending and to reach other financial goals of saving money or paying down debt. Of course, like most people after living on a budget for a while, you may find that although it does help you save and get rid of debt, it doesn’t make life a whole lot of fun.
The answer to this dilemma is not to change your budget and reduce your savings, it’s to change your bills to free up more of your money. Use these tips to help get more freedom in your budget.

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Budgeting for Wants Not Just Needs

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For many people, the idea of being on a budget is about as appealing as being on a strict diet. After-all who wants to cut out everything you enjoy? This not only sounds miserable it leads to unsuccessful budgeting for most people. The science of behavioral finance is gaining ground as a way of increasing financial well-being by creating a more reasonable approach to budgeting without the harsh cutbacks.

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Household Budget

Money Mastery: The Necessity of a Household Budget

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No one enjoys making a family budget… establishing a household budget can be stressful, time consuming and cause friction among family members with differing opinions on where to spend your limited resources. But unless you have unlimited money, budgeting is a necessary task to ensure you and your family keep your spending within your means. The fact that even celebrities and lottery winners have declared bankruptcy indicates that even if you have a very large disposable income you still need to live within your means.

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