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Budgeting

Plan for the present

The Ultimate Guide to Money for Recent College Grads

Congrats to all of the 2017 graduates!  It is awesome to scroll down social media and see all of the beautiful family pictures.  Now that you have walked across that stage it is time to welcome you to the real world.  By real world, I mean the world of additional bills and responsibilities.  Although personal finance is typically not taught in a traditional school setting, you are in luck.  I have created this ultimate guide to money for recent college grads.

 

The Ultimate Guide to Money for Recent College Grads

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The Woman Who Paid Off 220,000 of Debt in 3 Years Speaks Out

Earlier this year a post from Business Insider titled “How Ebony Horton paid off 220,000 of student loans in 3 years” gained a ton of attention on social media. Although the goal of the post was to be motivational and encouraging, it generated a ton of backlash. Many readers and those in the personal finance world felt like the post and the task completed were unrealistic for the average millennials.

I sat down with the woman featured in that highly discussed article, Ebony Horton. I wanted to get her insight about how she paid off 220,000 of debt and let her tell more of her story in light of the backlash.

 

The Woman Who Paid Off $220,000 of Student Loan Debt in 3 Years Speaks Out

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9 Ways to Cut your Budget (When There Is Nothing Left to Cut)

Check out the latest post which is a guest post by Elena which gives you tips when attempting to cut your budget.  Please see her bio at the end of the article.  

When you are barely making ends meet, it is critical that you implement a strict budgeting system to manage your expenses and, ideally, save money at the end of the month. Like all other plans, financial planning requires some homework. That is why you need to keep track of your expenses even before you start controlling them. Get to know about all your expenses and your spending habits for at least one month. Monitor where the bulk of your money is going apart from your mortgage, rent and grocery bills.

Include all purchases big and small and take them into account at the end of the month. Carry a small notebook with you to jot down every detail so that you don’t skip anything. You can also benefit from several mobile apps to have a financial budget app right in your pocket. This way, updating your expenditure list will be trouble-free.

 

9 Ways to Cut your Budget

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Budgeting Your Way to Financial Freedom

Check out the latest guest post from Andy Hill over at Marriage, Kids and Money.  Make sure to read his bio at the end of the post!

When my wife Nicole and I started our marriage, we were $60,000 in debt and spending money like it was our full-time job.  I, for one, had no issue with going on vacations, driving cars and updating our home all on credit.

When we started thinking about having kids, Nicole and I knew it was time to break our addiction to debt.  We knew we needed a plan to master our money.

We heard that developing a monthly budget could help us in eliminating debt, saving more money and reaching our goals.  So, we gave it a go.  In was rocky at first, but soon it became a habit.

Fast forward six years later, we’re debt-free and our net worth has increased by $500,000.  In 12 months, we will own our home outright and we’ve never been happier.

The catalyst for this major change in our lives was creating and sticking to a monthly budget.

Here are the steps we took to our own future through budgeting.

Budgeting Your Way to Financial Freedom

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5 Half-Truths of Financial Fitness Exposed!

Check out the last guest post from a fellow personal finance writer, Mr. Compounding.  Stay tuned for his bio at the end of the post. 

A lot of us want to make the right decisions when it comes to our money.  At the end of the day, we all want to have more of it, right?

Where is gets tricky is when it’s actually time to take action.  There are a lot of universally accepted money principles that are downright false.  As a result, many people think they are better with money than they actually are because they follow these half-truths we all grew up hearing.

If you think you are doing the right things but can’t seem to gain any traction with your finances, or if you are like me and think of your financial success strictly in terms of net worth, here are some of the false and way too common assumptions you want to avoid.

5 Half-Truths of Financial Fitness Exposed!

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5 Actions to Take When You Receive a Raise

For most of us in corporate America, it is review season! Review season is a chance for you (and your manager) to reflect on your performance over the past year. If your review fairs well, you may receive a raise or a promotion.

A raise is one of the best feelings in the world.  It means that your hard work has been noticed and your paycheck will be a little (or a lot) larger.  Per Bloomberg, the best employees can expect a 5% raise and the average employees can expect a 3.1% raise.  Whether the raise is 1%, 5%, or more, you can still put that extra money to work.

Congrats if you received a raise and/or promotion this review period. Now, what do you do with all that extra cash? Check out these 5 actions to take when you receive a raise at work!

5 Actions to Take When you Receive a Raise

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How to Enjoy Christmas without Going Broke

Can you believe that is already October? That means we have less than 3 months until Christmas. Believe it or not, it is time to start preparing financially for Christmas already!

According to a Gallup survey, in 2015 the average shopper spent $830 on Christmas presents!  Unless you have been preparing for some time, that is a big financial hit to take at once.

Check out these awesome tips on how to enjoy Christmas without going broke:

 

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5 Money Management Misconceptions about Women in Society

Today we have a guest post by Tina Roth regarding money misconceptions about women in society.  Check out her bio at the end of the post.

Women have always been discriminated against. Women have been denied several rights – the right to vote, the right to work outside the home, and more. Time has changed now, we live in a gender neutral society where men and women are considered equal.

But distasteful stereotypes about women still exist. Women lack driving skills, women are bad at STEM – these are all stereotypes. It’s time we debunk them – once and for all.

But before debunking them, let’s have a look at them. Here are the 5 money misconceptions about women.

5 Money Management Misconceptions about Women: Exposed!

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How MJ Paid off Over $39,000 of Debt in 21 Months

Recently I sat down with a friend, MJ Bridges, who paid off debt to the tune of over $39,000 of consumer debt in 21 months and started the site Young and Debt Free.  Make sure to check out his bio at the end of the post!

How MJ Paid Over $39,000 of Debt in 21 months

So MJ, I have to ask.  How did you accumulate over $39,000 of consumer debt?  That is $39,000 of debt not including your student loans!

Honestly, I was trying to “keep up with the Joneses.”  Looking at people on social media with new cars, furniture, and designer clothes.  I wanted that lifestyle.  So I had it through my credit cards.  On top of that, I was very ignorant to personal finance which led to a lifestyle of impulse buying.

I remember when I got my first credit card during my freshmen year of college.  Initially, I did a great job managing credit responsibly.  However, it got out of hand while I was pledging my fraternity.  I never recovered from that and it only continued to get worse.

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10 Items you Should Slash from your Budget

According to CNN Money 76% of Americans live paycheck to paycheck.  In order to resolve that, lets get to work on your budget.  A budget truly is the foundation to your financial success.  If you don’t have a budget yet then you should create one in with these 5 simple steps.  Once you have created your budget, make sure you negotiate your reoccurring bills to save money. Once you have taken those steps, its time to look at things that can be cut from your budget.  Check out these 10 items that you should slash from your budget!

 

10 Items you Should Slash from your Budget (2)

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