Struggling with a budget? Let the bank limit your spending

Millennials seem to be obsessed with—or at least more mindful of—their spending habits as they face crushing student loan debt, fight the notion that their frivolous spending will keep them from becoming homeowners and worry about their financial future.

A recent study by Bank of America found that 54 percent of millennials are budgeting, which is roughly the same rate as baby boomers and Gen Xers. In addition, 73 percent of respondents say they stick to their budget most months.

If you’re not setting a budget or you’re struggling to stay on track, you might consider finding a bank, credit union or fintech company that lets you set limits on how much you can spend.

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5 Secrets to Creating a Budget

Everyone knows, budgeting sounds like a bore. But it’s a very necessary step to totally owning your financial situation, and if you have no idea where your money is going every month, you might find yourself over drafting, overspending, and therefore, over-stressing. And who wants to live life like that? If you’re a budgeting beginner, here is where to start in five easy steps.

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Free Finance Counseling Comes to Patchogue-Medford Library in April, May

What are your money goals – big or small? Are they as big as hoping to buy a house, or as small as balancing how much money to set aside for groceries versus going out to restaurants? No matter the objective, Patchogue-Medford Library is hosting a series of personalized, one-on-one financial counseling sessions that can help you accomplish these ideas as part of the Money for Life program.

Read more…Free Finance Counseling Comes to Patchogue-Medford Library in April, May

4 Money Mistakes People Often Make After a Spouse Dies

In the wake of a spouse’s death, it may seem too soon to think about how to manage your money from here on out. And you would be right.

But at some point, it’s one of those topics you need to examine carefully. If this was the love of your life, and you’re in deep grief, then you’re in a state of mind that’s prone to making financial mistakes. According to a number of financial experts, there are at least four major money missteps widowers and widows tend to make once a spouse passes on.

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How Can I Keep My Money from Slipping Away?

As with virtually all financial matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach.

By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in tax preparation, time, and fees.

Read more…How Can I Keep My Money from Slipping Away?