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.
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.
How much do you plan to spend on holiday gifts this year? If you’re anything like the average American then you’ll likely fork out nearly $900 on gifts this season. Our credit counselors warn you could end up spending a lot more if you don’t budget ahead or take advantage of deals.
If you’re a penny pincher but your spouse is loose with the family purse strings, money arguments may frequently erupt. Thinking of yourselves as two sides of the same coin might help you appreciate your financial differences.
More than nine out of ten parents believe it is important for students to learn about personal finance in school, and three out of four think there should be a finance requirement to graduate from high school. Even so, 72% express at least some reluctance when it comes to talking about finances at home.1
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.
One of the most precious assets that you are likely to possess as you progress through life is your home. Owning their own homes is something that most Americans strive for.
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.
Thinking about borrowing from your 401(k)? Be careful.
Some 401(k) participants have found an easy source of credit: They’re borrowing from their own accounts.
But be careful. Although most plans offer loans of up to half of your vested balance (with a $50,000 limit), these deals might not be as sweet as they seem.
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.