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Tag Archives: budgeting

5 Reasons Budgeting is Hard for Millennials

5 Reasons Budgeting is Hard for Millennials

Millennials are often labeled as lazy or lacking direction if they aren’t demonstrating success at making it on their own. But it’s easy to put a label on someone and make everything their fault. Taking time to understand why millennials have trouble making it financially could show us a different scenario, however. In fact, what appears to be laziness, on the surface, could instead be a problem of not budgeting. But if that is the case, what are some of the reasons budgeting is hard for millennials? 1. The Need to Keep Up It’s difficult to deny yourself of things others have. This is especially true if everyone has it and you are expected to have it too. The price for millennials, though, could be higher debt and difficulty sticking to a budget. One example of this is smart phones. Everyone seems to have them. Not only that, but millennials are almost obsessed by them. Nearly everywhere you go you see them ignoring each other and the world around them. Millennials can check bank account balances, order stuff online, and communicate almost instantly by smartphone. Not having a smartphone, therefore, is very inconvenient. How else will they keep up appearances ...

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How to Start Your Financial Future Out on the Right Foot – Part Deux

Financial Future

Last time we talked about starting out your financial future when embarking on adulthood. This is a crucial time in anyone’s life because the decisions that you make during early adulthood can really make or break your future financially. We broke down the two biggies in the last article: cash and credit. In this article, we are going to dive into your credit score and debit cards. So let’s jump in! Benefits of Increasing Your Credit Score If you are putting things on credit and not paying off your monthly balance, then you are directly affecting your credit score NEGATIVELY. This is the opposite of what you want to do because your credit score can impact more than you think it can. On the flip side, if you pay your credit card off every month, you are only INCREASING your credit score. The bonus here is that the higher your credit score, the more you qualify for big purchases in the future. Two of these biggies are cars and houses, with a smaller third possibility at business loans and/or credit cards to start a business. Some employers and rental companies even look at your credit score as an indicator of ...

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How to Start Your Financial Future Out on the Right Foot

Financial Freedom

  So, you’ve graduated high school and are embarking upon your wide open future. Going to college is an exciting time for most. But, it can also be a huge stepping stone with your financial future. College is the time that most people are first on their own financially, at least partially, and get their first credit card. So what is the best way to handle all of this newfound freedom and secure your financial future at the same time? Cash I know that the saying is “Cash is King,” and it still is for the most part. The reason for this saying is because when you are paying for something with cash, it doesn’t affect your credit and therefore your financial future in any way, shape or form. If you pay for things with cash, you don’t have to worry about getting authorization from a bank. You just pull out your wallet and call it a day. Cash is one of those things that is pretty easy for a college student to make because there are plenty of jobs, and side hustles, that pay straight cash. Here are a few examples, some that I personally embarked upon to make ...

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How The 50/20/30 Rule Can Help You Budget Your Money

How to balance your budget

There’s one thing that many people have in common, regardless of age. That’s that, many of us want to learn to better budget our money. One of the big problems with this process is the amount of work that’s involved. I’ve seen some budget spreadsheet templates that have more than 20 fields for categorizing purchases. Let’s face it, categorizing each and every product is highly unrealistic, and can be discouraging. Nonetheless, there’s good news. Not all budgeting systems are quite so hard to follow through with. In fact, I recently came across the 50/20/30 rule, and it has made budgeting much easier for me. I believe that it can do the same for you. Here’s how it all works: The Basic Concept Behind The Rule The basic concept behind this rule is that for most, budgets can be simplified with 3 broad categories. In doing so, managing your money takes much less time. With the 50/20/30 rule, each number represents a percentage of your income to be used for each one of the three categories. Category 1: Base Expenses The first category is also the largest. Base expenses mean expenses with fixed costs. For example, your mortgage payment, car payment, ...

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What to do if You Overspend Your Budget

overspend your budget

When April started off, I had a good feeling about it. You see, March was expensive for me. I had a lot of extra business expenses, like investing in a new Macbook Pro, and expanding my team so I don’t have to work as much. But I also increased my income significantly. After that expensive month, my plan was to buckle down in April and pay off one of my credit cards in full by the end of the month, but now I’m not so sure that it’ll happen because I’ve definitely overspent my budget this month. Going over budget is something that happens to all of us from time to time. While going over budget isn’t good, at least you are looking for solutions to get back on track. Here are some things I’m doing now that I know I’m already over budget this month, and they are strategies you can use too if and when you overspend your budget. Evaluate Your Current Budget Take a deep breath and remain calm. Look at your budget to figure out exactly which categories you overspent in and why. For example, did you over spend on your entertainment budget? Maybe you are too ...

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