When you try to create a budget you learn very quickly how hard it can be to stick to it. When I first started creating budgets for myself I was always failing and it seemed like such an uphill battle and a struggle to try and make ends meet. I always blamed myself for not […]
October Can Make or Break Your Financial Outlook for the Whole Year – Don’t Make These Common Mistakes
It’s barely the beginning of October and already the stores are filled with Halloween decorations, Thanksgiving knickknacks and in the back of the store just waiting at a moment’s notice to explode out and take over every single aisle are the Christmas decorations. It’s in this holiday time of year that our emotions begin to […]
Personal budgeting is often done in a very haphazard way. If there is a plan, it’s usually a reconciliation-based one. This means that all expenses are accounted for “after-the-fact.” This makes planning for the future impossible. Business could never operate this way because they must be forward-looking. This is especially true of publicly-traded companies. If […]
In today’s tough economy having a strict budget and managing your money is essential. Way too many people are living with budgets that do not reflect their financial situation they are overspending on categories they shouldn’t and then are left with not enough to spend on areas they should. Take a recent study by Nielsen […]
What is the 50-30-20 Budget Rule Budgeting is perhaps the most critical aspect of saving. The key to the 50-30-20 budget rule is to distinguish between wants and desires. The 50-30-20 budget rule derives its name from the concept 50% of income (after tax deductions) should be spent on needs 30% should be spent on […]
I often hear people say that budgets don’t work and that they are unrealistic. I completely disagree. If you want financial freedom it is imperative to have a budget in place and follow it. Think about it, businesses big and small all have a budget. Even our government has a budget though they don’t seem to stick to it. […]
Do you frequently experience more month at the end of your paycheck? If so, you are not alone. The average person today spends anywhere from 10-30% more than they earn. Creating a financial forecasting plan will prepare you for present and future expenses and ensure that you don’t overspend. By preparing and planning your finances in advance, you prevent yourself from plunging further into debt. Here is a step by step guide on how to create a Financial Forecasting Plan. You will need a calculator, notepad, and pen.