Should I save money or pay down debt? Should I pay for my child’s education or save for retirement? Should I pay down my student loans or build my savings? These are valid questions, as many of us have multiple savings and debt repayment goals to achieve at the same time. Figuring out how to prioritize them can be a struggle.
We’ll share a secret with you about financial security: It doesn’t matter how much money you make, it’s about the decisions you make. Living a frugal lifestyle of financial independence doesn’t need to be difficult. It’s all about small steps.
It’s more than just knowing how much money is coming in and how much is going out; it involves recognizing how planning for the future can save you money in the moment. The secret to being prepared financially is to plan in advance for your expenses.
For a large purchase, such as a home or car, having that preapproval in hand before you start shopping is crucial. A pre-approval is a written letter from a lender specifying how large of a loan you will be eligible for. The letter will also detail your estimated interest rate on the loan.
It’s no secret that we Americans love our credit cards. But unfortunately, the relationship isn’t always healthy. Research indicates that the average American household has $5,700 in credit card debt. And while there’s no magic bullet solution to erase debt once you have it, there are several smart steps you can take to make sure you don’t get in over your head.
It’s important to invest in your child’s college savings early to ensure you have enough money put aside when the big day comes. There are a number of different-yet-beneficial ways to start to squirrel away money for college expenses.
Tax time is one of the few opportunities when low-income households receive a sizable amount of money – especially if they take advantage of the earned-income tax credit. While it may be tempting to spend that money on wants vs. needs, saving your tax refund can protect you from needing to turn to payday loans or high-cost credit later in the year, and can serve as the foundation to grow your savings.
Do you ever get the urge to leave a positive impact on society? One of the best ways to do this is to participate in programs that educate and empower our youth. After all, they’re going to grow up to be the future leaders of our country, so it’s only smart to give them the tools necessary to succeed.
To splurge is to celebrate the holidays well, some might say. In fact, over $1 trillion was estimated for holiday spending in 2016, but many who spend in excess during the holidays often feel a little buyer’s remorse afterward. If this is you, feel better knowing that you’re not alone this year.