The couple had made every mistake you could: retired too early, spent too much, took on too much house and too much debt. “This is killing me,” Sarah told the advisor, as she burst into tears.
For those who struggle to save, here’s a tip: keep the money out of your reach.
If you lose your job tomorrow, do you have enough money to pay your rent next month? Bad things can happen. Start an emergency fund in three simple steps to cushion you in times of trouble.
Here’s a neat strategy if you look to save more for retirement, college or for paying down debt: Stop spending on the wrong things. Easier said than done, of course, and implementing this tactic starts with changing how you look at using your money.
You started this year off with grand resolutions and intentions, but the demands of everyday life got in the way or your financial plans just became overwhelming. Try tackling big goals in more manageable, bite-sized pieces, such as one a month.
You’ve likely seen commercials that urge you to consolidate all your debt into a loan on which you make the heralded “one low payment.” The concept promises to free some cash so you can more easily live paycheck to paycheck. The consolidation plan also, if you use it too soon, does nothing to address the root problem of your debt.
Valentine’s Day is of course an extremely popular day for marriage proposals. Regardless of which side of the engagement you’re on, consider when deciding to take that next big step how, when and where to wed not just each other, but also your finances.
The real poverty of typical families lurks not in low income and not in costly essential expenses, but in a lack of understanding household cash flow. Here’s what to know about yours.
Money is just one challenge to becoming part of a couple. Probably the most common question couples ask concerns how to manage cash, specifically whether to combine all money into one joint account, keep everything separate or use some combination. The answer: There is no one best method.
Establishing goals is the real meat of financial planning. Use any tactic to improve your odds of success, including an easy-to-remember catchphrase that outlines your plan and motivates you start to finish.