Personal Spending

4 Bad Money Habits

Often in personal finance, you focus on the things you should start doing, without giving consideration to those you need to stop doing. The bad habits you aren’t aware of could get you into financial troubles or off course from your goals. So read on for four bad money habits you should lose.

1. Throwing down your credit card for every purchase. You have every intention to pay off the balance at the end of the month, and you rack up reward points. This is great in theory, but where people get into trouble is using the credit card without tracking.

To the Rescue: Boomers

With wages stagnant for the past decade and the cost of necessities rising, many folks’ ability to meet living expenses continues to shrink, let alone their capacity to spend for fun stuff. And that’s not good news for the U.S. economy. When it comes to increasing consumer spending to lift the economy, our only hope lies with the baby boomers, who have the most discretionary income to spend.

Families’ Savings Tips

Raising a family is expensive. Before my wife and I had our first son, I was terrified. We were decent at managing our finances, but I suddenly felt that I had holes in all my pockets. I’m sure other families feel this pinch and constantly look for ways to cut costs.

Try some of the following money-saving tips and use them to take charge of your budget.

Your Mid-Year Money Check

This year is more than half gone. Amid your summer vacation and plans for fun in the sun, find time now for your mid-year financial checkup.

Like many, you probably picked a financial goal for this year, such as pay off debt or generally get your financial house in order. Now reevaluate your intentions and take a good look at where you stand. Start reviewing the following:

Spending plan. Cash flow management is key to a successful financial future and knowing where your money goes a must in creating a plan.

Who Really Is Rich?

Wealth is defined by net worth, not income. A high income doesn't equal wealth; it equals a better opportunity to build wealth. Not everyone is wise enough to take advantage of that opportunity.

"How much money do you make?" We don't ask people that question, but we'd love to know the answer. In this country, we fixate on a person’s annual income. That's the primary measure we use to determine social status and define success.

Nothing in Your Nest Egg?

Afraid you don’t save enough for retirement? You’re far from alone. But what does such a future look like for you? Is it possible to play catch up?

The latest Country Financial retirement Financial Security Index shows that one in four Americans across all age groups saves nothing at all for retirement. A slim majority of respondents (55%) either don’t participate in a workplace-sponsored retirement plan like a 401(k) or don’t even know if they are in a plan.

Inflation Is Our Friend: Huh?

Since when was increasing the inflation rate a goal? Not long ago, inflation was an enemy. Rising prices erode your purchasing power. Now, policymakers greet it as salvation. They think it is an antidote to slow growth. It really isn’t.

Curing what ails the European economy will take more than higher prices. But Wall Street reacted to the European Central Bank’s inflation-boosting efforts by setting new records.

More Money Isn’t the Answer

How many times have you heard people say “If only I had more money.”? When you want to purchase a new car or a house, or pay down bills such as credit card debts and student loans, you can easily fall into the trap of thinking that more money is the answer to your problems. Most often, it is not.

The question to face is how to manage money – not how much you make. Granted, folks need a certain amount of money to survive. Think of it this way: If you are poor at managing the money you currently make, how does an increase in income make you a better money manager?

The Millionaire Mindset, Pt. 2

Previously, we looked at the first three components of a millionaire mindset: how to spend like a millionaire by living frugally, budget like a millionaire by putting essentials and savings first, and work like a millionaire by loving what you do and investing in your career.

All three of these are vital habits for anyone wanting to build financial independence and lead a satisfying life. But the millionaire mindset doesn’t stop there. Here are three more aspects of it.

Vacation Planning Tips (Pt. 2)

Smart trip preparation entails wise security precautions with your personal information and budget, and leaving enough minutes on the actual day of your trip to kick your vacation off right.

All too often, travellers overlook these necessities or think they can make arrangements at the last minute. In this second part of our vacation planning series, we offer some tips to make sure your time away is not an ordeal.

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