5 Tips to Help You Save Money Over Time
Key Takeaways Take at least two days before buying a cart of “stuff” on Amazon or any other online shopping site. Keep your credit card numbers to yourself and don’t just store them at your favorite sites for convenience. Pack your own lunch and make your own coffee. Eliminate forgotten fees for subscription services. Keep […]
529 College Savings Plans
Key Takeaways The cost of a college education is going up about 5% every year. Every state has 529 college savings plans, which are a great way to make paying for college a bit more manageable. A big advantage of these plans is that they are both tax-deferred and tax-free. You may or may […]
A Subscription to Build an Emergency Fund
Key Takeaways Many Americans don’t have enough to cover a $400 emergency. If you don’t have an emergency fund, there’s a simple way to get one started. Think of your emergency savings as a subscription program that you pay every month. A survey conducted by the Federal Reserve Study revealed that 41% of Americans don’t […]
Frugal February Challenge
Key Takeaways Sometimes the best way to kick-start change is to accept a new challenge. The Frugal February Challenge has four easy-to-follow steps that anyone can follow. Once you complete the challenge, take your savings and put it towards something important. Remember the Ice Bucket Challenge? Believe it or not, that was back in the […]
Maximize the Yearly Limit on Your 401(k)
Key Takeaways One positive that came out of this year is that many Americans found themselves saving more money than usual. If you have extra savings, you may want to take advantage of maximizing your 401(k) contributions for the year. Consider having the entire amount of your last paycheck of 2020 put into your 401(k).
The Two-Step Approach to Saving Money
Key Takeaways When it comes to saving money, most people do so with a one-step approach. However, a two-step approach is more effective in the long run. You can grow your money over time with permanent life insurance, a 401(k), or other savings methods.
5 Money Changes When Buying a Home
Key Takeaways We tend to underestimate the true costs of things that might be new to us. If you’re buying a home, make sure you’re informed on all the costs that come with homeownership. Purchasing a home also affects your credit rating, something you will want to be aware of if you have any additional […]
Leveraging Your Cash Flow
Key Takeaways Using Other People’s Money (OPM) comes in to play in things like a matching 401(k) where an employer is matching their money to yours to put away for your retirement. There are three leveraging tools in a 401(k): Other People’s Money, pre-tax savings, and tax deferment. If your employer offers a matching 401(k), […]
Balanced Cash Flow – Enjoyment Now or Later?
Key Takeaways Balancing your cash flow is about enjoyment now versus later. This is a subjective arena, but if you look at an objective case study, you can see that it is possible to either save now or later with the same end result. There are two caveats to either spending now or later; you […]
Financial Freedom –Looking Long-Term For Short-Term Flexibility
Key Takeaways To have financial freedom, you must look long-term to achieve short-term financial flexibility and financial freedom. The two key areas to look at for short-term flexibility are expenses and savings. The two largest areas of expenses are in housing and transportation. Save 10% of your income and contribute at least the minimum […]