Tricks to Win the Fight Against Debt
No matter how you acquired the debt, you can’t go back and change the past. But, you can implement a plan to win the debt reduction war and start spending your money the way you want, rather than scraping by to pay off your old creditors. It may be a long fight, but with a plan you can start by winning the small battles that will help you turn the tide and declare your financial freedom.
Why Is Financial Planning Important?
Without a financial plan, it’s hard to know whether you’re sinking or swimming when it comes to your finances. If you aren’t tracking your cash flow, your debt could be growing without you even realizing it. “If you are digging yourself further in the hole every month, nothing else matters,” says Brian Frederick, a certified financial planner practicing in Scottsdale, Arizona. “Having negative cash flow is analogous to having a leaky boat — it’s hard to go forward when you’re busy bailing water to make sure you don’t sink.”
What Do You Learn From Budgeting?
Though the thought of actually making a budget might sound as appealing as having a ball and chain attached to your wallet, it can actually be quite a liberating experience. According to Erin Baehr, a certified financial planner practicing in Stroudsburg, Pennsylvania, and Chester, New Jersey, “Many people think of budgets as something negative; something constraining or confining. But actually, having a t, or spending plan, will give you freedom.
5 Questions to Ask Before You Prepare a Budget
Sometimes, when people finally decide to take charge of their finances — to stop winging it and prepare a budget — they think of a budget as a restriction, depriving them of the nicer things in life. In reality, it can be liberating to chart a path to financial freedom. Before you start, you need to ask yourself at least five questions.
Budgeting Tips for Single Parents
It’s the first of the month, the rent is due, the car payment is looming — and your son or daughter has just told you that the money for the class trip is due tomorrow. It may not seem possible, but there’s no need to…
7 Ways to Curb Your Spending
If you find that what you spend each month exceeds your household income, it’s definitely time to sit down, analyze what your actual expenditures are and choose expense items to reduce or cut.
How to Stay Debt-Free
Stick to Your Budget Once you’ve gotten out of debt, it may be tempting to start splurging. However, that could start you back on the road to more debt. According to Clare Levison, CPA and author of “Frugal Isn’t Cheap: Spend Less, Save More, and…
How to Financially Plan for Relocating
Americans relocate for many reasons, such as work or family obligations. The U.S. Census says that in 2012 alone, 16.9 million people moved from one county to another, with 7 million of them making interstate moves. Even moving to a house a few blocks over…
Cash Budgets & Long-Term Financial Planning
Your financial plans have to consider both the future and the present. For the present, you need enough cash available to cover your bills and other spending. Your long-term financial plan prepares you for retirement, your kids’ college education or a big dream purchase. Putting…
Essential Questions to Ask Before Creating a Budget
You can’t create a budget if you don’t know how much money is coming in and going out. Eric Roberge, a certified financial planner in Boston says, “The first step in making a budget is to create a personal income statement.” He recommends looking at your previous month’s spending and then continuing to track your spending for the next few months so you can see where your month is going.