A new report from the Federal Reserve found that, as of June 2017, the amount of outstanding credit card debt in the United States is at the highest level it has ever reached in the country’s history. The previous record was set in April 2008 – just before the recession – but now that the economy has vastly improved, why is there so much credit card debt in the U.S.? Some economists have argued the ease of access to credit cards has led to our personal debts spiraling out of control. After all, the flashy advertisements for 0% introductory … [Read more...] about Top 3 Way You to Can Create a Cash Only Budget
Grocery expenses comprise a large portion of most American’s budgets. According to data released by the U.S. Department of Agriculture, the average middle-aged male spends just under $300 per month on groceries when following a “moderate-cost plan.” But, you can save money on groceries. The average family of four, meanwhile, can expect to incur around $1000 worth of food expenses each month when following a similar middle-of-the-road strategy. How does your family’s spending compare with how to save money on groceries? If you … [Read more...] about Top 14 Easy Grocery Hacks to Trim Your Food Budget
Unless you have built up a considerable emergency fund, going over your budget can be an incredibly stressful experience. After all, despite the wide availability of credit and lending options, money is still a finite resource and you wouldn’t want to borrow from some lenders due to shady practices and hidden, high-interest fees anyway. How to Recover After Going Over Budget If you’re anticipating going over budget in the near future or you’ve already blown your budget and you’re trying to recover your financial stability, here are some … [Read more...] about 4 Steps to Recovering After Blowing Your Budget
Most of us, at one point or other, start a budget. Some of us are natural budgeters. It just makes sense on some level to these people. But, there are often many surprises you find when you make a personal budget. Carefully managing every dollar is wise. So, why wouldn’t you do it? Well, for other people this isn’t so easy. Just because budgeting is sensible doesn’t mean they do it regularly or rigorously. Along with working out three times a week, eating many helpings of vegetables a day, and performing preventative maintenance on … [Read more...] about The Surprises You Discover When You Make a Budget
Here is the next installment in our Reader’s Questions Series, which highlight questions emailed to me by you, the readers of Money Q&A. This time, we’re talking about income replacement with dividends when you retire. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of the best personal finance books that everyone should read. Now….on to our … [Read more...] about How to Budget with Irregular Income
My wife and I budget a little differently than most families. We budget with a credit card. We use a credit card for most of our purchases instead of cash or checks, and use that to monitor our family's monthly spending.
According to a recent Gallup poll, fewer than one-third of Americans follow a detailed written budget every month. Out of those who do, not all of them strictly follow their budgets. This may be a stark indication as to why American families are in financial trouble, with shrinking savings and increasing debt.
So why … [Read more...] about
How accurate is your family's monthly budget? Do you have false budget assumptions in your family's monthly budget? Do you guess at certain things that you put in it? You're not alone. A lot of people do not have the right math in their family's monthly budget. You need a budget, but you also need an accurate budget. Budgets are built on both facts and assumptions. You know exactly how much money your home mortgage will cost you. You know how much your car payment or credit card minimum balance payments are at the end of each month. But, … [Read more...] about Are Your Budget Assumptions Throwing Off Your Family Finances?
There are so many different budgeting tools and systems that you can use to help you manage your finances. We often get pigeonholed into one favorite system or another. Or, we only consider one option as the “right” way to budget. But, what budgeting system works best for you? How do you balance your checkbook? Balancing Your Checkbook Through The 1-800 Number I had this amazing conversation with a coworker last week, and it struck a chord with me and inspired a little bit of a revelation. I used to always joke with my wife. When I met her … [Read more...] about What Budgeting System Works For You And Your Family?
You can use a budget as a tool to help you save your money and set your financial priorities and financial goals. A budget is a tool, so to speak, you use for saving your money and setting certain financial goals. The process also helps you establish a plan of attack on how to reduce and get rid of any consumer debt that you may have. A budget can help you see where you need to cut spending so you can channel your money toward more worthwhile purchases. Monthly Written Budget Can Help You Modify Behavior Make your budget work for you. That … [Read more...] about How To Use A Budget To Help You Set Priorities
A lot of people hate the B word. I have to admit it myself that I do not enjoy budgeting. But, budgeting is a great way to make sure that you have enough money to pay the bills each month. It is also a way for you to save for different financial goals you may have in life like retiring early, finishing your bucket list, or sending your children to college. The hardest part of budgeting may be simply starting. So many people do not know where to start or how to get going. Starting a budget that makes sense can take a little bit of time at … [Read more...] about How To Get Started With Your First Budget