Money Questions and Answers

There Are Two Parts To Your Budget Equation

Many people only consider reducing their expenses when times are tight. But, there is only so much your budget can take in the way of belt-tightening. There are two sides to the budget equation. Another way to tackle the problem is to look at the other side of the equation. You can help your struggling finances by increasing your income as well. Understanding The Accounting Equation Or Budget Equation On the first day of an accounting class in college, the professor put the accounting equation on the board. It is an equation that drives the financial world. Assets – Liabilities = Equity. To put it another way in a budgeting aspect, your income – your costs = what’s left at … Read more

How to Get the Most Out of a Health Savings Account (HSA)

by Hank Coleman

One of the most commonly confusing concepts for consumers when it comes to health insurance isn’t the insurance policy itself – it’s something called a health savings account, which some people ignore or dismiss because they mistakenly equate an HSA with a regular savings account. There are actually quite a few advantages that an HSA offers compared to a regular savings account, though not everyone is eligible to open an HSA. It all comes down to your health insurance policy’s deductible limits. If you’ve been offered HSA options from an employer – or you qualify as a sole proprietor or business owner – then you won’t want to overlook the incredible financial incentives presented by HSAs. What is a Health … Read more

What Is Affirm and Is It Worthwhile for Consumers Financing Big Purchases?

by Hank Coleman

When you’re tight on cash and need to make a relatively large purchase, it can be challenging to decide how to pay for it without breaking the bank. Some folks immediately whip out their credit cards, while others look for ways to avoid the purchase until they can afford it. Another more moderate approach could be paying for the purchase in monthly installments over a set period of time (e.g., 3, 6, 9 or 12 months) through a lending program. One increasingly popular way for consumers to finance their purchases over time is by checking out with Affirm, which serves as a viable alternative to credit cards by letting you pay over time without incurring late fees, compounded interest, or … Read more

4 Scenarios Renting vs Buying Makes More Sense

by Hank Coleman

Most financial wisdom you come across these days strongly advocates for homeownership, but is this really the best financial path forward for some people? What about renting vs buying? We have no problem renting movies, leasing cars, staying in vacation rental homes, and even clothing (thanks to those personalized style subscription services that consumers are flocking to in order to keep their wardrobe fresh) – why do we always assume that owning a home would be a better option than renting? Of course, there are tons of benefits to owning your own home, the most important of which being that you don’t have monthly mortgage payments once your loan is paid off in 15-30 years. Whereas renters will continue paying … Read more

PocketGuard Review – Easily Track Your Spending and Create a Budget

by Hank Coleman

There are only so many hours in a day to manage everything from house chores and work to preparing meals, staying in touch with family and friends, and taking care of your kids, pets, plants, etc. When you add in multiple financial management obligations like remembering payment deadlines, allocating funds to the appropriate accounts, tracking your spending and regularly putting money into savings, life can get pretty hectic! Fortunately, there are plenty of new, innovative solutions for simplifying consumers’ busy lives, and I’m not just referring to robotic vacuum cleaners (though those are certainly helpful!). Take PocketGuard, for instance. This app is designed to transform your personal financial management strategies by streamlining the budgeting, payment scheduling, and spending-tracking processes for … Read more

How to Ask for a Pay Raise Without Getting Fired

by Hank Coleman

According to a Careerbuilder survey, a whopping 56% of workers have never asked for a raise, and women are less likely to ask than men. An analysis by Salary.com found that failing to negotiate could potentially cost you more than a million dollars over the course of your career. But, how do you ask for a pay raise? There are a couple of techniques that you can use to learn how to ask for a pay raise. Although unemployment rates are currently at their lowest levels since before 9/11, a major problem for many people in the workforce is stagnant wage growth. Some local and state governments have increased their minimum wages in an attempt to keep up with the ever-increasing cost of living, but even so, … Read more