For many of us, a car is a necessary part of our daily lives, whether for our daily commute or just getting around.
There is no escaping it; obtaining a secondary education will cost money.
Even if you’ve worked tirelessly on your personal budget and stuck to it, you may be shooting yourself in foot with your automobile.
So you’ve come to the place in life where you feel it’s time to strike out on your own and to that I say, go for it, I’m all for independence!
However, before you take that momentous leap, take some time to ask yourself these 5 crucial questions just to make sure you’ve covered all your bases:
The word “budget” sparks many different emotions.
Some people swear by their budget. Some people swear at their budget. And others swear they had a budget, though they can’t seem to remember exactly what’s in it or where it’s at.
You used to be hard-pressed to find a finance book that didn’t recommend budgeting, but things have changed.
Several finance teachers, like Ramit Sethi and David Chilton, have started to move away from the “everyone needs a budget” mindset, and for good reason. They focus more on big savings and less on fewer lattes.
Today, I’m going to show you both sides.
Here’s why I swear by my budget, and why you don’t need one to be financially successful.
I got a new job and my income went up 38% several years ago. The increased payday felt huge, because nothing about my life setup really changed. I didn’t move into a fancy apartment or buy a new car.
But something subtle did change psychologically for me. I felt like I had more money so I spent a little bit more at restaurants and a little bit more on clothes. I figured I had a little extra money, might as well enjoy it.
When the credit card bill came, I found that my expenses increased right along with my income. Getting a raise was great, but it was so easy to spend the extra money. I hadn’t paid down student loan debt, saved any money, nor invested – all the things I’d imagined doing with the extra income.
Losing your job can be an emotional time.
Whether you get laid off or decide to leave, you may not be thinking straight.
It’s good to have a plan in place, or at least know where to find a plan (hint: this article) in the event that you do leave your job.
If you follow these 10 steps, the process will go much more smoothly…
Budgeting is weird, because almost every financial guru recommends doing it, and almost everyone who tries to do it struggles with it.
The truth is, there are a lot of things left unsaid when it comes to budgeting.
There’s a reason it doesn’t work…or doesn’t seem to work.
I’m going to explain how to actually budget effectively and cover some unanswered questions.