Needs and wants, what is the difference? Understanding the difference, between needs and wants, is crucial to good financial decision making. What is a Need? A need is a requirement, or essential item that is considered to be necessary for living. Examples include shelter, food and water, and clothing. These are essential for a person’s … Continue reading Needs and Wants
If I earn $3000 a month, can I pay for my rent, food, and other expenses and also have money left to save? Or will I run out of money before my next paycheck? To find out, you need to create a budget. What is a budget? A budget is something people use to help … Continue reading What is a Budget?
Budgeting software can be a helpful financial tool. For many families, the thought of planning a budget is daunting and overwhelming. Just the thought of it makes people avoid making a budget. However, a budget can be an incredibly helpful financial tool. It allows you to plan where your money is going each month and … Continue reading Can Budgeting Software Help You to Stay on Track?
Everyone knows how hard it is to save money when you pay all your bills first. It is virtually impossible. Thus, the best principle is to pay yourself first and THEN pay your bills. Only by doing so will you be able to save money. Our expenses have a way of taking up whatever amount of income we … Continue reading Paying Yourself First
Everybody dreams of a nice, large savings account. But while it seems obvious that in order to save more money you need to spend less, it is often difficult to find the areas on which to cut back on your spending. Every budget has areas that could be tightened, and it’s not hard to find them if … Continue reading Quick and Easy Ways to Trim your Budget
Budgeting. That’s a word every young person entering adult life will become very familiar with; unless of course you’re parents happen to be extremely wealthy. For the rest of us, budgeting is a must, but it’s also a benefit; learning to budget teaches you not only discipline, but how to manage in the face of adversity and … Continue reading Budgeting 101: The 5Ws of Budgeting
Budgeting is a bad word to some people. What do you think of when you hear the word budget? Budgeting is something that every family should do to save for their future. In family budgeting the main thing that you need to remember is “the money that comes in is equal to the money spent.” In this way, you … Continue reading Family Budget Planning
A key concept in managing your finances is inflow vs. outflow. Essentially inflow is all the money you receive or generate while outflow is all the money you spend. There is nothing subjective about these terms. Each should have a concrete and tangible number attached to it and you should know what that number is on a monthly … Continue reading Budgeting Money and Debt: Inflow vs. Outflow
Holiday and Christmas time is an expensive time for most families. From buying gifts, stocking stuffers, decorations, and food most families budgets are stretched very tight during the holidays. How do you ensure that your family has a holiday and Christmas that they will remember without you paying for it for the entire next year? The first … Continue reading Have Yourself a Budget Holiday
It is necessary to learn the skill of balancing income and expenses no matter what your financial situation. Many people put off keeping a budget until they are financially “on their feet”. However, in order to get financially “on your feet” a budget is a necessity. And to be sure, what we call a budget is nothing more … Continue reading Balancing Income and Expenses