Blog
Living Within our Means
Everyone has their own unique perspectives on life, debt, happiness, and what it means to "live comfortably". So, there's no definitive answer, but making simple changes to the way you manage your finances can help you avoid over-spending and live within your financial capabilities. You must adjust your budget so that the sum of your expenditure is less than your income. That way you can avoid overextending yourself and incurring debt, and hopefully begin saving money to prepare for unforeseen circumstances, vacations, and holiday expenses. By living within your means, you take control of your finances and structure your life.
Money Working for You
Most of us put in hundreds of hours of work each year to earn most of our money. But when you have savings and stash your funds in the right places, your money starts to work for you. Over time, you’ll need to work less and less as your money works more, and eventually, you might be able to stop working altogether. What does it mean to have your money working for you?
BIG THINGS A START-UP MUST HAVE TO SUCCEED
Tips for Saving Money If you need to save more money than you can easily pry out of your paycheck, here are a few ideas that financial planners often suggest to consumers.
How to Create a Budget with Your Spouse
KEY TAKEAWAYS - Lack of communication about money is among the top reasons marriages fail. - Creating a budget together will provide a framework for avoiding conflict about finances. - Using software to track your money can increase your efficiency and make it easier to stay on top of spending. - A once-a-week “money date” can foster continued communication and help you achieve your financial goals and life dreams.
How a Financial Planner Can Save Your Marriage
KEY TAKEAWAYS 1- When one partner lacks basic financial knowledge, the ensuing missteps in a marriage can led to arguments, tension, and mistrust. 2- A couple’s financial literacy should include personal financial planning, creating a budget, setting goals, and managing debt. 3- A financial advisor can work as a neutral party to help a couple focus on their goals, increase communication, create “next steps,” and improve their financial outlook.
Creating a Household Budget
By taking the time to jot down everything you purchase, you'll quickly see where your money is going, and you'll have a truly accurate snapshot of your total expenses. You'll know exactly how much money you spend every month on your living expenses, as well as your "comfort items." However, be prepared for some rude awakenings during your journalizing experience. Most people simply don't realize just how much money they spend on coffee, for example.
Track your Spending
Tracking your spending is an important aspect of managing your finances. It helps you to understand where your money is going, identify any excessive spending, and make informed decisions about your future spending. Tracking your spending using a home budget app is a crucial aspect of personal finance management that can help you better understand your spending habits, identify areas of overspending, create a savings plan, and decrease financial stress. The key to successful spending tracking is consistency, recording all expenses, categorizing expenses, tracking spending against a budget, regularly reviewing your spending, and being honest with yourself.
Pursuit of Happiness through Spending
The reasons for money making us happy are mostly speculative, of course, and change over time as our needs, values, and priorities change. More money typically brings more complexities, however, that can absolutely impact our happiness. And we all know that people still have problems regardless of income, they’re diverse kinds of problems. So, if money alone isn’t a surefire bet for increased happiness, what is? Some say the answer lies in the well-being theory, which suggests an individual’s happiness is optimized when they report prominent levels of several different areas in their lives. Unsurprisingly, these areas can be improved independent of changes to income. While income unequivocally increases happiness when it serves to meet basic needs and wants, above certain income levels we would do well to focus on other areas of engagement, to increase our happiness and well-being.