I am an unabashed, unapologetic, unceasing believer in the power of a budget. I know that many people cringe at the mere mention of the word. They think it’ll be restrictive, constraining, and, heaven forbid, work! It will take some work – that’s for sure. But the benefits are so great that I believe everyone […]
Archive | Budgeting/Planning
Getting Started With a Budget
Using a budget is one of the smartest money management moves you could make. For guidance on using a paper & pencil system, read the Budget Quick Start Guide and make use of the Cash Flow Plan, Cash Flow Tracker, and Recommended Spending Guidelines, all found in the Resources section. For help using the online tool Mint.com, watch my tutorials here, here, and here. And for help with the Envelope system, read this article.
Remember, “The plans of the diligent lead to profit as surely as haste leads to poverty.” – Proverbs 21:5
The Practical Challenges of Making a Budget Work
I recently received a question about budgets that I’m guessing may be applicable to many other people. Here’s the issue in the person’s own words: Yes, we have put together a budget, but making it work for us is a different story. Do you have an easy-to-use system for spending money each month? Our problem […]
The Ugliest Dog in the Personal Finance Pound Finally Gets Some Respect
Budget. The mere mention of the word makes people cringe, gnash their teeth, bang their head against the wall, or slump in their chair. When I ask workshop participants who comes to mind when they think of a budget, I get responses like The Grinch, Scrooge, and Dwight from “The Office.” One person even said, […]
Holiday Shoppers Planning to Leave Credit Cards at Home
The recession is prompting more people to pay cash for their holiday gifts this year. According to a study by the market research firm Morepace, 40 percent of people plan to avoid using credit cards for any of their holiday gifts this year – up from 35 percent last year. For those making less than […]
I Will Not Overspend, I Will Not Overspend…
Navigating the many temptations of the holidays can be a challenge. It’s a time when a lot of people overspend, overeat, and miss out on all that makes this time of year so meaningful. When I teamed up with the Market Research firm Synovate a couple of years ago to conduct a Holiday Regrets survey […]
A Financial Plan for Everyone
Do you think that having a professional financial advisor develop a financial plan for you would be cost prohibitive? The Wall Street Journal recently focused on a possible solution: online financial planning. The article mentioned two companies, Veritat Advisors and People’s Financial Advisor, that offer relatively inexpensive plans along with meetings with an advisor either […]
Lots of People in Danger of Running Out of Money
Nearly one-half of the oldest Baby Boomers (those ages 56-62) are at risk of not having enough income to pay for basic needs and uninsured healthcare costs during retirement. That’s the central finding of a new Employee Benefit Research Institute report. The solutions are obvious and have been repeated many times before. First, run a […]
Is Mint.com Safe?
The online budget space is going through something of a shakeout. It wasn’t long ago that new players seemed to emerge every month, most with strange-sounding names like Wesabe, Yodlee, Geezeo (which now seems to be focusing on working with financial institutions rather than individuals), moneyStrands, and Mint. However, Intuit’s purchase of Mint seemed to […]
The Recession That Won’t Go Away
According to news reports, the recession is over. However, new research by the Pew Research Center says that only 3 percent of Americans buy that. A little over half (55 percent) say we’re still in the thick of it; 41 percent say we’re beginning to come out of it. The survey highlighted several ways we’ve […]
Learning How to Save for College
For anyone trying to figure out the best ways to save for a child’s future college costs, SavingForCollege.com used to be the go-to source of information. However, as reported by Mainstreet.com, Morningstar has become a valuable added source. I can’t say one site is better than the other; both have their advantages. Both offer helpful […]