“Leveling” our Expenses
I regularly teach in my Budgeting (“Spending Plan”) classes that our goal should be to turn as many of our Variable and Periodic expenses into Fixed (or “level”) expenses as possible.
A Fixed expense is one that occurs every single month at the same cost. Examples are rent or mortgage, car payments, 401(k) contributions, monthly bus passes and day care center bills.
A Variable expense occurs every month also, but the amount varies. Electricity, heating, gasoline, and groceries are among the most common variable expenses in our household budgets.
A Periodic expense, obviously, occurs less than monthly, irregularly or just once in a life time. Typical of this type of expense are medical-related charges, vacations, car or home repair, taxes, and most insurance premiums. Continue reading ““Leveling” our Expenses” »
Realistic Emergency Savings Amount?
What Is a Realistic Amount for Emergency Savings?
Chances are that if you’ve ever looked into how much money you should be putting away as an emergency/”rainy day” fund, you have found that most financial experts, including myself, will suggest something like three to six months’ worth. The question, though, is three to six months’ worth of what? Gross income? Net income? All household expenses?
Here’s my take on this vital subject. First of all, it is my opinion that having an emergency fund is one of the top two or three indicators as to whether a household will remain financially stable or remain living continually on the edge of a financial abyss. Continue reading “Realistic Emergency Savings Amount?” »
Paradigm Shift in Personal Finance Attitudes: Millionaire Lifestyles
I generally have the pleasure of facilitating three to seven personal finance classes each week, usually around the Treasure Valley of southwest Idaho. Many of those classes are for high school students in an economics or a personal finance course.
Inevitably, whether I’m discussing budgeting, credit, avoiding debt, or effective consumer spending behaviors, questions or comments come up about wanting to be rich. Continue reading “Paradigm Shift in Personal Finance Attitudes: Millionaire Lifestyles” »
New Year, New You – Budget Resolutions
Sometimes the little things really do ad up and if you follow these ten steps you may find a wealthier and money smart you is right around the corner. Following these steps may help you achieve less stress and better health.
Try these ten rules to live by in 2011: Continue reading “New Year, New You – Budget Resolutions” »
To Bank or Not to Bank? Is THAT the real question?
I recently met with a couple who were dead set against ever having a checking account again. It’s not that they didn’t understand the value of a checking account but that they had gotten themselves into trouble writing checks for more money than their account had.
They have decided to use cash only or, only if required in the future, use a prepaid card. For them, seeing their money was they only way of knowing how much they had left to spend until the next paycheck. Continue reading “To Bank or Not to Bank? Is THAT the real question?” »
Financial Resource of the Week – Cool Energy Savings Tips by PG&E
Cool Energy Savings Tips by PG&E
Are you used to high energy bills in the Winter? Want some low to no cost relief? This week we’ve chosen the PG&E as the Free Financial Resource of the Week.
Try following some of these tips to help reduce your energy costs. Continue reading “Financial Resource of the Week – Cool Energy Savings Tips by PG&E” »
Financial Resource of the Week – www.Mint.com
This weeks free financial resource is www.mint.com.
Mint.com is a free personal finance software, budget software, and online money management and budget planner service that allows you to track your bank accounts as well as your income and set goals and see your spending habits. Continue reading “Financial Resource of the Week – www.Mint.com” »
Financial Resource of the Week – My Money Management Calculators
While researching personal money management calculators I came across the website www.mymoneymanagement.net and thought I would share them with you.
My Money Management is described on their website as:
“At My Money Management, our mission is to help you prosper by knowing how to make sound financial choices. We’ve collected some of the best information, tools and resources to tackle challenges like foreclosure and managing debt…” Continue reading “Financial Resource of the Week – My Money Management Calculators” »
Bill Cosby Talks Budgeting – Cosby Show Clip
Our Director of Education, Todd Christensen, came across this clip of “The Cosby Show” which shows Dr. Huxtable discussing budgeting with his son Theo.
Click the Link Below to View on YouTube: Continue reading “Bill Cosby Talks Budgeting – Cosby Show Clip” »
Gambling with Your Financial Future and Losing
Lottery and our Financial Future
We saw an interesting poll from Bankrate.com that asked how people envision themselves getting financially ahead, particularly in a difficult economy.
Not surprisingly, “Saving and Investing” was the number one answer, at 36%, followed by “Additional Education or Job Training” at 23%. Running your own business (which is actually the most common profession of millionaires in this country) was fifth at just 6%. Continue reading “Gambling with Your Financial Future and Losing” »