Like most things related to money, formulating a plan is the surest way to stick to your goals. Some debt slayers simply throw most of their money (after living expenses) at their debt to pay it off as quickly as possible, and hit the ground running without a clear path. Other debt-ridden dames focused on making a change need more focus to get motivated.
on Yahoo! |
A recent study showed that people spend up to 20 percent less when they use cash instead of cards, so Good Morning America wanted to test the study's accuracy by introducing its own credit card challenge. The Farhat family of Arlington, TX, is going cold turkey with their addiction to plastic in response to the challenge — quite the undertaking for a family that relies on nine credit cards.
The Farhats manage to pay off their balances each month but admit they're spending more than they'd like.
on Yahoo! |
If you think managing your money with a regular income stream is challenging, try handling the task when you're not earning a steady salary. Those who are self-employed (think freelancers and business owners) must plan ahead even more than those of us with predictable salaries so they don't find themselves pressing the panic button when their work flow slows.
Since I've never been in this situation but am aware that several of you are, I turned to the smart folks at The Motley Fool for guidance.
on Yahoo! |
Because everyone prioritizes his or her spending needs and wants differently, you'll never catch me telling you that you should be spending a certain amount of your income in one category or another. Budgets depend too much on how much money you bring in, your cost-of-living, and your debt situation for me to suggest how to allocate your funds. So, while it's up to you to decide how your money is best spent, I will tell you that having an emergency "rainy day" fund is a key component of feeling more financially secure and can save you from debt-tragedy if an emergency were to arise.
on Yahoo! |
YumSugar is always in good spirits, but her mood is even better than usual because of some recent news about Iceland. She's been wishing to revisit the country since her first fantastic vacation there in 2005, but her only gripe about the trip has also been the only thing preventing her from going back. She said, "It was a billion times more expensive than anyplace I'd ever been," but now that Iceland's currency has plunged against the dollar she can plan another trip.
on Yahoo! |
Sometimes we all could use a little kick in the behind to change our less than perfect habits, and over the weekend the Wall Street Journal published "Ways to Make Saving a Habit" to give us that nudge many of us need. We're responding to steadily rising prices by revising the way we spend, but are we actually spending less overall. The WSJ suggests twelve practices to help us make saving a way of life and eventually achieve financial security.
on Yahoo! |
Fortunately, I've never lost my purse or wallet, but during instances where I momentarily thought that I lost my debit card or driver's license, panic surged through me. The automatic reaction when something happens that could compromise your everyday livelihood is fear and worry, but you need to overcome those sensations very quickly and focus to ensure nothing more happens. You want to be one of those people saying "it could be worse," not one who says, "they emptied my bank account and stole my identity." To see what steps you should take in the instance your purse or wallet is stolen just .
on Yahoo! |
All the financial news over the past several months has featured opinions on whether or not we're in a recession or if we're on our way there, and some of you have developed your own opinions about the state of the economy. Context tells us that a possible recession definitely doesn't suggest racking up higher credit card bills and blowing your savings on things you don't need, but what exactly is a recession. To find out if your recession assumptions fit the bill just
Most economists agree that it's difficult to tell if a recession is happening until after the fact, but there are specific indicators used to measure the state of the economy.
on Yahoo! |
Investing is the most obvious and ideal form of alternative income because you're passively earning dividends, and when those dividends are reinvested you can truly see the positive effects of compounding growth. Don't have enough cash to buy a piece of the market, or you can't afford any market fluctuation with your cash right now. One of the most common ways people raise money for themselves is by running a side business on eBay or Craigslist — take a peek in your closet and start adding up how much you could earn from everything you don't use anymore (or is still hanging with its tags on).
on Yahoo! |
Do you ever find yourself wishing that your paycheck was just "x" amount of dollars more, thinking that if you had a bigger spread between the money you earn and what you spend your debt would disappear and your savings would be lush. Even the most die-hard budget following savers may wish they didn't have to be so extreme in their money practices and have a little more wiggle room for fun expenses. Earning money outside of your full-time job can come in two forms, either an alternative income source or additional income from a second job.
on Yahoo! |
