Achieving financial independence doesn’t happen overnight—it’s a journey. By changing some of the everyday decisions you make regarding money, you can create a great financial future.
No matter how detailed your monthly budget is, life will occasionally throw a large and possibly unexpected expense your way. This can make it impossible to keep spending completely consistent from one month to the next—and if you’re living paycheck to paycheck or trying to keep spending to a minimum, these irregular costs can throw your planning out of whack.
It may seem like checking your bank account balance is the only thing you need to do to measure your financial wellness. In reality, though, that’s only part of the picture. The amount of cash you have on hand doesn’t take into consideration other financial accomplishments, such as the amount of debt you are paying off, the investments you’ve made, or the equity you’ve built in a home.
Smart money management isn’t a skill you’re born with. It’s something you develop over time, through a combination of financial education and habit development to reinforce the behaviors that enable financial success.
Well before you earn a paycheck from your first full-time job, you can start building the skills you need to become a smart money manager.
Even if you don’t have much money in your pocket today, it is important to have some financial know-how as you start living more independently.
The college experience will likely help you learn how to live within your means, but a little financial wisdom can make that transition much easier. Here are six money tips to consider as you look ahead to college.
If you’re living paycheck to paycheck, building wealth or simply setting aside money for the future can feel daunting. Even the idea of creating a budget might make you feel like you are having to sacrifice too much in the short term in order to hopefully reap the benefits down the road.
But in reality, budgeting is all about creating more opportunity for yourself, not less; more money in the bank equals more financial freedom. By using your budget to “pay yourself first,” you can start building real wealth through saving and investing.
Do you work full-time, but you’re thinking of starting up a side hustle? You’re not alone. Research shows that 64 percent of millennials currently work a side hustle or have done so in the past. And millennials out-earn other age brackets when working their side hustle, pulling in nearly $11,000 per year.
Most adults understand the benefits of saving money over time. Whether you’re faced with unexpected bills or looking ahead to big purchases such as a house or a car, the ability to save affects your ability to reach almost any of your financial goals.
A recent survey shows that 72 percent of Americans suffer from money-related stress, making it one of the most common worries consumers face in their daily lives.
Do you really need an emergency fund? Our answer is yes! Your “rainy day fund” is your best friend when life throws a wrench in your plans (and your budget).
Whether you’re in the beginning stages of building up your emergency fund or you’re well on your way, check out the infographic below for four practical tips to help you reach your savings goal.