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budgeting

Why the Holidays are a Good Time to Consolidate Your Debts

During the holiday season, you’re likely making a list and checking it twice. But between gifts, travel, and festive celebrations, it’s easy to lose sight of holiday spending and your financial goals. This year, why not add “consolidate my debts” to your wish list?

The holidays may seem strange to focus on debt but hear us out. There are several reasons why this is a perfect opportunity to tackle your financial burdens and head into the new year feeling empowered.

Things that cause us to have financial stress during the holidays.

  • Increased gift expectations: Social pressure and marketing campaigns often
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Needs versus Wants

Wants vs. Needs

What is a “want?” And what is a “need?” While everyone has their own wants and needs, being able to differentiate between the two can be difficult. Being able to clearly define each can help you improve your savings, which can help you build up an emergency fund, pay off debt, or fund long-term savings goals.

Generally speaking, a “need” is something you absolutely cannot live without. You need a roof over your head, for example. You need food, water and transportation to get to work.

You need electricity in your house, you need food to eat and you need …

Expenses

Types of Expenses

 

Fixed expenses, variable expenses, and irregular expenses are the three categories that make up your budget, and are vitally important when learning to manage your money properly. When you’ve committed to following a budget, you must know how to put your plan into action. Here we outline the three types of expenses you will find when creating your budget.

Fixed Expenses – these expenses are the same each month

The definition of fixed expenses is “any expense that does not change from period to period,” such as mortgage or rent payments, utility bills, and loan payments. The amounts may …

Financial Tips Kids Should Know

Four Finance Topics Every Kid Should Know

It’s never too early to learn how to handle your money. Imagine if your child were suddenly about to move out but never learned how to manage an income. The things kids need to now about finances are not that different than what adults need to know. However, it’s always better to think ahead and prepare your child for life away from the nest. Remember, these tips are pretty simple, so start early with your child and plan for the future.

Needs vs. Wants

This might be one of the more difficult concepts for younger people to grasp. There is …

Hand holding a pen typing on calculator

My Savings has Been Wiped Clean; How can I Replenish it?

Q: The last few months have been really tough on my finances, and I’ve been forced to use my savings for getting by. My emergency fund and savings account are basically zero. Now that my financial situation is starting to improve, I’d like to start building these up again, but it’s all so overwhelming. Where do I begin?

A: Watching savings that took you years to build up disappear in just a few months can be disheartening, but it’s important to remember that you’ve made the right choice. Using emergency funds to survive prolonged unemployment, an unexpected large expense or …

How to Create a Budget

How to Create a Budget in 6 Easy Steps

If you’re always wondering how you’re going to pay the next bill, feel guilty when you indulge in overpriced treats and you can’t seem to find money to put into savings, then you probably need a budget.

A budget is not a magic potion that will automatically solve all of your money problems, but it will help you gain financial awareness. That, in turn, will help facilitate more responsible decisions.

Lots of people think budgeting is overly tedious, and that living within a budget means never indulging in a $6 latte or a pair of designer jeans again. The reality, …

Why is my credit score important?

Why Does my Credit Score Matter?

Your credit score is made up of three numbers, serving as an indicator of your financial history, wellness and responsibility. These three little numbers can spell the difference between approval and rejection for a mortgage, a job, a rental unit and so much more.

We have outlined how your credit score is calculated, why it matters and steps you can take to improve your score.

How is my credit score calculated?

There are three major credit bureaus in the U.S.: Experian, TransUnion and Equifax. Each one collects and shares information about your credit usage with potential lenders and financial institutions. …


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