For a large portion of my adult life, I have tracked nearly every penny I've spent. I've got oodles of scraps of paper that, when assembled, could probably tell you exactly how much I've spent on toilet paper in the last three years. Tracking every penny we spent helped us stay focused on our goals to get rid of our debt and to save towards retirement. And while I find it interesting (yeah, I'm geeky like that) to compare one month to the next, I was suffering from budget fatigue. Our … [Read more...]
Why I Always Talk About Spending Less
I recently came across a post on the blog I Will Teach You to Be Rich that made me stop and think.Ramit Sethi's post Why do so many personal-finance sites focus on spending LESS? questions why we don't focus on increasing our income instead of just cutting expenses.He writes:It seems like 98% of personal-finance material (blogs, magazines, books) focus on spending LESS — keeping a budget, saying “no, no, no” to lattes, jeans, and vacations.Why?Why don’t they cover earning more, or … [Read more...]
Avoiding Debt During the Holidays
The following is a guest post from Natalie at One Advice. As we plunge head-on into the festive season, everyone is getting into the Christmas spirit. But be warned, the spirit of goodwill can send you into overdrive as you are overcome with the urge to show your friends and family how much you love them by lavishing them with gifts, some of which will have a hefty price tag.It is tempting to want to overspend at this time of year, no matter how frugal you live your pre-Christmas day to day … [Read more...]
Budgeting 101: The Resources
There is a reason I've called my series Budgeting 101. It's meant to be a very simple, Cliffs Notes version on budgeting. Here's what we've covered: Budgeting 101: Start By Tracking Your Expenses Budgeting 101: The Guts to Change Budgeting 101: Cutting Expenses Budgeting 101: Boosting Income And now I leave you with additional resources.... Homework, if you will. I simply can't begin to go as in depth as I wish I could on this subject, so I hope that you'll take the time to … [Read more...]
Budgeting 101: Boosting Income
Increasing your income is often more challenging than cutting expenses, but even in this crummy economy, it doesn't mean it can't be done. There are obvious ways to increase your income: get a promotion, get a different/better job, or get a second job. But there are also some not-so-obvious ways to increase your cash flow. Change your living situation. Perhaps you can refinance your home, move to a smaller home, or move closer to your employer. All of these things can put more cash … [Read more...]
Budgeting 101: Cutting Expenses
It may not sound like much fun, but learning to cut expenses can actually be far more beneficial to your finances than trying to take on a second income or find a better paying job. Take a look at your spending habits and find the guts to change. What things on that list are needs? What are things you just wanted? If you lost your job tomorrow, what could you cut? Here are some areas you may be able to cut expenses: Entertainment - Can you drop cable for Hulu? You could check DVDs and … [Read more...]
Budgeting 101: The Guts to Change
After you've been tracking your expenses for at least a month, you should take a hard look at your income, too. This is the part that takes courage. Many people will find out that their expenses exceed their income or that they are truly living paycheck to paycheck. Don't fret! This is why you're starting to budget. There are two ways to address any budget deficit. You either spend less, or you increase your income. Both take a lot of courage. You have to have the guts to make this … [Read more...]
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