One of the most important things you can do to boost your savings and get your monthly spending under control is to trim the fat from your existing budget. Once you’ve explored the obvious choices, like planning and preparing meals at home and cutting out the daily coffee run, it’s time to explore deeper cuts you can make that might offer a lasting impact on your efforts to save.
One of the most popular questions people ask is whether they should save their money or invest it. The simple answer: both. While investing your money traditionally earns more than a savings account, there are risks and downsides.
You’ve been making sacrifices for months, saving every little bit here and there to build up a nice emergency fund. Now that you’ve reached that goal, you’re faced with a daunting question: Do you invest that money to earn more or pay down debt?
Many misconceptions come with the term “financial advisor.” For many, partnering with a financial advisor is something you do later in life as you approach retirement. Others may assume they cannot afford one, or they don’t have enough funds saved to justify their services.
Few people are fortunate enough to have not experienced financial stress at some point in their lives. Many of us struggle with saving money, adjusting to economic challenges, and building financial security. The good news is there are solutions to improve your ability to save and create a nest egg for the future.
Those who begin saving for retirement earlier, rather than later, enjoy plenty of advantages. The most overwhelming reason to begin saving as soon as you can is that you put your money to work for you as soon as possible.
The moment you walk through the front door, your phone rings. You fumble the smartphone out of your pocket and answer it eagerly, speaking with the job interviewer that you just saw an hour ago. They excitedly give you the good news as you can barely hold back the scream of joy.
What would happen if your vehicle’s brakes needed to be replaced or your home’s plumbing needed significant repair? Would you have the funds tucked into your savings account to pay for this type of unexpected bill? Many American households have little to no emergency savings for unexpected expenses.
The COVID-19 pandemic taught everyone a crucial lesson — it's essential to be prepared for financial curveballs. One of the best strategies to accomplish this is by regularly putting money aside into an emergency fund.
Which would you rather do in the next few months? Pay off your credit cards, or build interest on the money in your savings? Most people will go for the latter option. Making more money on your savings appears like the most stable financial option.
