PlanEasy

Personal finance made easy.

“Welcome to the PlanEasy blog! We make personal finance easy.

Check out our latest posts.”

 

– Owen

Owen Winkelmolen

Financial planner, personal finance geek and founder of PlanEasy.

“Welcome to the PlanEasy blog! We make personal finance easy.

Check out our latest posts.”

 

– Owen

Confessions of a Reverse Budgeter

Confessions of a Reverse Budgeter

There’s something I must confess, I like to budget backwards.

It’s not something I do on purpose. It’s just the way I like to do it. It just FEELS right. I am a reverse budgeter.

Most people budget the typical way. They add up all their expenses. They take their income and subtract this amount. Whatever’s left over goes into savings.

This never worked for me. I always did it backwards. Not on purpose, it just happened naturally that way.

I’d start with my income and first subtract savings. Then I’d subtract fixed expenses. Then the left over would be my spending money.

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Factors That Could Affect The Size Of Your CPP

Factors That Could Affect The Size Of Your CPP

For most of us retirement is a long way off. That shouldn’t stop you from thinking about your retirement plan. Having a solid retirement plan usually means starting early. Having even a rough retirement plan in your 20’s and 30’s can help alleviate a lot of financial worry.

A big part of retirement planning revolves around government run retirement plans like CPP.

CPP stands for Canada Pension Plan and the goal of CPP is to replace around 25% of your income in retirement up to a maximum amount of $13,370/year.

There are many factors that could affect your CPP however. Being aware of these factors will help you create a good estimate of how much you need to save for retirement.

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Debt Snowball Or Debt Avalanche? Which Is Best?

Debt Snowball Or Debt Avalanche? Which Is Best?

When it comes to paying off your debt there are two basic approaches. The trendy approach is called the debt snowball. The classic approach is called the debt avalanche.

For reasons that we’ll describe later in this post, both options can help you pay off your debt quickly. The key is to figure out which option is best for you and your debt situation.

Just blindly following one approach could leave you in debt longer than you should.

There is also a third approach called the snowball/avalanche hybrid that takes the best of both methods.

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