by Owen | Dec 18, 2017 | Budgeting
Let’s admit it, budgeting is a skill. Some of us were born budgeters. The rest of us need to work at it. For some of us it’s something we need to work hard at.
Natural budgeters can control their spending without needing a budget at all. For the rest of us, we need to have a budget to keep our spending in check.
Having a budget keeps your spending under control. Controlling your spending will let you save a bit of money each month and saving money on a regular basis is the cornerstone of a healthy financial life.
Budgeting can seem difficult (or even impossible) if you don’t follow the right steps.
If you make a budget the wrong way, you’ll find yourself always overspending each month. By making a budget the right way, you’ll have a better chance of hitting your budget each month.
How to make a budget the right way involves a bit of prep work. That prep work is essential if you want to build a good budget.
by Owen | Sep 18, 2017 | Budgeting, Income, Saving Money
Today we have a guest post about house hacking from Erik. Erik a personal finance and self-improvement junkie who blogs over at The Mastermind Within. House hacking is one of those things I wish I knew about when I was a bit younger. It’s entirely possible to house hack your way to zero housing costs. Housing represents 35% of the average household’s budget so reducing that, even by a little bit, can mean a huge increase in your capacity to save.
In this post, Erik shares the 5 reasons why he believes house hacking is the best early age wealth building strategy. I hope you enjoy it!
by Owen | Aug 28, 2017 | Budgeting
It’s hard to truly appreciate things until they’re gone. It could be something as simple as the electricity going out. When the power goes out you start to truly appreciate those little electrons that usually flow around your house unseen. At the flip of a switch you could create light but now it’s gone. Food is getting warm in the fridge. Your cell phone is running out of power. At that moment, you really appreciate electricity.
Or maybe it’s the internet. Something few of us could live without. Information at your fingertips. Updates from friends and family only a click away. At the press of a button you have thousands of movies and TV shows available for streaming. When the internet goes down you really appreciate its value.
How does this relate to personal finance? Isn’t it obvious? Everything we spend money on has value to us. Some things have more value than others. Unless you’re super rich you need to make decisions when you budget. What stays and what gets cut? The easiest things to cut are those things you value least.
by Owen | Jul 17, 2017 | Budgeting
I like simple.
Simple is easy. Simple is efficient. Simple means I can spend more time on what matters.
When it comes to budgeting, I want things to be simple. I love personal finance but I don’t want to spend hours budgeting.
The problem with budgeting is that it’s pretty easy to get lost in the weeds. It’s easy to start tracking every transaction and then budget for it. It’s easy to get lost in the nitty gritty of budgeting and forget what the true purpose is, to manage your spending.
If you can manage you spending with a three-line budget then that works, right?!? It serves its purpose. Why go into more detail?
The 50 30 20 budget is the simplest budget there is. You split your income into three categories. Essentials, 50%. Personal, 30% Saving, 20%. That’s it!
by Owen | Jun 1, 2017 | Budgeting, Emergency Fund, Financial Planning
A lot. That’s how many.
Last year 64% of millennials said that they feel stressed about their finances!*
Financial stress impacts us more than any other stress factor. More than our family, more than our health, more than our job, we stress about money the most.
This isn’t too surprising.
Money is at the center of everything we do. Without money, we can’t survive. In the past, it was possible to get by without money. You could barter, trade, do it yourself. But in the 21st century that’s not realistic. Are you going to build your own smart phone? Everyone needs money.
Because everyone needs money everyone is at risk of feeling financial stress. But it doesn’t have to be that way. Here are five ways to reduce your financial stress.
by Owen | May 18, 2017 | Budgeting
Budget fatigue is real and it can destroy your budget. Sticking to a budget takes willpower and we only have so much willpower. Slowly we deplete our willpower throughout the day as we encounter frustrating or difficult tasks.
There are lots of things that deplete our willpower, from emotional stress to something as simple as making frequent decisions.
Sticking to a budget is no different. It requires making many small decisions about whether to buy something or not. Pervasive advertising doesn’t make budgeting easy either. We’re constantly being bombarded with messages to buy more stuff or buy different stuff or buy better stuff. Advertising is designed to be emotional, to persuade you to buy something, and resisting these emotions takes a lot of willpower.
So how can you reduce budget fatigue and increase your willpower? Here are three budgeting tips to help you boost your willpower and avoid budget fatigue.
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