Getting out of debt is one thing, staying out of debt in another. After you pay off that last bill, you should try to stay on the budget and lifestyle you were maintaining while paying off your debt. That extra money can now go to savings. So how do you do it? Follow these tips. 1. Don’t spend more than you earn You can never maintain a debt free lifestyle if you spend more than you earn. If we examine why and how people fall into debt, we will find that this is the root problem – people spend more…

Creating a budget is a great step toward a better financial future. While you’re creating it, it’s important to take the time to get every expense mapped out and not just the major bills you’re dealing with. When I created my first budget, I was confused why I wasn’t saving as much as I anticipated and why so much of my money fell in the “other” category. It didn’t take long to see that I just missed many frequent expenses that should have been on the list. Top 7 Missed Items when Creating Budgets 1. Pets While your pet’s food…

Are you moving out of your parents’ home? Or are you finally able to ditch the roommates? Moving out on your own is both exciting and chaotic. You don’t want to forget to organize your finances and recreate your budget for your new life. The tips below explain what you can do before and after you move to keep your finances on track. Before the Move 1. Create a spreadsheet  It’s always a good idea to set up a budget for your monthly expenses. This can help you organize your monthly bills and due dates, but don’t forget to add…

Imagine you’re in one of the following scenarios: You lose your job You become very ill You need to move Your car breaks down Your house starts leaking Do you have enough saved to make it through? Most Americans don’t. The National Foundation for Credit Counseling found that 64% of Americans don’t have enough cash to handle a $1,000 emergency. Investigating further, 17% said they would borrow from friends or family, 17% said they would neglect existing obligations and 9% said they would look into cash advance stores. None of these are great options. If you want to start an…

Saving up for any large purchase can be difficult, frustrating and time-consuming. However, it is a necessary part of life, so it is a good idea to learn some tricks to make it easier. Here are 5 tips that will help make the car-buying challenge easier for you:   1. Determine your budget The first thing to do when making any large purchase is to take a good look at your finances and determine your budget: Decide how much consistent extra income you have in a month. Consider how much of your current savings you can put towards the purchase and how soon you want to purchase the vehicle. If you are getting a loan, determine how much you are willing – or able – to borrow. Don’t earmark every cent of spendable money for long-term loans as it will be hard to hold yourself to that budget; allow for…