You may have a limited amount of monthly income, but by managing your money with proper budgeting you can have money left over for savings, vacations, or simply to buy something for yourself. It’s possible to become wealthy while earning a relatively low income, just like you can stay completely broke and even in deep debt even with an annual income in the six or seven figures. How you manage the money you earn will determine your long-term financial success.
In my early adult years and even the first half of my marriage with kids, I was broke. My income was so low that I didn’t pay any federal income taxes and yet I received thousands back as a “refund” each year. When I finally started earning good money and made six figures a year for numerous years in a row, I squandered it. I built poor credit habits, spent every penny I earned, and didn’t even both to save any of it, especially for retirement.
I eventually learned the error of my ways and fixed all of my financial issues in about two years. For the first time ever, I had earned a great credit score and bought a house for my family. Investing and saving for retirement become important so my money could finally start working for me. Learning to manage my personal finances the right way helped to change the life of myself and my family. This blog has been created to pass this knowledge along to you so you can take control of your own financial future like I did.
Save More Money
There are many different ways you can potentially reduce your monthly expenses to free up more expendable income. Extra money each month that isn’t needed to pay bills or buy necessities can be saved. It’s easy to pay attention to the big expenses. However, you may actually be wasting more money with smaller daily expenditures.
If you are not already in the habit of saving money, you really need to start as soon as possible. Everyone needs an emergency fund or some type of extra cash cushion in their bank account to avoid living paycheck to paycheck. By avoiding any kind of late payments, you avoid paying extra fees on top of your normal bills.
You’ll also want to save for a variety of other purposes like paying for college, dream vacations, house down payment, retirement and more. When you can take control of your money, you’ll have the power to control your financial future to make a better life for yourself and for your family.
Make Better Financial Decisions
Life is full of major financial decisions. Without someone to help guide you through them, it can be really easy to make a mistake that can cause real-world consequences that can last for many years.
Getting married, having kids, buying a house, starting a business, and buying a car are all big life moments that can have huge financial benefits or disadvantages. These big decisions in life can often be made in a moment but can affect you for many years or even the rest of your life. Take the time to consider big financial moves and how it will affect your finances immediately and years from now.
When I finally turned around my finances, I became a sponge for knowledge and wanted to learn as much as I could about managing my money the best way possible. I spent many years learning by trial and error with some great successes and some equally horrible failures. Now I’m passing this knowledge along to you so you can avoid as many failures as possible and pave a path towards a successful financial future.
My most recent personal finance blog posts can be found below…
There’s been a lot of talk about the potential for student loan forgiveness in the last few years, but not many people have really been discussing the underlying problem here. Should you skip college and when is it really necessary? I’m almost 40 years old….Continue reading →
One of the easiest ways to solve a budget problem is to cut expenses to save more money each month. This guide is going to teach you 15 different ways that you can set aside extra cash by simply making a few minor changes to…Continue reading →
There are a lot of special occasions to celebrate in a relationship. Birthdays, Valentine’s Day, Anniversaries, Christmas, and possibly Mother’s Day and Father’s Day. When go dine out at a restaurant for these meals, you can easily end up spending $100 or more for two…Continue reading →
Fresh fruits and vegetables can cost a lot of money at the grocery store, especially when you want to have that kind of food in your house to eat on a daily basis. It’s possible to drastically reduce your monthly food budget by growing your…Continue reading →
Every year by April 15th, Americans have to file their federal income tax return with the government. When you pay too much in taxes and/or have refundable tax credits, you can get this money back as a refund each year. Most people just accept whatever…Continue reading →
When you come up short on funds to pay a bill one month, it can throw your entire budget into disarray. Luckily, you don’t have to let a problem like this destroy your plans though. With a few simple strategies you can easily manage and…Continue reading →
One of the easiest ways to save money on your monthly budget is to cancel your cable TV subscription. If you have a fully loaded TV channel lineup with a DVR box, you could easily be paying $150 or possibly more to get television. This…Continue reading →
For most people, an economic recession often means leaner times. Corporations start to lay off employees. Inflation makes everyday goods cost much more than they used to, and values of assets and investments plummet from market uncertainty. It doesn’t have to be this way though….Continue reading →
When August rolls around each year, parents start to go into a frenzy shopping for school supplies and clothes for their kids. Back to school shopping can be quite crazy at the stores. Hundreds of parents are pushing past each other looking for the same…Continue reading →
Inflation in 2022 has been causing the cost of food at grocery stores to rapidly rise. My families are now finding it difficult to afford their normal food purchases. It’s not uncommon at all for a family of five to spend $2,000 or more at…Continue reading →
Most utility, loan and credit card companies offer the ability for customers to sign up to have their bills automatically deducted from their checking account each month. In theory, the idea works great. However, in reality automatic payments can actually cause havoc for your financial…Continue reading →
Your housing situation can affect and even control many aspects of your life. At some point in everyone’s life, they’ll wonder whether it’s best to continue renting a home or should they become a homeowner. I went through the same thing in my life and…Continue reading →
After you graduate high school and head off to college, you’ll get forced to learn some financial responsibility. With limited funds, most college students are constantly broke. This causes a financial survival mode to kick in, where you learn to stretch your money by being…Continue reading →
One of the easiest ways to loosen up your monthly budget is to save money with free entertainment. It can cost a lot to go out for a single night and have fun for a few hours. However, you may feel more satisfied in the…Continue reading →
A lot of parents will consider paying their kids for chores. This can seem like an excellent idea at first. As an adult, money motivates you to work so you can pay bills. Why wouldn’t it work the same way for kids since they want…Continue reading →
It is really easy to lose track of your spending when you do it digitally. A simple but very effective solution is to budget your cash using the money jars strategy. The idea behind money jars is that you can’t spend money that you don’t…Continue reading →
When Holidays like Christmas or special occasions like Birthdays come along, it’s really easy to get caught up in the gift giving euphoria and overspend. After the Holidays have passed, you’re left with the regret of destroying your budget and blowing through your savings. You…Continue reading →
The annual or monthly cost of owning a dog can vary depending on the level of care you want to provide to your pet. While it’s possible to take care of a dog for less than $300 per year, they really won’t receive the proper…Continue reading →
When you’re in the process of buying a house, it’s very common to wonder whether a 15 or 30 year mortgage will work best for you. There are actually pros and cons to both longer and shorter loan terms. There really isn’t a correct or…Continue reading →
If you are considering co-signing a loan for a friend or family member, or seeking help from others to get financing, there are some big concerns that should be handled first. A co-signer is taking on a big responsibility if they do it, so this…Continue reading →