When navigating the realm of personal finance, it’s easy to get lost in a sea of terms, adages, and sayings. While some may be immediately clear, others can be more nuanced. Understanding the meaning and intent behind these phrases can significantly enhance your ability to manage your finances effectively. After all, enduring proverbs and sayings…
Category: Budgeting
The 50/30/20 Rule: Your Secret Weapon for Effective Money Management
If you are new to the world of personal finance and budgeting, or just don’t bother getting your money matters in order, the 50/30/20 rule may be just for you. What is it exactly and what do these number represent? it is a finance ratio used to simplify the way you divide your money, where…
Mastering Your Finances: How to Create a Foolproof Budget on a Variable Income
Creating a budget with a variable income requires a slightly different approach than budgeting with a steady salary, since your income fluctuates from week to week, month to month, and so on. In other words, instead of relying on a fixed income every two weeks, you are at the mercy of your sales, commissions, bonuses,…
What I Did with an Extra $1,200 a Year: You Won’t Believe the Impact!
Last week, I wrote about how a simple switch of insurance providers has helped me save $100 per month. This week, and as promised in my aforementioned article, I am going to cover in more details about how I am spending this saved money. While $100 may not seem like a lot to some, when…
Avoiding the Boiling Frog Syndrome: A Guide to Monitoring and Managing Your Finances
Wait a second! How did my Netflix monthly cost go up more than 200% without me paying much attention? I remember, not too long ago when it was $7.99 but has somehow skyrocketed to almost $24! In fact, since March 2020 – right when the Covid Pandemic were starting – the price has gone up…
5 Simple Tips for Sticking to a Budget
Budgeting is the process of creating and managing a plan for your income and expenses. It involves tracking your financial inflows and outflows to ensure that you are allocating your money effectively and in line with your financial goals. Budgeting helps you prioritise your spending, control your expenses, and make informed decisions about how to allocate your resources.
The Smart Way to Save for Big Purchases: Strategies for Success
You’re cruising along with your trusty car, and everything seems fine. But let’s face it: in 5 years, you’ll eventually need to replace it. It may seem daunting to start saving for such a big purchase so far in advance, but here’s where you’re mistaken. Now is actually the best time to kickstart your savings…
What to do with new extra money in your budget? The good and the bad!
When new money comes to you or is freed up from your budget, you are free to spend it as you like, since it is your money after all. But there are better uses for it than to just spend it. Think of this as money you never had, hence it doesn’t make sense to just blow it on useless purchases
Breaking the Spending Addiction : A Guide to Reconciling Your Budget and Spending Habits
As it should be clear by now, our personal budget is a way of controlling our unlimited wants to match our limited incomes. We only have so much money to spend, save and enjoy. But what if your budget just can’t accommodate your excessive spending? So much so that your paycheck doesn’t cover your spending,…
Simple Budget Cuts you didn’t Think about which could Save you Thousands a Year
As inflation eats into our hard earned and saved money, it is time to fight back by making these simple but necessary cuts to our spending.