Tag Archives: Money Monday

Money Monday: Top Budgeting Tips

If you haven’t been successful at sticking to your budget yet, perhaps you just need a refresher on how to best make your budget work.

piggy bank saving

photo from 401kcalculator.org

  1. Set and stick to your budget — number one on making the budget work!
  2. If you’re constantly overspending, try sticking to an all-cash budget. Handing over crisp bills instead of your credit card hurts far more!
  3. Make your financial priorities top…priority! After each paycheck, set aside how much you know you’ll need for that month, on: rent or mortgage payment, utility bills, grocery budget, and any other monthly expenses.
  4. Check in financially every day or week. It’s difficult to keep spending in check if you don’t keep on how you’re doing — which may make you uncomfortably and unnecessarily stretch those dollars too much at the end of the month.

These ideas (and many more!) are from The Muse’s article here: “50 Personal Finance Tips That Will Change the Way You Think About Money.”

Money Monday: Financial Fitness of the Generations

Members of the different generations view their financial situations in various ways.

The different generations — Millenials, Gen Xers, Boomers and Matures — view their financial situations in different ways: financially comfortable, have just enough to get by, or financially struggling.

Financial Fitness of the generations

This infograhic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Questions to Ask Before You Retire

Sometimes it’s difficult to plan financially for the future when you also need to worry about here and now.

However, if you don’t think ahead, you most likely will be in for a rude awakening come retirement age. Now is not too early to be thinking and planning for retirement; and to help you, here are three questions from Time.com to think about:

  1. Will you be able to replace enough money to retire while maintaining your standard of living?
  2. What are you investing in? There are general investment recommendations here.
  3. What will retirement look like?

Read all of Time.com’s article on Yahoo here: “Ready to Retire? Better Ask Yourself These 3 Questions First.”

Money Monday: Mortgage rates decline for the third week

mortgage ratesMortgage rates dropped for the third week in a row after rising significantly after President-elect Donald Trump won the election, however, the 10-year Treasury did see an increase.

“After trending down for most of the week, the 10-year Treasury yield rose following the release of the CPI report,” Freddie Mac Chief Economist Sean Becketti said.

The 30-year fixed-rate mortgage decreased yet again to 4.09 percent for the week ending Jan. 19, 2017. This is down from last week’s 4.12 percent but still up from last year’s 3.81 percent.
The 15-year FRM decreased from last week’s 3.37 percent to 3.34 percent this week. This is still up from last year’s 3.1 percent.

Read the full story: www.housingwire.com/articles/38992-freddie-mac-mortgage-rates-hit-third-straight-week-ofdeclines

Money Monday: Financial changes to build wealth

January is the perfect time of the year to plan ahead; especially when it comes to finances.

Forbes has a whole list of financial resolutions to make; here are some of the best suggestions:

  • Make a budget and stick to it
  • Review your credit card/financial statements and see what you can cut out
  • Refinance your mortgage
  • Get a will or living trust
  • Start investing

Read all 27 of their suggestions here: “27 Financial New Year’s Resolutions To Build Wealth“.

Money Monday: New money resolutions for the New Year

New year, new money resolutions!

cashIf you’ve trying to tackle your finances for awhile, the new year is the perfect time for a fresh start. Here’s three smart money moves to try this year:

  1. Get rid of credit card debt
  2. Open an IRA and contribute to it
  3. Up your credit score

More on these three top financial moves via CNN Money’s article here: “3 smart money moves you should consider making in 2017.”

Money Monday: Emergency cash is lacking for many Americans

You never know what might come up, which makes savings for a rainy day important.

Emergencies come up. “But a lot of Americans aren’t ready for them financially, according to new research from the New York Federal Reserve.

savings

“The average American age 40 or under says there’s nearly a 50% chance they would not be able come up with $2,000 next month if there were an emergency.”

“Overall, Americans said in October there was a 34% chance they couldn’t come up with that amount of money if they had to. That’s down from a 42% chance in 2013 when the New York Fed first started asking the question in its Survey of Consumer Expectations. But it’s still up from 32% in February.” (Gillespie, Patrick. “Many Americans Don’t Have Enough Emergency Cash. CNNMoney. Cable News Network, 7 Dec. 2016. Web. 12 Dec. 2016.)

Read more at CNNMoney here.

Money Monday: How to spend less during the holiday season

Over-spending during the Christmas season is common, but put a cap on spending by laying out a game plan.

holiday spending

Image by taxcredits.net

  1. Make a list of who to buy gifts for and a cap for each person
  2. Figure out a budget based on an income percentage
  3. Talk to your family and come up with a spending plan together

Read more tips at Forbes: “8 Ways To Keep A Leash On Holiday Spending.”