Budgeting
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If you are having a hard time saving money, here are some quotes to inspire you.
Written by Nagel on July 12th, 2007 with no comments.
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Each year, my wife and I estimate healthcare costs in order to plot out our medical flexible spending. It is perplexing to consider why you have to guess at how much you might spend on health care costs over a year in order to get a tax break, but those are the rules.
So we sit down and look at what we have spent in medical necessities over the past year and try to guesstimate what costs might differ and by how much to try to get an accurate medical flexible spending final amount.
Once we determine the amount for the year 1/26 of that amount is taken from each paycheck, pre-tax. It is a wise choice to make and we always pass the amount we estimated, however, it is a nice little tax break to bring into the fold.
Written by Nagel on July 6th, 2007 with no comments.
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The first half the my family’s fiscal year budget 2007 is up and I wanted to see how we have done so far. Budget 2006 and Budget 2007 differ mightily for several reasons. One is that in 2006 we bought a house and in 2007 we have had home improvements in addition to me being laid off for a month.
Even with the expenditures and lost revenue over the past six months we are still in a stable financial position and over half-way to our goal of having 6-12 months of expenditures saved in an emergency fund in case a job is lost or someone falls ill or is injured.
We have no credit card debt; I paid off my student loan and currently all we owe is our mortgage and car payment.
By the end of 2007 we hope to have that emergency fund fully funded as well as having our Roth and traditional IRAs maxed, and my wife’s 401k maxed to the employer match.
We will revisted our budget goals in six more months and will see how we are doing.
Written by Nagel on July 5th, 2007 with no comments.
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I keep a master budget for our family spending in order to track all the money that comes in and goes out.
It is not easy to remember to keep all the receipts for each purchase made or remember when you have paid cash for something. Equally as difficult is to remember to post income that is extraordinary, such as gifts or reimbursements. However, in the end, if you keep track of everything in a master budeget you can see month-over-month and year-over-year trends in spending and this information can go a long way in helping you spend you money wisely and on things that matter.
Written by Nagel on July 2nd, 2007 with no comments.
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Let’s face it, Americans have a big problem saving money. The saving rate in the U.S. has recently become negative for the first time in recorded history. So we need some help. Periodically, I will list some examples of potential methods to use to save money.
Save Money Tips
- Load up on necessities at the dollar store
- Load on on non-perishable often-used items when they are on sale
- Buy generic if you can
- Try low cost entertainment alternatives such as: walks, tennis, go to the park, etc.
- Eat out less often
These are just a few of the many to come.
Written by Nagel on May 29th, 2007 with 2 comments.
Read more articles on Budgeting and Household and Uncategorized.
Here are some helpful tips to remember when trying to conserve gasoline. This is even more important since gas prices are sure to rise this summer driving season.
- Keep your tires fully inflated. When they are not they decrease fuel efficiency.
- Take all the junk out of the trunk. More weight=less MPG.
- Change your oil and fluids regularly.
- Replace dirty air and fuel filters.
- Combine multiple trips into one.
- Keep a steady pace. Starting and stopping cut gas efficiency.
- Use regular unleaded gas
- Search for cheap gas, but do not drive all over to find it.
- Try to use less air conditioning.
- Do not fill your gas tank to the top because it can cause spillage.
Written by Nagel on May 19th, 2007 with no comments.
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I think at times we all consider ourselves needing a money make over. Sometimes we have made a poor money decision or gotten ourselves into debt we cannot afford. But there is a way out of feeling this way, and a money make over will help you.
Examine your expenses and investments
- Determine how to lower your expenses
- Keep track of all your expenses, save receipts and see where your money goes each month
- Determine how to increase the worth of your investments
- If you own a home, what inexpensive improvements can you do in order to make it a better home, and make it worth more money.
- Savings/Money Market accounts: Do you have one? Do you have an emergency fund? Are you getting at least 5% in interest (that is the lowest you currently should be getting)
- Checking account: Go to online banks for better rates.
- Investments
- Retirement accounts: Are you diversified? Are you maxing out all your retirement accounts (401ks, Roth IRAs, Traditional IRAs, etc.)?
- Investment accounts: Are you diversified? Are you investing in mutual funds or EFTs. If not, do you know enough about investing in order to have individual stocks or other investments?
Doing these things are essential to doing a money make over and putting your financial life in order.
Written by Nagel on May 17th, 2007 with no comments.
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Save money in college. Yes, it sounds like an oxymoron, but you can save money while getting a degree.
Here are some tips:
1. Make a budget and track your expenses. That means keeping all your receipts, and No Cheating! And do make make yourself an easy target to have your identity stolen.
2. Understand that you must pay your bills on time. Not doing so will hurt your credit score, which will make it difficult and more expense to get loans in the future for anything from a car to a house.
3. Credit cards are not a license to print money. Use them for Needs, not Wants.
4. Text books: Go to as many libraries as you can in the area and check out as many text books as you can that are required for your classes. I did it in grad school and saved hundreds of dollars.
5. You cannot have a car at school. While it might make your life a little easier, it is simply too expensive.
6. My momma told me, you better shop around. That is your mantra. Don’t sign-up for or buy the first thing you see. Find the combination of the best that has the lowest price.
7. Do not try to keep up with the Jones’s. It will exhaust all your funds, and you will probably go into debt just so you can dress your best.
8. College and college towns have many low-price if not free entertainment abound. Sometimes you just have to do some searching.
9. Odd-jobs, scholarships, part-time work; whatever you can do to make extra money and not have your grades suffer can go a long way.
Written by Nagel on May 15th, 2007 with no comments.
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Before buying financial software, narrow down your options by determining what you need from the software, and what is not necessary. Here are some questions to ask yourself:
- Do you need to manage several various accounts and investments?
- Do you need to plan for your financial future, or just need to balance your checkbook?
- Do you need to manage your money while away from home?
- Do you want the convenience of having access to your financial data online?
Once you have pinpointed the features that are essential to you you can begin your search. There are several reputable budget management software solutions out there at a variety of pricepoints with a variety of bells and whistles. Try to cut the number of choices down to 2 or three and then do extensive research to see if they fit your needs. Also, surf the web to find actual consumer feedback on the products you are considering. These opinions can raise flags that can lead you to what software will be the best fit for you.
Written by Nagel on May 13th, 2007 with no comments.
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529 Plans were created to help parents save money for their children’s future college tuition. There are contribution requirements and guidelines you need to follow when opening a 529 Plan. Saving money is difficult, and 529s allow anyone to contribute. And when the money is withdrawn it is taxed at the child’s income level. The funds must be used for educational purposes or a 10% penalty will be levied.
You are allowed to use any state’s 529 plan, not just the one where you reside. Bankrate.com provides an excellent resource by aggregating all the state plans (the the District of Columbia).
Written by Nagel on May 10th, 2007 with 1 comment.
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