Finances Archives

Combating Lifestyle Creep

Post category:Personal Finance
Post last modified:October 17, 2022

What is Lifestyle Creep Lifestyle creep happens when income goes up. Things that once were classified as “luxuries” become “necessities.” While this may be okay to a certain extent, it’s also important to make saving for the future a priority. Otherwise, it may derail debt reduction and retirement plans. Examples of Lifestyle Creep Lifestyle creep can take on many forms. The following are some common examples. Think about your own life. What else might you be able to add…

How to Prevent Online Splurging and Control Your Money Management

Post category:Personal Finance
Post last modified:January 18, 2024

These are busy times, and online shopping is convenient. You can price match and shop around numerous stores in minutes compared to the time it takes driving around to brick and mortar shops. With that convenience, we often buy without thinking it through. Here are some tips for reining in that impulse spending. Remove Shopping Apps It’s so easy to grab your phone when you’re bored and start shopping for things you don’t need. You’re better than that! There…

Mastering Your Budget: Balancing Needs and Wants for Financial Freedom

Post category:Personal Finance
Post last modified:December 4, 2023

Navigating the complexities of personal finance begins with a fundamental skill: distinguishing between your needs and wants. This understanding is not just about categorization; it's the cornerstone of achieving financial freedom. We delve into practical strategies for managing these two critical aspects of your budget, helping you pave the way toward a financially secure future. Disclosure: This post may contain affiliate links, which means we may receive a commission if you click a link and purchase something we have…

5 Things You Can Do to Improve Your Credit Score

Post category:Personal Finance
Post last modified:January 18, 2024

As you know, your credit score determines your access to loans for things like cars, homes, and education. Anyone with a score of 800 or higher (20% of consumers) are considered to have excellent credit, while a score between 580-669 is deemed to be fair/poor (18% of consumers) and also called subprime. Scores at 740-799 (25% of consumers) are considered very good and are likely to receive better than average rates from lenders, but don’t worry if you’re not…

It’s Never Too Late to Save for Retirement

Post category:Personal Finance
Post last modified:April 3, 2024

Whether you’ve just started thinking about saving for retirement or having been saving enough, you can ramp up your efforts and still put aside enough to retire. There are five specific steps you should take to start increasing your retirement savings today. 1. Max Out Your Contributions People younger than 50 can contribute up to $19,000 (2019) and $19,500 (2020) of pretax income to a 401(k) or other employer-sponsored savings plan each year. After turning 50, that amount jumps…