Once you have created a budget and been working with it for a little while, you are likely to start asking yourself "Where can I cut back some expenses?". This post discusses some lifestyle budget tips that apply to most.

Following are 5 Keys to Succeeding with a Budget that can turn your budget into the tool that allows you to meet your financial goals.

Getting control of your income is the single most important thing you can do to ensure long-term financial success. Whether you’re paying down debt, catching up on bills, or trying to save for the future, learning how to manage your cash flow can change everything.

Many people have been waiting for interest rates to come down so they can buy a house. You might want to check with your local real estate agent, but I believe that with the pent up demand, prices will go up as interest rates come down. So if you are ready to buy a house, you might wish to consider buying now before prices take off. You can always refinance in the future, but you will be stuck with a higher purchase price. So are you ready? Or do you just want a house? H

Do you feel like you are constantly trying to juggle multiple priorities? Do you feel like you could accomplish most things if you only...

Happy New Year. The New Year has come and gone. No more eating holiday leftovers or hanging out in your pajamas –Time to get back to work and reality. So take a deep breath, and go check the credit card balance(s). If you’re like most, you did some damage over the holidays. Are you tired of always having debt payments? Tired of feeling like you’re never getting ahead? There is no better time to commit to doing it better than at the beginning of a New Year. Here are some th

Some will try to tell you life insurance is an investment. While there are exceptions to almost every rule – most of us should not view life insurance as an investment or wealth building tool. Ok – then what is life insurance for? Life insurance is to replace your income, so that upon your death those that depend on your income will be all right. A few supporting thoughts: · If nobody depends on your income, life insurance may not be necessary. If you are single and with

A lot of what we learn is through observation. Your actions teach your children more than what you tell them. So, if you want them to have good money habits, you’re going to have to model good money habits. That means: - Have a budget. You may even wish to include items for your kids in the budget, and explain to them the ramifications of that. - Have budget meetings. You and your spouse should manage the budget and financial decision together. It is good for your chi

Being self employed can be very rewarding, but it comes with a few financial challenges our W2 brethren don’t have to deal with. Some issues I have seen that are common among the self-employed. No visibility into how much the business is making or spending “Feast or Famine” income for the owner/agent Back Taxes Some suggestions to resolve these issues: Separate Business and Personal Accounts: Make sure you have checking and savings business accounts separate from your

I can’t take credit for the catchy title “Debt Free Degree”. That is the name of a book by Anthony Oneal. A suggested read if you have kids that may be college bound. Student loan debt in America is over $1.7 Trillion. The average student loan balance is about $40k. This is, in my opinion, a disaster. I am a fan of considering options other than traditional college. Trade schools, apprenticeships and the military are all fantastic options. If you or yours are seriously

The topic too many people want to leap to before they have a stable financial foundation. 80% of Millionaires claim they gained their millionaire status by investing small amounts consistently over time. However, before pouring your money into investments, you should have a budget; be debt free (except maybe your mortgage) and have an emergency fund set aside as a safety net. Even then, I suggest you proceed with some caution. I am not a Financial Advisor – and I do not

You’ve conquered your budget, you’ve conquered your debt, and now – It’s time to begin investing. The simplest step is to put 15% of everything you earn into your 401k. However, once you have more than one 401k open because you’ve moved jobs, or you want to start a college fund, it might be time to find a financial advisor to help with your investments. I am careful not to recommend specific Financial Advisors although I do help clients talk through what they learn in adviso

What is a sinking fund? A sinking fund is a savings fund with a specific purpose, and often a specific date associated with it. Let’s assume for a moment that you pay $4k in property taxes each year. It would be a great idea for you to open a savings account and put $333/month into it. At the end of a year, you would have the full $4k for your property taxes. In fact, this is such a great idea that a majority of mortgage loan companies require you do just that in an escrow

About 3 months into keeping a budget you may tire of “sacrificing”. Go out to eat tonight? Nope, not in the budget. Clothes Shopping? Not this month. I get it. You got on a budget so you’d have money right? Most of us have a roof over our head, food to eat, clothes on our back and even a car to get us to work. Modern day Americans have a better standard of living than just about any other people in history. If you have your family, your health, food, shelter, and clothin

Have you ever noticed that financial institutions have multi-story office buildings and you live in a home that is much, much smaller? Ever think about why that is? DEBT Yep, the reason is debt. Debt is an anchor that takes control of your income, both now and in the future. It makes you a slave to the lender and to your job. The interest you pay is what allows financial institutions to build great big buildings. The companies that sell products spend billions of dollars eac

It’s funny how much insurance you can buy if you try. You can insure your car, home and life – as well as your cell phone, appliances, kid and even your dog. Insurance companies make a profit. And if they make a profit, it is almost certainly at the expense of policy holders. I’m not trying to say insurance is evil. It is quite helpful and necessary. It is important though to buy the right insurance for the right reasons. Some consider insurance as an investment – It is

There are many types of retirement accounts. Two of the most popular ones are the Traditional 401k and Roth Retirement Account. The primary difference between these two types of accounts is timing of when you pay taxes on them. Money that you put into a Traditional 401k is pre-Tax. You don't have to pay taxes on the money you put into a Traditional 401k; but you do pay taxes on that money and all it's earnings when you withdraw it in retirement. Money you put into a Roth

You may have the opportunity to save hundreds of dollars every month by eliminating PMI from your mortgage. Do you own your home? Have...

When you get some extra money it can be really exciting. What do I want to do with this? Go somewhere for a weekend? Go on a shopping spree? One thing is certain. If you don't make a plan, it will be gone within a month of it's arrival. So let's ask the adult question....... What would be the responsible thing to do with the money? You can come up with any number of really fun and potentially frivolous uses for it – but what will take y

A lot of folks are losing their jobs, or at least some of their income. Here's a brief list of things to consider if this happens to you: 1) Do not panic; this is temporary. 2) File for unemployment. If you can't make at least half of what you were making, file. Just do it, there's no shame. 3) Look into Mortgage Deferral or Forbearance. If renting, speak with your landlord about their rent policies. 4) Find Health Insurance. Look into COBRA, the Federal Health Insurance