It’s usually at the end of the year that you’ll notice lots and lots of articles offering money savings tips. But with the New Year only four months away, putting your tax planning hat on now is a smart financial move as well as a good investment of your time. Similar to investment planning, tax planning is pro-active and has the potential to lower your overall tax bill.
I just received a link to an inspiring article by Liz Pulliam Weston of MSN Money that describes 3 people, ages, 25, 44 and 60, all college educated and following their dreams, who have taken frugality to a whole new level. These three are masters of budgeting, saving money and investing for their futures all while keeping their eyes on the ball and enjoying the life they choose to live - in all cases one of simplicity and freedom. They are all happy with their choices and excited about their futures.
Although from all different walks of life, the one thing these three had in common was cheap housing, cheap transportation and cheap thrills.
You’ve probably read or heard about these tips many times, but it never hurts to remember the basics for smart investing. And in this Vanguard article, Major League Tips for Avoiding Financial Errors, the tips are prefaced by what are known as 'Yogi-isms' after the late, great Yogi Berra.
Yogi claimed that "we make too many wrong mistakes," but if you stick to a plan, diversify, invest for the long term, and pay attention to costs and taxes, you can help eliminate some costly errors that could keep you from reaching your goals.
Here we go again…The stock market roller coaster ride is back with a vengeance.
Are you wondering what the founder of the Vanguard Group John Bogle, has in his portfolio? Here you go, courtesy of Market Watch.As for Bogle, he’s plenty happy with his age-based investing formula. “I’ve always had in the back of my mind this incredibly simplistic idea, that your bond position should have something to do with your age,” he said.
In his retirement portfolio today, he’s got two-thirds of his bond portfolio in the Vanguard Total Bond Index fund VBMFX
As a fee-only financial planner, lately some new clients have asked if I could use a different word besides budget when discussing their cash flow plan. Words do matter and for many reasons, the word budget congers up all sorts of negative thoughts and feelings. So for that reason and many others, lose the word budget and replace it with two words - spending plan.
Before you decide on a spending plan, keep one major goal in mind - your savings plan. Paying yourself first, meaning, putting your savings and investments to work by automatically funding these accounts first before paying your bills is the key to long-term financial success.
Need some tips on saving money while planning your wedding? It’s that time of year again when happy couples tie the knot, and the last thing on their minds is the cost of the celebration.
Posted on the Financial Planning Association (FPA) website, this article gives sensible information that future brides and grooms may not want to hear. Listed are some obvious tips such as setting a wedding budget and sticking with it and monitoring spending. The not-so-obvious tips like considering a destination wedding are much more interesting.
As often happens, I learn great lessons about money listening to my clients share their money stories with me. Here’s a story I had to share.
There’s a new money management website that has a free program called Pocketsmith. On it's web-based calendar, you schedule in your bills, salary, rent, etc. PocketSmith takes the information and generates forecasts which plans your upcoming annual budget. If budgeting and cash flow have been a challenge or you wish there was a calendar program that could help make sure you know when your bills need to be paid, check out Pocketsmith. They also have a decent blog.
Along with Money Magazine, PC Magazine Editor's and Kiplinger's - I too rate Mint.com as my top choice for a personal financial management tool. Mint's blog is excellent and worth following. The Mint on-line community offers support, Q&A videos and more. Mint.com is a good looking website, easy to follow and simple to use - and it's free. Now there's no reason not to get your personal finances in order.
When it comes to managing your personal finances, spending, particularly overspending is one of the most challenging aspects of living within your means. It’s not that you don’t have good intentions, because most people really do want to stay on a spending plan, it’s more complex than that. Spending money causes an emotional rush in our bodies. It’s a natural high. It’s short term pleasure for what could turn out to be long term debt. It’s the nexus between money and your emotional intelligence (EQ) that often creates the problem of overspending.
Create a speed bump on the road to spending
