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Ten Things You Need to Know About Budgeting

    1.       Everyone should do it.  Budgets are needed at all different income levels. Tracking how much you spend helps you make more informed decisions.

2.       Know what triggers your spending.  When you recognize what is causing you to spend more money, it is easier for you to stop.

3.       You can still have fun.  Just because you are being careful with your money does not mean you can’t have fun!  Just make sure you’re allocating only as much as your budget allows.

4.       Stop sales emails from stores.  It is much easier to avoid spending money on handbags when you don’t get the emails announcing their 10% discount.

5.       You spend more money on grocery shopping when you are hungry.  Eat a snack before you shop!

6.       Review your bills before paying­­.  Make sure you know what you’re paying for.  Make sure they don’t sneak in things you’re unaware of.

7.       Expect the unexpected.  It’s necessary to allow cushion in your budget to pay for unexpected expenses.  An emergency fund is crucial!  Aim for enough to take care of 3 to 6 months of expenses.

8.       If you fall off track one month, get back on the next.  If you spend more than budgeted one month, don’t get discouraged and give up.  Spend less the next month or reevaluate your budget allowances.  Make necessary adjustments and don’t give up!

9.       Helping yourself will help your children.  Your children learn by watching you.  Help instill good spending habits in your children.

10.    Really think about big purchases before you make them.  Don’t rush into anything!  This will also help to prevent buyer’s remorse when you get home.

Stay tuned for next week’s pin! Also, check out our boards on Pinterest!

No retirement for lazy savers

In the recent Wall Street Journal article "Workers Saving Too Little to Retire", Kelly Greene and Vipal Monga present survey results predicting retirement crisis for both U.S. workers and employers. 

A few facts from the article:

• Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes.
• 28% of Americans have no confidence they will have enough money to retire comfortably.
• While Americans are living longer, the extended life spans will make it tougher for workers trying to stretch retirement savings and put additional strains on pension plans.
• The percentage of workers who have saved for retirement plunged to 66% from 75% in 2009.
• Many people are struggling to make sure they don't run out of money in retirement, said Jack VanDerhei, research director at EBRI, a nonprofit in Washington, D.C.

Put simply, we suggest that if you want to live more freely and enjoy more in retirement, spend less and save more now while you still have the opportunity. 

Wealth-building for Gen Y-ers

Money Magazine's 101 Ways to Build Wealth offers valuable financial tips for each stage of your life.  Listed below are their bits of advice for 25- to 34-year-olds.  To read the full article for more details, click here.   

1)  Start saving for retirement now.

2)  Favor cash-rich stocks.

3)  Add microcap stocks for growth.

4)  Build your career.

5)  Play the numbers.

6)  Get smarter about your money.

7)  Get with the program.

8)  Watch what you buy.

9)  Build your credit score.

10) Slash your student loans.