Overspending

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6 Things That Can Derail Your Savings and How to Get Back on Track

Finding extra money to save at the end of each month can be difficult. Mortgage, car payments, insurance, school loans and groceries, the list of budgeted expenses goes on. Add in unexpected expenses that are bound to pop-up and, at the end of the month, your paycheck is spoken for. While many of us have good intentions when it comes to saving, roadblocks often impede the way to savings success. Here are six things that can derail your savings and tips to get back on track and achieve your savings goals. Not Having a Clear Savings Plan and Budget Without a clear vision of your financial goals and a roadmap for achieving them, it’s easy to slip and let spending take the place of saving. Knowing what your saving for, whether it be retirement or a vacation, and how much you’ll need, helps you keep your eye on the prize.…

5 Ways to Avoid Holiday Overspending

Between all the gift-giving, travel, parties, and big family dinners, overspending during the holidays is a common phenomenon. However, going into the red can make “the most wonderful time of year” downright stressful. Here are five tips for saving money between now and January. Make a Budget and Stick to It Have a lot of friends and relatives to shop for? Before you hit the mall or the “Buy Now” button, make a list with an exact dollar amount that you can afford to spend on each person. And because most of us tend to buy a little something for ourselves while shopping for others, factor a gift for yourself into your budget. If the gifts you planned on buying are marked down, great. But resist the urge to buy extra presents just because they’re on sale. Bonus: Set up holiday savings account now for next year. Parting with $100…

Seven Deadly Debts

While the very act of borrowing money can be a risky business in and of itself, not all debt is created equal. Certain credit decisions – which we call debt traps – are more likely to lead to a downward spiral of indebtedness than others. The good news is that most borrowing mistakes are preventable, and having an understanding of them will help you get closer to living debt-free. Here are seven of the most common debt traps people fall into – and how to avoid them. Overspending on a New Home Most financial advisers suggest spending less than 30 percent of your gross income on housing expenses. When buying a new home, putting 20 percent down is a good way to avoid paying private mortgage insurance (PMI). And don’t forget to factor in closing fees, real estate taxes, homeowners insurance, and the cost of decorating and remodeling. If you…

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