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Do you want to budget or are you satisfied with just knowing you have money in your bank account this very moment? Find out just how you much control over your finances you can have by proactively budgeting and tracking your purchases with Mvelopes.
Saving is an important part of anyone's budget. There are plenty of reasons to put money away for future expenses. Some of those expenses are planned for, but some of them are surprises, emergencies or even once-in-a-lifetime opportunities.
No matter your circumstance, find 10 percent of your income to save. Whether that goes to your emergency fund or somewhere else isn't necessarily as important as having it safely tucked away.
Topics: Emergency Fund
When expenses are higher than your income it means several things.
1. If unchecked, you’ll be creating debt once your savings cushion is gone.
2. Because of No. 1, your present situation is unsustainable.
3. You can change it for the better, before the worst happens.
A car is necessary, but a 68, 72 or 84-month loan isn't. The average car loan, term length and monthly payment each hit new highs in the first quarter of 2016, but car loan inflation doesn't need to affect your next purchase.
Topics: Auto Loans
Budgeting and the Olympics don’t often go together, especially since every modern Olympics has gone way over budget, but there are things we can apply to our financial lives from the past few weeks in Rio de Janeiro.
Your budget is nobody’s budget but yours. While plenty of people may be making the same or similar amounts of money, no one spends it exactly the same way. We all have different priorities and are all at different points in our lives.
Your account balance can only tell you so much about your financial situation. Your current balance is only a snapshot in time, it doesn't give you a clear picture of where your money is going and what expenses you have in your future.
The school year is right around the corner. It’s time to start thinking about how to save money while making it through another academic year, especially for college students. Reducing costs is an important part of staying away from taking on debt while going to school. On most college campuses, getting the most out of what you have to pay also makes a difference.
Living paycheck to paycheck leads to piling debt on top of debt when emergencies happen. Not being financially ready for unexpected expenses is a surefire way to limit what you can do with your future income because of how much debt and interest you have to repay each month.
Topics: Emergency Fund