For most young adults, personal debt doesn’t pile up all at once—it quietly grows when small monthly payments feel manageable but add up over time.
The easiest way to make sure you don’t accumulate too much debt isn’t about cutting out every fun expense. It’s about tracking a few simple numbers that tell you, early on, when debt is becoming a problem.
Read on to learn more about these numbers and tips for the easiest ways to stay debt-free.
Continue reading “How to stay ahead of your debt”Healthcare is one of the single biggest — and fastest-rising — lifetime expenses for most Americans. The exact number depends on your age, health, location, and the benefits you carry, but the total estimated lifetime healthcare costs may surprise (or even shock) you.
Concerningly, many Americans don’t have a clear picture of their potential healthcare costs while working and during retirement, or how to estimate these fast-growing living costs for planning purposes.
For example, a 25-year-old could pay anywhere from $400K+ to ~$1.5M for healthcare over their lifetime depending on personal decisions, medical needs, insurance coverage, and inflation rates.
Does your financial plan include annual estimates for healthcare costs with projected inflation?
Below I’ll sketch projected lifetime (or remaining lifetime) healthcare costs, and explain why tracking and managing these costs over time is crucial for your financial stability and well-being.
Continue reading “Are you prepared for growing healthcare costs?”60% of people don’t use budgets to manage spending, according to the 2017 Consumer Financial Literacy Survey from The National Foundation for Credit Counseling. 
While that number may be surprising, what is more shocking is that this number has not changed much since the 2007 survey. For all the advances in technology, including spreadsheets and online budgeting software, people’s habits related to managing money and tracking spending have not really changed that much over the last decade. Continue reading “You don’t need a budget to manage spending”
If you are in the market for a new or used vehicle, then it is important to do some homework before you settle on make and model. Here are a few things to consider before you pull the trigger on buying that new or used vehicle: Continue reading “Buying a vehicle? Check the TCO”
I was asked earlier this week what’s the best way to check a credit score? There are a few ways to get your credit score, but check to see what your credit card company offers first. Many credit card issuers now provide cardholders with their credit score as a free benefit. The card issuer I use provides my FICO® score, score history, key factors affecting my score, and suggestions on how to improve my score. Continue reading “Don’t pay to manage your credit score”
Free money does exist, but you need to know where to look for it and how to get it. Free Money is available when you save by compounding savings and through employer-sponsored matching of retirement savings. For spending, you can get access to Free Money through cash back credit card programs and federal grants for college. Technically, these methods are not entirely “free” in the true sense of the word since you need to give something to get something, but I consider using these methods like getting Free Money since you need to spend and save any way. Continue reading “4 ways to get free money from spending and saving”
Many thanks if you downloaded my book on Amazon!
Your efforts helped me achieve a #1 ranking in 3 Amazon Business & Money categories during my free promotion launch.
A BIG thanks if you also provided a review! If you downloaded the book, but haven’t had the chance to review yet, you can still do so at any time. Every review helps!
Also, if you liked the eBook, then check out my website at DIYmoneytrack.com, and follow me by downloading the playbook tools, and/or by signing up for my blog.
I’m already working on a second book that will help Millennials understand the cost of making big financial decisions, like raising children, so stay tuned!
Thanks again for your support and enjoy the holidays!
When my kids were younger we taught them to save money by using three envelopes: One to save money for charity, another for short-term spending, and the last one for longer-term savings (deposited into a bank account). For example, if they received a $25 gift for their birthday then the money needed to be split as evenly as possible among those three envelopes. This approach was a very useful way for my wife and me to help our young children understand the importance of saving for different purposes and timeframes. Continue reading “Savings evolution: Use these three measures to become a money master”
You may have heard the term “financial literacy” which by definition is the education and
understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning.
Financial literacy fundamentals are often taught in schools starting in middle or high school, with mixed results at best. A study completed by George Washington University and PwC proves this point. Based on a survey of over 5,500 Millennials, it was determined that only 24% of Millennials exhibited basic financial literacy, and only 8% demonstrated high financial knowledge. Part of the problem is that school-taught financial literacy focuses on concepts with limited application to the school-age audience. To help this young audience succeed over time, we must be prepared to offer timely support to foster “financial know-how”. Continue reading “Developing financial know-how by learning to speak money management”
I thought it would be good to kick off my blog series with an
important section from my book, Following Your Money, on personal flow of funds. This fundamental personal finance concept was the inspiration for naming my website. Clearly in order to follow your money you must understand the concept of cash inflows and outflows, and most importantly how decisions regarding those flows will impact your ability to fund life events and goals.
Continue reading “How do I follow my money? By tracking funds flow”
