Tag: financial budgeting

You don’t need a budget to manage spending

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”

Buying a vehicle? Check the TCO

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”

How to maximize the money you make from payments

Individuals can use similar methods employed by businesses to monetize payments made to vendors. For individuals that diligently optimize payments the results can generate hundreds, and even thousands, of dollars in extra cash with the same level of budgeted spending.    Continue reading “How to maximize the money you make from payments”

How to donate your money more wisely

Caution:  This article contains graphic images that may help some people make more informed decisions about donating money.

Ever wonder how much of the money you give to a charitable cause actually finds its way into the hands of the people that need it?  Well, you can find that information and most anything else you want to know about a specific charity by using independent organizations that rate the quality of charitable organizations.  Two of the more well-known organizations are Charity Navigator and CharityWatch. Both have very useful websites and information to help evaluate charities.  Continue reading “How to donate your money more wisely”

3 questions every parent and child should answer before choosing a college

If you’ve been reading my recent articles you may sense a theme (or an obsession) with figuring out the costs and benefits of going to college.  There are clearly benefits of going to college, but it is a ‘big money decision’ and should only be made with the appropriate level of due diligence.

While the decision about which school is the “best fit” is somewhat subjective, the cost of obtaining a diploma and how to pay for it should be viewed more objectively.  Continue reading “3 questions every parent and child should answer before choosing a college”

How to prioritize your list of colleges

My son will be going to college next year and we are working with him to narrow down his choices. After a first cut, we arrived at a list of 6 schools that he would be interested in attending based on location, programs, admissions requirements, and taking a campus tour. He applied to all 6, and we expect that he will get into at least 4 of them, but he could get into all 6. We now need to figure out how to help him further prioritize that list.

To help us make informed decisions, we are going to weigh both qualitative and quantitative criteria to prioritize the list.   Continue reading “How to prioritize your list of colleges”

Savings evolution: Use these three measures to become a money master

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”

Great sites for staying up-to-date on money matters

If you read my prior post on developing financial know-how, then you’ll know that keeping up to date on personal finance news and information is one of the steps in the advancement cycle.  The great thing is that in this age of online subscription services you can select topics that matter to you and have the information delivered directly to you.  I have a few different information services that feed updates on personal finance to my email and Twitter accounts.  These feeds provide information on a range of topics and are particularly useful if you are nearing a significant life goal like starting or changing careers, or deciding when and where to retire.  I receive feeds from a number of different sources, including those specific to industries or technologies I’m following for investing purposes.  It’s easy to get overloaded and overwhelmed with all of the different sources, so I recommend getting started with a few that allow you to better understand how to financially plan for life events, stay on top of your money, and comparison shop products and services.

Continue reading “Great sites for staying up-to-date on money matters”

Developing financial know-how by learning to speak money management

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”