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”
Tag: Millennials
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”
Have we declared our financial independence?
Financial literacy (a.k.a. FinLit) is the education and understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning. The positive impacts of financial education on people are clear, as are the negative impacts to those that lack FinLit.
Continue reading “Have we declared our financial independence?”
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”
Thank you!
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!
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”
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”