We set up our budget, we find ways and areas to reduce our expenses, we get our spending under control, we live below our means, we find ways to increase our income, we get our debt snowball rolling, we learn to pay ourselves first to save for our emergency fund and of course…save to invest! […]
The challenge as a young adult is seeing and understanding the value of time and compounding when it comes to our financial future. When we’re young, we have our whole life ahead of us to not have to worry about it now or we feel like we don’t have the extra money to save! Often […]
One of the main reasons why we, as young adults should start saving and investing as early as possible would be to reap the rewards of what would be sometimes known as the magic of compounding. Compounding is when we earn returns on past investment returns as well as on our own original capital investment. […]
It’s never too soon to start saving for retirement! Unfortunately, it’s all too common that retirement savings are not made a priority by most young adults. The hesitation to start saving at a comparatively early age for retirement is understandable, given that as young adults we see so many working years ahead of us with […]
Once we realize we’re in a debt spiral, we need to figure out how and where we’re spending our money and what adjustments can be made to stop the madness. This is where we need to be creative and/or make some tough choices (or sacrifices). Bring coffee from home or use the coffee maker at […]
Not only are there small, unsuspecting ways we get ourselves into trouble with debt that slowly and incrementally build up until we eventually find ourselves in over our head. But then we have the big dollar purchases that we have to become aware of also. Such as, that brand new motorcycle, snowmobile, boat or jet-ski […]
If our bills are greater than our income, it’s safe to say…we’re in trouble! It’s when we find ourselves in situations like this, that we’ll only keep adding to our debt whenever we spend more money than we make. The first thing we need to do is we need to get our spending under control. […]
Increasing our income doesn’t have to be a significant increase. We don’t need to get too caught up in how much we’re able to increase our income at this point, but more about using that extra income toward paying off debt or putting it toward savings or investing goals. There are so many different ways […]
The level of debt that nearly most of us have is in direct proportion to our earnings and this is precisely where our comfort levels lie – not so much debt to keep us awake every night, but enough to appreciate life and our hobbies to our maximum level of income. That’s where the majority […]
For most of us, caring for our finances is not an easy task! Easy availability of credit, high interest rates and a lack of understanding basic financial principals causing us to fall into bad money habits, which end up leaving the majority of us living deep in debt and way beyond our means. To better […]