Is it possible to have TOO MUCH in savings? Would it surprise you if I answered YES??? If you've accumulated an emergency fund of more...

If you are someone that has a hard time sticking to your budget or constantly find yourself short before your next pay period, YOU may be someone who needs to use the cash envelope system. You set a certain amount of cash aside for typical spending and once the cash is gone, it's gone. This is great for those that don't pay attention to the little expenses that can add up to a large amount over time. #Finhacks #cashenvelopes

For financial success, you need to start small and think big. If you're trying to reach a big goal, do you get overwhelmed with the daunting task? In reality, people save more successfully when they set short-term goals. For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year. Once you reach the short-term goal, you’ll have created a habit of saving you can be proud of! You’ll be able to

When should you begin saving for retirement? What is the magic age? It would be easy to say...start saving for your retirement as early as possible. We all know that few people get rich through their wages alone. It's actually the miracle of compound interest (earning interest on your interest over many years) that builds wealth. The youngest workers are in the best position to save for retirement, because literally, time is on their side. If you have a teen that starts worki

Something that you can be doing everyday is saving your coins-literally. This applies to you and your children or family. Putting aside...

Before you make the decision to make a big purchase, use the 24-Hour Rule. Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule. This applies to any non-essential item. It’s perfect for online shopping where your items can simply be added to your cart to purchase later. For so many items, when the initial want wears off, you realize that you don't really "need" it. #24hours #waittospend #Finhacks

If you're renting, you may feel that you can't afford to add more additional cost to your monthly bill. That's especially true if you're trying to save money for a down payment on your own place. Rental insurance covers robberies, vandalism, and natural disasters, but it could even cover things like the medical bills of people who get hurt at your place, and damages you cause at someone else’s home. And if you have to stay somewhere else because of damage done to your apartme

Before you dip into your retirement funds, make sure you consider the consequences of that choice. It can hurt you many times over and is definitely not worth it. By taking money out of your fund, you’re negating all the hard work you’ve done in your savings goals. In addition, you’re preventing that money from being invested and the ability to earn interest. Eliminating compound interest possibilities. It's important to mention that you'll also be penalized for an early with

Just because you can "afford" a house, doesn't mean you should buy it. I remember the very first time I was looking for homes, the lender told me that I could afford a home for $***,*** value. Just because (per the numbers), lenders consider that I could "afford" this home, doesn't mean that I HAVE to spend that much. Remember, this is the maximum that you can spend. There are lots of variations in mortgage loan programs, but in general, you shouldn't borrow more than 28% of

Have you ever told yourself that you “deserve to” buy something nice that you want? Do you rationalize that you’ve worked so hard and need a splurge because you “deserve” it? Beware of this mentality that can set you back in a split second. Instead add a reasonable amount of “mad money” to your budget that can allow for special splurges like your favorite coffee beverage or a dinner out, etc. Instead of doing something at the spur of the moment, plan ahead for those wants. #F

How can you decide on whether you "should" purchase something or not?? The easiest answer is to evaluate your purchases by looking at the cost per use. Sometimes it's not about the actual cost, but your benefit of it over time. It may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt—but only if you ignore the quality factor! When deciding if the latest tech toy, kitchen gadget, or apparel item is worth it, factor in how many times you’ll use i

Make sure that you're tracking your net worth. Net worth is defined as the difference between your assets and debt. Basically, it's the big-picture number that can tell you where you stand financially. And when people talk about "millionaires" and "billionaires," this is what people are referring to. It's important to be aware of this number so you can be apprised of the progress you’re making toward your financial goals. It can also be an early warning sign that you're havin

You've heard (and maybe you've used) the excuse of..."if I made more money, then I'd save more." I'm about to call you out on that. Every time you get a bump in pay, I want you to pretend that you never got that raise. Yes, you heard that right. Your spending should not change. Meaning that you should take all of that money and roll it directly into your retirement (unless you're already at the max). You'll never miss it, but your future self will thank you. If you're alrea

To keep your financial health at optimal levels, you should strive to keep your credit use below 30% of your total available credit. It is commonly referred to as your credit utilization rate. What does that mean? How do you calculate your utilization rate? You take the total amount of your credit card debts and divide it by the total amount of available credit. An example would be if you have a credit card with a $2,000 credit limit, you shouldn't carry more than $600 in deb

Emergency Funds aren't just for adults. It's never too early to teach your kids about finance and have them use it in a practical way....