The company 401K match is an unbelievable opportunity to leverage your company's money to help your future and retirement growth. What is it and how does it work? Generally, the employer will match the amount that you give toward the account up to a certain amount. It works differently with every company, but the average amount of matching contribution is 4.3% of the employee's pay. Some common amounts of matching are: 50 cents on the dollar up to 6% of the employee's pay. Ex

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

Focus on spending your money on experiences rather than material items. Putting your money toward purchases like a concert, picnic in the park, or vacation instead of spending it on pricey material objects gives you more happiness for your buck. Researchers concluded that people are happier with experiential purchases over material ones irrespective of when you measure happiness: before, during or after consumption. Experiences also provoke more satisfaction even though peopl

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

Should you cosign for someone who needs help on a loan? This can be a very challenging question and it depends on your personal expectations. It's extremely important to know that if the borrower (your friend, family member, significant other, child, whoever) misses payments, your credit score will take a plunge. Not only can it affect your credit score, but the lender can also come after you for the money, and it will likely destroy your relationship with that person. It's l

"You are the average of the five people you spend the most time with." Jim Rohn GET A BUDDY Surrounding yourself with friends with similar traits can help you pick up good habits from each other. This definitely applies to your money too! So try gathering several friends for regular money lunches (at someone's house to keep costs down LOL) to talk about your financial goals, what you're doing to achieve them, and the progress that you make. If you're looking for a group, reac

We all know that the farther away a goal seems, and the less likely it will actually happen. This also causes us to give up because of that fact.. It's still important to focus on big goals (say, buying a home), but you need to also set smaller, shorter-term goals along the way that will give you quicker results and give you positive feedback to keep going. An example would be saving some money each week in order to take a trip in six months. Each little bit will make you fee

Having the right mindset is so important to be successful with your financial decisions and goals. To help keep you on track and focused, you should pick out a positive phrase as a reminder of your financial goals and aspirations. For example, ask yourself, “Is this [fill in purchase here] is better than Bali next year?” or “I only charge items that are $30 or more.” Find a phrase that is meaningful to you. Consider even printing out a picture to keep in your purse or wallet

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

Should you start a 529 college savings plan for your child? Well, there are a lot of things to consider when making that decision once you have some money to put it in. Keeping it simple, when choosing the best one for you, you should start with two main issues. Tax Deduction States have their own 529 plans and have different perks for investors. In looking at the 529 in your home state, does it have a tax deduction for opening in-state? If yes, then it's a strong PLUS for y

Do you have a Circle K in your city? Have you ever gotten gas there? They have an Easy Pay feature that can save you up to 30 cents off per gallon. The first step is picking up either their Easy Pay Rewards Card or Easy Pay Card (this one gives you the money off). Then go online to https://allthebestcreditcards.com/wwwcirclekcom-easypay/ or in their app to add the number from that card. I'm in the process of going through this process myself. It is my understanding that you w

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

College students are always spending a lot of money, but don’t always consider earning it since they want to focus on their studies and everything else that goes along with the college experience. However, it is possible to be able to mesh them together. Let’s take a look at some more ideas how college students can earn some extra income according to www.collegeinfogeek.com. Paid Research Opportunities This may sound scary and creepy, but it’s not the study where you’re hooke

We’ve all heard about the broke college student who lives on Ramen noodles throughout their college career. Is that the way it has to be? I’m all for being thrifty, but things have changed where students don’t act quite as frugally. Why is that? Are they able to make an income or are they incapable of living frugally? Good questions. Just because you’re a college student, doesn’t mean that you have to be broke. There is currently so many ways for those 20 somethings to be abl

Students are renowned for paying large amounts of money for things. The main item being their tuition and room & board. Even if you’re not a great coupon hunter, you’ll still love this post. Luckily for those students and their parents, they are offered discounts in many avenues. Hopefully you’ll discover some new favorites that someone in your family or a friend can use. What will they need? Only a student ID card and .edu email address and they’re good to go! www.collegeinf

This answer can vary widely depending on the person. Your current income and your lifestyle matter a lot. In 2019, Schwab Retirement Plan Services discovered two things. The first one is that 401K participants believe they need $1.7 million, on average for retirement AND most are not on track to get there. What do you think you might need? Do you have a goal amount? Where in the heck did people come up with the 1.7 million number? How do you go about getting there? Important

Maybe it’s due to lack of knowledge, economic inflation, or keeping up with the Jones’, but people today struggle with finances more than ever. Debt continues to trouble and effect most families. Due to numerous factors, it’s so important to keep your mistakes to a minimum. Staying away from these mistakes could be the key to survival during any hard financial times. Excessive Spending Overspending and frivolous spending add up over time. You may be able to rationalize it her