A budget is the most powerful tool available for establishing financial control. In this seminar, you’ll learn to identify short-, mid- and long-term goals, design a realistic spending plan to live within your means, and outline savings plans to reach your goals. You will also learn about different options available for getting out of debt, staying out of debt, and staying motivated.
Erin Lowry writes Broke Millennial, a weekly blog designed to help members of “Generation Me” become fiscally responsible.
Dealing with debt can be an anxiety inducing experience. The notion of being able to save while struggling to make ends meet is simply laughable. How dare someone suggest you build an emergency savings fund, or contribute to retirement when student loans, rent and credit card bills already eat up more than 60% of your monthly income? Even though it feels hopeless, there actually is a path to balance the opposing forces of paying off debt and saving for the future. In fact, you can get there in just five steps.
If you can’t see it, and you can’t touch it, you won’t spend it. Why is saving money so tough? Because it means putting aside resources for tomorrow that you’re tempted to use today. And your brain, wired to hunt and gather right now, doesn’t like that. The solution? Mind games.
Budgets: we all know we should have one, and we all know it’s a fairly simple thing to follow—at least in theory. We often map out budgets with the best of intentions, only to abandon them a couple of weeks later. If we design budgets that are too restrictive or too vague, there’s no motivation to follow them.
Think it’s too late to resolve to improve your finances? It’s not! Here are five tips.