Avoid these 5 Mistakes by Using Better Money Management
We’ve all made a financial misstep from time to time. This is especially true for people who are just starting out. The problem with money mistakes is that they can affect today’s finances and tomorrow’s, too. Even the worst money moves made in your 20’s can take months or years to fix, so it’s important to do what we can to avoid them. This will save you money, anxiety, and one of our other most precious resources: time.
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Budgeting for your Investments
As you know by now, we’re big fans of the 50/20/30 budgeting system. This particular budgeting method allocates 50% of your post-tax income toward needs like housing and food, 30% toward your wants, like Netflix and take-out, and 20% toward your investments, which speak for themselves. Focusing the majority of your money on what you need and want gives you the confidence, flexibility, and understanding you need to make the most of your budget.
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Budgeting for your Wants
The 50/20/30 budgeting system is one of the easiest and most effective budget strategies to follow. Under this method, 50% of your post-tax income goes to needs, 20% to savings or investments, and 30% to wants. Your biggest percentage should always go toward essential needs like housing, bills, and groceries. This is the easiest category to define. But the other two categories are a bit more ambiguous.
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Budgeting for your Needs
Earlier this year, we talked about a highly effective way to update or set your budget called the 50/20/30 budgeting system. As a quick reminder, this budgeting system allocates 50% of your income (after taxes are taken out) to your needs, 30% to your wants, and the remaining 20% to savings or investments. The biggest percentage goes to your needs, like your housing, bills, and food. That’s what we’ll focus on here.
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Understanding Your Stimulus Check
By now, we’re all eagerly anticipating our COVID-19 stimulus payments. With every update regarding the payments, we’re given a few answers, but it seems we finish reading with just as many questions. If you’re wondering how much you’ll receive as a result of the Coronavirus Aid, Relief, and Economic Security Act that was signed into law late last month, there’s an easy way to calculate your total and find answers to your other questions.
What Happens to Debt When Someone Dies?
In an ideal world, our debts would be wiped clean once we passed away. Unfortunately, this is not usually the case. In reality, the process of dealing with debt after someone dies can get a bit complicated. Depending on the type of debt and the situation, debts may be discharged, collected through other methods, or fall on the co-signer or joint account holder.
