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The deadline for the U.S. to raise the debt ceiling is looming. If the U.S. defaults, it’s likely to impact many Americans in some capacity. Even if we manage to escape this economic crisis, though, another one is likely on the horizon.
Whether it’s a nationwide recession, worldwide crisis or a personal event, it’s a good idea to start thinking about how to stabilize your finances now so they can be a safety net in your time of need.
How the U.S. debt ceiling crisis could impact your finances
“We’ve never had this type of default before,” says Jean Ross, a senior fellow of economic policy at the Center for American Progress. A lot depends on whether the default period is short term or more protracted.
Things that could happen include:
A decrease in household wealth: This would especially be the case among those who have retirement portfolios and stock holdings. A stock market spiral could impact retirees who are pulling from their retirement funds, as well as workers on the brink of retirement who might now have to reconsider their plans.
Rising interest rates: Rates on credit cards and adjustable-rate mortgages would increase, and with it, the debt load of many Americans — which also could negatively affect their credit scores.
Delayed paychecks: This would impact federal employees and businesses with federal government contracts. Those affected could include everyone from cleaning contractors to graphic designers and people who serve lunch in federal buildings, according to Ross.
A disruption in some federal or state government benefits: Programs like Supplemental Nutrition Assistance Program, Medicaid, Social Security and veterans benefits could be affected.
How to make your budget resilient
You can’t always control how much time you have to prepare for a financial crisis. The key is to work strategically with the time and resources you have to safeguard your budget as best you can.
Here are some tips for how to brace your budget for a major financial disruption.
1. Make or fine-tune your budget
To prepare for an emergency, isolate your necessary expenses so you know what your bare minimum budget should be. A 50/30/20 budget framework is a good way to start thinking about what’s necessary and what you can cut if needed.
“When it comes to expenses, we usually don’t go back far enough,” says Kia McCallister-Young, the director of America Saves, a nonprofit organization and an initiative of the Consumer Federation of America. Only looking at your last few statements can cause you to leave out annual expenses. McCallister-Young recommends going back a full year and examining all your statements, including those from your bank and other bill pay apps.
If you’re in a crisis now: Make a list of expenses you can cut — things like cable or streaming subscriptions, meal services, eating out and shopping. Contact these providers to cancel immediately.
2. Create or bulk up your emergency fund
Ideally, you should have or be working toward an emergency fund that holds three to six months of necessary expenses. However, “three to six months in expenses is very overwhelming, and for some people unattainable as well, especially if you’re not earning a living wage,” says McCallister-Young.
She recommends starting with an attainable goal and automating your savings, either through direct deposit or through your bank. Even $10 a week is a good starting point. “Saving is a habit, not a destination,” says McCallister-Young.
Storing your emergency fund in a high-yield savings account is a good idea because it’s easy to access and also will be earning interest with each passing month, helping you reach your goal faster.
If you’re in a crisis now: It can feel scary to pull money from your emergency fund, but don’t be afraid. “You don’t have to feel bad about the fact that you are using the savings that you have created,” says McCallister-Young. “It’s supposed to be there to help you.” If you don’t have an emergency fund, though, reach out to your community resources.
3. Research assistance in your area
Knowing where to turn in a financial crisis can be a challenge because you might be feeling panic or shame. McCallister-Young recommends finding a “community of support that can lift you up and can tell you where you should go” in a time of need.
Plugging into these community resources ahead of an emergency can be helpful. Consider joining online neighborhood groups, following the social media pages of local nonprofits and identifying food banks in your area.
If you’re in a crisis now: Start your internet search with211.org for confidential help from experts on everything from finding food to mental health assistance. From there, reach out to your community of support to find local food banks or identify community groups or nonprofits that can help pay your bills.
4. Pay down your debt
One of the ways you can set yourself up to survive a financial crisis is to have as little debt as possible. Big disruptions are likely to make it harder to pay your bills, and accruing interest will only make digging out of your circumstance harder.
To prepare for an emergency, start paying down credit card and other debt now. If it’s a recession you’re worried about, focus on paying down debt with the highest interest rates.
If you’re in a crisis now: Contact lenders to discuss payment options. For example, a lender might be able to put you on a payment plan to spread out costs into more manageable chunks or temporarily lower your interest rate.
5. Bolster your credit score
The best way to protect your credit during a financial disruption is to make on-time payments and keep your credit utilization as low as possible. However, this might be difficult, especially if you’re operating off of a reduced income and need your credit cards to supplement your monthly expenses.
You have some options when it comes to handling your debts, explains Melinda Opperman, chief external affairs officer at Credit.org. If you have time to prepare, “call your lender to ask if they offer a concession like a lower interest rate or a deferred payment,” she says. The only risk, according to Opperman, is that your lender might lower your credit limit, causing your credit utilization ratio to increase. This could harm your score until you are able to pay down the balance.
You also might consider using a balance transfer or 0% APR credit card to take some of the pressure off. Just pay attention to the fine print, especially when it comes to transfer fees and repayment terms, which are typically around 18 months, says Opperman.
If you’re in a crisis now: One way to weather a financial storm is to make on-time payments, but consider only paying the minimum balance, says Opperman. While it will temporarily increase your debt load, especially if you’re used to paying your balance in full each month, paying the minimum for a short time can help you get through a tough time while recording on-time payments, which is a huge factor in calculating your credit score.
The thing to note about your credit score is that it’s not typically directly impacted by a recession or personal financial crisis.
“A credit score doesn’t reflect your income, wealth or current financial situation,” says Opperman. “It’s a measure of how you handle your debts.”
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Shortly after graduating from New York University with a Master’s degree, Melanie Lockert turned to food stamps, as she worked her way out of $81,000 in student loans.
“There were a lot of emotions around carrying that debt. It caused a lot of stress and depression and anxiety for a long time,” she shared with me recently during an interview on my podcast.
The student loan crisis in America has reached epidemic proportions. With households across the country carrying $1.26 trillion in student loans, it is the second largest category of debt following mortgage debt.
For the class of 2016, the average student loan balance is $37,172, up six percent from the previous year, according to a new analysis by student loan expert Mark Kantrowitz published in the Wall Street Journal.
If you’re struggling to make ends meet due to student loans or wondering how you’ll ever pay off the debt in a timely manner, here are some key steps to support you along the way.
Never Pay Late. Ever.
Whoever likes to call student loans “good debt,” has probably never faced a late payment. “Falling behind on payments can cause federal loans to enter default, triggering expensive fees and collections,” says Heather Jarvis, attorney and student loan expert.
If you miss several payments and are in default, federal loan borrowers may also seize your wages, tax refunds and possibly social security benefits. And you can only imagine how all this can damage your credit score. (Keep reading for advice on what to do if you’re already in default.)
To avoid ever paying late, sign up for automatic payments with your lender. Doing so could also earn you a reduced interest rate (usually 0.25%), which could save you hundreds of dollars, maybe more, over the life of your loan.
Extend the Term
Speaking of your loan’s life, extending the term from 10 to 15 or 20 years could provide you with some payment relief since when you extend the term, your monthly payments decrease.
Bear in mind that since your interest rate remains the same this strategy may mean you’ll end up paying more to pay off the loan over time.
One way to avoid paying too much more interest is to take advantage of the smaller monthly payments for only a window of time. As soon as your finances strengthen place more than the monthly minimum towards your balance to help you get out of debt closer to your original term. Be sure to place extra payments directly towards the principal to knock down the debt even faster.
Tap Government Assistance
If you have federal student loans you may qualify for Income-Based Repayment (IBR), a government program that helps qualifying borrowers cap loan payments to a percentage of income, typically 10% of their income. The program will also forgive any remaining student loan debt after 20 or 25 years of making payments.
The Department of Education also has a program called Public Service Loan Forgiveness (PSLF). If you work full-time for a “public service” employer such as not-for-profits, AmeriCorps or PeaceCorps, the military or a government agency, PLSF may forgive your remaining federal loan debt after 10 years of employment.
If You’re Already Behind…You Have Options
If you’re in default, Jay Fleischman, a student loan and bankruptcy attorney, says you may be able to consolidate your loans under the U.S. Department of Education’s Direct Consolidation Loan Program, which is free and does not depend on creditworthiness. “You could also rehabilitate by making nine agreed-upon monthly payments over a 10-month period of time with the collector assigned to the account. Those payments may be adjusted based on your income, and payments can be as low as $5 per month,” he says.
For private student loan borrowers, “the situation is markedly different because there is no right to consolidate or rehabilitate unless the lender has a specific program to do so,” says Fleischman. Contact your loan servicer and learn about ways you may be able to reduce or eliminate payments until you get back on your feet, he says.
If your lender won’t budge, you may choose to remain in default until a settlement opportunity presents itself or until the statute of limitations for collection expires. As a last resort, you may also consider bankruptcy as a way to wipe out other debts and repay your student loans under court supervision. “Though bankruptcy may not wipe out your student loans except in limited circumstances, many people opt for bankruptcy as a way to get more control over the ways in which your loans get paid,” says Fleischman.
Tap Home Equity…With Caution
Homeowners may be eligible to use a home equity line of credit (HELOC) to pay off their remaining student loan balance. This allows them to pay off the student loan with the existing equity in their home and save money if the HELOC has a lower interest rate than the student loan.
There’s also a new program offered by online lender SoFi called the Student Loan Payoff ReFi that allows some homeowners to pay down student debt using their home’s equity. SoFi refinances the total amount of your student loans and existing mortgage at a lower rate. Through that process your student loan balance is paid off directly to the loan provider.
To qualify, SoFi says borrowers need healthy credit scores (check your free credit score to verify you qualify), a debt-to-income ratio that’s 45% or less (calculate debt-to-income ratio to see if you fall under this number) and a loan-to-value ratio that’s 80% or less (meaning you can’t be underwater on your mortgage). You can calculate your debt-to-income ratio with Turbo, and
Just keep in mind that when paying off your student loans with home equity – be it through SoFi or another lender – if you default on the consolidated loan the lender has the right to use your home as collateral and foreclose on the property. It’s a serious risk if you don’t have enough in savings or stable income to help you get by during tough times.
Remember to Deduct It
Student loans are no fun, but paying them can yield lower taxes. Each year the IRS lets borrowers deduct up to $2,500 in student loan interest from their taxable income.
Maybe Your Employer Can Help?
A growing number of companies are helping employees squash their student loans as an added perk like a 401(k) and health care.
Gradifi is a Boston-based start-up that’s working with over 200 employers to set up its student loan pay down plan, including PriceWaterhouseCoopers.
It’s a trend that’s likely to grow over the years with more than 50 percent of student loan borrowers saying they would rather receive student loan benefits than heath care from their employer.
Start a Side Hustle
While it’s important to cut back on spending to make room for paying down debt, that move alone isn’t always enough. “Pinching pennies and cutting back is really useful as an initial strategy, but at some point, there’s only so much you can cut back,” says Lockert, whose now chronicled her debt payoff strategies in the book Dear Debt: A Story About Breaking Up With Debt. Through a series of side hustles over the years, including housecleaning, event assisting and pet sitting, earning $10 to $50 per hour, Lockert managed to not only afford her living expenses, but also erase five figures worth of student loan debt.
Depending on your interests, you can find relatively easy gigs at sites like TaskRabbit, Tutor.com, GigWalk and Care.com.
Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at [email protected] (please note “Mint Blog” in the subject line).
Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.
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Do you receive a year-end bonus? Lucky you! While you may be tempted to go on a shopping spree or take your gang out to a great dinner, hold on a second. Yes, you can use some for fun, but you might also want to put some of a year-end bonus toward your financial goals.
Smart bonus money moves may include paying down debt, helping to fund a short-term savings goal (such as a downpayment on a house or establishing an emergency fund), as well as investing the money to potentially achieve long-term growth.
There’s no one right formula for spending (or not spending) a bonus: Each person’s financial situation and future goals are entirely unique.
But here are some ideas for using your bonus — or any other cash infusion, in fact — that can help improve your financial wellness today and tomorrow.
Allocating Some Money to Fun
You worked hard all year. So it’s totally understandable if you want to put some of your bonus money simply towards a few wants vs. just needs.
With any financial decision, it typically doesn’t have to be all or nothing, and that includes your work bonus. In fact, taking a balanced approach to your money might actually help you to maintain the stamina that financial goals often require.
Although the exact split is ultimately up to you, to avoid overspending, you might want to consider putting roughly 90% of your bonus towards your financial goals, and devoting about 10% to “fun money.”
If you’re getting a $5,000 bonus (after taxes), for example, that means you would have $500 to spend treating yourself. The other $4,500 would then go towards putting a big dent in your money goals.
Recommended: Benefits of Automating Your Finances
Chipping Away at Debt
If you have debt — whether from a student loan, car loan, or credit card debt — a bonus can be a great way to start whittling away at whatever balance you have to contend with, or even wiping it out completely.
Doing this can help you avoid throwing more money away just on interest charges, and if you manage to wipe out debt completely, you’ll have one less financial responsibility to stress about every month.
How much of your recent influx of cash should be directed toward debt reduction is entirely personal, and will depend on your situation.
Some financial planners recommend that people with high-interest debt consider putting around half of their annual bonuses toward paying down that debt. But this decision will depend on your individual circumstances.
Since credit card debt typically costs the most in interest, that can be a great place to start. Many credit cards charge close to 20% interest or higher. So if your goal is to ultimately build wealth, it may be smart to minimize credit card balances or, even better, pay them off completely.
It would be unreasonable to expect that you could out-invest what you are paying out in credit card interest. The same idea goes for any high-interest or emotionally stressful debt on your balance sheet.
Recommended: 5 Reasons to Switch Bank Accounts
Saving for a Short-Term Goal
If you haven’t yet started, or haven’t quite finished, creating an emergency fund, getting a bonus is a great time to beef up that financial cushion.
While many people don’t like to think about the possibility of their car breaking down, a medical emergency, or job loss, should one of these unexpected events occur, it could quickly put you in a difficult financial situation.
Without back-up, you can risk landing in debt should you experience a financial set-back.
How much to sock away for a rainy day is highly personal. But a common rule of thumb is to create an emergency fund that has enough money to cover three to six months of living expenses. You may need more or less, depending on your situation.
If you already have a decent cash cushion, you may next want to think about what large purchases you are hoping to make in the not-too-distant future, say, less than five years.
This could be a downpayment on a home, a renovation project, taking a special family vacation, buying a new car, or any financial step that requires a large infusion of cash.
Then consider using at least some of your bonus check to jump start these savings goals, or add to previously established ones.
It’s a good idea to put money you are saving for a short-term goal (whether it’s a downpayment or an emergency fund) in an account that is safe, earns interest, and will allow you to access it when you need it.
Some options include a savings account at a bank, an online savings account, a checking and savings account, or a certificate of deposit (CD). Keep in mind, though, that with a CD, you typically need to leave the money untouched for a certain period of time.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
Invest for the Future
Bonus money can also help you start investing in longer term goals, such as retirement or paying for a child’s education. Using bonus money to buy investments can help you create additional wealth over time.
For example, a lump sum of cash can work wonders in boosting your retirement savings. Even if you’re technically on track for retirement, adding more money to your IRA or 401(k) today can leave you with a larger income stream when you’re older. If you’re already contributing to these accounts, be aware of the annual limits.
You can contribute to your retirement using your bonus in a couple of ways. Many companies will automatically deduct from your bonus for your 401(k) at the same rate as usual.
You can also ask your company in advance if you can have a special withholding for your bonus. You may be able to fill out a form (or go onto the company portal) to designate up to 100 percent of your bonus to your 401(k).
If you can’t direct that money to your 401(k), and you’re eligible for an IRA, consider maxing that out instead.
Either one can help get you closer to a great retirement–and may also help you save significantly on taxes in the short term.
People who have kids may want to consider putting some bonus money toward starting, or adding to, a college savings account, such as a 529 plan (which in some states can offer tax benefits).
For financial goals outside of retirement, you may want to look into opening a brokerage account.
This is an investment account that allows you to buy and sell investments like stocks, bonds, and mutual funds. A taxable brokerage account does not offer the same tax incentives as a 401(k) or an IRA, but is much more flexible in terms of when the money can be accessed.
How much of your bonus you should put towards long-term investments is an individual decision that will depend on your current financial circumstances.
The Takeaway
No matter the size of your hard-earned bonus, it’s a good idea to think about how it can best serve you and your goals in both the short and long term. Some smart ways to use bonus money include getting ahead of high-interest debt, setting up or enlarging your emergency fund, saving up for a large purchase (such as a home), as well as beefing up retirement savings and other long-term investments.
You can mix and match smart spending and smart saving to fit your financial situation. One easy way to do this is to sign up for an online bank account from SoFi Checking and Savings. You’ll earn a competitive annual percentage yield, pay no account fees, and you’ll spend and save — all in one convenient place. Whether you’re saving for something specific or storing cash until you’re ready to invest, SoFi Checking and Savings can help you put that year-end bonus to good use.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOBK0523026U
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If you’ve paid off debt, congratulations! Paying down debt is the top goal for many Minters when they start monitoring their finances. Getting out of the red takes focus and discipline, and luckily, there are many free resources to help you. But what happens after you’ve paid off debt and freed yourself from that burden?
Check out these steps to ensure you stay on the right financial path even after your circumstances have changed for the better.
Understand Your Debt Triggers
Staying debt free can be as difficult as getting into debt. So before you make any changes to your financial behavior, it’s important to assess and understand how you fell into debt in the first place. The answer might be as easy as student loans; however, for most people the answer is not so obvious. First, take a moment to think about how you approach your finances and how people and experiences influence your attitude towards money. Then, identify the behaviors and choices that led to your prior financial situation. You’ll likely identify some patterns. A deeper understanding of how you think about money will help keep you out of debt.
Re-establish Your Budget
A monthly budget is now more important than ever. Having a plan for where to spend and save your new discretionary cash flow will help you from falling back into old habits – especially when newly available funds may tempt you into spending on unnecessary extravagances. You used to pay creditors first; now you can pay yourself first. Consider saving 20 percet of your disposable income. Even though you are no longer in debt, make saving non-negotiable.
Set New Goals
Once you establish your new commitment to saving, you must determine what you are you saving for! Here are the first two goals you should considering setting:
Emergency Fund: Most people don’t have an emergency fund, which can protect you in case of sudden unemployment, a medical emergency or other unexpected expenses. This fund should be the equivalent of 3 to 6 months of your net income, which gives you enough to live on without taking out loans. However, don’t discount the cost of risk. Make sure you can pay off your credit card bills so that you don’t pay unnecessary interest that could otherwise be going to your emergency fund.
Retirement Fund: When it comes to retirement, the sooner you start saving, the better. A good place to start is with your company’s 401(k) plan which is free money! In most cases, you can have deductions from your paycheck automated and put into your 401(k) account. This simplifies the process and many companies will even match your contributions to your 401(k) account.
If you are self-employed or a full-time parent, consider opening an IRA account. This can be done at a discount brokerage firm such as Charles Schwab. Discuss whether a Roth or Traditional IRA is best for you, then set up a monthly automatic draft payment system. Similar to the 401(k), automate your savings by specifying an amount to be automatically withdrawn from your checking account each month. Be aware that the government limits how much money you can put tax-free into retirement savings annually.
Once you hit the maximum, it is time to move on to your next savings goal: perhaps buying a home or a well deserved vacation.
What’s your life after debt story? Share with us at @mint on Twitter!
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Do you want to create a personal financial statement, but aren’t sure where to start?
According to Mint.com, over 65% of people have no clue how they spent money last month. So, you can probably be pretty sure even less know how their personal finance situation.
With rising costs for essentials like housing and education due to inflation, there is no better time to get an accurate picture of your current situation today.
If you’re wondering how your finances measure up, a Personal Financial Statement can be an invaluable tool in helping you understand where you stand financially and prepare for changes ahead.
This article will walk through creating a sample personal financial statement template with examples of what this document might look like based on your situation.
A personal financial statement isn’t just for your loan applications anymore, it’s an opportunity for transparency in your finances too!
What is a personal financial statement?
A personal financial statement is a document that summarizes your assets, liabilities, and net worth. A PFS can help you understand your financial health so you can make informed decisions about your money.
A personal financial statement template will typically include three sections:
Assets: This section will list all of the money and property you own.
Liabilities: This section will list all of the money you owe.
Net Worth: This section will calculate your net worth by subtracting your total liabilities from your total assets.
Your personal financial statement should be updated on a regular basis, typically once a year. This will help you track your progress and make sure you’re on track to reach your financial goals.
What are the benefits of creating a personal financial statement?
There are many great benefits of a personal financial statement.
By creating a personal financial statement, you can see at a glance how much money you have coming in, going out, and what your net worth is. This information can be extremely helpful in making financial decisions and setting goals.
Benefit #1 – Understand Your Financial Situation
This is why you must spend the extra couple of minutes to create a personal financial statement form.
Most importantly, you get a better understanding of your financial situation. This includes seeing where your money is going each month and how much debt you have.
What we call around here at Money Bliss – the 1000-foot look from above. The outsider’s perspective of what is going on with your finances.
Benefit #2 – Helps you track your progress
When it comes to personal finance, one of the best things you can do is keep track of your progress.
Tracking your progress should be important to you! By seeing everything laid out in front of you, it becomes much easier to make informed financial decisions that will help improve your overall financial picture.
Benefit # 3- Find some areas of improvement
Since a personal financial statement is a document that summarizes your income, expenses, assets, and liabilities in one place it helps you see the financial big picture. Thus, spotting areas for improvement are easier.
For example, if you see that you are spending too much money on non-essential items, you can make changes to improve your financial health.
Benefit #4 – Useful Tool to Set Goals
Next, it can help you set goals. Once you see where you stand financially, you can set goals for paying off debt or saving more money each month.
This aids you to make better financial decisions by providing a clear picture of your financial situation.
Benefit #5 – Snapshot to help you stay motivated
Creating a personal financial statement can be incredibly helpful in staying motivated to save money and achieve your financial goals. Seeing your progress in black and white (or, more accurately, green and red) can be a strong motivator to keep going.
Using a personal finance statement is especially helpful if you’re working towards paying off debt or saving for a specific goal. It can be difficult to stay motivated when you’re not seeing progress, but seeing the numbers going down (or up) can give you the boost you need to keep going.
Benefit #6 – Monitor your financial health
Creating a personal financial statement can help you monitor your financial health and make informed decisions about your spending and saving habits.
If you see that your expenses are consistently exceeding your income, for example, you may need to make some changes to ensure that you are able to meet your long-term financial goals.
Easier to spot opportunities to save money or invest in assets that will grow in value over time.
Monitoring your financial health on a regular basis can help you avoid debt problems and keep track of your progress toward financial goals.
What are the types of personal financial statements?
A personal financial statement is a form or spreadsheet detailing a person’s overall financial health. This statement is typically used to apply for business loans or other forms of financing. There are two types of personal financial statements:
The first type is the balance sheet, which lists a person’s assets and liabilities.
The second type is the income statement, which details a person’s income and expenses.
The balance sheet provides an overview of a person’s financial situation at a particular point in time, while the income statement shows how much money a person has coming in and going out over a period of time.
Both types of statements are important in helping lenders evaluate a borrower’s ability to repay a loan. As well as for you to monitor your personal situation.
What are the components of a personal financial statement?
A personal financial statement is not just a document that shows how much money you have in your bank account. It also includes other important components to show a well-rounded picture.
Most people know that a personal finance statement includes income, assets, and liabilities. But did you know there are actually four main components of a personal financial statement?
A personal financial statement varies from a traditional balance sheet that is used for a company.
Income
Your income is everything you earn in a year from all sources, including your job, investments, alimony, and more.
You should list all of your sources of income on your personal financial statement so you have a clear picture of what you’re bringing in each month.
Include all sources of income, even if they are irregular or one-time payments.
List after-tax income.
If you are married or have a partner, include their income as well.
Update your income regularly to reflect any changes (e.g., new job, raise, bonus).
This will help you make informed decisions about your spending and saving.
Expenses
This is the money you spend each month on things like your mortgage or rent, car payments, groceries, and other necessary expenses.
Here are over 100 personal budget categories for various expenses.
Assets
Assets are everything you own like your home equity or the value of your car and can use to pay your debts. This includes cash, savings, investments, property, and possessions.
Calculate your total assets by adding up the value of all your cash, savings, investments, property, and possessions.
So, is a car an asset? Well it depends if there is a loan against it.
Liabilities
Your liabilities are everything you owe money on. This includes, but is not limited to:
Mortgage
Car loan
Student loans
Credit card debt
Any other personal loans
Your liabilities also include any money you may owe in taxes.
How to create a personal financial statement – Part 1
There are a few key things you need to know in order to create a personal financial statement.
The first part includes what is needed for your net worth – assets and liabilities. The second part includes your current income, expenditures, and savings.
We will show you next how to collect all of this information, then you can start to work on creating a personal financial statement.
Step #1 – Determine your current assets and business profit
The first is your current assets. Your assets are everything you own and can use to pay your debts. This includes your savings, your home equity, and any investments you have. You will need to know the value of all of these things in order to create an accurate personal finance statement.
To determine the value of your assets, start by looking at your savings. This can be any money you have in the bank, including checking, savings, and money market accounts. Add up the total balance of all these accounts to get your total savings.
Next, determine the value of your home equity. This is the difference between what your home is worth and how much you still owe on it. To calculate this, look up the current value of your home and subtract any outstanding mortgage or other loan balances from it. This will give you an estimate of how much equity you have in your home.
Finally, add up the values of any investments you have. These can include stocks, bonds, mutual funds, and other types of investment accounts. Once you have all these values totaled up, this will give you an estimate of your current assets.
Step #2 – Determine your current liabilities
Your current liabilities are all of the debts and financial obligations that you currently have.
This can include things like credit card debt, car loans, student loans, and any other type of loan that you are currently paying off.
To get an accurate picture of your current liabilities, you will need to gather up all of your bills and statements so that you can see exactly how much you owe.
Step #3 – Determine your net worth
Your net worth is your assets – your savings, your home equity, and your stocks and investments – minus your liabilities. To calculate it, simply subtract your total liabilities from your total assets. This will give you your net worth.
Your net worth is a good indicator of your financial health.
It can help you make decisions about saving and investing, and it can also be a useful tool for budgeting. If you want to improve your financial health, focus on increasing your net worth by saving more money and investing in assets that will grow in value over time.
Your goal is to double your liquid net worth quickly.
How to create a personal financial statement – Part 2
Now, you have developed your next worth statement. The next step in creating a personal financial statement is to determine your monthly cash flow of money or annual cash flow.
This second part includes your current income, expenditures, and savings.
Step #1 – Determine your monthly income
Firstly, you will need your income flow section. This could come from your pay stubs, or if you are self-employed, your profit and loss statements.
Your monthly income includes all money that you earn in a month, including salary, wages, tips, commissions, child support, alimony, and any other regular payments that you receive.
Step #2 – Determine your monthly expenses
The next piece is to determine your monthly expenses. This includes things like your mortgage or rent, car payments, credit card bills, and any other regular expenses. You’ll also want to factor in occasional expenses, like doctor’s appointments or annual membership fees.
Your expenses can be divided into two categories: fixed and variable.
Fixed expenses are those that remain the same each month, such as rent or mortgage payments, car insurance, and minimum credit card payments. Variable expenses change from month to month and can include items such as groceries, utility bills, entertainment, and clothing.
Step #3 – Determine your monthly savings
Typically, most advice will leave out monthly savings. However, this. is a critical piece to learning how to FI – financial independence.
Once you have both your income and expense information, you can begin to calculate your monthly savings. To do this, simply take your total income and subtract your total expenses. The remaining amount is what you have available to save each month.
Maybe you just calculated this and realize you have a negative number (meaning you spend more than you earn each month), then you will need to make some changes in order to improve your financial situation.
It is important to note that a personal financial statement is not static.
Your income and expenses can change from month-to-month, so it is important to recalculate your statement on a regular basis. Additionally, as you begin to save more money each month, the amount available for savings will increase as well.
How to use a personal finance statement template
A personal financial statement is a snapshot of your financial health at a given point in time. It lists your assets, liabilities, and net worth so you can see the big picture of your finances.
You can use a personal finance statement template to track your progress over time and make changes to improve your financial health.
Here’s how to use a personal finance statement template:
Enter your information into the template. This includes details about your income, expenses, debts, and assets.
Review your numbers and calculate your net worth. This is the difference between your total assets and total liabilities.
Watch for comparisons. Compare your net worth from one period to another to track your progress over time.
Make tweaks. Make changes in areas where you want to improve, such as increasing savings or paying down debt.
Repeat steps 1-4 periodically. Then you can see how well you’re doing and make necessary changes
How to interpret a personal finance statement
A personal financial statement is a document that shows your current financial health. It lists your assets and liabilities, giving you a clear picture of your net worth.
Positive net worth means you have more assets than debt.
Negative net worth means you have more debt than assets.
Your personal financial statement will help you to set financial goals and track your progress over time. For example, if you want to become debt-free within five years, you can use your statement to create a budget and track your progress each year.
If you have a negative net worth, don’t panic! You can improve your financial health by paying off debts and building up your savings.
Creating a budget will help you make the most of your income and make headway on your financial goals.
How to use a personal financial statement to make financial decisions?
This is the important piece of becoming a millionaire.
A personal financial statement can help you see where your money is going each month and make changes to ensure that you are saving enough for your future goals.
Way #1 – Look at your current financial situation
Your personal financial statement is a record of your income and expenses over a period of time. This information can be used to make financial decisions, such as whether to save money or invest in a new business venture.
If you are looking to save money, you will want to compare your total income to your total expenses. If your expenses are greater than your income, you will need to find ways to reduce your spending. You may also want to consider investing in a savings account or retirement fund.
If you are looking to invest in a new business venture, you will want to assess your current financial situation. You will need to determine how much money you can afford to invest and whether or not the venture is likely to be successful.
Doing this analysis before making any decisions can help you avoid making costly mistakes.
Way #2 – Determine your financial goals
There are a few key things to keep in mind when you’re determining your financial goals.
First, you need to think about your short-term and long-term goals.
Your short-term goals might include things like saving up for a down payment on a house or car or paying off high-interest debt.
Your long-term goals might include things like saving for retirement or sending your kids to college.
Once you’ve determined your goals, you need to think about how much money you’ll need to reach them. This is where a personal financial statement can come in handy.
This information can help you figure out how much money you have available to put towards your financial goals.
Once you have an idea of how much money you need to reach your financial goals, the next step is to develop a plan for how you’re going to save that money. This might involve setting up a budget and sticking to it, investing in a specific savings account or investment account, or taking advantage of employer matching programs if they’re available.
Making smart financial decisions is important for achieving both your short-term and long-term goals. A personal financial statement can help you determine how much money you need to reach your goals, and develop a plan for saving that money.
Way #3 – Make a budget
Your personal financial statement can be a helpful tool when you’re trying to make a budget. This document lists your income and expenses and can give you a clear picture of your financial situation.
To use your personal financial statement to make a budget:
Look at your overall income and expenses. This will give you an idea of where your money is going each month.
What are Necessary Expenses? Determine which expenses are necessary and which ones you can cut back on.
Prioritize your List. Make a list of your monthly income and expenses, with the necessary expenses first. And drop the expenses at the bottom of the list.
How Much is Left? Determine how much money you have left over each month after paying for necessities. This is the money you can use for savings or other goals.
Adjust your budget as needed based on changes in your income or expenses.
Way #4 – Invest in yourself
There are a lot of things you can do to invest in yourself, but one of the smartest things you can do is to invest in your personal finance education.
In fact, one of the popular millionaire quotes from Warren Buffet is:
Invest in yourself as much as possible.
Warren Buffet
Investing in yourself is one of the smartest things you can do.
Way #5 – Stay disciplined
Making financial decisions can be difficult, but if you have a personal financial statement, it can help you stay disciplined.
A personal financial statement is a document that shows your income, expenses, and assets. It can help you track your spending and see where you can save money. That my friend is black and white information.
Making financial decisions can be difficult, but if you have a personal financial statement, it can help you stay disciplined and on track.
What are some common mistakes to avoid when creating a personal finance statement?
There are many common mistakes people make when creating a personal financial statement. This can lead to an inaccurate picture of your financial situation and make it difficult to make informed decisions about your finances.
Any of these common mistakes can also lead to problems down the road because you will be unable to meet your financial obligations.
Not including all sources of income
Not including all debts and expenses
Forgetting to track new sources of income
Overstating or understating expenses
Not properly categorizing expenses
Forgetting to update (or review) the statement regularly
Not tracking progress over time
Too scared to seek professional help if needed.
By avoiding these common mistakes, you can create a personal financial statement that accurately reflects your financial situation and helps you make better decisions about your money.
How often should a personal finance statement be updated?
You should update your personal finance statement at least once a year.
However, you may want to update it more frequently if you have significant changes in your income or expenses. For example, you may want to update your personal finance statement after you get a raise or buy a new car.
A Personal Financial Statement Template Example
A personal financial statement is a document that summarizes your financial health.
It includes information about your income, expenses, debts, and assets. This information can be used to make informed decisions about your finances.
There are many personal finance statement templates available online. Some banks and financial institutions offer their own templates. You can also find templates in our free resource library. Once you find a template you like, you can download it and fill it out with your own information.
When filling out a personal financial statement template, be sure to include accurate and up-to-date information.
This will give you the most accurate picture of your financial health. Review your statements regularly to track your progress and make changes as needed.
Time to Create A Sample Personal Financial Statement
When creating a personal financial statement, it is important to include all sources of income, not just your salary. This includes any freelance work, investments, or other forms of passive income. Additionally, make sure to include any government benefits or assistance you receive.
Excluding all sources of income will give you an inaccurate picture of your financial situation and make it difficult to create a realistic budget.
This is something you need to spend dedicated time doing to create a personal financial statement worksheet.
Over time, this wealth management tool will help you to become the next millionaire.
Know someone else that needs this, too? Then, please share!!
Credit Card Debt Relief: 6 Strategies – MintLife Blog
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$1 trillion in credit card debt, there must be a sustainable option to lessen the stress of carrying large debts month over month, year over year. Credit card debt relief is a way to not only get out of seemingly endless debt but also to perhaps bring about a little bit of mental—and ultimately, financial—peace.
Rather than just assuming you can entirely write your debt off with little impact otherwise, it’s important to know the various credit card debt relief options that are available and the different impacts each approach will have on your credit and financial health over the long term.
Keep reading to learn six credit card debt relief strategies, or use the links below to navigate the article.
How to Pursue Credit Card Debt Relief
Seeking credit card debt relief can be an ideal option for those experiencing hardship from life’s unexpected happenings, whether that’s medical bills, a sudden loss of income, or debt that has become excessively difficult to manage. Before deciding on a course of action, it’s important to know the differences between each approach.
Here are six strategies to consider for credit card debt relief:
1. Do-It-Yourself
Credit card debt relief may be able to be reached through a resolute commitment to aggressively paying down debts as quickly as possible. Do-it-yourself options to credit card debt relief require discipline and may not offer the degree of immediate debt relief desired.
If you have a particularly good credit score, you may be able to negotiate a lower interest rate on your cards through individual credit card companies to lessen the burden of debt.
While you’re not necessarily entitled to a lower interest rate, explaining your hardship and mentioning the length of time you’ve been with the credit card company could help secure a better deal, making debt repayment more manageable.
You might also consider taking a new approach to paying down debt by:
The debt snowball approach — paying off the credit card with the smallest interest rate first while making minimum payments on other debts.
The debt avalanche method, which allows for accelerated debt repayment as you put extra money towards the debt with the highest interest rate, while paying the minimum on all other outstanding debts.
The snowball method costs more but can boost confidence in being able to fully tackle paying off one card before moving onto the next.
2. Consolidation
Consolidating debt means combining all outstanding debts you owe to different lenders into a new loan.
Credit card consolidation, while not a method that outright eliminates debt, can be a strategy to help you pay down debt faster. With this option, you’ll only be making one payment a month instead of several— potentially making it easier to keep track of what you owe.
By taking out a low-interest rate loan through a lending institution, you may be able to pay off the majority, if not all, of your high-interest credit card debt.
Another option for consolidation is to do a balance transfer from a high-interest credit card to a credit card with a lower or no interest rate to lessen the burden of interest charges. It’s important to note that this option may come with a fee and doesn’t simply get rid of debt, but it could make the credit card debt relatively easier to pay down.
3. Credit Counseling
Seeking credit counseling, which is usually a free service provided through nonprofit organizations and independent financial agencies, may help lead you in the right direction to achieve credit card debt relief.
How it works
Trained counselors can guide you through repayment planning by reviewing your budget, analyzing your debt, and offering recommendations to help find a sustainable debt relief solution.
Counselors simply offer suggestions, making the service free unless you opt to use their help in pursuing a course of action, such as enrolling in a debt management program.
4. Debt Management Program
If you decide to sign up for a debt management program (DMP) through a credit counseling agency, you’ll make a single monthly payment to the agency, and the agency will in turn pay your creditors. With this option, you’ll likely be able to pay off your debts within three to five years, as outlined in your specific debt management plan.
Considerations
By enrolling in a debt management plan, you won’t be able to obtain new credit until your debts are paid off. In fact, the credit counseling agency will close your active credit accounts while you complete the plan.
Closing your credit card accounts could negatively impact your credit score in the short-term, but by making regular monthly payments (that you can actually afford), debt management programs may help you find credit card debt relief over time.
5. Debt Settlement
Debt settlement means negotiating with your creditors to pay less on your debt than the amount you actually owe. This agreement is typically arranged by a third party—a debt settlement company—that acts as an intermediary between you and your credit card companies.
How it works
In this scenario, you cease making payments directly to the credit card companies and instead pay the debt settlement company, which in turn offers a lump sum payment to appease the creditors.
Considerations
This avenue is typically a poor choice for credit card debt relief because as you stop making payments to your creditors, your credit score will not only deteriorate, but credit card companies can also come after you with penalty fees and even legal action for failing to make payments. There could also be tax implications if a large amount of debt is forgiven, because the IRS may consider cancelled or forgiven debt as taxable income.
6. Bankruptcy
Bankruptcy should be reserved as a last resort in extreme cases of credit card debt hardship, as it has serious implications on your credit score.
The two most common types of bankruptcy are:
Chapter 7 which forgives your debts on the condition that you liquidate some of your assets to pay creditors.
Chapter 13 in which you enter into a court-arranged debt repayment plan that lasts three to five years, after which your debts are dismissed.
Chapter 7 bankruptcy is the only true way to avoid paying your debts, as it essentially wipes out outstanding debt entirely and offers a clean slate. Creditors still receive some means of repayment, whether in assets or through the repayment plan, and bankruptcy can offer a way out of otherwise inescapable debt.
Effects of Credit Debt Relief on Your Credit
Depending on which approach you pursue to achieve credit card debt relief, effects on your credit could range from nonexistent to severe damage. Since credit utilization (the amount of outstanding balances you have compared to your credit limit) makes up 30 percent of your credit score, carrying high credit card debt month after month is likely to have a damaging effect on your score.
The self-managed approach to reducing debt may not necessarily hurt your credit, so long as you continue to make regular payments. Credit card consolidation may help you tackle debt faster, possibly leading to a better score in the long run. Credit counseling won’t have a direct impact on your credit unless you decide to act on the advice given, such as signing up for a debt management plan. Depending on the parameters of the specific debt management program you sign up for, DMPs could have either a positive or negative effect on your credit.
On the more extreme end, opting for debt settlement through a third-party has the potential to hurt your credit when you stop making regular payments to credit card companies. Similarly, filing for bankruptcy could critically weaken your creditworthiness and should only be a last resort option, as a Chapter 7 filing stays on your credit report for ten years, while a Chapter 13 will remain for seven years.
The Bottom Line
The best approach to credit card debt relief depends entirely on the individual level of hardship you have in paying back credit card debts. It’s essential to consider the different options to reducing the strain of credit card debt that will work for your lifestyle. Whether you opt to take the do-it-yourself route or find yourself filing for bankruptcy, taking a committed approach to minimizing your debt could lend itself to better financial health in the long run.
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Each year as you await your tax refund, you face the same question – what to do with that money once it arrives? For some, the money immediately goes to cover basic needs, but for others, the money goes to far less-essential items.
According to a 2020 survey by Self Financial, 44% of respondents said not getting a tax refund this year would completely derail their budget for the rest of the year.
So how do you use your tax refund to plan ahead, build your wealth, financial health, and ultimately, your credit?
Here are 5 ways to put your tax refund to work to build your credit.
But first…
Why use your tax refund for credit-building?
Maybe you’re itching to spend your tax refund to treat yourself. While there’s nothing wrong with using a bit of that money for fun, tax refunds are a great opportunity to get ahead with your finances too.
But why, of all things, focus on your credit?
First, bad credit could cost you thousands of dollars more over your lifetime, since you often get charged higher interest rates (if you can get approved at all). Your credit can also impact your ability to rent an apartment, qualify for certain jobs, or even get a cell phone.
Good credit, however, creates a financial safety net to fall back on if you need it. If you have good credit, you may have an easier time qualifying for personal loans, credit cards, or other credit products if you need to borrow money, often at a lower rate.
If you don’t have an emergency savings fund, credit may be your only other option to lean on if you face job loss, an unexpected medical emergency, etc.
You have to build credit before you need it though. Otherwise, you might not be able to access it when you actually do need it.
5 ways to build credit using your tax refund
Once you have your tax refund in hand, here are some ways you can put it to work to help your financial health.
1. Pay down debt
While paying down your mortgage or other personal loans may help your credit score, it may be a good idea to focus on higher-interest, more expensive consumer debt (like credit card debt) first.
Not only could paying down this higher-interest debt save you the most money in the long run, but it could also have a bigger impact on your credit score. That’s because credit usage, or how much of your available credit you use at any given time, counts for 30% of your FICO® credit score.
While installment loan usage (like personal loans, car loans, or home loans) does count somewhat towards this factor in your credit score, revolving account balances (like credit cards or HELOCs) count more, according to credit bureau expert Barry Paperno.
That doesn’t mean you have to pay your credit card debt off completely to see benefits to your credit score. Even paying your balance down 5-10% may have a positive impact.
According to credit scoring agency FICO, people with the highest credit scores tend to have credit utilization between 6-10% on their revolving credit accounts. While that’s a great goal to aim for, start with paying down what you can, no matter how small that amount may seem at first. Small wins can add up to big ones over time.
Aside from credit utilization, the only other factor that impacts your credit score more is your payment history. Which brings me to my next point…
2. Get your current accounts in good standing
If you have late payments or missed payments on your current credit accounts, make up those payments if you can. While many lenders report a late payment to the credit bureaus if it’s more than 15 days late, how late your payments are can impact your credit score in different ways. A payment that is 30 days late affects your score differently than one that is 90 days late.
For example, according to one FICO score simulation, if you have a 793 credit score and miss a payment by 30 days, your score could drop 60-80 points. In that same situation, if you missed a payment by 90 days, your score could drop 100 points or more.
So the sooner you catch up on a late payment, the better. Besides, making those payments could keep more late fees from adding up.
While catching up on payments may not undo the damage of a late or missed payment on your credit (it can take years for just one late payment to fall off your credit report), it could prevent any more damage from being done.
If the late payments were on property, or loans that were secured by property, like a home loan or car loan, catching up on payments could also prevent you from losing your home or car.
3. Open a Credit Builder Account
This next one is for people who either have no credit history, a limited credit history, or need to rebuild credit after financial hardship such as bankruptcy, foreclosure, or identity theft, to name a few examples.
Unlike a traditional personal loan, credit builder loans don’t give you the money upfront.
Instead, the lender holds the loan amount in a bank account. Each month, you pay into this account and the lender reports your payment history to the credit bureaus, which helps you build credit history.
Once you pay off the loan amount, the money inside the account comes back to you, minus the interest charged on the loan. In other words, these loans give you the opportunity to put some money away for savings while you build your credit.
If you have trouble gaining access to other credit products or want to build credit while you build some savings, a Credit Builder Account could be the right option for you.
4. Use it as a deposit on a secured card
For many, a secured credit card may be a good entry point for accessing credit cards. A secured card works just like a regular credit card, except you put down a security deposit that is usually equal to your credit limit.
For example, you may have a secured card with a $100 credit limit and a $100 security deposit. Like a deposit for utilities, a secured card deposit is used to cover your bill if you don’t pay back what you owe.
Some companies (like Self Financial) provide an option for you to build your way slowly towards a secured card through a Credit Builder Account, no extra deposit or hard inquiry needed. Bonus: Self doesn’t deny you if you have a history of bankruptcy or foreclosure, unlike some other credit card issuers.
There are many different secured credit cards to choose from, so shop around to decide which one is right for you.
5. Work with a credit counselor
Not sure where to start when it comes to your credit? Or what product might work best for you? You may want to use some of your tax refund to hire a qualified professional to help you come up with a credit action plan.
Here are a few reputable places to start searching for a credit or financial counselor:
National Foundation for Credit Counseling (NFCC). This nonprofit provides financial counseling services through their member organizations across the US. Visit their website to connect with free or low-cost help in your area.
Association for Financial Counseling and Planning Education (AFCPE). AFCPE has over 3,200 certified financial counselors, planners, educators, and researchers around the world. You can find local or virtual financial counseling through their online tool.
Operation Hope. Operation Hope is a national nonprofit that provides financial coaches to help people “develop customized action plans around building their own businesses, raising their credit scores, buying homes, or simply making better decisions with the money they have.” Their website also has tons of free resources about financial basics.
These organizations provide access to qualified financial counselors who can help you create plans that align with your financial goals, whether that means building your credit, paying down debt, budgeting, or working towards buying a house, to name a few examples.
Depending on your current income and situation, you may also qualify for no-cost or low-cost help, since many financial counselors offer a sliding scale based on financial need.
Be careful when browsing for professional help with your credit though, especially if you search for credit repair. While there are some good players in the space, you have to be really careful to pick the right one. The Federal Trade Commission provides some guidelines to help you find legitimate credit repair help, which you can view here.
Bonus: Build an emergency savings
Okay, so this one isn’t exactly credit-specific, but having an emergency savings fund could help reduce the amount you need to borrow if you ever did need to lean on credit during times of financial hardship.
Research from SaverLife shows that even just $100-$200 in savings could mean the difference between keeping your housing during hard times or having your utilities cut off.
According to the IRS, the average tax refund in 2020 was $2,741, which for people who make about $30,000 is roughly one month’s salary – a pretty healthy cushion if you lose your job and need time to find something new.
The good news is, there are tools that could help you build both your credit and some savings at the same time.
Bottom line
While credit may not usually be top-of-mind when you get a sudden rush of cash, it’s a key building block for your financial health, and can help open doors to your future.
So if you have a little extra money, whether it’s thanks to a tax refund, stimulus check, bonus, raise, inheritance, or even just finding $20 in an old pair of pants, put that money to work for your future self.
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Getting more from your money doesn’t have to be a long-term project. Making some simple and strategic money moves over the next 30 days can help you reduce spending and increase savings, and take some of the stress out of dealing with finances.
The methods below can put you on track to achieving your financial goals.
Steps to Manage Your Personal Finances
As you put these personal finance moves into practice, remember that you’re aiming for progress, not perfection. You may want to do a bunch of them at once, or choose just a few to focus on.
1. Set Financial Goals
If you haven’t done so already, set some important long-term goals, like saving for retirement or your child’s child’s education. This can help you figure out how much money you need to dedicate to these milestones.
Setting short-term goals can be helpful, too. Maybe you’re saving for a special vacation next year. Or perhaps you’re planning to buy a new car in five years. Mapping out your game plan could help get you there.
2. Create a Budget
Start by adding up your necessary expenses, such as housing costs, utilities, insurance, car payments, and groceries, and subtract that amount from your monthly take-home income. Put what’s left toward paying down debt, and then make deposits into a high-yield bank account where your money can grow.
3. Set Up Direct Deposit
Are you still trekking to the bank to deposit your paycheck? Sign up for direct deposit so your money can go directly to your bank account.
While you’re at it, set up an automatic transfer so that a portion of your paycheck goes into savings every month.
4. Increase Retirement Contributions
If you’re eligible to participate in your company’s 401(k) plan, make sure your contributions are enough to take advantage of your employer’s matching funds, if they offer a matching contribution.
Each matching contribution varies by company. Many companies match 50 cents for every dollar you contribute, up to 6%.
5. Make $10 or $25 in Spending Cuts
Look for small expenses you can cut, and then direct the extra cash to savings or paying down debt, such as credit card debt. For instance, bring lunch to work a couple of days a week instead of eating out.
6. Look for Helpful Apps
A good app can help you monitor your spending and savings, keep you on budget, and set financial goals. Check out SoFi Insights® where you can track all of your money in one place.
7. Negotiate Your Bills
Call your Internet and cell phone providers to ask about lowering your monthly bills. There may be discounts or cheaper plans you can take advantage of.
When you call, be firm but courteous. Check out competitors’ rates, and if they’re lower, use those prices as a bargaining chip in your conversation.
8. Review Insurance Policies
Do you have enough car and home insurance to cover your needs? Do you have too much? Review your policies and add or subtract coverage as necessary. And shop around for providers that offer good coverage for less money.
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9. Check Your Credit Score
Your credit score is a number that represents your creditworthiness. Lenders use it to determine whether to let you borrow money and at what interest rate. Check your credit score. If it needs some work, try it by doing such things as reducing debt and paying your bills on time.
10. Review Your Credit Report for Potential Mistakes
You can request a free credit report from the major credit reporting bureaus — Experian, Transunion, and Equifax — at Annual CreditReport.com. Review your report for mistakes that could be negatively affecting your credit score, and contact the credit bureaus about any errors you find.
11. Look for Credit Cards that Offer the Best Rewards
Earn on your spending with credit cards that offer rewards. Look for those that match your interests. For instance, if you love to travel, find a card that offers travel rewards. But watch out for cards with high interest rates. If you’re not someone who pays their card off every month, it may be worth steering clear of these.
12. Use Credit Card Points
Your credit card rewards aren’t doing you any good if you don’t redeem them. So have some fun and plan a trip or a new purchase with the rewards you’ve accumulated.
13. Consider Refinancing Your Loans
If you have outstanding loans, such as a mortgage or student loan debt, explore refinancing at a lower interest rate.
A lower rate could help you save money in the long run. You may even be able to accelerate your repayment, depending on the terms you select when you refinance.
14. Sell Some Stuff to Make Money
If you’ve done some decluttering of the extra items around your house, think about selling the things you no longer need. They’ll go to a new home, and you’ll get some extra cash in your pocket.
15. Consider Cutting Costly Habits
The cost of certain habits can really add up. If you’ve been meaning to quit smoking or stop impulse shopping, for instance, use financial planning as an incentive to do so. You’ll save money and potentially get on the road to a happier, even healthier, you.
16. Talk about Money with Your Partner
Set aside some time to discuss finances with your significant other. Discuss goals for your money, spending habits, repaying debts, and so on. Conversations like this help make sure you’re both on the same page, and can help prevent money conflicts in the future.
17. Figure Out Your Market Value
Has it been a while since you’ve had a pay raise? Do some research to determine what you’re worth and how much you should be making. Then, use that information to ask your boss for a salary increase, or to find a job that pays you more.
18. Negotiate Credit Card APR
If your credit cards carry a high-interest rate, ask the credit card company to lower your APR to help you manage your debt. If you have a low credit score, they may say no. But you won’t know unless you ask.
Even if they turn you down, speaking to the credit card company may be helpful. For instance, they should be able to tell you what you can do to make lowering your interest rate more likely.
19. Use Your FSA Funds
If flexible spending accounts (FSAs) are part of your employee benefits package, be sure to use them for doctors appointments or qualified purchases. Money in these accounts may not carry over year to year, so if you don’t use it, you lose it.
20. Cancel Unused Subscriptions and Memberships
Did you subscribe to a music service or for a gym membership you rarely use? A 2022 survey found that 42% of people pay for a subscription they don’t use and have forgotten about. Score extra savings by canceling unused subscriptions.
21. Talk to a Financial Planner
When it comes to making money moves, you don’t have to go it alone. A financial planner can help you develop your goals and suggest strategies to help you reach them. You can look for a qualified planner with an hourly fee you can afford. It may be worth it if it can help you save more overall.
22. Consider a New Bank Account
As you take steps to improve your financial health, it makes sense to evaluate your bank account. There may be options that offer you more, such as a minimum balance or higher interest. Explore what’s out there to see what’s most beneficial for you.
If you’re ready to switch to a new bank account, a SoFi Checking and Savings account could help you reach your money goals. You’ll earn a competitive APY and pay no account fees.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SOBK0423050
They lived in a modest 1,800 square foot home. They both drove Buick’s that were both completely paid off.
He retired from a manufacturing plant and she a grade school as an English teacher.
Despite their simple ways, they were both millionaires and were one of the first clients I landed as a financial advisor.
So what was the secret sauce? Did he buy Apple stock a few decades ago? Was it some crazy pension buy out? A salty family inheritance?
How about none of the above.
When I asked the husband what their secret was he shared the story about how every time he received his paycheck he would ALWAYS take a portion and purchase savings bonds (Remember: this was long before 401k plans).
That simple routine, which became a good flippin’ amazing financial habit, was the catalyst for them becoming millionaires.
It doesn’t matter if your goal is to become debt free, increase your savings, or become millionaires; all off them require you have good financial habits.
Everybody wants to be financially stable, but unless you have plan to get you there, it’s not going to happen.
Here are 27 that will enable you to set (and reach) your financial goals.
1. Live Within Your Means
This strategy is the foundation of all good financial habits. In fact, I’m not exaggerating when I say there will be no point in setting good financial goals until and unless you come to the point where you can live beneath your means.
Seriously.
There’s nothing complicated or strategic about this habit. If you take home $5,000 each month, you live on $4,500 – and bank the rest. As your savings and investments grow, your financial situation will improve dramatically.
2. Pay Yourself, You Deserve It
If you’re having trouble with the whole concept of living beneath your means, it’s time to pay yourself first. If you have a 401k (or some other employer retirement account) this is a simple way to automate the process of saving money. Allocate a certain percentage, or even a certain dollar amount, to come out of your pay each pay period, before you even see it.
Without you even noticing it, the money is transferred to savings and investment accounts, and turns into real money as the years pass. If you don’t have an employer sponsored plan like a 401k, see #17.
3. Give Yourself a Consistent Raise
Good financial goals are more easily achieved if you can build progress into your savings and investment funding. You can do this gradually by increasing your payroll savings once each year.
You can do this almost painlessly by increasing the savings payroll deduction – whether it is for retirement or some other savings or investment account – by increasing your deduction by one percentage point per year.
Let’s say you are participating in your company’s 401(k) plan with 6% of your pay in order to take advantage of the company‘s 50% matching contribution. In the coming year, increase your contribution to 7%. Plan on doing that each year, until you meet the maximum contribution you’re allowed to make.
While this is a great start, the reality is you need to save at least 20% of your income if you have any hope of retiring early (or at all). If you want to get super ambitious and retire at 30, you can take a page out this guy’s playbook and save over 50%.
When I encounter someone only saving around 5% I challenge to increase it by 1% each quarter until they reach at least 10%. From there adjust I have them adjust accordingly so they barely feel the extra amount deducted from their paycheck.
4. Buy Value
By “buy value,” I mean you neither by the cheapest goods, nor the most expensive. Instead, you look to buy the best value for the money. Sometimes it’s worth it to cough up a little extra dough for a product you know will last, rather than paying bottom-dollar for shoddy merchandise you’ll have to constantly replace.
On the flip side, keep in mind not all products are better simply because they’re more expensive – often they’re just more expensive because of perception. Read reviews and shop around.
5. If You Have to Borrow, You Can’t Afford It
Credit is an awesome thing when you’re buying something big, like a house or a car. Very few people have $150K sitting around in cash to buy a home, so for those things, borrowing makes sense. But adopting good financial habits means avoiding schemes to stretch your paycheck. Credit cards are probably the most common way to do this.
6. Pay Your Bills Ahead of Time
Paying bills late is another strategy to stretch the paycheck. But it’s also kind of like robbing Peter to pay Paul. All it does is give you a false sense of how much money you have, and then puts you under tremendous pressure to cover the difference later. By paying your bills ahead of time, you will gain more control over your finances, and that will make it easier to adopt good financial habits.
My wife is the queen at this! Instead of waiting until she receives our credit card bill, she logs into our accounts and pays it off in the middle of the month. There’s no way she’s allowing any interest to accrue!
7. Read One Financial Book Each Year
If you want to become financially stable, you’ll have to seek advice from the financial masters. Easy to do, since nearly every one of them has at least one book available.
Take advantage of that knowledge. If you only get three or four bankable ideas from reading a single book, think about how many you’ll get from reading a dozen or more.
Some of the personal finance books that I’ve enjoyed over the years include: Dave Ramsey’s Total Money Makeover, David Bach’s Smart The Automatic Millionaire, Ramit Sethi’s I Will Teach You to Be Rich. And…well there is of course the book on the left:
Shameless plug: My book, Soldier of Finance, can be purchased here.
8. Track Your Spending
If you don’t have a budget, then you probably don’t have even a remote idea where all of your money is going. This is one of those good financial habits you absolutely must adopt you if want to get control of your finances.
By tracking your spending, you will be able to identify the areas of excess. Eating out for 50% of your meals? Cut that back to even 25% and cook or brown bag the rest, and you’ll have a nice chunk of change to contribute to paying down debt or building up your savings.
Start tracking your spending now – you may be surprised to find where your money is actually going.
9. Spend Less Time Watching TV
Don’t think watching TV has anything to do with becoming financially stable? Guess what? TV is nothing but a giant advertising venue, and I’m not just talking about the commercials. Even TV shows advertise certain wares through a little thing called product placement.
It’s a place where “sponsors” come to peddle their wares, and often, to make you feel insecure because you’re not buying what they’re selling.
Much of our spending, especially impulse spending, is driven by time spent in front of the TV. The less time you spend watching it – and the ads it bombards you with – the less money you’ll feel compelled to spend on things you don’t need.
Plus, by watching less TV you can read more books!
10. Balance Your Checkbook Regularly
With online banking, it’s easy to ignore this step. After all, the balance is available to be checked every day. But the balance does not reflect upcoming charges or outstanding checks. If you aren’t fully aware of these, it could lead to an undersized balance, or even bounced check fees. No bueno.
Balancing your checkbook helps you to avoid these pitfalls, so you know exactly how much cash you have at all times.
11. Shop Without Your Credit Cards
Not only will this keep you from running up your credit card balances, but if you have to use cash or your debit card to make your purchases, there’s a very good chance you will spend less money than you would if you are shopping with a credit card, because you can’t just pay it off later.
It’s real money, being used right now, which helps you make a wiser decision in the checkout line.
12. Pay More Than the Minimum on Your Credit Cards
And speaking of credit cards, if you want to become financially stable, you will need to get rid of those balances. If you haven’t been successful in paying off your credit cards in the past, then you should commit to paying more than the minimum payment due.
On top of paying more than a minimum, you should consider consolidating your credit card debt under a single 0% balance transfer card. Once you do this all those high interest cards will be under a since zero interest card saving you money.
This will speed up the payoff of your credit cards without having to come up with huge sums of money to do it. You will simply be accelerating the payoff, and if you pay enough, it will happen more quickly than you think.
Pay attention to your credit card statements. They will often tell you how long it will take to pay off your balance if you only pay the minimum payment, and how long it will take if you pay a fixed amount slightly higher than the minimum payment. Most of the time, there’s a difference of several years.
Yes, I said years.
13. Dust Off That Business Idea You’ve Been Putting Off
Do you have a business idea you have been putting off for quite awhile? You may want to give it a serious try. The internet has made starting and running a business easier and less expensive than ever. Case in point example is my buddy, Steve Chou, who was able to replace his wife’s $100k income by launching an online store.
Another example closer to home is my wife’s blog. She was able to replace her full-time income from her corporate job after starting her blog in about a year.
Best of all, you can run a side business for as long as you like, and that can provide you with an extra source of income. It’s important to set good financial goals, but you also have to carry them through. Starting a business is one way to do that – even if you only do it on a part-time basis
14. Learn to Say “No” to Yourself
This is important when you are shopping, or just out and about. This is really about getting control of impulse buying. You’re out somewhere, and you see some item you like, and you buy it because it doesn’t cost that much. Even worse is the ability to purchase things online nowadays and have it delivered to your doorstep in just a few days. If you do that several times a week, the spending can really add up.
Making just 20 impulse purchases (or fancy coffees) per month at an average of “only” $5, adds up to $100 spent on stuff you really don’t need. That’s $100 which isn’t going into savings or investments, or to paying down debt.
One trick is to enforce a “72 Hour Rule” on any purchases, especially online items. If you really think you need to buy <fill in the blank>, after you add it to your cart make yourself wait 72 hours before you purchase it. After 3 days you should get a good feel whether you really need the item or if you just want it (and don’t need it at all).
15. Learn to Say “No” to Your Kids
If you have children, learning to say “no” to them is doubly important. First, kids being kids, they always want something. And that something tends to get more expensive as they get older. You can save a lot of money by learning to say “no” to the random things they see and decide they can’t live without.
Keep in mind, I’m not telling you not to give your kids birthday or Christmas gifts, or things they truly need. Rather, it’s about their own impulse buying – seeing something and wanting it – but instead, they’re using your money. Telling them “no” will keep more money in your pocket.
But the second issue is even more important.
How you spend money, and particularly how you spend it on your children, has important implications for the attitude they will have toward money when they grow up. Though saying “no” isn’t always easy, it’s a way of teaching an important financial lesson. It teaches your kids they can’t have all the candy in the store, and that’s something they need to grasp in preparation for adult life.
16. Buy Term and Invest the Difference
Everyone needs life insurance, but everyone complains about how expensive it is to buy it.
There is a better way.
Buy term life insurance. Because it costs only a fraction of what whole life costs, you not only save money on the premiums, but you can buy more coverage. And that money you save on the premiums can be invested to build a large investment for the future, which by itself is its own form of insurance.
17. Start a Retirement Savings Plan
Good financial habits can be elusive if you don’t have a retirement savings plan of any kind. But if you don’t have a plan through your employer, there are plenty of options. You can open up a self-directed traditional IRA or a Roth IRA through tons of different platforms. Either will provide the type of income tax deferral that is the essential to building a healthy nest egg for retirement.
If you don’t have a retirement savings plan, what are you waiting for? Set one up today, and start funding it with any money you have available.
Seriously. It’s better to start contributing a little bit now than to wait until you can contribute a lot. You can even fund it through payroll savings deductions through your employer. Our top choice is Ally Invest with the rest of best options for IRA’s here.
18. Refresh Your Emergency Fund on a Regular Basis
There’s a lot of talk on the web about building an emergency fund, but far less in regard to replenishing it once you’ve taken money out of it. And if your living expenses increase over the years, you can even find your emergency fund is no longer adequate.
Take a look at your emergency fund at least once each year, and determine if it is sufficient to cover at least 3 to 6 months of living expenses, based on your current expense level. If it isn’t, set up a plan to refresh it as needed. It’s hard to remain financially stable without a well-stocked emergency fund.
19. Save For Specific Goals
A lot of people understand the importance of saving money in an emergency fund, and for retirement. But less well understood is saving for specific goals. Those goals could include saving money for your children’s college education, saving money to replace your car without having to take a loan, or saving money to make major repairs on your .home.
This isn’t just about saving money – it’s also about becoming self-funding. That means you pay cash for the kinds of major things other people borrow money for.
I’m a huge believer in revisiting your goals every 90 days. I started this over 4 years ago and I’ve seen my revenue nearly triple while taking more days off than I ever have. So yes, I’m a HUGE advocate of goal setting. Here’s a quick peak on my last quarters goals as well as my goals for 2015.
20. Know What You’re Paying
A lot of people are not terribly concerned with investment fees, so long as their portfolios are growing in value. But there’s more going on with investment fees than people normally think. A difference of just 1% in investment fees can make a substantial difference over time.
For example, let’s say you have a $20,000 investment account earning 10% per year. If you pay 2% in investment fees, that will give you a net return of 8%. Over a ten year period, the investment will grow to $43,179.
But let’s say you have the same investment, but you pay only 1% in investment fees. That will give you a net annual return of 9%. After ten years, the investment will grow to $47,347.
That’s a difference of well over $4,000 over ten years. The difference is even more dramatic over 20, 30, or 40 years.
It’s also important to understand the type of investment you own and the fees associated with it. Recently, I had a new prospective client that owned a variable annuity. She didn’t understand how it worked or what she was paying per year to own it. She actually thought she was only paying $50 per year to own it when, in fact, she was paying over $3,500!
Moral of the story: investment fees matter!
21. Give to Others
This could donating your time to a charity or cause, tithing, or cooking a meal for a friend in need. The point is to put others needs before yours.
It’s easy to put our own worries and concerns at the forefront but when you start focusing on others, the payback is unmeasurable.
22. Become the Go To Guy/Girl at Work
Everybody wants a raise at work, but not everyone wants to do what it takes to get one – especially in a tight job market. The same is true for promotions.
But if you want to fast-track your career, work to become the go-to guy or gal in your office. That means taking on meatier work assignments and stepping up to help management and coworkers when needed. It’s not easy, and it’s not an immediate fix, but it can really payoff in the long run.
23. Get to Work 15 Minutes Early Each Day
By getting to work 15 minutes early each day, you can dramatically improve your work performance, and even reduce your stress levels. Just taking the extra time to organize your day, such as creating a to-do list that makes sure you get the most important tasks completed first, can give you a jump on the competition – your coworkers.
That can be an important part of improving both your productivity and your visibility at work. And that can eventually lead to a bigger paycheck.
24. Cut Down on Your Spending Allowance
Even people who budget can sometimes be lax when it comes to their personal spending allowance. That’s the money you use for entertainment, for casual spending, and for that latte at Starbucks.
Everyone needs a certain amount of free-spending built into their budget, but it’s equally important to make sure it doesn’t get out of control. Since it tends to be spent in small amounts over long periods of time, it’s easy to get carried away with spending on this front.
Start by giving yourself a fixed allowance for free-spending each month. Then gradually begin cutting it down to a more manageable number.
25. Cut Down on Restaurant Meals
Eating in restaurants has become so common these days we hardly notice it. But if you find yourself eating out three, four or more times per week, your restaurant habit has become a major expense without you even realizing it.
Track the number of times you eat out each week, and begin reducing it. This is an excellent way to save money painlessly. And it may force you to sharpen your cooking skills. The Food Network is there to help you with that, should you need it.
26. Drive Your Car a Few Years Longer
If you are accustomed to taking out five year loans on your cars, then replacing them as soon as the loan is paid off, you need to realize that’s a very expensive way to drive. The longer you drive it after the loan is paid off, the less expensive your auto expense will be. That’s another of those good financial habits that will point you in the right direction, and bring you to financial stability more quickly.
The average age of a car in the US is now 11.4 years. That isn’t to say you have to drive your car until it dies, but you should be able to drive it for as long as 10 years. And for the love of man, repeat after me:
Reliable transportation does NOT mean you have to buy a brand new car.
If you are paying $500 a month for a car payment, and you can keep the car an extra five years after, that will be an extra $30,000 in your bank account ($500 X 60 months). You’ll lose some of that to repair bills, but nothing close to $30,000.
27. Learn to Love the House You Live In
Some people make it a practice to trade up on their home every time they get a promotion or a new job. If you want to become financially stable, it’s critical you learn to live beneath your means – which was the first strategy on this list.
If you can keep your house payment stable while your income rises, you can redirect the additional income into savings, investments, and non-housing debt. That will improve your financial situation a lot more quickly and efficiently than buying a larger and more expensive home every few years.
So there you go – 27 good financial habits that you need to not go broke – and to become financially stable. Pick just a few of them, and watch your finances get better.
Save more, spend smarter, and make your money go further
Is your debt stressing you out? If so, we promise you’re not alone. Especially if you are financing a home. According to the Center for Microeconomic Data, mortgage balances—the largest component of household debt—rose by $60 billion during the second quarter of 2018.
If you’re committed to getting out of debt, we’ve got you covered on how to set up a debt repayment plan to make sure you stay on track and reach debt freedom as soon as you can.
Here are five simple steps on how to jump-start your debt repayment journey:
#1 Assess The Amount of Debt You Owe
Of course, that’s what Mint is here to help you do — easily and automatically track where every last penny goes. Tracking your expenses will help you see where you can cut down, thus helping you reduce outstanding debt, as well as your debt/income ratio (outstanding debt divided by annual net income). Having a clear view of the numbers will empower you to make a plan that actually works based on where you are now.
#2 Sleuthing For Savings
Don’t think you have any extra money to create a debt destroyer? Once you start tracking your expenses, you might be surprised. For example, can you can cut your cable bill (average of $75 a month) and switching to a streaming service (about $10.99 a month)? Or is there a subscription you’re paying for that you don’t actually use? The smallest things here and there can really add up, so make sure you understand what you don’t actually need to be paying for in order to find some extra cash to put toward your debt goals.
#3 Pick A Debt To Tackle First
Some people choose the smallest debt first because getting a few wins on the board helps motivate them to keep working toward bigger goals. Others choose to go after debt with the highest interest rate first because it’s costing the most money right now. Once you choose which debt to work on first, pay the minimums on all other outstanding debts, and put every leftover dime toward the debt you’re targeting.
#4 Start Snowballing
After you pay off the first debt, move on immediately to the next one on your list, instead of taking a break and using that extra money elsewhere. As your number of debts decrease, the amount of money you have to attack the ones that remain increases. This means you can snowball your payments until all of your debt is pummeled
#5 Enjoy Life After Debt
Once you’ve started paying down debt, now you’re ready to establish a commitment to saving. First, determine what you are you saving for! The first goal you should set is an emergency fund. This will help protect you in case of sudden unemployment, a medical emergency or other unexpected expenses. If you want to be consistent with your savings contributions, try automated savings. Start small and then increase the deposit amount when you feel confident that you can set aside more.
The earlier you get started with a strategic debt repayment plan, the better. Remember, take things step by step and first get organized to figure out what you owe. We know debt can feel overwhelming at times, but it’s important to remember it doesn’t have to last forever if you’re committed to creating a better financial future!
Save more, spend smarter, and make your money go further
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