If you’re currently experiencing financial setbacks in life, you need to make sure you tackle them in the right way. Giving up and accepting the bad situation your finances are in is never the answer to this, and that shouldn’t be the conclusion you reach. If you want to learn what to do next, you should read on and start learning. Each of the tips below will help you to deal with your financial setbacks in the correct manner.Continue reading
When it comes to saving money and getting a little boost in your bank account you are willing to try almost anything. For years you have struggled with money misery and you want to get back on track with your finances.
You have tried saving money for years but no technique has seemed to work for you so far. You want to feel free instead of constantly thinking about how you are going to pay your next unexpected bill. It’s time to stop the worrying and make some changes once and for all.
You can make money from numerous places that are right underneath your nose. Grab some inspiration from here and get started.
Money can be the cause of worry for a lot of people at the best of times. Unless you happen to be in an incredibly fortunate position, it’s unlikely that you’ll ever feel completely free from any kind of financial anxiety.
However, when something truly disastrous happens, that can be made so much worse. Whether you’ve lost your job, been in some kind of accident, or are having to deal with some form of household disaster, dealing with a serious emergency can be a dangerous drain on your finances. Continue reading
When we talk about budgeting, we usually focus primarily on those areas of a budget where actual spending occurs.
We focus, for example, on the mortgage payments you need to make or on the student loans you need to repay, on the percentage that you spend on food and the amount that goes towards transportation. But rarely do we talk about a part of the budget that is not spent, by definition, but remains one of the most important: the savings.
You might be thinking, “Of course the savings aspect of a budget doesn’t need to be discussed – saving is obvious and easy.” But a surprising number of people don’t save in an adequate and optimal manner.
Sure, they put aside money on a regular basis, but there is often a good deal of variation in the amount set aside or even in the frequent with which it is saved in the first place. Consequently, let’s take a look at some tactics by which you can force yourself to save more regularly and substantially.Continue reading
Preparing for your financial future is something that you should definitely be working on right now if you’ve never got to grips with it before. Part of that means preparing for the worst situations in life.
It’s probably not something you want to think about, but it’s worth being prepared so that you can deal with just about every situation in life from a financial point of view. Read on to learn more about why this is so important.Continue reading
Your credit score impacts more aspects of your life than you probably imagine. Before we get into the different ways that your credit score impacts you, it is worth thinking about what it actually is. Your credit score is a rating. It’s something which tells lenders and other individuals how reliable you are with money and in particular, loans.
Your credit score can be affected by a range of different factors that we also need to consider. If you have never borrowed money in your life, your credit score may be poor. This isn’t because you’ve made any mistakes with money per say. It’s simply because there’s no data to determine whether you are a sure bet when borrowing money.
When it comes to money, you may always find that you’re wanting more. This isn’t necessarily because you’re greedy or that you aren’t grateful for what you have, but because of your lifestyle. as you grow and change in life, the amount of money that you need also grows and changes with you.
So when you’re in a situation where you feel like you don’t have enough money, you really need to do something about it. Whether you realize it or not, you are in control of your financial situation.
You have the power and the options at your disposal to be able to change things around when you’re not in a great place. So let’s look at what is will take for you to do that.Continue reading
You don’t have to spend a lot of money to have fun at home. Rather than buying the latest games for your console, streaming the latest movies for your family film nights, or downloading the latest books on your Kindle (as examples), you can actually do all of these things cheaply and for free.
This is great news for those of you who are unemployed or simply trying to make ends meet on a very meager budget.
Take a look at the following tips for free and cheap entertainment.Continue reading
Have you been saving for your kids’ college fund? Do you even know where to start?
Sallie Mae and Ipsos recently released a report on how Americans are saving for college. In it, you will have the opportunity to see what other parents across the country are doing and see how your savings plan compares.
Financial Bin spoke with Rick Castellano, a spokesperson for Sallie Mae, about the report and what it means for American parents.
Rick Castellano: According to How America Saves for College 2018, parents begin to save when their child is around seven. That’s been fairly consistent throughout the history of this report.
While each family situation is different, it’s never too early to start planning and saving for college. And the benefits of doing so are clear.
Nearly half of parents have created a plan to pay for college (47 percent) and those with a plan to pay for college have saved more than twice as much as those without a plan ($22,169 vs. $9,208). Parents who are preparing financially for college are three times more likely to be confident they’ll be able to meet the cost of college than those who aren’t (73 percent vs. 27 percent.)
RC: The good news is, saving for college is becoming more of a priority. After saving for general needs and emergencies, parents earmark funds for college more than for any other specific purpose, alongside retirement. Only 10 percent of parents plan to tap their retirement funds for college, down from 20 percent in 2016 — the last time this report was published.
And there’s a general sense of confidence and optimism with parents this year. Nearly nine in 10 parents who have a college savings goal (86 percent) are confident they’ll achieve it.
Those who aren’t saving for college, however, feel they don’t have enough money (52%), or they think financial aid will cover costs (27%). Others reported they haven’t gotten around to it (25%), think their child is too young (21%), aren’t sure of the best options (21%), or they are prioritizing other savings (18%).
RC: Creating a plan to pay for college can absolutely pay off. Parents with a plan to pay for college have saved more than twice as much as those without a plan ($22,169 vs. $9,208).
Also, our report found that a majority of parents believe paying for college is a shared responsibility between the parents and students, yet fewer than half have shared that expectation with their child. For parents, think about having that talk and setting expectations. We also know that when a child knows that money is set aside for them for college, they are more likely to attend.
So again, clear and open conversation about saving, planning, and paying for college can make a big difference and help families enter this major life decision with eyes wide open.
RC: Parents should look for ways to make saving for college a habit. To keep their college savings on track, six in 10 parents (61 percent) contribute a set amount to their college fund on a regular basis. To find more money for college 30 percent of parents have cut back on discretionary spending, and 27 percent have reduced their household expenses.
Parents should also explore savings vehicles that can make their money work harder for them. It’s particularly encouraging to see this year, marks the first time tax-advantaged 529 college savings plans hold the largest share of college savings — 30 percent, nearly double the 17 percent reported in 2016.
Goal-based savings accounts like SmartyPig by Sallie Mae can also help families make saving a routine and get them on the right track to saving for college and other goals.
This year’s report not only illustrated optimism in parents but also some realism. It’s great to see savings at the highest level in the last five years of this report and the majority of parents confident they’ll meet their savings goal of $55,342. That said, we all know college costs more than that, but parents seem more realistic about how much of that total cost they need to cover with savings.
It’s more likely that parents will save one-third of the cost of college; pay for another third out of current income, and finance the final third with loans, grants or other assets. And as I mentioned earlier, parents are expecting their child to have some skin the game. Fifty-nine percent say paying for college should be a shared responsibility between the parent and child, compared to 51 percent in 2016.
RC: The full report and infographic are available at www.Salliemae.com/howamericasaves. In addition, Sallie Mae and Wise Bread will co-host a Twitter chat to discuss the report on Thursday, May 24, at 3 p.m. EDT. Follow the chat using #HowAmericaSaves and #WBChat.
For free tools and resources on saving, planning, and paying for college including scholarship search tools for undergraduates and graduates, our college planning calculator, and more visit www.salliemae.com.[pdf-embedder url=”http://financialbin.com/wp-content/uploads/2018/05/How_America_Saves_for_College_Infographic.pdf”]
Do you ever scratch your head when you look at your bank balance and wonder, how come I never seem to have any money? Well, you are not alone. In fact, many of us have had the same experience at one time or another.
However, there are usually reasons behind this phenomenon that can be dealt with. Read on to find out that they are. Continue reading