What Is The Purpose Of A Budget?

If you are wondering why do you need to create a budget or spending plan,  I am going to tell you on this blog. 

No matter if you like it or hate it, having a budget can help you improve your finances immediately.

The reason to have a budget or a spending plan is so you can spend intentionally on the things that are most important to you. This is the first step to financial freedom even though it sounds like it is not.  Why?  

  • First, because you will eliminate the guilt on how your money it is spent. 
  • Second, because if you create a budget and decide where your money is gonna go, you will feel in control and empowered.  
  • Third, because you know that you will have money every time to either put aside or to be able to achieve your bigger goals that are not immediate.  
  • Fourth, because it will eliminate the guessing game on where did your money go at the end of the month. 

You are planning out everything in...

Continue Reading...

Talking Finances With Your Significant Other

 

The number one reason couples split up and ended in divorce is Money

One reason is that they have a different point of views on how to manage the finances. The other reason is that they both have weak money habits and cannot handle it correctly.  

The lack of communication in a lot of couples could create more debt in the household.  Why?  Because where there is not a good communication, it creates a void. And most likely, shopping, things will be filling up the emotional gap. 

Ask Yourself: 

Are there any secrets when it comes to finances within your household?  Sometimes one of the spouses doesn't know what the other is either spending or saving.  A lot of times, one of them don't know what the other's income is.

They do talk about money, but not openly and honestly. 

  • I know couples that purchased things behind the back of their spouse. 
  • I know couples that one of them have a secret savings accounts because...
Continue Reading...

Why Is It So Important To Have An Emergency Fund?

emergency fund savings Oct 01, 2017

In the midst of Hurricane Season and Fire Season and even Earthquake Season, it is important to ask ourselves these questions. The word EMERGENCY broke it down pretty well. We need to have funds for any unexpected events. This should be liquid assets that are readily available.

Here are the major unexpected events that we can run into:

1. Job Loss
2. Medical Emergency
3. Car Repairs
4. House Repairs
5. Weather Conditions

When a hurricane is approaching an area, most individuals are subject to hours of preparation, which means an increment of expenses, by having to buy extra nonperishable food, supplies like flashlights, candles, plywood, and of course water.  This also means hours of loss of work time. If you do not evacuate the area, you can lose your car, your home will also incur in damages and that is without counting personal items that could be lost due to wind or water damage.

Fire is something very unexpected as well.  How about insurance protection for flooding,...

Continue Reading...
Close

50% Complete

Awesome! 

Just fill out your information below and I will take care of the rest...