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In today’s fast paced world, financial matters often don’t receive the attention that they should and this can be very detrimental to one’s long term financial well-being. If you don’t have time to make smart financial decisions, then it would be best if you take actions to help you make the right decisions much quicker. The best way, simplify your financial activities.
A recent study by the Federal Reserve cited that non-housing, household debt has risen 3.3% in the last quarter of 2013. And a majority of US households indicated a financial setback of $5,000 or more would be a major financial catastrophe Much of it can be attributed to the fact that 2/3’s of US households don’t have a spending plan.
Have you finally decided it’s time to make a budget or at least get your some of your expenses under control? Well, one of the first questions you should have is how much should be allocated to each expense area. The best way to answer that question is to use what others are spending for each type of expense and build your budget from that starting point.
One of the most important building blocks for a sound financial future is to be prepared for the unexpected…and having an emergency fund is the key to being prepared financially. Many times emergency funds are derailed because we don’t have enough saved or we use them for non-emergency items.
There are countless reasons to save money, but saving for a home, your child’s education, and retirement are usually the largest and most daunting savings goals. They are also among the most important goals to save for – making it imperative that you begin saving now if you’re not already!
Let’s face it, budgets have a terrible reputation because they deprive you from what you love. But is that really true?
Every so often it's good to have a plan, especially when it comes to finances.
Your parents do a lot for you, so you may be asking yourself what you can do to help them out. As a member of your household, there are plenty of things you can do that will make a world of difference, not only for your family, but sometimes for the environment too.
Be sure to tell your parents about your changes. They will be very proud of you, and they may make some changes as well.