The first key to managing your money and budgeting is to know where your money
is going. If you have a gmail or hotmail account you can freely access office
applications with which you can create spreadsheets to track your expenses.
Make an entry for every expense w/ date, amount, budget category, and other
details and sort or summarize (chart) to get a feel where things are at. Build
your budget from there....
I guess I don't get the math here. While I always contributed the maximum
matchable amount to a 401K when I was working full time, I have started saving
10% of my income and I'm pretty sure I won't have 4 times my income by
the time I'm 50.
Right idea, wrong procedure. They are not yet financially secure and this plan
is a plan that keeps and holds a consumer in a lifetime of debt. Investments
accounts for savings or wall street gambling are "trust me promise" and
financial traps this scam a counselor has convinced them to join. Their saving accounts and security are pure fiction. There is no such thing as
a savings account that divides your payroll deduction to invest it into many
accounts for specific use. I have never heard of such a scam but some will
believe anything. This counselor has control and the couple has nothing and will
lose everything if they don't move their payroll deductions or transfers
into "non investment" accounts. Then fire the adviser, banks have good
accountants to track you savings and tell you how much you have.People are so afraid of cash, they don't know how to maintain or use it.
They are right to pay themselves first in payroll deduction never to be
compromised or invested. Emergency funds are tax free independent tangible
property (cash deposit or metals) in your possession and never invested.
Great article!Not only families and individuals need this advice, so as
our own government.
Open your wallet and relax. You may experience some discomfort. Actually, is
this a financial or medical checkup?