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Month: February 2017

Need vs Want

Need vs Want

This post is about the very basic concept of need versus want. This is a concept that many people struggle with. Oftentimes, people try to justify spending by saying they “need” whatever it is they are buying, when that is, in fact, not the case. Let’s start by simply looking at definitions of these two words, according to Merriam-Webster. Need (verb) require (something) because it is essential or very important. expressing necessity or obligation. be necessary. Want (verb) have a…

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Lessons Learned from Budgeting

Lessons Learned from Budgeting

My husband and I find that we really like maintaining a budget in excel. Once a month, we set aside about an hour to fill in our income and expenses for the month. We do a very detailed analysis and discuss why we are over in any categories and if needed, how we can try to cut back some of our costs. Throughout the month, we always discuss significant purchases with each other that way we avoid surprises when the…

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Why You Need a Budget

Why You Need a Budget

Everyone needs a budget. It doesn’t matter how great you are with your money, or how poor your money skills are, you need a budget. Although budgets can be a very tedious task, it is important to update your budget at least monthly, as this follows typical billing cycles. Budgets come in various forms and technology makes it easier to budget than ever before. There are countless budgeting tools available for free. A few examples are Mint, Personal Capital, Excel…

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Debt Payoff Methods

Debt Payoff Methods

There are two common approaches to paying off debt. These approaches are typically referred to as debt snowball vs debt avalanche. Below I will discuss in detail what each of these means. Before delving into the differences in how these methods work, it is important to understand that you should always make at least the minimum payment on all of your debt. What I mean by this is you should never skip a payment on one type of debt in…

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Financial Goals

Financial Goals

I’m dedicating my first post to financial goals because setting goals is really the first step in any process. Now, you do not necessarily need to write these goals down (but feel free to!). What I mean by setting financial goals is figuring out what it is you want to accomplish. The reason this is so important is that every goal requires a different path, different techniques, or different choices. For example, if your number one goal is to pay…

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