If you’ve made the commitment to start or grow your family, chances are you know the excitement, stress, joy, and fear that come along with the decision. These feelings are closely followed by an array of questions regarding your finances and how to raise a child in general, that never seem to disappear.
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As love is in the air, thanks to Saint Valentine, it’s a good time to think about same-sex weddings and the pressures to stick to traditional wedding norms.
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It’s easy to find yourself thinking, “I’ll be so much happier when I get a raise.” Then, you get a raise and feel like your financial situation has drastically changed. You can afford to save a little more per month or maybe even make that much-sought-after upgrade to your home.
But after a few months, you get used to the new salary, and the cycle begins again of waiting for that next pay increase to feel like you have enough money to live comfortably.
Many of us get the same feeling when we buy a house. What was once a gleaming home that filled you with pride is now a constant reminder of everything you want to fix.
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I was 25 years old when the stock market crashed. Barely earning $30,000 per year, my savings account was thin, and I worried about losing my job.
It was hard to ignore the media’s predictions of doomsday scenarios and how we needed to protect ourselves. So, when I witnessed a 50% drop in my meager retirement savings account, I panicked.
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John Schneider from Debt Free Guys shares the costs associated with having children for the LGBTQ community.
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In your 20s, managing your finances may be an entirely new concept. For instance, you might be learning how to budget for the first time while navigating the beginnings of your career or figuring out how you’re going to pay down student loans.
Once you settle into your 30s, it’s time to start taking a closer look at your financial picture, particularly where your credit score and debt are concerned. While credit is a helpful tool for improving your score if used wisely, it can just as easily lead to debt if not.
If the big 3-0 is on the horizon or you’re already a part of the 30-something crowd, here’s how to make sure you’re on the right track when it comes to your credit score and debt.
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I have a little over a month until I turn 34. My 30s are nearly halfway over!
In many ways, I still feel so young, and sometimes I look at Mazen and my friends and remind myself “We are the grown-ups now.”
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The internet is ablaze with talk about financial freedom, or financial independence, or early retirement. These terms are synonymous, and represent the same idea – no longer needing labor income because you have enough passive income to cover all of your monthly expenses.
Achieving financial independence is a major goal for my wife, Vanessa, and I. It might even be our only financial goal, because it encompasses so many other aspects of personal finance. To get there, we have to continue growing our income, managing our expenses, and investing the surplus savings. Most small financial decisions move us closer or further away from that primary goal.
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My husband, Mal, and I aren’t financial experts by any means, but we’re pretty good with our money. Mal is a successful teacher, and I’ve been fortunate enough to form an amazing career by having Carrots ‘N’ Cake. We definitely consider ourselves lucky.
But, a big part of why we live a good life is because we make decisions to ensure peace of mind in our household. Part of that is making sure we are on the right financial path.
Mal and I work together as a team to manage our money. We have similar views on our finances, so we’re both involved in the decision-making process and sharing this responsibility definitely makes us stronger as a couple.
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I’ve always been a saver.
As a child, my parents instilled the importance of setting goals and working toward them, both financial and otherwise. Even before having big, long-term financial goals, I remember as a kid diligently stashing away my allowance and babysitting money for months to buy a new Gameboy TM (the height of technology!) – then $100.
Having a target in mind is something that helps keep me motivated and on track to this day.
That said, when I got my first job after college, I remember confidently assuring my father that I’d start saving in my 401(k) once I hit 40. That job was as a financial advisor – adding significantly to the irony. My father simply shook his head and reminded me gently of the power of compound interest.
While this story is fairly embarrassing it’s a snapshot of how differently people think about money at different ages and how much your experiences change the way you will view saving.
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