Personal Finances

By Bill Knight / June 17, 2016

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While we all would ideally pay off our credit cards in full every month, that doesn’t always happen. Plus, modern life often forces us into debt.

If you want go to college, buy a car, or own a home, you’ll most likely take out loans to pay for these things. Even if you do keep your credit card usage in check, it’s difficult to remain completely debt-free.

But fear not! While your mountain of debt may be daunting, it’s possible to get to the top and clear your financial name!

First, let’s tackle your credit card balances.

Credit Card Debt

Try these tactics to reduce and eliminate your credit card debt:

1. Pay off more than you use. The only way to gain ground on your credit card balance is to pay off more than you use. If you make

Personal Finances

By Bill Knight / June 17, 2016

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Saving isn’t only for the distant future. While that’s all well and good, sometimes you’ll want to save for a more immediate purpose. Maybe you want to take a family vacation or buy a new computer. Whatever the case may be, purchases like this require some saving up ahead of time.

Saving Strategies For Short Term Goals

These techniques can help you effectively reach your intended goal:

1. Plan ahead. The more prepared you are, the better. If you’re planning a major event for your 20^th anniversary, for example, you could start saving for it just after your 19^th passes by. If you’re looking to upgrade your home theater system, look at the price and determine how long it would take you to reasonably acquire that amount of money.
   • All you need to do is find the price

Personal Finances

By Bill Knight / June 17, 2016

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Everybody wants to save money, but few actually implement lasting solutions to help them save on a daily basis.

There are all sorts of savings plans that will suit long term as well as short term goals. Even on a daily basis, you can find ways to tuck money away for a rainy day.

How to Save

Here are some easy strategies to help you get into a regular habit of saving money:

1. Create a separate spot for savings. Whether it’s a sock drawer, an old wallet, or a separate bank account, one of the best ways to save money is to stash it somewhere and essentially forget about it. Use the concept of “out of sight, out of mind” to put the money aside.
   • It can be the leftover money from your paycheck or even $10 a week,

Lifestyle

By Bill Knight / June 17, 2016

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Entertainment, leisure activities, and lifestyle are often the first things to get cut when tightening the financial belt. It’s unfortunate, but at the same time, this can save you quite a bit of money. Hobbies can be expensive, so it makes sense that this might be an effective way to reduce spending.

However, even though cutting yourself off entirely from your hobby (whether it be movies, books, comics, golf, or anything else) might be a good way to reduce spending, it may not be entirely necessary. In fact, leaving some money in the budget for relaxing activities is actually healthy and much-needed!

There are ways you can reduce this expense without depriving yourself of the things you love. If you keep your wits about you, you can savor the joy of indulging yourself without the guilt of thinking about how … Read More

Articles

Features

By Bill Knight / June 17, 2016

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The best way to acquire financial security is to have a sound budget. With a realistic budget, you can have more money to plan that vacation or buy that awesome big screen TV with the surround sound system. In order to indulge in these luxuries without utterly destroying your bank account, you need a budget.

Not to worry, though!  It’s not as bad as it sounds. It’s actually quite simple.

How Much Do I Make?

The backbone of any budget is based on how much you make. Even if your income is lower than you’d like, you can still budget successfully, but it’s important to know what you have to work with in order to create a balanced budget.

When budgeting, it’s critical that you use your net income as opposed to the gross, that is, the amount after… Read More

Personal Finances

By Bill Knight / June 12, 2016

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Credit cards are convenient on so many levels. With credit cards, you don’t have to carry large amounts of cash, you can pay quickly and easily, and you don’t even have to pay immediately. While the benefits are numerous, credit cards also carry a serious responsibility.

It’s very tempting to go on spending sprees or neglect to pay your bill on time, but irresponsible use of a credit card can lead to severe financial repercussions, including mounting debt, wasted dollars, harassment from bill collectors, lowering your credit score, and even bankruptcy!

Fortunately, credit cards aren’t a terribly complicated concept. A good dose of common sense and fiscal responsibility will go a long way.

Simple Credit Card Management Tips

Follow these tips to manage your credit cards wisely:

1. Start with debit cards. Almost all checking accounts now come with a debit

Personal Finances

By Bill Knight / May 7, 2016

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Now that you’ve examined your income and expenses and created your budget, is it workable for you? The best budget is the one that works for you. As you use it, feel free to adjust the amounts in the expense categories according to your realistic needs.

For example, if you had designated $300 per month for gas, but the gas prices rise, you may need to go back and raise the amount in the budget. Keep your budget up to date so you can continue to enjoy its benefits.

Does your budget have workable amounts, but you find that you’re still having difficulty staying within your budget? Try the Envelope Method to easily keep track of your spending in each category.

The Envelope Method

The Envelope Method requires you to move to a cash-only system. Although this may sound like … Read More