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Keen to Learn More About Personal Finance? These Blogs Can Help

Understanding and mastering your personal finances can seem challenging – if not impossible – at times. However, there are now so many bloggers out there who delve deeply into the subject of money that the amount of information available is virtually unlimited.

If you’re keen to learn as much as you can about managing your money and making it work for you, these bloggers will be able to provide you with the additional information you need.

Get Rich Slowly

Initially launched by J.D. Roth back in 2006, this is one of the original personal finance blogs that was created. After accumulating more than $30,000 in debt due to credit card usage, obtaining various personal loans and also dealing with an auto loan, he decided to create a plan that would help eliminate all of his debt once and for all.

The Get Rich Slowly blog contains thousands of posts that are dedicated to improving the financial IQ of its readers and topics include tips for earning, saving and investing your money in various ways.

Mr. Money Mustache

If early retirement is your goal, Mr. Money Mustache’s blog is one that is not to be missed. Pete Adeney and his wife used a plethora of strategies to fully retire by the time they had reached 30, and he started his blog six years later.

Pete’s blog features several details of exactly how he retired so early and became financially independent. Although his focus is mainly on the stock market and index funds, he shares ways to shave your grocery bill and utility bills substantially as well – to the point where he either walks or cycles to most places he goes to.

Adeney is also not known for sugarcoating his words, so if you’re not keen on being labeled a ‘complainy-pants’ (one of his favorite terms for folk who complain about their financial situation, but do nothing to rectify it), you may not enjoy the forthrightness of his content.

Inspired Budget

Started by Allison Baggerly in 2011, Inspired Budget is a blog where she speaks completely from personal experience regarding how her and her husband were drowning in six figures of debt – and then how they managed to repay it in five years.

Allison has provided a number of handy resources that everyone can use, such as budgeting and money-saving tips and motivational debt-free posts. Her Instagram account offers daily tips on repaying debt and budgeting as well. Baggerly said that her main intention for starting the blog was to help women manage their money better and achieve financial freedom.

Spending time reading through the content on these blogs will help you gain a better understanding of the various aspects of personal finance – while also allowing you to improve your own financial situation. If you would like to find out more about improving your finances so that you’ll be able to retire comfortably someday, call our team to schedule an appointment with an advisor today.

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In Your 50s? Take These Steps to Boost Retirement Savings

Your 50s are a part of your life that should be considered as somewhat of a final sprint to the finishing line where working is concerned. This means that absolutely any money that can be set aside will give your existing savings the extra boost they need to be able to provide for you financially once you retire.

Here are some ways in which you can help save as much as possible for this time in your life:

Consider Becoming a Landlord

Landlords earn what is referred to as residual income each month, meaning that they receive income without physically having to work for it.

Although this option may not suit everyone, individuals who enjoy doing DIY and home maintenance projects can accumulate a substantial amount of savings while still earning an income once they’ve stopped working. This can be done by renting out your family property and downsizing, or alternatively, by buying an additional property outright.

It’s strongly recommended that you save between 25% and 50% of the rental income you receive each month. This will go a long way in helping to cover property taxes and any maintenance costs that arise – and they will.

Downsize wherever Possible

Now that you’ve reached your 50s, chances are that you’ve become an empty nester – or will become one shortly. This will most likely result in you having a lot of space in the family home that will no longer be needed.

Instead of allowing the vacant rooms to gather dust, consider selling and moving into a smaller home that will now be more suitable for you. Over time, this will not only save a lot of money; additional funds obtained from the sale of your larger home can be placed into your retirement account.

Increase your Savings Rate

Although this might seem obvious, a number of individuals don’t know how to increase the amount of money they’re saving weekly or monthly. However, it can be done by trimming areas of your grocery budget by a few dollars, canceling any unused subscriptions you may have forgotten about or reducing the amount of money you spend on those ‘nice to have’ extras such as fast food.

Additionally, you could shop around for more affordable internet service providers or phone services – a saving of as little as $10 to $20 a month could make a huge difference over time.

Review your Budget Regularly

It’s recommended to check your budget and bank statements each month so you can determine whether you’re still on track for saving enough money. This will also help prevent you from overspending. This is also not the time of your life where you should be making large purchases such as brand new vehicles or other unnecessary items.

Ensuring that you remain on track financially can seem overwhelming at times, especially as you start nearing retirement age. Contact our financial advisors today if you would like to learn more about saving as much as possible for your golden years.

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