The holidays are over, and it is time to whip yourself back into shape. If you’re like most Americans, you likely blew your diet with tons of holiday goodies. However, your waistline may not be the only thing feeling a squeeze—77% of people blow their holiday budget. If you fall into that category, it’s time to trim more than just the turkey! Get your budget back on track so you can make the most out of 2018. Did you know that January is the most depressing month of the year? You just went out and spent a bunch of money on things like bullets, fishing poles, hunting gear or whatever your fancy—basically everyone is out there spending money on stuff! Now that the wrapping paper is in the trash, you might be reflecting and thinking, “Holy Batman I just spent more money than I needed to on Christmas!”
We all do it at the beginning of every year; make resolutions with the intention of keeping them. And while you have kissed 2017 goodbye, it doesn’t mean you’re ready to tackle 2018, especially when it comes to your finances. So we here at Financially Simple decided to help you become happy, healthy and wealthy (to some degree) with 18 tips to help you clearly define and keep your financial New Years resolutions for 2018.
According to the College Board (2016) study, called The Trends In College Pricing, by the year 2024, the average sticker price on a public in State College is expected to move up to $34,000 per year. For private schools that number is estimated to be around $76,000 a year. Let’s face it, college is getting ridiculously expensive and if you have little ones at home that you expect to help pay for their college, then you need to know how to set aside money for that. In our intro post – an alternative to saving for college, we explored we looked at some out of the box ideas. Today we’re going to look at a more traditional route: 529 savings plans. This particular investment vehicle allows you to save or put away money specifically for education. Parents or grandparents contributing to a 529 savings plan get to invest that money and […]
College tuition costs are a hot-button issue for most. After all in our recent Presidential election, one candidate planned to take on the rising cost of higher education if elected. Being a CERTIFIED FINANCIAL PLANNER™ in Knoxville, TN, which is a college town, I know the extra strain saving for tuition puts on some of my clients. I’ve known them to use everything to help cover education costs; 529s, prepaid plans, UGMAs, and even Roth IRAs! In a recent conversation with one client, he blew me away with his novel idea on how he planned to pay for his child’s college education. I felt it was such a brilliant alternative to college savings plans that I needed to share it. Now his idea will not be for everyone, and it certainly isn’t a full proof plan. However, he certainly mastered the most creative way that I know of to lessen […]
From time to time we all need to make purchases that could land us in debt. Maybe you know your car is on its last leg and making a vehicle purchase is in the very near future. Or maybe you are hoping to buy a home in the next few years. That’s why I highly suggest saving any extra money you find in your budget for those types of purchases. In doing so, you will lessen the financial burden these acquisitions put on you. However, when it comes to short-term savings, I’m often asked if there is an investment vehicle you can utilize to grow your money quickly with very limited risks.
One thing is true of life…expect the unexpected. That’s why any financial guru around will stress the importance of having an emergency fund. If you’re confused on what exactly an emergency fund should be used for, I can tell you it’s not for that 65” TV you’ve been eyeing at Best Buy when yours bites the dust. While that may seem like a catastrophic event to some, it’s not exactly the type of crisis that you’ll want to dip your fingers into your cash stash for.