The smell of cinnamon apple and pumpkin spice in the air can mean only one thing - it’s Fall! I love Fall: the smells, the cooler weather, the color changing landscape, and of course the anticipation of the coming holidays. As the excitement of the holiday season builds, the anxiety…
One of the best things we can do for our kids is to educate them early on about personal finance.
I don't remember ever getting any sort of financial education or advice as a kid. In fact, I was only ever taught 2 things about money in school:
Our lives are dictated largely by habit and here-say.
We tend to make our decisions based either on our previous ones or based on the advice and anecdotes of others.
Despite the fact that we largely ignore financial education in the US, we’ve still been subject to the odd rule of thumb when it comes to handling money or making financial decisions.
We get paid bi-weekly, which can make monthly budgeting a challenge.
I firmly believe in the YNAB way of only budgeting the money you have available (not what you expect to receive), but as much as I love all things YNAB, the monthly layout isn’t exactly helpful for seeing where you are at a glance, especially when you’re in the paycheck to paycheck cycle.
So I’m experimenting with my own creation this month.
I alluded to the idea of sinking funds in my post, Do You Really Need An Emergency Fund? but if you haven’t been budgeting for long, you may be wondering...
What Exactly Is a Sinking Fund?
I tend to be a logical and analytical person so I’ve always found it difficult to make paying off low-interest debt a priority when the math tells me that the smarter play is to invest it. In the FI community, this is a perfectly valid approach.
However, despite my grasp of the numbers, I have discovered I have a huge blind spot when it comes to my actual behavior. Regardless of what I know, what I’ve done is the exact reason I needed to start this blog. Counter to my expectations, I wasn’t saving more, I was spending more.
I just read this post on Rockstar Finance about The Five Most Important Numbers You Need to Know. In the spirit of transparency, and just for fun, I’m going to test myself to see what I know.
I’ve been feeling pretty discouraged lately. It seems every time I look at our finances, things are moving in the wrong direction. We’ve been hit with one thing after another - car repairs, medical expenses, vet bills, more car repairs - it feels like it will never end.
If you ask people what their dreams are, I doubt anyone will say they aspire to be fat and broke. And yet, statistically, that seems to be the new standard for most Americans.* Common sense tells me that none of us (or at least not many) actually have a goal…