Along with the joys of anticipating the birth of a child, first-time parents may be apprehensive when it comes to figuring out the financial side of parenting. Having a child is one of those great life-changing events, but the financial situation you may have enjoyed as a couple is undoubtedly going to need an overhaul in the months before the baby arrives. Image via Wikipedia First of all, avoid stress by anticipating costs. Sit down together to figure up the cost of baby essentials like formula, diapers, toys, and daycare. Breastfeeding alone can save money on … [Read more...]
Setting up a Budget for Life and College Expenses
The economy has taken a toll on everyone. Whether a member of the family has gotten laid off and is having trouble getting back into the workforce, or a single parent is forced to downsize due to the rise in cost-of-living expenses, people from all walks of life have been affected. Through these issues, people have realized the importance of pursuing higher education to help them reach the financial goals that many hold in high regard. However, school can be an expensive and time-consuming commitment, which tends to turn people off to the idea. One way to deal with the issue of high tuition … [Read more...]
Things to Consider When Setting a Budget
Deciding to set a budget and stick to it is an important decision. There are many things to consider when setting a budget. The more realistic the budget is the more likely it will be adhered to. The first thing to consider is the money that is available for the budget. This amount should include all jobs including paper routes, 2nd jobs and any task that generates income. Expenses must be considered. In order to effectively analyze expenses it is an excellent idea to track what you spend for a week or two if possible. Set bills are easy to figure but miscellaneous thing such as … [Read more...]
Financial Baby Steps
Here are some ideas: Try different online personal loans. Get the money you need with little interest, and have months to pay back the loan instead of weeks. Start small. Don’t buy everything at once. Make your living room a priority and a kitchen table and bed. Add other pieces as you can afford them. Baby furniture can be purchased at a garage sale and repainted to suit the color of your child’s room. Save your money. A savings account will do wonders for your self-esteem. The day you purchase the new couch, it’s yours! Purchase a … [Read more...]
Making Budgeting Work – Have Your Budget In Hand When Shopping
We all claim to make detailed budgets before spending our income. However, how many of us remember to carry the budget when we actually visit the mall to spend money? The result of this forgetfulness is that we rely more on memory, likes, dislikes and preferences when shopping. Is it surprising that we end up with a difference in excess of $500 from the budget planned earlier? Obviously not. Try to make use of technology to ensure you have the budget in your hand at all times. Convert it into a document and save it in your smart phone. Convert it to an image and send it to your cell phone … [Read more...]
The Benefits of Prepaid Cards
Carrying cash isn’t always convenient. It can be really helpful to have a card to swipe at the register, rather than having to dig for bills and change. However, using a credit card includes a fair amount of risk if not handled properly. Using a prepaid card is a much safer way of enjoying the convenience of a credit card. One of the main benefits of using a prepaid card is the money it can save you. When you use a credit card, you can be charged up to 29.99% interest on purchases. However, a Visa prepaid card is funded with your money, so you don’t pay any interest at all. Since the … [Read more...]
Pulling two Households Together
Image via Wikipedia After the wedding is over, and you are starting to actually put your life together with that of your spouse, you may find that you have too much of some things, and not nearly enough of others. If the both of you have had your own homes, and are literally putting two households together, it can be difficult to decide what should stay and what should go. Take a look at everything that you have. It is easiest to do this room by room, or by genres. For example, look at how many sets of pots and pans you have. If you feel that you have too many, you may … [Read more...]
Filing Your Taxes for the First Time
Filing taxes for the first time can be a very exciting experience (much more so than it will be once you've done it a few times), but it can also be extremely intimidating. There are so many terms and legal writing to try to decipher. What are “deductions”? What does it mean to “itemize”? If you don't have a business degree, then you may not know the answer, but you're going to have to learn in order to file when it's tax time. First and foremost, consider your financial situation. If you are young and just starting out in the work world, you may be eligible to file a Form … [Read more...]
Financial Tips for Starting a Family
For many newlyweds the next big step in life is starting a family. When you are starting to think about having kids it is important to know the financial situation and possible needs for the future family. Here are a few tips for financial planning around growing family. Start savings early. Even if you don't have children it is important to have savings to account for things that could take place during pregnancy or after the baby is born. Image by Getty Images via @daylife Consult insurance groups. Pregnancy and child birth is a fairly expensive process so making sure … [Read more...]
The Plethora of Prepaid Cellular Plans: How do you Choose?
You wouldn't believe it, but in the mobile technology world, there's a lot to choose from when it comes to a prepaid cell phone plan that works for you. Take into account such things as card usage or simply a monthly bill as well as coverage and certain special features such as "rollover." How do you choose? It almost looks too intimidating to handle! As if the cellular industry wasn't already intimidating enough.... There's a plan for you, though; it should make it easier. A cell phone plan comparison can be a piece of cake when you do the research, starting out with yourself: how are you … [Read more...]