Posts Tagged ‘Saving Money’

Financial Literacy- Does It Still Work?

Posted March 30, 2009 by Bernz

Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.

financialiqHowever, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.

The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.

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Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, Index Funds, Investing Basics, Investing in Real Estate, Investing Strategies, IRA, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving for College, Saving Money, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »

5 Money Savings Tips You Can Benefit from Today

Posted March 27, 2009 by Bernz

When people become concerned about money, their first thought is that they’re simply not making enough at their current job. Well, switching jobs or even getting a significant raise are both tough things to accomplish within a short period of time. So, what can you do if you need more money? The answer is simple, look to you.
moneysave4
Most people are spending hundreds if not thousands of dollars each and every month on things that they do not need or are simply unaware of the money that they’re losing from not keeping track of it properly.

Below are five money-saving tips that you can begin using today to help you save hundreds of dollars or more every month.

Make a budget

Making a budget seems like a simple thing to do, but most people never do it. Simply writing down every single expenditure that you have on a monthly basis as well as writing down every single thing you buy will help you get a fantastic picture of just exactly where your money is going. Simply start crossing off the items that you don’t need and reap the benefits of the savings.

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Posted in Financial Education, Financial Goals, Frugality, Saving Money | No Comments »

The Lost Art of Savings

Posted March 9, 2009 by Bernz

Once upon a time in a land far far away, people put aside some of their earnings for a rainy day. They knew that there would be flush times and lean times. When things were good, they would squirrel away crops, can their own vegetables, and tuck some money away under a mattress. Inevitably, hard times would come, and those who had prepared ahead of time survived from their savings, while those who hadn’t bothered saving when times were good suffered.

piggybankThe average amount of savings per capita in the United States has declined by more than 80% in the past twenty years. What were once luxuries that people saved up for are now waiting to take home with a simple signature on a loan document. Total debt versus income has more than doubled in that same time frame. Now, instead of setting aside savings every paycheck, many people are making loan payments.

Debt represents risk. The more debt you have, the more vulnerable you are to economic shifts like the one we’re having right now. The prolonged recession we are experiencing is causing many- who live on the financial edge at the best of times- to falter. Personal bankruptcy rates are soaring as debt loads become unbearable and incomes disappear. Living beyond their means has caught up with many people and there is only more pain on the horizon.

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Posted in Financial Goals, Frugality, Retirement Planning, Saving Money, Wealth Building | No Comments »

A Penny Saved is Worth More Than a Penny Earned

Posted February 9, 2009 by Bernz

When I was young, my grandmother’s favorite saying was, “A penny saved is a penny earned.” At that age, money was an odd, far-away concept for me so I really didn’t understand what that meant until I was older. The old aphorism simply means that money we save is less money that we have to go out and make. It seems like a very simple truth, but, in fact, a penny saved is worth far more than a penny earned.

Consider this example. You make $10 per hour at your job. You have two choices: you can work an extra hour to make an extra $10 or you can save $10 on your grocery bill by cutting coupons for an hour. Each choice takes an hour of your time so, at first glance, they appear to be equal choices. But they are certainly not.

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Posted in Frugality, Misc, Saving Money | 1 Comment »


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