Money management | money tracker | Finance & income

  10 Inspirational Quotes by Dave Ramsey "You must gain control over your money or the lack of it will forever control you." This quote puts forth with emphasis how very important financial management is and taking charge of your finances. "Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest." Ramsey emphasizes that true financial peace is in living below your means and giving some back. "A budget is telling your money where to go instead of wondering where it went." What this quote underlines is the basic function of budgeting when it comes to maintaining or achieving a financial objective by means of retaining control over spending. "The only way to build wealth is to spend less than you make and invest the difference." Ramsey aptly summarizes the basis of building wealth by actually saving or investing money. "You can't out-earn stupid...

  Smart Strategies to Cut Back on Discretionary Spending: A Guide for Financial Wellness brilliant ways to cut discretionary spending down the road to financial wellness Introduction Today's fast world can easily turn overwhelming when it comes to managing finances, especially those dealing with discretionary spending. Dining out, entertainment, and various subscription deals start piling up, blowing dents in your abilities to save and invest for life. The following article looks at some effective ways of reducing discretionary spending to put you in control of your financial future. Understanding Discretionary Spending Discretionary spending is what such things cost that are not necessary, and, as such, can be trimmed or even eliminated from your budget altogether. In contrast to fixed expenses, discretionary spending is flexible, and can be changed any time as your goals change. By trimming such expenses and identifying them, you will release more money for savings, investments, ...

  How Your Perception of Wealth Changes as You Build It: Lessons in Success One could say that wealth is a very evolving concept with experience. When we are young, just starting out, it indeed seems like the ultimate thing one could strive for is indeed wealth. But the more wealth one builds, often the perspective changes: it's not about gathering money, but keeping work aligned with passion and pursuing that which truly fulfills them. This article examines how such a shift takes place and what we can learn from those who have experienced it firsthand. Following Passion Over Profit To one extent or another, we all think of ways by which we can make more money at the beginning of our careers. Let's face it, there is no shame in admitting such a thing. However, very seldom does pursuing wealth as an end completely result in long-term success. Political commenters are a very good example of people who do not start off or very rarely expect great wealth but thrive in that area, be...

  The Elusive 10% Per Annum Return on Investment It goes without saying that investment is made for a reason: to achieve financial freedom and accumulate wealth. For most investors, the target appears to be the attainment of a 10% annual return on their investments. Ambitious it may sound, yet indeed it is not devoid of challenges. We shall look into the principal challenges that investors face in this quest for an elusive 10% return. Market Volatility: How to Understand Of all the issues that stand in confrontation to the realization of this consistent 10% return, perhaps the issue of market volatility heads the list. Financial markets, or more precisely stock markets, are considered volatile. Prices can be very volatile based on various economic indicators, geopolitical events, and investor sentiments. This can result in potential short-term losses that prevent investors from staying on track with their long-term strategies. For example, an investor who has a return requirement o...

How Much Money Do You Have Saved? Here’s How We Used ZinaSaver to Boost I am 23 and married to a husband who is 24 years old. We are both in full-time employment, and later on, I will be reducing to part-time by attending nursing school. Currently, I am a CNA working at $18/hr while my husband makes $22/hour and works 40 hours/wk. We have tried to save our pennies; however, sometimes I just feel like we should have more put away. What follows is a summary of what things are looking like for us: My 401k: $6,500, 3% employer match; Hubby's 401k: $2,800, 3% employer match. We put combined savings of $10,200 in a high-yield account at 4.0% APR. Even with those numbers, I wasn't convinced that we were on the right track-or if we could do any better. That's when we decided to try ZinaSaver-an app created on a mission to help people like us save more wittily. With ZinaSaver, we have done the following: Tracked our expenses. Knowing just where exactly money was flying away to-from ...

Tracking Expenses: Why It's So Crucial for Stability and Growth-How to Guide Expenditure tracking is one indispensable practice for anyone desiring financial stability and growth in the long run. It gives one a clear picture of where his money is going and thus aids in making informed decisions on spending. Consistently tracking your expenditure, you identify patterns, and the spots where improvements need to be done come under your control and command for a better financial future. Understanding Spending Habits Other benefits associated with tracking your expenses include having full insights into one's habits of expenditure. To this end, you need to study each and every one of your financial statements, including your checking accounts and your credit cards, in order to identify your fixed and your variable expenses. Fixed expenses are those types of expenses that remain constant month after month, such as rent or mortgage payments, utilities, and insurance. Variable expenses...

  Six Tips That Will Help You Get Your save money challenge Done With a Lot of Ease Saving money in this busy world is rather challenging. Savings challenges are some of the most popular, interactive ways of building up your savings account while instilling better saving behavior and practices. Whether one looks to build up emergency money, save for vacation, or just generally improve your spending and saving habits, these challenges may be just that structure and motivation one needs. Following are six tips which will help an individual succeed in his savings journey. 1. Start Small, Build Up The probably best thing that can be said about starting any kind of money-saving challenge is to begin small. Take, for example, the 52-Week Money Challenge in which you start by saving an initial paltry $1 in the first week, which increases each week by that dollar amount. That means you'll be saving $1 in week one, $2 in week two, and so on until, by the end of the year, you should hav...

Navigating Bonus Expectations in Small Businesses: with how salary calculator and bonus In the world of small businesses, employee compensation can be a delicate matter, especially when it comes to year-end bonuses. Many employees come to expect these bonuses as part of their overall compensation package, particularly when they've been consistently awarded in previous years. However, situations can arise where these expected bonuses don't materialize, leading to confusion and potential resentment among staff. A recent case highlights the importance of clear communication in such scenarios. An employee at a small, 20-person company had received annual bonuses for several years based on the company's performance. This year, however, the bonus didn't appear, and no explanation was provided. Key Points for Employees: Understand that bonuses are discretionary: While consistent bonuses can create expectations, they are ultimately at the discretion of the company leadership. ...

  14 Major Money Mistakes People Make in Their 20s (and How to Avoid Them) Your 20s are a time of discovery, growth, and learning. Unfortunately, they can also be filled with financial mistakes that have long-term consequences. Here are 14 common money missteps to avoid, ensuring you set yourself up for financial success in the future. 1. Underspending on Education, Overspending on Status Many young people in their 20s focus on showing off status rather than investing in their future. Scrolling through Instagram, you’ll see people flaunting flashy cars and luxury watches, often without the financial backing to support such spending. The key? Don’t spend money to impress others—invest in your education and skills. These are the true sources of future wealth. 2. Choosing Jobs for Earnings, Not Learning In your 20s, it's not about how much you make but how much you learn. Many people chase jobs offering slightly higher pay but miss out on the valuable learning experiences. Early in yo...

Navigating Job Transitions: How to Secure References After Resignation Brought to you by the Every Dool app—Start budgeting for free today! In today's job market, many individuals find themselves facing unexpected changes in their employment situation. A question from Andre in Indiana highlights a common concern: how to obtain a letter of reference from a current employer after resigning. Andre, who is being managed out of his position, has taken the proactive step of submitting his resignation to avoid a termination on his record. With multiple interviews lined up, he is confident about finding a new job but seeks guidance on how to approach his current employer for a reference. Approach with Gratitude and Humility When it comes to requesting a reference, timing and tone are crucial. Here are some steps Andre should consider: Ask Before Leaving : It’s important to initiate the conversation before leaving the company. This shows professionalism and respect. Express Appreciation : A...

Is It Reasonable to Hold Your Partner's Credit Cards for Better Financial Habits? Managing finances in a relationship can be challenging, especially when one partner admits to having spending habits that could put your financial future at risk. Take Courtney's story, for example. She’s a 23-year-old newlywed who recently discovered that her husband struggles with debt management. Despite her dislike of controlling his actions, he handed her his credit and debit cards, asking her to manage his finances by giving him an allowance for necessary purchases. The big question: Is this a reasonable approach to fixing poor spending habits, or will it lead to resentment? Let’s break it down. Accountability vs. Control First of all, Courtney's situation isn’t uncommon. Many couples face the challenge of balancing accountability and independence when it comes to money. While her husband's humility in recognizing his spending issues is commendable, simply handing over his cards mig...

  Overcoming Financial and Personal Challenges: A Path to Safety and Financial Freedom Danielle, a mother from Tampa, Florida, found herself in a complex situation, where her financial and personal life were intertwined in a challenging way. She called into a show, seeking advice on whether she should sell her house to alleviate her financial debt of $16,000, which included credit cards, a car, and medical expenses from the birth of her son. But as the conversation unfolded, it became clear that her problems went beyond just finances—Danielle was dealing with a difficult and possibly dangerous living situation with her child's father. Despite owning her home independently, Danielle struggled to make the decision to move forward. She loved her house and neighborhood, but her living environment had become toxic. Her income of $21 per hour after a recent promotion was not enough to cover her rising debts while maintaining a peaceful and healthy living situation for herself and her eig...

How I’m Saving $5,000 in 50 Days: A Fun and Effective Money Saving Challenge Saving money can sometimes feel like an uphill battle, but with the right strategy, it can also be fun and rewarding. If you’ve ever wondered how to save $5000 in a year , or even quicker, this 5000 dollar saving challenge is perfect for you! In just 50 days, you’ll have saved $5,000 by following this simple yet creative method. The $5,000 Envelope Challenge The idea behind this challenge is straightforward: use envelopes to set aside money daily until you reach your goal. Here's how it works: Grab 96 envelopes. Label them from 1 to 96. Shuffle the envelopes and place them into a pile. Every day for 50 days, pick a random envelope and put that exact amount of money inside. At the end of 50 days, you’ll have saved exactly $5,000! You may have heard of other money-saving challenges, but this one is both simple and flexible. Whether you're aiming to save $5000 in a year or complete the challenge in just...

  Income Planning in New York City: How to Manage $5,000 a Month Living in New York City can be a financial challenge, especially when balancing high living costs with a monthly income of $5,000 . This article explores an efficient budgeting strategy using the 70-20-10 rule, ensuring that your finances remain manageable while enjoying life in this bustling metropolis. We will break down expenses, highlight essential budgeting principles, and provide tips for effective savings. Understanding the 70-20-10 Budgeting Rule The 70-20-10 budgeting rule is a powerful framework for allocating your income effectively. According to this method, 70% of your income goes to essential needs, 20% to personal expenses, and 10% to savings. This translates to $3,500 for essentials, $1,000 for personal spending, and $500 for savings. Breaking Down Expenses Let's delve into the expenses associated with living in New York City (NYC) . With $5,000 as your monthly income, here's a suggested b...