There are plenty of tips and tricks out there to help you improve your savings habits, from creating a budget to setting up automatic transfers from your checking account after every paycheck.
But researchers from the Stanford Graduate School of Business have a new one for you: Embrace the power trip.
Since we’re big proponents of proper financial planning, we consulted pros in the field of financial aid to find out some of the misconceptions, myths and mistakes that students and parents can make when trying to pay for college.
So you’ve signed up for your company’s 401(k) plan or opened an IRA for your retirement savings. Congrats! That’s a great first step. But if you haven’t made your investment choices yet, you may still be behind the curve.
While a six-figure inheritance or high-paying job can land you in the top 1% of earners, it’s the little things—your money habits—that often make the difference between a life of prosperity and one of constant financial stress.
After months of wedding-planning stress, a relaxing honeymoon can be just what the doctor ordered for weary newlyweds. Yet 60% couples would give it all up if it meant they could afford a house down payment.
It’s perfectly O.K. to be nervous or maybe even scared that you’ll do exactly the wrong thing with your big bonus, inheritance or tax refund. But take a deep breath. It’s actually not that complicated.
Meet Joe – an ordinary guy, much like the rest of us, who has both short-term and long-term savings goals. Joe wants to get organized, make a plan and stay on track so that he can have money on hand for the things that matter most to him. This video outlines the simple steps Joe can take to set up a realistic spending and savings structure that works best with his lifestyle.
Start an emergency fund by setting up an automatic transfer every payday from your checking account to a savings account. The amount can be small--$50 or $100, and you can periodically bump it up by $10 or $25 until your savings goal is met.