5 Reasons Why You Can’t Stick to Your Budget and How to Fix It
For years, I struggled to budget. I was frustrated that I was following all the budgeting rules but still coming up short. After carefully looking at my spending over a few months, I realized I was making several budgeting mistakes. Once I corrected the errors, I was able to stick to a budget that helped…
Read MoreShould I Rent or Buy a Home?
Renting versus owning – how to determine which is right for you Choosing whether to own or rent a home is a big decision. The “right” answer for you will be deeply personal, based on a few key considerations that we will explore below. 1. Examine your personal values A good place to start is…
Read MoreGrab a Friend! Social Strategies to Help You Save
There is strength in numbers! This is especially true when you’re trying to reach your goals and change behaviors. Weight Watchers uses this principle to support healthy eating, and Alcoholics Anonymous uses it to encourage sober living. Emerging research shows that peer support can increase your confidence and sense of control. Social support also makes…
Read MoreHow much should I save if I’m in debt?
How much should I save monthly if I am in debt? Or what percentage of my income should I save if I am in debt? Submitted by LaTisha V. When we have debt, our priorities can change completely. To start, we have to remember that not paying our debt will negatively impact our credit history…
Read MoreHow much income is enough?
How much income is enough? Submitted by Charles A. We would all like to know this! What is the income we need to lead a happy life? To find the true answer to this question, let’s take a tour of our personal habits. Enough? For who? Where? With what lifestyle? Will it be enough forever…
Read MoreWhat is an Opportunity Cost?
Opportunity cost is an economics concept with huge implications in every aspect of our lives. To put it simply, when you say “yes” to one thing, you are saying “no” to another. Opportunity Cost in the Real World Let’s try an example. Say your goal is to build healthier habits by exercising every day. When…
Read MoreWhat is Lifestyle Inflation?
Have you noticed that even when your income increases, it can feel like you still don’t have more money leftover at the end of the month? That’s because often, when our income increases, our expenses do too. This is a very real phenomenon called lifestyle inflation that can sneak up on us despite our best…
Read MoreForget resolutions – it’s time for a financial New Year’s revolution!
It’s New Year’s resolution season! Even though many resolutions don’t make it until the end of winter, it can still be a helpful exercise for many people. Many years ago, I decided to begin each year with a financial revolution! Check out how Merriam Webster defines revolution: the action by a celestial body of going round…
Read More3 Reasons to Set Up an Automatic Savings Plan
There are endless strategies for saving money, but one that comes up again and again is setting up an automatic transfer. Lots of research, including our research here at SaverLife, shows that this is a good way to save more. In fact, SaverLife members who set up automatic savings transfers are 5-6% more likely to…
Read MoreHow to Be a Holiday Hero while Sticking to a Budget
Holidays can be filled with both joy and stress. As a starting point, think about the end of the holiday season. How do you want to feel? What experiences are important to you? And of course, what do you want your credit card balance to look like? What are the holidays about? As you go…
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