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Achieving your financial goals can feel like a never-ending uphill battle. You might be able to save up for a short period, but then something always comes up and derails your progress. You're probably constantly bombarded with ads and articles telling you how to save money, invest wisely, and make all the right moves to secure your financial future. But let's be honest—most of us just want to know how to make ends meet without going broke in the process. The truth is, there is no magic bullet. It takes hard work, dedication, and, most importantly, consistency to achieve financial success. However, making small, consistent changes in your spending and saving habits can significantly impact your overall financial well-being. Tips to Consistently Achieve Your Financial Goals Make A Plan The first step to achieving any goal is having a plan in place. Start by taking a close look at your current financial situation. How much is your monthly income? What are your current debts and expenses? Once you have a clear picture of your current situation, you can start setting realistic goals. Some things to keep in mind:
Set A Budget Budgeting may not be the most exciting thing in the world, but it's essential to achieving your financial goals. Track your income and expenses for at least one month so that you have a clear idea of where your money is going. Once you have a handle on your spending habits and find out your expenses are more than your income, you'll need to find ways to cut unnecessary costs or add another revenue stream. There are several different ways to create a budget. You can use a simple spreadsheet, an online budgeting tool, or even good old-fashioned pen and paper, so find the method that works best for you. Automate Your Savings One of the best ways to ensure that you're consistently saving money is to automate the process by setting up automatic transfers from your checking account into your savings account each week or each month. This way, you're less likely to "accidentally" spend the money you're supposed to save. If you're unsure how much you can afford to save, start small and increase the amount as you get more comfortable. A good rule of thumb is to save 10-20% of your income. Create a Debt Repayment Plan If you're carrying any high-interest debt, it's important to create a repayment plan as soon as possible. The longer you wait to pay off your debt, the more interest you'll accrue, and the harder it will be to get ahead financially. List down all your debts, along with the interest rate and monthly payment for each. Make this a priority in your budget, and focus on paying off the debt with the highest interest rate first. Once that debt is paid off, you can direct your extra payments toward your other debts. Save for Emergencies One of the biggest roadblocks to achieving financial goals is unexpected expenses. For example, car breakdowns, appliance replacements, and medical bills can pop up anytime. If you don't have an emergency fund, these unexpected expenses can quickly derail your finances. Therefore, you must create a savings account that you can use for these unexpected costs. Aim to save 3-6 months' worth of living expenses, although even a smaller amount can help in a pinch. Get an Insurance or Protection Plan Apart from setting up an emergency fund, insurance is another way to protect yourself from unexpected financial setbacks. Many different types of insurance are available in the market, including car, health, and life insurance. While insurance may seem unnecessary, it can save you a lot of money in the long run if you find yourself in a difficult financial situation. You can also consider getting a credit card protection plan to help you pay off your debts in the event of an unexpected job loss or other financial hardship. However, ensure that the business you entrust for your protection is PCI compliant to avoid any security breaches and fraud. Invest in Your Future Investing is one of the smartest things you can do for long-term financial stability. When you invest, you're essentially putting your money into an account that will grow over time, allowing you to reach your financial goals sooner. Some investment vehicles you can consider are stocks, bonds, mutual funds, and real estate. Additionally, investing in yourself is one of the best things you can do for your financial future. For instance, continuing your education, taking courses to improve your job skills, or learning new ones can make you more marketable and earn a higher income. Learn Financial Literacy Last but definitely not least, if you want to be in control of your finances, it's crucial to have a basic understanding of financial concepts. Learning about budgeting, investing, and credit can help you make better decisions with your money. There are a number of ways to learn about personal finance. You can read books or articles, listen to podcasts, or enroll in courses with financial literacy curriculum. Find a method that works for your lifestyle and schedule, and commit to having a money mindset for the betterment of your financial future. Final Thoughts Achieving financial success takes time, focus, and effort. But by following these steps, you can put yourself on the path to a bright financial future. So stay the course, and don't let setbacks discourage you. With consistency and discipline, you can reach your financial goals.
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Becoming a new mother is exciting because you have years of raising and loving a child ahead of you. However, it's also a period when parents worry and experience anxiety about various financial issues, like how they will afford to provide their child with the most beautiful possible life, being their top concern. Finances play a significant role in parenting as there are many things to consider, such as clothing, toys, food, and baby products. Understanding how to control your spending and set a budget is crucial if you want to be a successful mom and maintain your sanity. To help you, here are 10 money-saving tips for first-time moms like you. Save as soon as possibleWhile pregnancy is a time of aches and pains brought on by the burden of bearing extra weight, some individuals do not understand, however, that being pregnant gives moms a chance to be ready for the birth of their child. Saving cash can play a significant role in this. It would be best for first-time moms to start saving while they are expecting to ensure that they have some emergency cash on hand to use for the baby if necessary. Additionally, as pregnancy limits what a mother can and cannot do, later on, mothers can save the money they would have spent on specific items and use it better when the baby is born. Some moms are starting a small business to get some extra income while others are cutting down on their expenses. You might get used to spending less on things you don't need once the kid is born, which will also help you have more cash. Purchase a few pieces of clothing at a timeIt makes sense if you're a first-time mother eager to purchase a lot of clothing for your child. Consider the alternative, which is purchasing only a few necessities at once before you go crazy. Babies grow pretty quickly. Therefore the outfit you bought last weekend might not suit them the following week. If possible, breastfeed. Do it if you can breastfeed. Breastfeeding will save you at least $1,400 in the first year, making it one of the best methods for new mothers to save money. Breast milk supplies your newborn baby with all the antibodies and vital nutrients they require, perhaps saving you money on hospital bills as well. Buy gender-neutral baby items. Purchasing gender-neutral baby goods can help you save money if you decide to have more kids in the future, even though it isn't an immediate option to do so. For instance, you would typically need to purchase separate items for each of them if your first child was a male and your second was a girl. When the second child is born, you will be able to save money because you will already have most of what you need if you got gender-neutral toys and clothing for your first child. Shopping in bulk. You will go through numerous diapers, baby wipes, and other disposable baby necessities throughout your baby's first year. To avoid having to visit the store every time your supplies run out, buy these items in bulk once rather than individually. Doing this will save you transportation costs that do mount up over time, and help you budget your paycheck. Buy diapers that are appropriate for your baby. Although many diaper manufacturers offer advice on the kind of diapers newborns should wear at various stages, this is frequently one of the critical factors in the high cost of diaper purchases. However, if you keep an eye on how well your baby responds to diapers, you can save a few dollars a week by forgoing the need to purchase more extensive or expensive options. Take advantage of hand-me-downs. Not every baby item needs to be brand-new. Age-specific necessities and equipment, such as bassinets, can occasionally be handed down to someone else after rarely being used. Utilize your network of friends, relatives, and acquaintances by asking for baby supplies that they no longer need but that you can get. Utilize free items. Many businesses provide free samples of various goods, including accessories, baby food, wipes, diapers, and wipers. It implies that you can obtain the items you require for nothing. Even though it might only occasionally be a free product, any savings will mount up, even if it only saves you a few dollars a month. Make your own baby food. When your baby is about to start eating solid foods, consider making your own baby food. You will have significant savings if you buy fresh produce and mash them at home or let your baby munch on them if you're practicing baby-led weaning. Aside from saving money, freshly made baby food does not contain preservatives your baby doesn't need. Ask your relatives and friends for assistance. Many new mothers feel they must handle everything alone and think they will appear unable to take it by asking for assistance. It is undoubtedly untrue since your family and friends will certainly be there to support you in any way they can. Additionally, it's probable that relatives and friends who have had children of their own in the past will have things that they no longer need but that you could use. They might let you borrow baby clothes or other items or even give them to you for free if you ask. It is a terrific method for managing household budget and saving money because you might no longer need to purchase specific items, but it also proves that you have a solid support system and reminds you that you are not alone in your journey. Being a first-time mom can be challenging, especially when handling finances. But with the right support system, it can be achieved, helping you free up debts and manage overdraft fees. After all, when your kid is born, you should focus more on enjoying your new arrival than worrying about your finances.  While most of us have an understanding of the term life insurance, you may be surprised to learn that there are many different types of life insurance policies available to choose from. The right type of life insurance policy for you will depend on a number of factors. These can include how long you require coverage, how much you’re willing to pay and whether you are interested in a life insurance policy which accrues cash value over time.
The two main categories of life insurance While there are several niche policies available, all life insurance policies belong to one of two main categories: 1. Term life insurance: These policies are in place for a set number of years and are ideal for most people. If you don't pass away within the specified time frame in the policy, the policy will expire and there will be no payout. 2. Permanent life insurance: These policies last the entirety of your life and typically include a cash value component which can be withdrawn or borrowed against while you are still alive. Other life insurance categories There are several other common life insurance categories, each of which can be classed as term or permanent policies. Let’s take a look at some of these and how they work: Variable life insurance The cash value of a variable life insurance policy is linked to investments, such as mutual funds and bonds. Premiums on variable life insurance policies are usually fixed, with a guaranteed death benefit regardless of market conditions. If you’re thinking of this sort of policy, you may want to consult a financial advisor or perhaps use a retirement checklist to help better understand your finances in pensionable age. Universal life insurance With universal life insurance (sometimes referred to as guaranteed life insurance), death benefits are guaranteed without any change of premiums. There is usually little or zero cash value within these policies, and insurers typically demand on-time payments. You can usually set the age that you want the death benefit guaranteed. Universal life insurance can be cheaper than whole life insurance, although missing a payment could mean your policy is forfeited. Considering there is zero cash value in the policy, you could be at risk of walking away with nothing. There are many pros and cons associated with this type of insurance, so be sure to do your research before deciding whether or not it’s right for you. Simplified issue life insurance For those who are unwilling to take a medical exam, instant-approval policies might be more appealing. These policies use online health questionnaires and AI algorithms to help speed up the application process. When applying, you’ll be asked a few simple health questions, although you could still be turned down based on the answers you provide. Fully underwritten life insurance Underwriting refers to how life insurance companies calculate the risk of insuring an individual. If you are healthy, a fully underwritten policy will usually be the cheapest option. To get the most favourable rate, it can be useful to provide as much information about yourself and your occupation as possible. Conclusion No two people are alike, so it should come as no surprise that there are different life insurance policies for different needs. If none of the above meets your criteria, it’s still worth speaking to an insurance broker, as they may be able to offer a policy that suits your lifestyle and budget. Do you have more debt than you'd like? You're not alone. In fact, according to a recent report, the average American debt among consumers sits at just under $100,000.
Owing money can be overwhelming, especially if you feel like you will never be able to pay it all off. The good news is that there are plenty of avenues of support out there that can help you settle your debt once and for all. If you're looking for some extra help to pay off your debts, you've come to the right place. Read on for our top tips. Understand your debtsBefore looking for support, it’s important to fully understand exactly what you owe. Make a list of all of your debts, including the creditor, the interest rate, and the minimum monthly payment. This will help you see the full picture of your debt so that you can make a plan to pay it off. Once you know what you're up against, it's time to make a budget. Begin by calculating your monthly income and expenses. Then, see where you can cut back on your spending so that you can put more money towards paying off your debts. Make sure to leave some wiggle room in your budget for incidentals. After doing this, you may realize that you need some additional support. If this is the case, there are lots of different places where you can get help, and it can be reassuring to know that you have options in terms of where to go. Debt management plans The first option to explore is making a debt management plan, which is a financial agreement between a debtor and a creditor that the debtor will pay back the money owed over time. The plan is typically set up by a third party, such as a credit counseling agency, and is managed by the agency on behalf of the debtor. Creditors may agree to lower interest rates, waive late fees, or extend the terms of the debt in order to make the payments more affordable. In exchange, the debtor agrees to make regular payments to the agency, which then disburses funds to creditors according to the terms of the plan. Debt management plans can help reduce monthly payments, reduce interest charges, and get creditors off your back – but they can also have a negative impact on your credit score. If you're considering a debt management plan, it's important to weigh all your options and understand the potential risks before making any decisions. Government supportThere are multiple government agencies and programs that offer assistance with debt repayment, too.
 Achieving your financial goals can feel like a never-ending uphill battle. You might be able to save up for a short period, but then something always comes up and derails your progress. You're probably constantly bombarded with ads and articles telling you how to save money, invest wisely, and make all the right moves to secure your financial future. But let's be honest—most of us just want to know how to make ends meet without going broke in the process. The truth is, there is no magic bullet. It takes hard work, dedication, and, most importantly, consistency to achieve financial success. However, making small, consistent changes in your spending and saving habits can significantly impact your overall financial well-being. Tips to Consistently Achieve Your Financial Goals Make A Plan The first step to achieving any goal is having a plan in place. Start by taking a close look at your current financial situation. How much is your monthly income? What are your current debts and expenses? Once you have a clear picture of your current situation, you can start setting realistic goals. Some things to keep in mind:
Set A Budget Budgeting may not be the most exciting thing in the world, but it's essential to achieving your financial goals. Track your income and expenses for at least one month so that you have a clear idea of where your money is going. Once you have a handle on your spending habits and find out your expenses are more than your income, you'll need to find ways to cut unnecessary costs or add another revenue stream. There are several different ways to create a budget. You can use a simple spreadsheet, an online budgeting tool, or even good old-fashioned pen and paper, so find the method that works best for you. Automate Your Savings One of the best ways to ensure that you're consistently saving money is to automate the process by setting up automatic transfers from your checking account into your savings account each week or each month. This way, you're less likely to "accidentally" spend the money you're supposed to save. If you're unsure how much you can afford to save, start small and increase the amount as you get more comfortable. A good rule of thumb is to save 10-20% of your income. Create a Debt Repayment Plan If you're carrying any high-interest debt, it's important to create a repayment plan as soon as possible. The longer you wait to pay off your debt, the more interest you'll accrue, and the harder it will be to get ahead financially. List down all your debts, along with the interest rate and monthly payment for each. Make this a priority in your budget, and focus on paying off the debt with the highest interest rate first. Once that debt is paid off, you can direct your extra payments toward your other debts. Save for Emergencies One of the biggest roadblocks to achieving financial goals is unexpected expenses. For example, car breakdowns, appliance replacements, and medical bills can pop up anytime. If you don't have an emergency fund, these unexpected expenses can quickly derail your finances. Therefore, you must create a savings account that you can use for these unexpected costs. Aim to save 3-6 months' worth of living expenses, although even a smaller amount can help in a pinch. Get an Insurance or Protection Plan Apart from setting up an emergency fund, insurance is another way to protect yourself from unexpected financial setbacks. Many different types of insurance are available in the market, including car, health, and life insurance. While insurance may seem unnecessary, it can save you a lot of money in the long run if you find yourself in a difficult financial situation. You can also consider getting a credit card protection plan to help you pay off your debts in the event of an unexpected job loss or other financial hardship. However, ensure that the business you entrust for your protection is PCI compliant to avoid any security breaches and fraud. Invest in Your Future Investing is one of the smartest things you can do for long-term financial stability. When you invest, you're essentially putting your money into an account that will grow over time, allowing you to reach your financial goals sooner. Some investment vehicles you can consider are stocks, bonds, mutual funds, and real estate. Additionally, investing in yourself is one of the best things you can do for your financial future. For instance, continuing your education, taking courses to improve your job skills, or learning new ones can make you more marketable and earn a higher income. Learn Financial Literacy Last, but definitely not least, if you want to be in control of your finances, it's crucial to have a basic understanding of financial concepts. Learning about budgeting, investing, and credit can help you make better decisions with your money. There are a number of ways to learn about personal finance. You can read books or articles, listen to podcasts, or enroll in courses with financial literacy curriculum. Find a method that works for your lifestyle and schedule, and commit to having a money mindset for the betterment of your financial future. Final Thoughts Achieving financial success takes time, focus, and effort. But by following these steps, you can put yourself on the path to a bright financial future. So stay the course, and don't let setbacks discourage you. With consistency and discipline, you can reach your financial goals. Introduction
A positive mindset about money is essential to establish true financial happiness. How one thinks about money directly impacts everything from their money habits, to how much money they have to spend. There are many strategies to have in the tool belt to help instill a healthy money mentality, which in turn will help establish adequate money habits. Create a Positive Money Mindset First things first, no one is perfect when it comes to their personal finances. It is normal to miss a bill here or there, or maybe even miss a credit card payment. Those “mistakes” may feel like the end of the world at that moment, but it is important to not beat yourself up about it. Handling your finances with patience, and most importantly grace, can help set your bank account up for success. Money is always about mindset, and a strong mental foundation can help you change how you think about money. Instead of thinking, “I don’t make enough money” practice saying phrases like "I can adjust my spending to make the most of my income”. Most importantly, look at financial challenges as opportunities instead of roadblocks. An example of this would be finding a side hustle to generate more income, instead of wishing you made more money at your full time job. Establish Healthy Habits A budget mindset will allow you to have more positive thoughts about money. You have to remember that you are in control of the budget you make yourself, and the budget by no means controls you. Think about how a budget will allow you to have more structure and ultimately cash flow to offer more flexibility. Experts recommend you follow the 50/30/20 rule which is a monthly budgeting method that recommends you split your post-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings. Another healthy habit would be taking the steps necessary to ensure you have a good credit score. This can be accomplished through limiting how often you apply for new accounts, making payments on time, and staying well below your credit limit. The credit score is a huge determining factor in whether you’ll be able to make large investments in the future or save for long-term goals. For instance, if you want to become a homeowner, you’ll need to know the appropriate credit score needed to buy a house and make sure you’re in good financial standing. Your credit score can directly impact whether you are approved for a loan and what your interest rate will be. Be careful when dealing with your credit, as the smallest mistakes can sometimes make an impact on your overall credit score. Also, get into the habit of keeping a close eye on all of your bank accounts. Make sure to thoroughly review every purchase, and check to make sure no unusual charges are present. Expect The Unexpected Life is unpredictable so having an extra cushion of money set aside will make everything easier and less stressful. This is why experts recommend that you set up an emergency fund. This fund should be about three to six months worth of expenses to account for the unexpected. This could be anything from a sudden car accident, medical expenses you didn’t account for, a natural disaster, etc. To have an emergency fund in place is a great asset, and offers some peace in mind in case something sudden springs up. Conclusion Financial “mistakes” are normal and necessary. These struggles allow you to learn how to establish good money habits. If you demonstrate good judgment while making financial decisions, it will pay off in the long run. Positive money habits can completely transform the money in your bank account, and be the reason that your life is more fruitful.  Court Appointed Special Advocates will be trained to teach financial literacy skills.
PRINCETON: DoughMain Financial Literacy Foundation, with support from PNC Bank, will launch the Opportunity Youth Initiative, a financial education program targeting youth preparing to exit foster care. Many youths are guided through the foster care system by dedicated volunteers who serve as Court Appointed Special Advocates (CASA). CASAs from Bergen, Middlesex, Mercer, Somerset, Hunterdon, and Warren counties in NJ will be trained by DoughMain Financial Literacy Foundation. In addition to financial support, Yolanda Swiney, PNC’s Vice President, and Community Consultant for the Northeast Territory will join in presenting DoughMain’s FitKit™ Express Personal Finance workshops that focus on income and careers; pay, benefits, and deductions; taxes; budgeting; banks and banking; savings and investments; credit; and insurance. Initially, 20 CASAs will be trained on the curriculum, with a goal of expanding this pilot program to more CASAs in the coming years. About 1,900 youth in NJ transition from foster care to independence each year. The roadblocks for these youth are many: approximately 20% are immediately homeless, 60% of the females enter the sex industry, and only about half find employment opportunities that can support themselves by age 24. “We believe these workshops will help create better opportunities for financial success and limit financial struggles,” said Robert Church, Executive Director of DoughMain Financial Literacy Foundation. DoughMain Financial Literacy Foundation aims to prepare today’s students for a lifetime of financial responsibility. Learn more at www.dmfinancialliteracy.org. |
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