paycheck to paycheck
How Side Hustles Are Helping This Grad Pay Off $575,000 in Student Debt While Living the Life of Her Dreams
Hello! Today, I have a personal debt story to share from Samantha on how to pay off dental student loans. Enjoy! Hi there! Before we get into the side-hustling, let me introduce myself. My name is Samantha and I graduated from dental school with more than $575,000 in student debt when I was 26 years […]
The post How Side Hustles Are Helping This Grad Pay Off $575,000 in Student Debt While Living the Life of Her Dreams appeared first on Making Sense Of Cents.
Mint Money Audit 6 Month Check-In: Was Rebecca Able to Squash Her Debt?
My first Mint audit was dedicated to Rebecca, a 34-year-old government worker who was stuck living paycheck to paycheck. With nearly $11,000 in credit card debt and very little in savings, she desperately wanted to get ahead in her financial life. My recommendation at the time was to transfer her credit card debt to a
The post Mint Money Audit 6 Month Check-In: Was Rebecca Able to Squash Her Debt? appeared first on MintLife Blog.
What Are the Consequences of Not Saving Money?
Many Americans struggle to save money but itâs worth the effort since there are serious downsides to not stashing away cash. These can range from going into debt, facing financial hardship after losing your job, and not being able to achieve your aspirations, like homeownership. To help you get motivated to put money in the […]
The post What Are the Consequences of Not Saving Money? appeared first on SoFi.
9 Best Budgeting Apps To Take Control Of Your Finances – Money Under 30
Chapter 07: Using the 50-30-20 Rule to Budget
So far in this series, weâve answered important questions about budgeting, such as âWhat is a budget?â and âWhy is budgeting beneficial?â This series has been focusing on how using a budget can help you keep your spending in check and ensure your savings goals are on track. One way to do that is using
The post Chapter 07: Using the 50-30-20 Rule to Budget appeared first on MintLife Blog.
Real Minter #EmpowerMint Story: Yalonda
At Mint, we believe every step forward is a step worth celebrating. With a little empowerment, any day can be your big day. So we asked real Minters like you to share your stories. From the challenges to the big wins, we are so impressed with your dedication and motivation to achieve your financial dreams.Â
The post Real Minter #EmpowerMint Story: Yalonda appeared first on MintLife Blog.
23 Better Money Habits You Need to Start Doing in 2022
Working on your finances can be a long process, but taking it one step at a time and developing better money habits can help you get ahold of your finances and start building a better future for yourself. If you struggle with setting money aside for the future or feel like youâre living paycheck to
The post 23 Better Money Habits You Need to Start Doing in 2022 appeared first on MintLife Blog.
4 Steps to Build a Resilient Financial Life
Life can throw you curveballs, bringing unexpected events and expenses. Thatâs why building financial resilience in your life can be so powerful â and it starts with learning to have a basic sense of how your finances work and what you can do to make them work better for you.
- SEE MORE Why Financial Literacy Alone Will Always Fail
If youâre feeling a bit uncertain or overwhelmed about how to get your finances in order, the first place to start is to define your goals. What is it that you want to achieve? It may be sticking to a budget, paying down debt, saving for retirement, building an emergency fund or saving for a big expense like a car, a home or a childâs education.
 Letâs walk through four basics for building a more resilient financial life.
Step 1: Be SMART with your goals
Whatever your goals, I encourage you to put pen to paper to write them down. I like to use something called the SMART goal-setting method, which stands for:
- Specific
- Measurable
- Action-oriented
- Realistic
- Time-bound
For example, if you want to pay off debt, start with the actual dollar amount of how much you want to pay down. That makes it Specific and Measurable. Then, get Action-oriented by defining the steps you’re going to take. If itâs paying down debt, maybe you can cut back on eating out or put your tax refund toward your credit card bill.
By making your goal Specific, Measurable and Action-oriented, youâll be able to see if your goal is Realistic â and if not, you can adjust, like by extending the time frame. Speaking of time, the T in SMART stands for Time-bound: Give your goal an expiration date so you have a target in mind. Once you reach that deadline, you’re encouraged to make the next goal, and then the next â and that’s how we make progress in our financial lives.
Step 2: Be organized
I like to use the analogy of building a house. Itâs fun to dream about your floor plan and decorations, but building the house doesnât truly begin until you break ground and lay the foundation. Creating a more formal budget is the foundation of our financial lives, helping us see exactly where money is flowing so we can better allocate it to our many needs, wants and goals. Calculate every dollar coming in, including earnings from your job or any other sources, such as a rental property or side hustle. Next, track your expenses â everything from rent and gas to coffee and birthday gifts. Once you list all those expenses, separate them into two columns for needs and wants.
- SEE MORE For Real Financial Security, Do NOT Do What Everyone Else Is Doing
This part is going to be different for everybody. For example, we all need to wear clothes, but do you really need new clothes every month? Maybe you do if have a growing child or need a new coat â but maybe not, and maybe you can put new clothes in the âwantâ column instead of the âneedâ column.
Another helpful tip is what’s called the 50-30-20 rule: Think about 50% of your budget going to cover needs like bills, food, housing, insurance and utilities; then the next 30% to wants like streaming services, vacations or new gadgets; and then the remaining 20% to savings â like your retirement account, stock portfolio and emergency fund.
Step 3: Be realistic
Practice makes perfect, so think of your financial life like playing a game of darts, where each triangle on that dart board is a different aspect of what you said you were going to spend or save to reach your goals. The more you practice throwing that dart, the better you’re going to be at hitting the mark consistently.
Of course, many of us live paycheck to paycheck or rack up debt to make ends meet. If thatâs where you are today, it still helps to get a clearer picture of your goals, income, spending, needs and wants. Write it all down and try to identify places where you can potentially cut back. For example, you probably need your cellphone, but is there a less expensive plan that could work? If thereâs really no wiggle room, look for ways to bring in additional income â maybe turning that passion project into a side hustle or picking up a flexible part-time job.
Making ends meet can be tough, so itâs important to put energy into building a financial cushion when you have the chance. You may have also heard that it’s a good idea to have three to six months of essential expenses saved up as an emergency fund, but for many of us, thatâs easier said than done. Just keep in mind that savings donât appear overnight. Start small, figure out what works for your lifestyle, and save â even if itâs $5 at a time.
Step 4: Get support
Financial literacy is simple, but not necessarily easy. The sooner you start budgeting, saving and investing, the more time you have for your money to potentially grow and help you reach your goals. Even small amounts of invested money can add up over time, thanks to the power of compounding interest. So make sure that you’re working to build up your financial resilience today so that when you retire, you can live the kind of life that you’ve always envisioned. If you feel behind, donât panic â just start today, and start as small as you need to.
Our finances are such a significant area of our lives, which is why I personally find it very reassuring to know that there are many types of professionals out there who can offer support as you assess your options, prepare your next steps, and work to achieve your goals. Maybe youâre ready to build out a financial support team with help from attorneys, accountants or financial advisers and coaches. Many companies offer their employees access to financial education, advice and resources as a part of their benefits package, so check out whether your company offers any additional support that can help you take control of your financial journey today.
- SEE MORE Which of the 3 Financial Phases Are You In?