Posts Tagged ‘little bit’

8 Tips for College Student Budgets

Monday, July 6th, 2009

#4 Pace Yourself

Below are eight tips for college students about money and finances.

1. Track your Expenses

If you track your spending for a few weeks, you will be better able to figure out where your money is going. Are you spending an exorbitant amount of money on Starbucks? You may want to cut back. Most college students do not realize where their money is going until they really take the time to pay attention to their receipts at the end of the week.

2. Formulate a Plan

The best way to manage your finances over the course of a semester is simply to sit down and really take the time to map out a budget. List all of your sources of income, tracking potential income and actual income earned. Then list all of your expenses, including tuition, books, groceries, and so on. When you have a plan formulated, you can better track money coming in and going out.

3. Make Room for Good Time Money

You need to make plans to have a little bit of personal spending money for entertainment purposes, eating out or other special purchases, otherwise you can easily throw your entire budget plan out of whack. Make some room for entertainment money and just vow to stay within your budget from month to month.

4. Pace Yourself

If you spend too much money at the beginning of the semester you will run out of money before the end. Give yourself a weekly spending limit based on how much income you have, and stick to it so you don’t end up tapped out by the end of the semester.

5. Go Easy on Credit

Credit cards are nice, and useful, but only for some purchases and not all. One quick way to spend way beyond your means is to use credit in the wrong ways. Use your credit cards sparingly if you have them, otherwise you may end up hooked on charging things, which is a great way to rack up unavoidable, unnecessary debt.

6. Set a Personal Credit Line

Just because your credit card has a limit of $2,000, that does not mean you have to spend that much. Only spend what you can actually pay back. If you only have $500 to attribute to paying back a credit card, only spend that much on the card and you will be fine.

7. Be Realistic

You can do what you want to do, but you cannot necessarily do everything that you want to do. Make some choices and be prepared to make some sacrifices because doing things and buying things is going to make a dent in your wallet, but some expenses can be easier on the wallet than others and provide just as much return on investment.

8. Plan Ahead for Emergencies

If you bust your entire budget this week on something you want to do, make sure to make up for it next week. If you constantly spend your entire budget frivolously, you can end up unprepared for emergencies like auto maintenance costs, course materials, health costs and so on.

Photo Credits: 1

Originally posted 2020-11-06 05:11:31. Republished by Old Post Promoter

Related Articles
  • Is Leasing an Auto a Good Option Right Now? /caption] With the current state of the economy and rising interest rates, many are considering leasing an auto instead of making an outright purchase or financing one. While there are a few benefits that can come through a leased vehicle, this is a decision that will require some careful thought……
  • Loanio Roundup – Dia de Los Muertos /caption] Good morning and welcome to the Dia de Los Muertos edition of Loanio’s roundup. Dia de Los Muertos is a holiday celebration that takes place primarily in Mexico and celebrates the dead. It goes by Day of the Dead in English and correspondingly it matches the Catholic holidays of……
  • 5 Tips for College Students on Budgets When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become……
  • Personal Budget Planning is Crucial! /caption] Personal budget planning is absolutely crucial if you want to build personal wealth and overcome things like the credit crunch and the current problems that the economy is experiencing. The word “Budget” is one that worries a lot of people because it often seems more like a hassle and……
  • Tips for Managing Your Money Wisely With a few tips for managing money wisely, you should have no problems putting together a good working budget and learning how to manage your money. Here are some excellent tips for managing money wisely that will give you a great platform for getting started. /caption] 1 – The first……
Related Sites
  • Kids and chores3 steps to a personalized income plan for your children Photo by: wsh1266 This is a guest post by WJ, a husband, father, fellow Christian and frequent commenter here on Gather Little by Little. WJ had made a very informative comment on my article, 10 Ideas To Help Teach Your Kids About Money. I asked him if he might……
  • College Money Matters This article is part of the Money Matters for All Ages group writing project being conducted by the M-Network and other blogging friends. See the bottom of this article for the full list of participants and links to their articles. Please check back daily as I will update the links……
  • budgetEasy Personal Finance Tips When you’re trying to save for the future and still manage to eat, it can be tough to find that right balance. We all need to plan ahead and having a savings account really is essential. This can be a cushion or that “rainy day” money that you need, and……
  • 3 New Year’s Worksheets Each Christmas, the M-Network blogs celebrates the 12 days of Christmas with 12 posts on personal finance. Of course, these aren’t the real 12 days of Christmas, but since those come after Christmas it’s rather anti-climactic. We’ll be posting from December 1st to December 12th.nnThese three worksheets will help you…
  • 10 Phrases That Will Sink Your Budget Sticking to a budget, whatever your style, can be a challenge. It’s so easy to come up with reasons to spend spend spend! How come it’s so hard to find such motivating reasons to save? SD Gal and I have been working with our budget for the past few months……

401k Planning

Sunday, July 5th, 2009

Most people have questions when it comes to 401k planning and retirement. These people often wonder what 401k planning is, how 401k planning works, and how a dwindling balance can be revived. 401k plans can be complex, but they can also be quite easy to understand with a little bit of preparation.

What is 401k Planning?

A 401k is a retirement plan sponsored by an employer. Employees can contribute some of their income to their plan before taxes. The maximum amount of the contribution can be limited by the plan or by the federal government. Once the employee goes into retirement, their distribution is going to depend on how much the plan has grown over time. Because of this, employees should choose their investment choices carefully. Once they begin to take distributions, the withdrawals will be taxed. If the money is withdrawn before the employee reaches the age of 59 and a half, then there will be a withdrawal penalty.

Plan for your retirement.

How does 401k Planning Work?

If a company does offer a 401k retirement plan, then the employee usually has some option to select their investment funds based on a list provided by the 401k planning company. The employee’s contribution is going to be deducted automatically from the employee’s paycheck before taxes are taken out. Each employee is allowed to contribute up to a certain percentage, and some employers will match this percentage. The contributions that are made along with matching funds are invested into the employee’s funds. Sometimes loans can be drawn out of 401k plans, and some hardship withdrawals are also permitted. There is also a vesting period where an employee must be employed for a defined number of years before the money in their account is actually their own.

How is a declining balance repaired in 401k planning?

The first thing that you should do in order to address a declining balance is to look more closely at the investment mix that you are working with. If you invest too heavily in company stock, this can cause significant problems if the company ever faces financial troubles. Contributions should be adjusted in order to make the most out of contribution limitations, and the maximum tax deferred contribution should be made whenever possible. At the very least when this is not possible, employees should contribute enough to gain matching funds from the company.

How can a 401k portfolio be best balanced?

Balancing your 401k planning portfolio is important because it shows you whether or not your investments are on track with your game plan for retirement. If you are wondering whether or not you need to rebalance, it may be time to consider your goals, your risk tolerance and any other concerns that you have alongside a financial advisor. Some of the things that will dictate the next steps in your 401k planning process include age and how close you are to retirement. Your 401k planning process will involve investments for growth and investments for income.

Photo Credits: 1

Originally posted 2020-11-05 05:09:37. Republished by Old Post Promoter

Related Articles
  • 3 Types of Safe Investments /caption] Given the shaky financial markets across the world today and the extreme ups and downs that are being seen from one day to the next in the US market, you might be wondering what are safe investments, and how can I be sure I won’t lose all the money……
  • Personal Budget Planning /caption] The key to your financial success in life is your own personal money management skills. Your personal money management practices make up your own personal method of reaching both your goals and your dreams. No one likes the idea of personal budget planning, but you will never know if……
  • The Best Small Investments /caption] Wall Street’s recent cataclysmic events are still unfolding and the entire planet is feeling their aftershocks. For this reason, interest in what is going on in the stock market is rising quickly, even for those who do not normally understand what the stock market is all about, or what……
  • Do You Avoid Personal Budget Planning? /caption] One of the things that can make your life easier, even though it sounds complicated, is personal budget planning. If you’re one of the fortunate few who never has to worry about running out of money no matter how many extra expenses might crop up or how much extra……
  • Breaking Down Budgeting A personal budget is simply a spending plan. Before you work on personal budget planning you need to have a good idea of where and how your money is being spent. It can be a tedious process, but it can also be a true eye opener if you are not……
Related Sites
  • moneyThe Key to Successful Financial Planning Financial planning at its smallest denominator is essentially what you’d like to have and how you plan to get it. That may be oversimplifying things just a bit, but sometimes when you look at things stripped away of all of their jargon, it’s a lot easier to understand it. So,……
  • Wal-Mart Sued Over Expensive 401K Plan Former and current employees of Wal-Mart (WMT) last month filed a lawsuit (currently seeking class-action status) seeking $60 million in damages from the world’s largest retailer alleging excessive fees in the company’s retirement plan. As the country’s largest employer with nearly 1.4 million employees and $9.5 billion in 401k assets,……
  • Retirement Saving Performance7 Costly Retirement Savings Mistakes to Avoid Our Social Security system is in crisis. Despite the fact, many people do not give retirement planning enough priority. This is especially true when life is hard — making it difficult to think about and plan for retirement that is 30-40 years away. However, I encourage you to stop putting……
  • Best of Lazy Man and Money – Volume 1 I’ve been meaning to write a “best of” post for some time. I had been putting it off, because I’m a tough critic of myself and even though I might like a post today, I might not like it tomorrow. Plus, when you are as lazy as I am, sometimes……
  • The wisdom of Prosper crowds Crowds know a lot collectively.  The basis for efficient market theory is that everything known about the market, good and bad, is already priced into it, so that its price is exactly where it should be, supposedly.  This works only if you have a large number of people making a……