Financial Fundamentals

Whenever a conversation about reducing expenses comes up, it inevitably leads to discussions around how many lattes you should drink, times you eat out per week, or other ways to reduce expenses by cutting costs. While that part of the conversation can have its place, the first place I like to start when reducing expenses are in those area's that don't impact your lifestyle one bit!Here is a list of 28 ways to reduce your expenses without reducing your lifestyle: Eliminating Junk Expenses 1. Stop Paying for Things You Don't Use!​ Take a look at each charge on your credit…

Understanding your credit score is crucial for financial well-being. It plays a pivotal role in determining your ability to secure loans, credit cards, and favorable interest rates. Fortunately, checking your credit score has become easier than ever, and you can do it for free. In this guide, we will walk you through the process, providing information on contacting credit agencies, using reliable websites, and exploring alternative monitoring methods. The Three Credit Agencies There are three major credit reporting agencies in the United States: Equifax, Experian, and TransUnion. These agencies play a crucial role in the financial system by collecting and…

With the basic budgeting techniques covered in Part 1, we will now cover your income and expenses in more depth. In this article, I'll cover some common questions about each high-level category and provide tips on navigating, finding, and budgeting for each side of the equation. If you missed Part 1, check it out here: Budgeting Part 1: The Basics – Gilbert Wealth Determining Your Income This is the fun part - how much money you have coming in the door! Your income is the first step in developing a budget because it tells you how much you have to budget.…

Knowing how to budget is essential skill for financial success. It is the first step towards understanding your overall financial picture and planning for your future. Unfortunately, budgeting can be intimidating and overwhelming due to the sheer number of methods and techniques that exist. In this introduction, I will break down the fundamentals of budgeting, discuss some popular approaches, and provide a summary of key takeaways. With a solid understanding of budgeting basics under your belt, you'll be ready to tackle any challenge that comes your way!If you need convincing that you should budget, check out the 8 Benefits of…

Budgeting is simply tallying up your income and expenses to ensure you are living within your financial means. I rarely find someone who doesn’t have some positive or negative reaction to putting together a budget. When you hear the word budget, what words for feelings come to mind? Most people fall into two categories: those that cringe and those that get excited.  Regardless of your feelings, a budget is important for people in any financial situation.For those who cringe, you might think of a budget as being restrictive, taking too much time, being too complicated, or not enjoying your hard-earned money. However,…