More Advice For Money Advice

Before you take on that second job, make sure the money you have is working as hard for you as you do for it. Tweak your savings accounts and investments to max out your return, like with a high-interest savings account or CD. You're not going to make thousands of dollars in a month or two -- it'll be a slow and steady gain, but one you can count on. Other sure moneymakers are money market accounts, savings bonds, and government-sponsored T-bills bought and sold at auction through the Internet. All of these options have time variables -- a six-month CD might earn you 4.59 percent, while a year commitment will net 4.85 percent. It just depends on when you want to access that extra cash.

Also, try to find extra cash that you already have. Monitor your spending for one month. You may be surprised to learn that you actually have more money than you think -- you're just spending it here and there (think coffees, lunches, and impulse buys) without even knowing it.

Once you figure out where your money is going, you can put yourself on a budget that should leave you with more cash each month. If you've already taken these steps and you still can't come up with any extra dough, then the solution would be to bring in more money. But, please, don't try any too-good-to-be-true, get-rich-quick schemes. If your job pays by the hour, you can give your income a significant boost by working just one additional hour a day, five times a week. At $8 per hour, that will leave you $2,080 richer by the end of the year! If you're a salaried worker, consider whether it's time to ask for a raise. If you've put in the hard work to back it up, negotiating for a salary increase each year is acceptable and even expected in most instances. And, if you're like most Americans, you have a big, fat, four-figure tax rebate coming your way. Be sure you make the most of that money too!

Advice For How Much Emergancy Money You Need

The standard recommendation is that you save three to six months’ worth of expenses in an accessible place (though not in the mattress the way your grandpa did). Regardless of who’s still working, you need to save enough to cover several months of your basic survival expenses (food, rent or mortgage, transportation). So if you bring home, say, $5,000 a month but only spend around $2,000, your savings goal should be $12,000 to cover you for six months -- not $30,000 to cover your salaries.

Advice For Money Problems

Sounds like your anxiety isn’t actually about that number in the bank. Money can be a powerful psychological force because it’s wrapped up in our sense of identity, security, and self-worth. Plus, since finances aren’t something you’re supposed to talk about with anyone but your spouse, suppressing that little financial freakout you’re having can leave you feeling seriously stressed. So figure out what it is you’re really worried about -- maybe it goes back to your family’s money values, issues you have with social status, your job, or just a general neurosis. Try talking it through with your spouse, a close friend who’s also in good financial shape (complain to a struggling pal and she’ll probably just resent you), or your parents.

Money Advice For Living Withun Your Means

Actually, you should live below your means! The most important way to generate wealth is to live within or below your means. For example, if you make $30,000 a year, then live like you make $25,000 a year and save, pay down debt, or invest the remaining $5,000. So many of my friends that have incomes over $50,000, $75,000 and even $150,000 have spent everything they’ve earned and have almost nothing to show for it. Don’t try to compete with your friends or neighbors, don’t spend money fruitlessly, and most importantly, don’t spend more than you make. Many people read this and think, “I’d love to spend less money but I can’t, I have to pay my car payment, the credit card bills, groceries, I need a vacation, I need new clothes for work, etc, etc.” Most of these expenses could be avoided or deferred (like a vacation, a car purchase or buying clothes). The other expenses (like your credit card expenses or mortgage) could likely have been avoided if you had lived within your means when you created the expense. For example, your car payment would be less if you’d opted for the used versus new car, or your credit card expenses would be lower if you hadn’t bought that new computer or those 5 pairs of shoes. Even your mortgage or rent could be less if you chose a different location to live. With that said, there is a fine line between spending appropriately and spending above your means. Just remember that it is always better to forego purchases until you can pay for them in cash rather than to borrow from the future to meet your needs now. The most common exception to this rule is buying a house. Although it will raise your cash expenses dramatically, it is often wise because 1) it’s an investment which will add to your future net worth, 2) the interest is tax deductible which effectively lowers your income tax liability, 3) your mortgage payments will add to your net worth as you pay down the principal on the loan, and 4) you were probably paying rent anyway so it will in effect turn your rent payment into an investment.

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