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Showing posts from March, 2023

11 reasons you are struggling to save money

There are many reasons  people struggle with saving money. Many factors that we are sometimes are unaware of. In this article we will discuss some of these reasons.  11 reasons you are struggling to save money 1.Cost of living It would be an injustice to talk about saving money without acknowledging the cost of living. The inflation rate keeps rising which means prices are hiking while our income remains the same.  High costs of living, such as housing, healthcare, and education, leave little room for saving after meeting essential needs. 2. You don't Budget (or stick to it) A budget is to your finances what water is to your body. You might survive a day or two without it but in a long term you will feel the effects. Without a clear budget, it's challenging to track income, expenses, and savings. Overspending becomes common, making it difficult to save 3. You live beyond your means Spending more than you earn will leave you with nothing to save.  Spending more than what you ear
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5 financial mistakes to avoid in your 20s

Your 20s are full of decisions to be made. From your career choice, to whether you want to be married or not. From having kids (or not) to buying your first home. There is always a life-changing decision to be made. It can be overwhelming.  There is a lot of pressure to get everything done while keeping up with the Joneses. This can lead to a few financial mishaps. There are, however, mistakes that you can avoid. Not being honest about your finances No matter how much you earn, you can always spend more than that and be technically poor. If you are not honest with yourself about your financial situation, you'll definitely make mistakes that will cost you a lot later on.  You need to know exactly how much you earn; and how and where you spend your money. That is the only way you can plan and not live above your means.  Getting into unnecessary debt When it comes to debt there is no right way to go about it. Debt is a two-way sword. Some people leverage it to build wealth while other
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How to take care of your finances in 2023

Taking care of your finances can be overwhelming and strenuous. In this blog, we break down a few basics on how you can kick-start your healthy finance journey.  Tracking your spending Keeping track of how you utilize your resources(aka money) will offer insights into some habits you might not even be aware of. You are probably aware of the major spending such as a mortgage, car insurance and so forth but it is the smaller changes here and there that are most impactful.  As they say 'numbers don't lie Lifestyle inflation  A few years ago, while watching "house hunters international" I learnt of the term "downsize to upgrade'. What these house hunters would do was to move to smaller homes and live way below their means in order to buy their dream homes.  It was such an unfamiliar phenomenon for me as I was taught, through culture, that as you make more money your lifestyle should reflect it. Got a promotion? Get a fancier car. Have a side hustle with substanti
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Popular posts from this blog

7 Frugal Mistakes to Avoid

   So, you are considering a frugal lifestyle and wondering what you should avoid doing? Or maybe you are already in the lifestyle but looking to improve on some things? That’s understandable. It is important to know what you are getting into and the obstacles that you might face along the way. When I started living frugally, I made a few mistakes. Mistakes that could have been avoided. Partly because I was naïve and partly because social media created an unrealistic image of what it means to be frugal. I was so damn excited about frugality that I messed up. A lot! I have compiled the list of things NOT do when becoming frugal. Things that I wish I knew when I first started. 1.     Have unrealistic expectations   It is easy to get carried away when starting in frugal life. How could you not? Those Dave Ramsey stories on Instagram about people who saved $100 000.00 in 6 months. The couple that bought a house cash. It is admirable and desirable. I understand why one might have high expec
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Financial Planning? All you need to know about 401k

We are always encouraged to plan for the future. Have a retirement plan. But more often than not, people rarely ever explain what a retirement plan is. How to go about it and what options you have. In this issue, we will dive deep into the good, the bad, and the ugly about retirement plans. We will mainly focus on the most common one, 401(k). What is a 401(k)? A 401k is an employer-sponsored retirement plan. It is named after section 401(k) of the U.S  Internal Revenue Code. The employee agrees to contribute a certain percentage of their salary to an investment account for retirement. Employers may match some or all of the amount.  This is a great investment vehicle for ordinary folks who work a 9-5. It is designed to encourage the working class to save and prepare for their retirement. There are primarily two types of IRA; the traditional 401(K) and ROTH 401(k). The main difference is that the traditional 401(k) is made pre-tax and therefore reduces the taxable income and the withdraw
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How to take care of your finances in 2023

Taking care of your finances can be overwhelming and strenuous. In this blog, we break down a few basics on how you can kick-start your healthy finance journey.  Tracking your spending Keeping track of how you utilize your resources(aka money) will offer insights into some habits you might not even be aware of. You are probably aware of the major spending such as a mortgage, car insurance and so forth but it is the smaller changes here and there that are most impactful.  As they say 'numbers don't lie Lifestyle inflation  A few years ago, while watching "house hunters international" I learnt of the term "downsize to upgrade'. What these house hunters would do was to move to smaller homes and live way below their means in order to buy their dream homes.  It was such an unfamiliar phenomenon for me as I was taught, through culture, that as you make more money your lifestyle should reflect it. Got a promotion? Get a fancier car. Have a side hustle with substanti
Read more