Budget Archives - Making Sense Of Cents

Why Save Money Now? 9 Reasons That Will Help You Start Saving

May 18, 2020 BY Michelle Schroeder-Gardner - 1 Comment

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Learning to save money is one of the best things you can do for yourself.

Saving money can help you prepare for emergencies, start a business, retire, and more.

Financial security is one of the best reasons for why you should save money, and being prepared financially is one of the best feelings in the world. You can travel more, pursue your passions, quit a job you don’t love, try new things, and more.

But, I hear over and over again from people that they don’t want to save money now because they think they have the rest of their life to do so.

However, that’s far from true, especially if you want to be prepared for emergencies or retire.

When you decide to start saving money now, you will be ready to live the rest of your life.

You can take chances, try new things, and be ready in case something awful were to happen. Saving money gives you the freedom to worry less and live more. [Read more…]

The 52 Week Money Challenge

May 13, 2020 BY Michelle Schroeder-Gardner - Leave a Comment

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Looking for a savings challenge?

Today, I have a free printable called the 52 Week Money Challenge.

How much money do you save in the 52 week challenge?

The 52 Week Money Challenge is a great way to save $1,040 a year without noticing! All you have to do is save $20 each week for a year, and then you’ll easily have $1,040.

If you start this now and do it just until the holidays, you will have a nice chunk of change as well for any holiday-related expenses that you may have, such as gifts or travel.

People tend to like savings challenges like the 52 Week Money Challenge because it can make saving money a little more enjoyable.

Yes, saving money can be enjoyable!

So many people get tired of paying off debt and saving money, because it can feel so monotonous or they just lack the motivation.

Challenging yourself, such as by starting the 52 Week Money Challenge, to save more money is great, because it can help keep your financial goal on your mind and keep you motivated.

Please download my free worksheet, the 52 Week Money Challenge by filling out the form below.

Buying a House at Age 25 and How I Did It

May 1, 2020 BY Michelle Schroeder-Gardner - 4 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Hello! Today, I have a great guest post from Mama Bear Finance. She bought a house at 25, and just 8 years later, it is now fully paid off. She will share with you a story of why she bought a house at age 25 and what steps she took to get there. Her story recounts the sentiments during the previous financial crisis also known as the Great Recession. As the stock market changes in recent news, hopefully this experience could provide insights during times of financial unrest and inspiration to stay the course with your financial goals despite uncertainty.

Buying a house is by far the largest purchase for most people regardless of age. But when you buy one at the tender age of 25, it really raises some eyebrows.

“You must be rich or came from a rich family,” one might assume.

“Either that or you robbed a bank,” one might even joke.

Nope and nope.

While this became one of my major personal milestones, the beginning of homeownership gave me unspeakable anxiety.

You see, it was back in 2011 when the mortgage crisis was at full speed. [Read more…]

How To Save For Retirement – Answers To 13 Of The Most Common Questions

April 27, 2020 BY Michelle Schroeder-Gardner - 7 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Would you like to learn how to save for retirement?

Learning how to save for retirement is how you start preparing for your future. It’s necessary if you don’t want to work for the rest of your life or if you want to do amazing things after you quit working, like traveling or trying new hobbies.

I don’t plan on retiring anytime soon, but it’s something I’ve spent a lot of time thinking about and planning for. There are lots of reasons for why you should too, such as:

You can retire sooner rather than later.
You won’t have to keep working forever.
You can lead a good life well after you finish working.
Compound interest means the earlier you save the more you earn.
You won’t have to rely on your children or others in order to survive.

But, many people are confused or overwhelmed when it comes to retirement savings and investing. [Read more…]

Learn How To Become Debt Free – Stop Living With Debt For Good!

April 20, 2020 BY Michelle Schroeder-Gardner - 2 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Do you want to become debt free?

Would you like to no longer have debt payments hanging over your head?

Do you want to stop living paycheck to paycheck, and instead be able to save for the future?

Paying off debt is hard work. If it weren’t so hard, then it would be no problem for people to do. But, that isn’t the case at all.

Once you decide to pay off your debt, there will be challenges along the way. There will be times when you feel tired and even defeated. Paying off debt takes sacrifices, it takes time, and it can feel lonely. Yes, you may feel like you are the only one working towards being debt free.

If it were easy, then everyone would be debt free.

But, paying off your debt and living debt free is all worth it!

Paying off your debt can have so many positives. [Read more…]

Why You Need An Emergency Fund and How To Start One Today

April 6, 2020 BY Michelle Schroeder-Gardner - 14 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Do you want to learn how to build an emergency fund?

I recently asked you, my readers, what you want to read about right now. The majority of you told me that you’d like to learn more about emergency funds.

In today’s blog post, I answer questions such as:

What is an emergency fund?
Should you have an emergency fund if you are in debt?
How much should be in an emergency fund?
Where should you keep your emergency fund?
Should I keep my emergency fund in a separate account?
Can’t I just use my credit card as my emergency fund?
How can I save enough money for my emergency fund?

Thinking about how you would handle certain life situations is exactly why today’s post about emergency funds is so important.

See, an emergency fund is something I believe everyone should have. However, many people skip this important part of managing their finances.

Without an emergency fund, you can take on debt, add to your debt, not be able to afford basic living expenses, and more. It can be very scary to live without some emergency savings.

So, why are emergency funds important overall?

There are many reasons for why you should have a fully-funded emergency fund:

An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen where you may need money. What would you do if you lost your job and didn’t have an emergency fund?
An emergency fund is wise if you do not have great health insurance. You may have a medical emergency come up, and you can easily spend hundreds or thousands of dollars out of pocket.
An emergency fund is a good idea if you have a car. You just never know if it may need a repair.
An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair. Having an emergency fund can help you if your basement floods, if a hole in your roof forms, and more.

An emergency fund can protect you in many other areas as well. This can include if you have an unexpected medical expense for your pet, if you have to take time off work for something, you need to go somewhere far to visit someone who is sick, and so on. The list of reasons for why you might need an emergency fund can be a long one. [Read more…]

15 Of The Best Money Books For Young Adults – Learn How To Live The Life You Want

March 30, 2020 BY Michelle Schroeder-Gardner - 13 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Are you looking for the best money books for young adults?

Today, I want to talk about the best money and life books for new high school graduates, college graduates, and other young adults. These would be great for graduation gifts, or just for yourself!

I wasn’t always good with money when I was younger. I bought more clothes than I needed, financed a new car, spent a lot going out to eat, and spent a lot of money on things I didn’t need. It took me several years to realize how my spending habits were affecting the rest of my life.

I think this is fairly common when you’re younger, and there are lots of great financial books for young adults that can help you understand how money works and how to prepare for the future.

The best money books for young adults explain personal finance topics like saving, investing, making more money, and more. And, reading them when you’re young can help you get on the right track with your money from a young age. [Read more…]

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