5 Introductory Tips to Envelope Budgeting Systems

The right budget can be a powerful financial tool. While the ability to create and maintain an accurate budget is a key skill in terms of financial management, many individuals find budgeting to be a real struggle. From minimizing impulse buys to creating incentives to seek out deals, bargains, and other discounts, switching to the envelope method could allow you to curb your spending and to manage your finances with far greater ease.

How Does the Envelope System Work?

The core premise behind envelope systems is to set aside money for each spending category in advance. This system traditionally used cash placed in envelopes but may function just as effectively with the “virtual envelopes” that may be created with financial software applications. 

The idea is that having only a finite amount of money to spend makes it much easier to stay within the budget.

Stretching Your Money More Effectively

Envelope systems provide a strong incentive to stretch each dollar as far as possible. Clipping coupons or seeking out clearance sales becomes a lot more important if it is the only way to free up some much-needed space in your budget. 

Trying to make it through the rest of the month without additional funds can be quite the challenge, especially for those who are prone to making impulse purchases.

Rollover Accounts

One helpful way to make the best use of your budget to add any unspent money within a specific category to the next month’s budget. Cutting back on the spending for a few months can easily free-up the cash needed to make a major purchase. These rollover accounts can provide a simple and effective way to maintain a more balanced budget.

Clothing and Other Essentials

Lacking the funds needed to make essential purchases can become a real problem. From food and gas to clothing that your children may be constantly outgrowing, setting aside enough money to handle any complications that may crop up can be very important. 

Crafting a more affordable menu plan or shopping for a gently used windbreaker jacket that can also leave you budget to get a shit and pants rather than making a new purchase and only getting one item. If you get creative within your budget you can utilize clearance, sales, and coupons to make sure you get what you need without dipping into another envelope.

Entertainment and Quality of Life Purchases

There is such a thing as being too frugal. Failing to set aside enough money for entertainment and outings is a common mistake that often finds households souring on their new budgeting system. Trying not to skimp when setting aside money for entertainment and other quality of life purchases could make a real difference.

Learning to budget and manage your money more effectively could be simpler than you imagine. The envelope system is a proven method, one that could help you to curb your spending. A little creativity and some foresight are often all it takes to bring your spending habits under control.

How to Organize Finances While Going through a Divorce

Navigating a divorce can be quite an emotional journey. It can lead to all sorts of financial ups and downs as well. If you want to get your finances on track in the midst of dealing with a divorce, then you don’t have to feel overwhelmed and confused. 

Getting your finances in tip-top condition is something that’s actually a possibility for you. It doesn’t have to be that hard, either.

Talk to a Divorce Attorney about Finances

A consultation with a capable lawyer may help you figure out how to deal with all facets of the divorce process and finances. Look for a divorce attorney with a superb track record with everything from splitting up assets to managing alimony matters. 

Click Here "Financial Planning Ultimate Guide: Helping Single Parents with Divorce"

A legal professional may be able to get you tips that can turn your monetary life around for good.

Ask Finance-Savvy People for Tips

Ask yourself if you know any people who have been through divorces relatively recently. Ask yourself if you know any finance-savvy ones who have specifically. If you do, then you should reach out to them for any suggestions. 

Find out what they did to get through a divorce without wreaking havoc on their bank accounts forever. If you get any good insight, try to emulate it. You may even find out what you shouldn’t do.

Recruit a Financial Advisor

Hiring a financial advisor can be beneficial for getting your finances on track. Try to recruit a professional who has a solid track record with people who are trying to navigate divorces.



A seasoned and talented financial advisor may help you figure out how to deal with your existing finances. He or she may help you figure out how to safeguard your finances for the future as well. Professional insight can often be priceless.

Write out Your Monthly Budget

Writing things out can often be terrific for people who want mental clarity. If you want to organize your money, it can help you considerably to write out your budget. Write out exactly how much money you have to work with every month. 

Write out all of your expenses in detail. These may include everything from grocery purchases to transportation costs. Be thorough.

Organizing your finances doesn’t sound fun. It’s something that you have to do after splitting up with a spouse, however. Disconnecting your lives can help pave the way for a brighter and more promising future.

Leaving the Military? Time to Get your Finances in Order

Whether you are being discharged or are retiring from the military, it is important to use the organisational skills that you picked up during your service when it comes to sorting out your finances.

When leaving the military, you will probably fall into one of three groups; you may have joined during or after high school and therefore don’t have any real financial education, or you may be retiring after completing your 20 years of service. 

Alternatively, you may have been discharged following an injury during service. For each of these groups there are different things that you may want to consider in order to help secure your finances.

Discharged due to injury?

If you have been discharged following an injury, then you may feel daunted about what is to come. If you have lost a limb or are suffering from PTSD, then the idea of getting a civilian job may make you extremely anxious.

If you have been left with a lasting injury or condition as a result of your service, then you may be eligible to claim VA disability benefits. The best place to start is by heading over to the Chisholm, Chisholm and Kilpatrick website to use their VA compensation calculator. 


The math behind VA disability benefits is a little more complex than you would expect, so if math isn’t your strongpoint, then this calculator will quickly identify your “efficiency level” which will dictate how much you may be due in compensation.

Retiring after your 20 years’ service?

Retirees who complete their service will be due a lifetime pension plan – the amount you will be paid is determined by your years of service and final rank, and regulations can differ depending on which service branch you served.

If you are intending on continuing to work a civilian job then you may want to consider rolling your pension over to either an individual retirement plan or the retirement plan of the company that you go on to work for. 

Whilst most veterans would prefer to start receiving a steady income as soon as they retire, there are many advantages of utilising a stretch IRA or Roth IRA, as this will help your money grow without incurring any tax.

Leaving the military as a young enlistee?

If you enrolled in the military out of high school, then you may have missed a lot of financial education which will have benefited you in the future. As a result of this, many young enlistees rack up debts and end up taking out emergency loans when they leave the military, not to mention they have little to no savings.

To avoid falling foul of the same fate, it is important to quickly learn how to budget your money and consider which things in life are necessities and which are luxuries. There will also be services available to you locally that can help you learn how to manage your money effectively. Don’t feel a loss of pride for having to use these – they can be the difference between you thriving financially and falling upon hard times.

Budgeting the Unexpected: How to Financially Recover from Health Emergencies

Times are tough are all over, and when someone in our family has a health emergency, that can stretch our finances so far they break. The best way to fix anything is to be prepared for the worst. 

To better help you and your family recover after a health emergency, we have put together a few handy tips that can help you be better prepared in case something does happen.

Look for Affordable Health Insurance

The best thing you can do to help prepare your family for any health emergencies is to find a health care plan that works for you. Finding the right insurance plan is not an easy task, but there are services and websites that can help you find the coverage that works best for you. 

Depending on your specific situation or needs, there may be ways to receive some sort of aid or assistance from local, state, or federal agencies.

Open a Savings Account

To make sure you can handle a health or personal emergency when it comes up, start saving for that emergency right now. A savings account is not something that everyone may have the luxury of always being able to add to, but if you add to one whenever you can, there is a better chance that you will be able to weather whatever gets thrown at your family.

Set up a Financial Power of Attorney

In the more serious health cases, you or someone in your family may not be able to make certain decisions on their own. In these cases, it is very helpful to legally have a plan set in place to allow someone to handle these decisions for you. 

Power of attorney gives someone that authorization through signed legal documents. This allows that person to handle most financial matters, such as signing some papers and withdrawing money.

Look at Supplemental Insurance or Payment Plans

Many doctors’ offices and dental clinics around the country offer some sort of payment options or sliding scale that can help those that may be having a tough time financially. It never hurts to inquire about options and even ask if they offer any sort of supplemental insurance to help cover costs.

Your family’s health is important, and so is your financial health after a crisis. Be sure you can handle what life has planned for you. Save up and start planning for emergencies today.

Golden Goose in the Golden Years: How to Manicure and Manage Your Nest Egg

Retirement is a time for you to cherish. People often use their retirement years to make the most out of life. They often travel, participate in new recreational activities, and simply take it easy. If you want to do all of these things with ease, however, then you need to make a point to protect your finances properly. Keeping your nest egg intact is essential.

Devise an In-Depth Monthly Budget

The absence of a comprehensive budget can make handling a nest egg pretty unrealistic for most people. If you want to keep your finances in check for years to come, then you need to devise an exhaustive budget. Figure out how much money you’re able and enthusiastic to set aside each month for utilities, entertainment, transportation, dining out, and more.

Consult Several Retirement Planning Advisors

Retired individuals often seek financial assistance from capable and knowledgeable planning advisors. There are planning advisors out there who specialize in retirement exclusively. 





That’s one of the reasons they’re qualified to give retirees comprehensive advice. Set up consultations with various retirement planning advisors in order to select one who is the best match for your individual aims and wishes.

Downsize Everything You Can

If you want to take charge of your nest egg and of your financial future in general, it may be wise to downsize. Chances are your children are adults who no longer live with you. If they are, you may not need as much space as you did in the past. 

Consider selling your home and relocating to a much smaller one. Smaller residences cost a lot less to maintain. Living in them can decrease your lifestyle expenses in a major way.

Find a Part-Time Job

It can be smart to keep your mind sharp and alert all throughout retirement. Using your brain on a frequent basis can be wonderful for keeping your cognitive abilities. If you want to handle your finances and keep your mind effective at the same time, it may be good to look for a part-time job. Part-time work can be helpful to retirees who are searching for pastimes as well.

The last thing you want to do is spend wastefully during retirement. If you want to protect your finances, you have to be 100 percent proactive. You have to be on the lookout for new opportunities as well. It can never hurt to get guidance from adept retirement planning advisors.

3 Tips for Budgeting Around Insurance and Investments

As you look toward the future, setting up the right life insurance coverage while also saving and investing for retirement and other future plans are essential steps. For the most effective results from your planning efforts, both of these factors must receive adequate attention. 

Because they can impact your current budget significantly and because they are essential for the future, a closer look at how you can manage these items in your budget is in order.

Trim down Expenses

In order to pay for life insurance premiums on an adequate amount of coverage and in order to save and invest a suitable amount of money for the future, you may have enough cash available each month to contribute to these areas. 

A smart idea is to review your budget today to look for areas where you can cut back. For example, by updating and reviewing your budget carefully, you may determine that you should refinance your car loan or mortgage to set up more affordable monthly payments. In cash that is freed up in the process can be allocated toward insurance premiums and investments.

Assess Your Coverage Needs Periodically

While you understandably want to have enough life insurance coverage to provide for your loved ones in the event of your death, you also need to ensure that you are saving as much money for the future as possible. 




Assessing your coverage needs periodically may help you to avoid being over-insured. Remember that you can sell life insurance when needed. By doing so, you may use money that was previously allocated for insurance premium payments as retirement contributions instead.

Automate Payments and Contributions

Keeping up with insurance premium payments is critical. Failing to make payments can result in the cancellation of your coverage. Likewise, you may find it difficult to meet your financial goals for the future if you fail to make investment contributions regularly. 

With this in mind, it makes sense to set up automatic premium payments for all insurance policies. It is also a smart idea to make automatic retirement account contributions. Consider gradually increasing the amount of money that you contribute to your retirement account as needed.

Saving, investing and being properly insured are all essential for financial security in the future. Now is a great time to review your current coverage needs and financial goals. If you are falling behind on your goals, take steps to trim down your expenses so that you can properly prepare for the future.

4 Techniques for Financial Success That Will Surprise You

The secrets to financial success are not actually that secret. They can simply just be difficult to achieve. These four surprising techniques for financial success will put your finances on the right track.

Invest

Investing is a very practical skill and how most people with significant amounts of money got rich. Its sheer influence over financial success is what will surprise you. There are many different kinds of investments you will need to understand, including stocks, funds, bonds, and more. Know your risk tolerance. 

Remember that, in most cases, you don’t lose or gain any money until you actually withdraw investments and that values will change over time. To be successful at investing you will have to take the time and learn how it works to make the best possible decisions.

Save for Retirement Early

Many, many people neglect their retirement savings. Would it surprise you to learn that just about every age group has far too little in retirement savings? You will likely not be able to live on social security alone when you retire. 




Take advantage of any employer-sponsored retirement savings accounts from the moment you get your first job. You can also utilize investments, outlined above, to grow your retirement savings so you can enjoy your golden years while having enough money to live on.

Watch Your Credit

Your credit rating and score are essentially a history of your financial reliability. Credit checks are done in a large variety of circumstances, including by landlords, mortgage companies, insurance companies, and employers. 

Odd things such as closing accounts, not utilizing credit, credit reporting errors, and getting parking tickets can affect your credit score. If your credit is poor, there are ways you can improve it, including fast credit repair services, working hard, and budgeting well to get your finances back on track.

Budgeting

Perhaps the single best thing you can do to achieve financial success is to have a budget and stick to it. Doing so means you are less likely to overextend yourself by borrowing more than you can afford. 

It will help you set up good financial habits such as paying all bills on time and putting a little into savings each month. While budgeting is hardly a surprising financial tip, its effectiveness certainly is.

In most cases, financial success comes from using the money you do have wisely. These tips may not be revolutionary but they will surprise you in their effectiveness. Don’t make your financial situation more complicated than it needs to be. With a solid foundation of good practices, you can achieve financial success over the course of your life.

6 Steps to Successfully Managing Your Personal Finances

If you regularly feel frustrated by your financial situation, you are in good company. Across many income levels, people commonly feel as though they do not have enough money to accomplish their goals. At times, they may not even have enough cash on hand to cover their bills. Paying down debts can seem challenging, and it may feel as though you can never get ahead financially.

Regardless of your income level, it is reasonable to live within your means and to achieve financial goals. However, you must approach financial management strategically in order to do so. These are essential steps for successful financial management.

1. Create a Budget

Managing your money properly without a budget is an impossible feat for most people. A budget tells you how your income is allocated each month. It enables you to find areas to cut back on, and it may help you to determine if you can afford to buy an extra pair of shoes or head to the movie theater tonight.

Budgeting may sound simple enough, but many people struggle in this area. Ensure that your budget is based on accurate numbers rather than hopeful numbers. Use your spending history to ensure accuracy. In addition, reconcile actual income and expenses regularly so that you always know where you stand financially.

2. Trim Down Spending

One of the many benefits of living on a strict budget is the ability to identify areas to reduce spending in. Financial stress often occurs when your spending is very close to your income level or if it exceeds your income level. Most expenses can be trimmed with proper effort, so there may be plenty of wiggle room to work with. 




For example, you may be able to refinance your home mortgage or move to a more affordable rental home. You can make energy efficiency improvements around the house, shop for better rates on Internet and smartphone service, prepare more affordable meals at home and more. With effort, you may be able to reduce regular monthly spending by hundreds of dollars or more.

3. Plan for Short-Term and Long-Term Goals

Your budget gives you the ability to allocate regular contributions for savings and investments. By doing so, you may meet your short-term and long-term goals. For example, you can plan a short-term goal of taking a vacation or getting orthodontic braces for your child. A common long-term goal is to save for a comfortable retirement.

You will never reach these goals without saving money regularly. Therefore, you need to adjust your budget to include regular allocations of funds for each of your short-term and long-term goals.

4. Take Advantage of Modern Technology

Many years ago, personal financial management involved manually logging income and expenses through a handwritten ledger. You may have had to wait for a monthly bank statement or call a customer service phone number regularly to reconcile numbers and to ensure that you did not make a mistake.

Technology has thankfully improved. Banking apps can tell you immediately what your balances are, if transactions have posted and more. You can also use Excel to prepare a fixed budget as well as to keep a running budget for income and expenses. Excel is a part of the Office 365 suite and is available to everyone.

5. Save Regularly

Part of your budget should include a small allocation of funds to a savings account on a regular basis. Healthy personal finances include a well-funded emergency fund. This account may be used to pay for unexpected expenses, and it can help you to avoid relying on credit cards in a time of need.

Many people wonder how much money they need in their savings account. There is not a fixed answer that is right for everyone. Depending on your financial situation and life circumstances, you may feel more comfortable if this figure covered three months of your regular income, six months of regular expenses or another amount. 

For example, if you live in a large house and would need to pay an expensive deductible if you file an insurance claim, you may need more money in savings than a renter may need. You may also feel more comfortable having more money on hand if you are concerned about getting laid off soon, if you live very close to your means and would struggle if even a small unexpected event occurs and more.

6. Focus on Debt Reduction

High debt balances can erode financial security. They can also inflate monthly expenses and prevent you from saving and investing more. Reducing and ultimately eliminating debt is essential for smart financial management. The first step to take for effective debt reduction involves living within your means and avoiding taking on any new debts.

After you have accumulated a healthy sum of money in an emergency savings account, you may then contribute additional funds toward debt reduction. Concentrate any additional funds available to a single account, and focus on this account until the balance is paid in full. You can then move on to your next account. Debt elimination may take years in many cases, so avoid feeling discouraged by slow results.

Wrapping Up

Effective financial management can improve your life in countless ways. Each of these tips can have a profound effective on your personal financial health and security in different ways, and their cumulative results may be life-changing in some cases. Begin applying these steps to your financial management efforts today to benefit from their transformative effects.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Contact Jasmine @JazzyWilliams88

Budgeting for a Family: Ways to Work Toward Financial Freedom

When you have a family to provide for, it's essential to make sure you do everything you can to plan for the future. Not only is it important to have the necessities like food, clothing and shelter, but it's also best to create a life that you all can enjoy. 

Whether you'd like to go on a family vacation, out to the movies or make an investment, it's good to have the financial freedom to do so. In order to make it happen, you'll want to have a budget in place. 

In addition to a budget, there are ways you can create wiggle room so that your family can achieve the financial freedom you desire.

Use coupons

Get creative about the ways you create more room in your budget. Grocery shopping for a family is completely different from grocery shopping for yourself. You'll spend a lot more money. In order to keep costs low, it's good to shop in bulk. 

However, it's also great to use coupons. Now, there are tons of coupon apps you can download in order to get the discounts you desire. When you're shopping online, it's a good idea to download various widgets and apps that'll feature different discounts before you purchase the items in your online shopping cart.

Create passive streams of income

Passive streams of income are essential in order to build wealth. If you don't have various vehicles set in place, it's time to start building them. If you're an excellent writer, consider writing a series of eBooks. 




Upload them to the sites of major book retailers, and promote them consistently in order to earn money. Invest in the stock market or in the foreign exchange market.

Readjust your bills

Reconsider your cable bill. Get rid of a few of the luxurious amenities for a little while. If you're in a bind and you're a homeowner, you might want to consider shifting the interest rate on your mortgage loan by switching to a home equity loan. In some cases, this can be a really helpful move to allow you some breathing room.

DIY

Do your own manicures and pedicures. Style the children's hair yourself. Cut your own grass. There are certain tasks you can do on your own as they will help you refocus that money into more lucrative investments.

As you work hard to turn this goal into reality for your family, you might get discouraged along the way. There will probably times when you'll lose motivation, and feel compelled to give up. 

However, think about the fact that you're working for more than just yourself. You're working in order to help your family experience a better future. When you're able to keep things in perspective, it'll be easier to continue on the journey to financial freedom.

4 Financial Steps to Protect Yourself from Bankruptcy

Dealing with overwhelming debt can be a serious burden. Dealing with bankruptcy, however, can often be just as frustrating. Bankruptcy can do a number on your credit, after all. If you want to safeguard yourself from all of the stresses of bankruptcy, these financial tips can be highly effective and useful.

Work on a Budget

Assess the amount of money you use on a monthly basis. Set up a budget that can keep you accountable and focused. Tell yourself that you won’t go over your designated budget no matter what, too. 

If you want to take charge of your monthly spending patterns, maintaining a budget can make a strong foundation. You can handle your spending by using cash for anything you get. You can do so by throwing all of your credit cards away as well.

Say Goodbye to Frivolous Purchases

Viewing your purchases in a totally new light can help you steer clear of bankruptcy. Refrain from buying anything you absolutely do not need. If it’s not rent money or food, then there’s a strong chance that you can cut it out. 

Say goodbye to eating out at restaurants. Say goodbye to cigarettes, costly cable television packages, movie theater trips, spa pampering days and more as well. 

You can even save money by cancelling your fitness center membership. Jogging at the park can be just as effective.

Reach out to a Bankruptcy Lawyer

Attorneys who have bankruptcy expertise can supply you with comprehensive insight that can potentially help you keep filing at bay. 

If you want advice from a legal professional who knows all of the pitfalls that get people on track to bankruptcy, a lawyer consultation can be a superb idea. Book a consultation with a bankruptcy lawyer who possesses a blue-chip track record.

Put Your Property up for Sale

Putting property up for sale can often help people who want to stay far away from bankruptcy. If you have a vacation home that no one occupies, you can think about selling it. 

If you have a vehicle that you rarely use, you can consider putting it up for sale, too. Contemplate any and all items you may have with high value. Selling rare antiques may help you dodge bankruptcy filing.

The thought of bankruptcy shouldn’t make you lose your cool. If you’re calm, you may be able to think your way out of a scary debt situation. The answer is to think things through rationally.

Budgeting Magic: How to Make Your Money Work for You

Let your money work for you. We all have heard this saying, but what does it really mean? And, most importantly, how do we accomplish this? It is common financial advice, but it’s hard to imagine. Let’s take a look at some ways it can become reality. 

Retirement Accounts

Everyone needs to have retirement accounts; it’s never too early to invest in retirement funds. The common options are the 401(k) and individual retirement accounts (IRAs). 

Both of these are invested into the market, and this means there is potential for money growth. If your employer matches, always invest up to their match. Don’t give away free money! 

Normal financial advice states that 15% of your income should be invested into retirement funds. The second choice for the remaining amount of your investment should be either a Roth IRA or an IRA. 

Invest in Real Estate

The real estate market can take a little time to understand. If you are looking to purchase a single family home, take some time to decide what home would work best for you and your family’s needs. 

 Professionals, like those at TitleSmart, know that you should be sure that the cost of buying a home doesn’t require too much of your monthly income. Stay below your budget and invest in a property that can be sold later for maximum profit. There is also the possibility of investing in commercial real estate. 

This branching out opens the possibility of making additional money, but it also can fail. The real estate market fluctuates frequently. 

High Yield Savings Account

Before you begin your journey into investing your money, it is important to have a savings account. Ideally, six months of living expenses should be stored away. Using an insured high yield savings account can generate more value. 

Most normal saving accounts only offer an interest rate around 0.01% whereas a high yield is closer to 1%. There are a variety of banks that offer these accounts. 

Live Within Your Means

Millions of people live their entire lives under the strain of debt. Avoiding debt whenever possible is important; it will cost more in the end due to interest. 

Choosing to live a lifestyle that is within your means allows for maximum investment. This means that later in life, your money will have greatly increased and your future is secured.

Making your money work for you doesn’t require you to be rich or to be a financial wizard. Talking to a financial advisor can start you off on the right direction. Remember to invest and pay yourself first.