One of the keys to a sound financial strategy is spending less than you take in, and then finding a way to put your excess to work. A money management approach involves creating budgets to understand and make decisions about where your money is going. It also involves knowing where you may be able to put your excess cash to work.
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When people save, it brings life rewards. But sometimes after being on your best money behavior for a long time, you want to cut loose and spend. It can happen whether you’ve been saving to buy a home, rejoined the workforce or survived a global pandemic.
“Cut spending.” “Slash expenses.” “Avoid shopping.” The overwhelming advice about cutting expenses makes it sound downright unappealing. No wonder many of us haven’t learned to be good financial managers.
Student debt has become a reality for one in three U.S. citizens between the ages of 18 and 29, amounting to a nationwide debt of $1.5 trillion. And it can take a toll– not only on your wallet— but on your mindset.
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Now’s a great opportunity to help kids learn about the value of money. Not just that it’s useful or necessary—but how we get it and how to maximize its value.
Here’s how you can distinguish the difference between healthy and unhealthy debt, and prevent debt from leading stress.
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Learn why protecting your student loan payments is an important aspect of your income protection strategy.
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Here’s a crash course on saving for college.
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