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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“Wherever you go, there you are” is a classic reminder to live consciously and fully in each moment. In terms of financial confidence and well-being for young adults, that advice makes excellent sense as well.
“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.
Were you raised with the money taboo? Many people are taught from a young age not to speak openly and honestly about money, even with their loved ones. This might not seem like a big deal, but the money taboo has real consequences.
An estimated one in seven middle-aged Americans supports both a child and an aging parent. This isn’t expected to change any time soon.
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.
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