The debt snowball method is used by paying off debt accounts that have lower balances first. Once an account has been paid off, that frees up some money next month, which you then take an apply towards your debt account with the next lowest balance. This can be emphasized when you are making minimum payments … Read more Paying off Debt: The Debt Snowball Method
What do you do when you have multiple credit cards, a student loan, and a car repayment? It might seem like you have a very huge problem and the thought of being weighed down by all that debt can be very overburdening. In order to tackle this huge problem, one must break down a huge … Read more Paying off Debt: The Debt Avalanche Method
It’s almost the end of 2014 and the new year is right around the corner. It’s time to go over your checklist for 2014 and make sure you’ve completed the following: Max out your 401k The contribution limit for this year is $17,500. If your employer matches your contribution, that limit can go over $17,500. … Read more Things to do before the new year
Once you’ve completed Step 1 and Step 2, you’ve secured an emergency fund and paid off your debt. The next step is to invest your money. But the big question is, where do I invest? Scenario: You have X amount of dollars you’d like to invest. You know you’re supposed to invest and from reading … Read more Where Do I Invest?
Congratulations! You’ve finally reached step 3: Investing. Now that you have your debts all cleared and your liabilities close to zero, it’s time to take a look back at your emergency fund. You will want to work on getting 6 months worth of expenses saved up if you haven’t done so before moving on to … Read more Step 3: Investing