We’ve all been there: Money is tight, that next paycheck seems far away, and you’re looking for cheap foods to buy when you’re broke. Or maybe you’re living extremely frugally and wanting to really cut down on your food spending. Whatever your reason is, I have good news for you: Your grocery bill is one …
Think you’re 100% in control of your spending habits? Think again. Did you know that your personality type, whether you exhibit more introversion or extroversion, actually influences how you spend your money? It’s true! While we already know that introverts make less money than extroverts, recent studies have shown that introverts and extroverts also spend money differently, show contrasting saving behavior, and approach purchasing decisions in different ways.
You’ve just received your paycheck. Woot! You’re chanting to yourself: “Show me the money!” When suddenly… You see the smaller of two numbers and realize: THAT is what you’re actually taking home. So which is it: your gross pay or net pay? Understanding the difference between the two will either set you up for budgeting success…or failure.
It’s impossible to put into words what we’re all going through right now. The coronavirus is impacting each and every one of us—our loved ones, our relationships, our mental health, our jobs, and lastly our finances. I know it seems like just a small drop in an ocean of uncertainty, but one thing we can all look forward to is some relief from the federal government in the form of stimulus checks.
Rainy day fund, emergency fund—they’re all the same, right? In a word…no. Although we often use these terms interchangeably, rainy day funds and emergency funds are two completely different things. Don’t worry. I didn’t know the difference before either! On our paths to financial freedom, it’s important to understand what both of these funds are, what they’re used for, and how to start saving for them.