For the longest time, Taylor and I struggled to control food spending. Actually, to be brutally honest, we sucked at managing this area of our budget. As a matter of fact, the first month we created a budget, we realized that we had spent more on food than we had spent more on food than Read more about Control Food Spending With These 6 Tricks[…]
I never want to be the guy that gives you all fluff and this post is no different. I’m not only giving you 7 things you can do to multiply your net worth, but I’m giving you 7 things I’ve personally done to grow my own net worth. I know for a fact these 7 Read more about 7 Ways To Multiply Your Net Worth[…]
Emergencies happen. be prepared.
Despite what you may believe, I have not always been Michael of Black Sheep Finance.
Truthfully speaking, there was a 3 year stretch where I made almost every financial mistake you imaginable.
I don’t think I’ll ever forget the first time I actually used a credit card.
It was February 2011 in Appleton, Wisconsin.
Thanksgiving 2016 is a week I’ll never forget.
As you can probably tell by the title, that week SUCKED!
It all started the day before Thanksgiving when I got the call that my aunt, who had been in the hospital for a few weeks, was getting ready to begin chemo and was not expected to live through the initial treatment. […]
One afternoon, two young boys stood in front of their bathroom scale discussing the object at hand.
“How does this thing work?” asked one of the boys.
The other boy answered, “I’m not sure exactly, but I do know that when you stand on it, it either makes you mad or it makes you cry.”
Question: What do you recommend for a budget percentage?
Great question! I love this one because it shows that you really care about not only creating a budget, but creating a budget that works for you. (Heavy emphasis on works for YOU!)
Here’s a fact that may come as a surprise for you: there really is no standard budget percentage chart that works for everyone.
This was the year that things were going to be different. This was the year the old habits you built over the years were going to the slaughterhouse. This was the year you decided that you had enough.
You said you were going to stop spending so much, and get control over your money. You were going to work towards getting out of debt. You were going to save more money.
And then something happened. And then another thing came up. And some of those old habits were a little harder to kick than you anticipated. And now, this year is starting to look similar to last year. […]
We live in a day and age where everyone wants everything now. What we lack in patience, we make up for in debt.
Auto and student loans in America now, both, top over $1 trillion individually, and credit card debt isn’t far behind at $780 billion.
So how do we begin to reverse these trends? It’s simple actually: stop borrowing money and start saving for big purchases! […]
If you were to ask a group of people how they currently budget, the majority would say that they just use an app like Mint to track their expenses or they don’t budget at all.
A solid financial coach would tell you that a zero-based budget is the most effective way to budget. A zero-based budget is one that gives every dollar earned a responsibility before it ever touches your account.
This doesn’t mean that your account hits zero every month, but, rather, that there is no dollar unaccounted for. For example, any extra money you have after covering your necessities would go directly towards paying down debt, savings, investing, etc.