Budget Blog

Buy now pay later apps like Klarna, Afterpay, and Affirm might seem like great products for consumers and businesses alike, but they come with a catch.

For consumers, these apps can help you pay for big-ticket items like a new mattress or television by breaking down the purchase into smaller, more manageable payments. However, these apps also come with potential late fees, high-interest rates, and subtle nudges to make you spend more than you can afford.

For merchants, these apps can increase customer conversion and bring you new business. Though they also come with fees that, on average, can be higher than typical credit card processing fees.

Below we’ll walk through in more detail how these buy now pay later apps work, as well as the full list of pros and cons.

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One of the best ways to improve your personal finances is to increase your income. Today we’ll be reviewing the three types of income, including examples of what they are and their pros and cons:

1. Earned Income
2. Capital Gains Income
3. Passive Income

Your income can be diversified, just like an investment portfolio.

The more income sources you have, the less impacted you will be if one of those income streams dries up. Similar to how when one part of your investment portfolio is struggling, other assets can pick up the slack.

Increasing your income is also a great way to improve your budget. Unlike cutting expenses, increasing your income has no limit. In theory, you can keep growing it and growing it with no end.

With that, let’s dive further into the three main types of income, starting with the most popular type of income – earned income.

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Choosing quality over quantity can be a wise decision in many aspects of life. It could save you money over the long run and leave you better off financially, and there are many other benefits to adopting this minimalist mindset.

From reducing stress to freeing up more time to do things you love, the benefits of opting for quality over quantity are nearly endless.

If you are struggling with maintaining a budget or just looking to improve your life, below you’ll learn more about the quality over quantity mindset and how to apply it to various aspects of your life.

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Dave Ramsey is a personal finance expert and is most well known for his 7 baby steps to help you get out of debt and take control of your money. While these steps have helped millions of people, they are not perfect. Below I’ll walk through the pros and cons of Dave Ramsey’s Baby Steps and provide some alternative options along the way.

Before diving in, I want to put on the record that I agree with most of what Dave Ramsey has to say when it comes to personal finance, and I think he’s helped a ton of people throughout his career. I even included his book, The Total Money Makeover, in my list of the best budgeting books.

Getting out of debt, investing for retirement, and having a handle on your finances are all great things, and all are things that Ramsey recommends.

[Read more…] about Dave Ramsey Baby Steps: Breaking Down the Pros and Cons

Below you will find a list of the 14 best budgeting books to improve your personal finances.

Building a budget is usually a necessary first step to improving your personal financial situation. After all, it’s hard to improve anything if you don’t know where to start.

And a budget is the blueprint that will show you what you need to improve and what you should keep doing.

[Read more…] about 14 Best Budgeting Books to Improve Your Personal Finances