Budget Blog

Before we dive into the comparison between Debt Snowball vs. Debt Avalanche, it’s important to note that these debt payoff methods only work if you have extra money each month to pay towards debt. It also only works if you have more than one type of debt to pay off. If you have only one type of debt, your extra monthly payment would go to your one account. And if you don’t have money left over each month, you would just pay your monthly minimums.

Why pay extra towards debt each month? It’s simple – you pay less in interest and get out of debt faster.

Below we will compare the debt avalanche vs debt snowball method and give you ideas to help you decide which one is best for you.

[Read more…] about Debt Snowball vs Debt Avalanche: Which Should You Choose?

Defining the difference between needs vs. wants is an essential step when you are building a budget. And while this is usually a straightforward determination, there can be nuance between the two depending on your situation.

On top of that, wants and needs together make up the total cost within your budget and are where you need to focus if you are looking to save more money.

Below, we’ll dive into the difference between needs and wants, how they fit into your budget, and how to save money in both areas.

[Read more…] about Needs vs Wants: Building a Budget for Both

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.

[Read more…] about Buy Now Pay Later Apps: What’s the Catch?

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.

[Read more…] about What Are The Three Types of Income?

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.

[Read more…] about Quality Over Quantity: A Minimalist Mindset to Save Money