Personal Finance Archives - PersonalFinanceLab

Student Loans

Kevin Smith — Tue, 01 Dec 2020 18:35:20 +0000

What is a Student Loan? A student loan is exactly what it sounds like – a loan given to students to finance their studies. This is most common for college or university students, but also works for trade schools and other vocational studies. Most of the time when a person takes out a loan, they Read More...

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Building Wealth

Kevin Smith — Mon, 14 Aug 2017 19:01:21 +0000

"Building Wealth" combines exercises from budgeting, spending plans, savings strategies, credit cards, and all points in between in a life-long strategy to build financial security

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Family Planning

Kevin Smith — Mon, 14 Aug 2017 17:48:43 +0000

Raising a family is expensive. According to CNN, it costs over $230,000 to raise a child from birth to age 17 in the United States! Some say that no one is ever prepared to be a parent until it happens, but with a bit of wise financial planning, you can at least worry a bit less about money during the journey.

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Mortgages

Kevin Smith — Mon, 14 Aug 2017 15:13:56 +0000

Your home will probably be the biggest purchase you make in your lifetime. Buying a home not only saves money on rent, but is a serious asset that can appreciate over time. Since homes are so expensive, (almost) no-one buys them in cash. Instead, homes are typically purchased with a special type of loan, called a “Mortgage”, that breaks the principle and interest into equal payments over the entire term of the loan.

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Buying a Car

Kevin Smith — Fri, 11 Aug 2017 14:49:39 +0000

Want to buy a car? Stick to your budget! Besides the base price of the vehicle, keep in mind fuel costs, insurance costs, how much it would cost to replace commonly damaged parts (like the front and rear bumpers), and even things like vehicle registration!

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Preparing for Spending Shocks

Kevin Smith — Thu, 10 Aug 2017 14:49:42 +0000

“Spending Shocks” are large, irregular expenses. Many people do not budget enough to successfully deal with spending shocks, which can be detrimental to their personal financial health. If you don't want to get struck with a shock, invest in your rainy day fund!

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Unemployment and Other Assistance Programs

Kevin Smith — Wed, 09 Aug 2017 15:40:48 +0000

There are a variety of unemployment programs, and other assistance programs, that exist in order to help with people facing hard financial times, and low incomes. Some of these include Unemployment Insurance, SNAP Food Assistance and Housing Assistance, and more. If you find yourself in a tight financial spot, knowing about these programs can be the difference between a quick recovery and a spiral of debt

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Budgeting and Spending Strategies

Kevin Smith — Tue, 08 Aug 2017 14:09:48 +0000

Building a budget or spending plan is tough. Sticking to the plan is even tougher. Remember to "Pay Yourself First", and don't lose your head - stick to the plan!

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Pay Yourself First

Kevin Smith — Mon, 07 Aug 2017 14:50:55 +0000

Budgeting, and trying to grow your savings, can be extremely challenging. However, there is one easy technique you can use to make sure your savings are always growing: Pay Yourself First. This is where you set aside your savings immediately after getting your paycheck - reducing your temptation to over-spend throughout the month.

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Bankruptcy

Kevin Smith — Thu, 03 Aug 2017 14:44:56 +0000

Bankruptcy is a type of forced debt settlement, and is a legal procedure. When you declare bankruptcy, the courts will gather all your unsecured creditors together, and hear the debts you owe. They will then examine all your assets, and pay out as much as they can to settle as many debts as possible.

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