The magical Roth IRA … You’ve heard that you need one. Or if you have one, you’ve heard that you should be taking full advantage of it. What is so excellent about a Roth IRA?!
It’s tax time!
At least it was for the Hill Family this weekend. We cranked out our taxes while the kids rode their bikes around on an unexpected 60-degree weekend. Equipped with our laptop, our nerdishly organized tax document folder and with some surprisingly cooperative kids, we finished in just under 3 hours.
Food … Evidently, you need it to live. Fine, fine, fine … As frugal as I am, I still like living. But why does it take up so much of my monthly budget?!
We are currently spending around $900 per month on average on our grocery bill. This includes things like toiletries, paper towel and laundry detergent. I find this number to be way too flippin’ high for my liking!
In May 2010, I married my dream girl. She was funny, beautiful and chock-full of 90’s TV trivia. Our first couple of dates consisted of a lot of Saved by the Bell and Seinfeld jokes.
Outside of knowing the Soup Nazi episode verbatim, Nicole and I both came into the marriage knowing the general basics of personal finance. You know, advice like:
- “Don’t carry a credit card balance”
- “Always have some savings for a rainy day”
- “Good debt is okay to have”
For decades, Vanguard has been a trusted name in the investment community. In this financial blogger world that I’ve entered into recently, it’s a resounding theme that Vanguard is the way to go when it comes to investing for your retirement. Billionaire Warren Buffett thinks Vanguard is an excellent choice. Personal Development Coach, Tony Robbins wrote a book called MONEY: Master the Game where he praises Vanguard for being the only recommendation for many of the billionaires he interviews.
When Andy and I decided to become debt free I got excited, then depressed, then excited again. You see, I was excited about the fact that we were going to change our family tree, vacation a lot and do all these things we were dreaming up. However, I also knew that if we were going to realize these dreams, we had some very tight years ahead. Ultimately, I decided the short term-loss would be worth the long-term gain and I started figuring out ways to start spending less.
If you want to improve your financial situation, you need to develop and live on a budget. By doing this, you are creating a detailed map that will guide you to financial freedom.
When my wife Nicole and I started our marriage, we were $50,000 in debt and spending money like it was our full-time job. I, for one, had no issue going on vacations, driving cars and updating our home all on credit.
When we started thinking about having kids, Nicole and I knew it was time to break our addiction to debt. We knew we needed a plan to master our money.
We had heard that developing a monthly budget could help us in eliminating debt, saving more money and reaching our goals. So, we gave it a go. It was rocky at first, but soon it became habit.
The catalyst for this major change in our lives was creating and sticking to a monthly budget.
Both require determination, passion and the ability to communicate effectively.