In 2022, the national Chamber of Commerce released data concerning student loans indicating that the average balance on student loan debt hovered around $37,000. That amount could be daunting to any former student, and the obligation’s long-term nature can impact a person’s financial wealth. Paying down loans as soon as possible can positively affect an individual’s money situation. Here are three smart ways to rid yourself of student loan debt for good.
Budgeting with the 50-30-20 Rule
The 50-30-20 rule is a simple budgeting framework that helps you allocate your income into three categories: needs, wants, and savings. The rule suggests dividing your income into the following percentages…
3 Popular Investment Strategies for Beginners
Stepping into the world of investing can be intimidating, and leaving your money in your local bank for safekeeping may seem tempting. Unfortunately, banks don’t offer much growth, and the only way to build your wealth is to brave the uncharted waters of the investment world. To succeed in this new venture, you need a strategy. Here are three of them to get you started.
How Old Is Too Old to Save Money for Retirement?
A recent study by OnePoll found that nearly half of the people surveyed thought there was an age when people were too old to start saving for retirement. While it’s true the longer you wait to save, the less you’ll be able to rely partially on compound interest to leap your wealth forward, it’s never too late to start saving for retirement. In fact, the best time to start for anyone of all ages is now.
These Frugal Living Strategies Do More Harm Than Good
Unless you’re independently wealthy, most people look for ways to cut costs and save money. However, if you’re not careful, sometimes those well-intended strategies can do more harm than good to your bottom line. While living frugally can have an upside, beware of these common pitfalls many people fall into at one time or another.