Evan Vitale

Evan Vitale – The Basics of Personal Financial Planning

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By Evan Vitale

Personal financial planning is the cornerstone of achieving your financial goals and securing your future. Whether you’re saving for retirement, buying a home, or paying off debt, effective financial planning can make a significant difference in your financial well-being. Here are the basics to get you started.

  1. Set Clear Financial Goals: Begin by defining your financial objectives. What do you want to achieve in the short term and long term? These goals might include building an emergency fund, paying off student loans, or retiring comfortably. Having clear goals provides direction for your financial planning.
  2. Create a Budget: A budget is a crucial tool for managing your finances. Track your income and expenses to understand where your money is going. Allocate specific amounts for essentials like housing, food, and transportation, and set aside money for savings and investments. A budget helps you live within your means and save for your goals.
  3. Build an Emergency Fund: Life is full of unexpected expenses, such as medical bills or car repairs. An emergency fund with three to six months’ worth of living expenses can provide a financial safety net. Start small and gradually build it over time.
  4. Manage Debt: High-interest debt, such as credit card balances, can hinder your financial progress. Create a plan to pay down your debts systematically. Focus on the highest-interest debts first while making minimum payments on others.
  5. Invest Wisely: Investing is a key component of wealth building. Consider your risk tolerance and financial goals when choosing investments. Diversify your portfolio with a mix of stocks, bonds, and other assets to manage risk.
  6. Save for Retirement: Don’t neglect your retirement savings. Contribute to retirement accounts like 401(k)s or IRAs, and take advantage of employer match programs if available. The sooner you start saving for retirement, the more time your money has to grow.
  7. Review and Adjust: Regularly review your financial plan to ensure you’re on track to meet your goals. Life circumstances change, so be prepared to adjust your plan as needed.

In conclusion, personal financial planning is essential for achieving financial security and success. By setting clear goals, creating a budget, managing debt, and making wise investment choices, you can take control of your finances and work towards a brighter financial future.

Evan Vitale – The Power of Personal Financial Budgeting

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By Evan Vitale

Personal financial budgeting is like a roadmap for your financial journey. Just as a GPS guides you to your destination, a well-structured budget can help you reach your financial goals. Whether you’re saving for a dream vacation, planning for retirement, or simply trying to stay on top of your bills, budgeting is a crucial tool for achieving financial stability and success.

What Is a Personal Financial Budget?

A personal financial budget is a detailed plan that outlines your income and expenses over a specific period, typically on a monthly or yearly basis. It serves as a financial blueprint, helping you allocate your resources effectively and make informed financial decisions.

The Benefits of Budgeting

  1. Financial Awareness: Creating a budget forces you to take a close look at your financial situation. It helps you understand where your money is coming from and where it’s going. This awareness is the first step toward managing your finances effectively.
  2. Goal Setting: A budget enables you to set clear financial goals. Whether it’s paying off debt, saving for a down payment on a house, or building an emergency fund, your budget can be tailored to help you achieve these objectives.
  3. Control Over Spending: Without a budget, it’s easy to overspend and live beyond your means. A budget helps you track your expenses and stay accountable for your financial choices, ultimately preventing you from falling into debt.
  4. Peace of Mind: Knowing that you have a plan in place can reduce financial stress and anxiety. You’ll have a better handle on your finances, which can lead to a greater sense of security and peace of mind.

How to Create a Personal Financial Budget

  1. Calculate Your Income: Determine your total monthly income, including wages, salary, bonuses, and any other sources of revenue.
  2. List Your Expenses: Make a comprehensive list of all your monthly expenses, including rent or mortgage, utilities, groceries, transportation, insurance, entertainment, and savings.
  3. Categorize Expenses: Group your expenses into fixed (those that stay the same each month) and variable (those that fluctuate). This will help you identify areas where you can cut back if necessary.
  4. Set Priorities: Assign specific goals or priorities to your budget. Allocate a portion of your income to essential expenses like bills and debt payments, and allocate another portion to savings and discretionary spending.
  5. Track Your Progress: Regularly update and review your budget to ensure you’re staying on track. Make adjustments as needed to accommodate changes in income or expenses.
  6. Save and Invest: A well-planned budget should include provisions for saving and investing. Building an emergency fund and saving for the future are critical components of financial security.

Personal financial budgeting is a fundamental tool for managing your money effectively. It helps you gain control over your finances, set and achieve your financial goals, and ultimately enjoy greater peace of mind. By creating and sticking to a budget, you can take charge of your financial future and work toward a more stable and prosperous life. Remember, it’s never too late to start budgeting and taking control of your financial destiny.

Evan Vitale – Tips to Save Money While Moving

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Moving to a new town; new house or apartment can be one of the most stressful things you may have to do in life.

Most people must move due to their employment requirements; college or a family need. All of these changes cause many people to make poor decisions when it comes to moving.

I’m writing this blog as a friend of mine is currently moving and I know the pain he’s suffering as he’s trying to wrap up things in one location, while starting new things in another location.

The biggest concern is the additional expenses that go hand-in-hand with moving. Do you move your possessions on your own, or do you hire a professional moving service to help you?

If you choose the “do-it-yourself” model, you’ll be responsible for packing everything; renting a truck; loading said truck; driving it to your new location; unloading the truck and unpacking your items. It is a lot of hard work and labor.

If you choose to hire the professional, most will pack; load; haul and unload your possessions saving you time and wear-and-tear on your body. This is the easiest method, but it can be expensive. The best way to hire a moving company is by a referral. Talk to friends and family members and see if they can recommend a local, professional (and ethical) moving company that you can hire.

My friend who is moving is taking the “do-it-yourself” approach. However, as he prepares to move, he has decided to host a garage sale and sell off most of his possessions rather than move them (especially heavy furniture). He says some items are old and he’d rather sell them at a low cost and not have to move them to a new location. Instead, he’ll buy new furniture at his new place at a later time.

If you choose the “do-it-yourself” model, try to get some friends and family members to help. You can take your time packing boxes (don’t make them too heavy) and offer to buy pizza for everyone who helps you load up your truck. Maybe someone will offer to drive the truck for you!

With either approach, the best way to prepare for a successful move is by planning ahead. Pick your moving date and work backwards. Give yourself enough time to pack; turn off utilities; forward your mail and rest a little bit on the packing and unpacking side of things. Don’t hurt yourself!

Moving is not fun, but if you take proper steps and good planning, you can help alleviate some of stress that is caused by moving.

Evan Vitale – Get Back On Your Budget!

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By Evan Vitale

As I write this, it is hard to believe that June 2017 is just a few days away. Which begs the question: How are you doing on your personal budget for this year? Making progress? Struggling a little or have you totally discounted creating and sticking to a new budget?

Don’t give up. There is hope and here are some ideas that you can use to either create a personal budget for you or get back on track.

Ready? Here you go:

  • During the month of June, create a plan – a good plan – with the idea of moving into the second half of 2017 of sticking to a new budget for yourself.
  • Review and give full consideration in all areas that you can possibly think of in order to cut extra spending and save money. For example, review your cell phone bill, cable tv service and other regular monthly expenses. In many cases, a quick call to your cell phone or cable TV provider can save you some money quickly.
  • Start eating more meals at home. While eating out at restaurants or fast food places is fun (and yummy), you’ll quickly burn through any extra money that you can be saving for a rainy day. A friend of mine and his wife plan to eat one (and only one) meal out per week.
  • Take your lunch with you to work. Again, this will keep you from eating lunch out and will help you save money and time.
  • Take your coffee with you in the morning. Consider how much are you spending at Starbucks or other fancy coffee houses every money. By taking your own coffee, you’ll save money and time.
  • Other ideas include: forming a car pool; using public transportation; find a cheaper parking lot (if you have to pay for parking), etc.

Regardless of where and how you cut your budget and start saving, there are many areas in which you can review and start trimming the fat. It might be a little painful at first, but the rewards are greater in the end.

Extra Income Opportunities

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By Evan Vitale

You’ve cut your budget; you’re watching your spending and you’re working a full-time job yet still it would be nice to have a little bit of extra money each month.

True, you could seek out a part-time job and work evenings and weekend, but there may be some obstacles that prevent taking on another job (i.e., child care; night classes, etc.). So, what could you “juggle” in order to create some extra income?

Simple. Start a small, at-home business. Here are some ideas that might help generate the creative juices:

  • Start selling on eBay, Etsy or other online selling platforms. You probably have some things around the house that you could clean up; take photographs and list for sale. Start researching eBay to get an idea of what people are buying. You’ll be surprised.
  • If you have children, perhaps you can offer some evening and weekend child care services to other family members and friends. Try not to get carried away so that it creates a problem for neighbors (and for yourself).
  • If you can sew, check with a local dry cleaner and offer them your hemming and repair services.
  • If you can write, there are many writing and editing opportunities with online services such as guru.com.
  • Be sure to check out Fiverr.com for ideas. Here, you will find some quick-paying gigs – but there’s a catch: all initial projects are completed for only $5.

This is just a start! Think about your time and your skills and what additional income you would like to earn with a few evening and weekend hours. The possibilities here are endless and you’ll still be able to be at home!

 

Evan Vitale – Improve Your Budget This Year

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By Evan Vitale

Happy New Year!

Now, let’s really get down to work – starting today – in making 2017 a great year for you by taking the necessary steps in erasing (or significantly lowering) your debt and improving your budget.

The beginning of the year is a good time to take a look at your expenses and your debt and making some good decisions to start the year off fresh.

Ready? Here we go:

  • Take a look at where your budget is leaking money. Make there are some unpredictable expenses or, perhaps, you didn’t account for some extra income (which is always nice). Fine tune your budget to completely fill in the gaps so as to make your budget more accurate.
  • Analyze your spending and see if there is anything out of the normal. Check your budgeted categories and make sure that they are realistically reflecting your lifestyle. Make necessary adjustments.
  • Check to see if you are buying too many of one or two items. For example, how much money are you spending each year on those extra “lattes” every day at your local coffee shop or, perhaps, are you spending too much money (and too often) on music downloads; DVDs; books; movie tickets or eating out at lunch. Work hard on reducing these amounts.
  • Re-evaluate your overall plan so that you can have the funds needed in order to reduce your debt (such as credit card debt) or to start saving more.

By studying; analyzing and re-working your budget, you can make logical changes to reduce extra spending; plug holes in your budget for unexpected expenses and work harder in the upcoming new year to erase debt and build more wealth.

 

Evan Vitale – Resist Holiday Spending Bug

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Evan Vitale

November is here and, before you know it, you’ll be bombarded with holiday ads, commercials and new credit line offers so you’ll have more money to spend during the busy shopping season.

The temptation to spend – especially when creditors offer credit in front of your sparkling eyes – now is the time to stick to your budget; stick to the plan that you set nearly a year ago. Resist the urge to spend and resist the urge to sign up for a new line of credit.

You’ve come so far in creating and setting your budget, now is not the time to blow it. Yes, everyone will have a Merry Christmas, but you’ll regret the spending decisions you make now when the credit card bills come around in January (and, believe me, everyone regrets those big spending decisions when that fat bill – with high interest rates – arrives in the mail).

Suzy Orman calls it the “buy-it-now-bug” saying everyone catches the spending bug now and we start feeling the full effects in January. She advises:

  • Use only cash. Challenge yourself to not buy any gift with a credit card.
  • Go homemade. Whether it’s baked, knitted, scrap-booked or any other gift that you make yourself, it will feel more meaningful to the recipient and it will keep you away from the spending temptation.
  • Check your giving circle. Have a conversation with your family and friends about scaling back with your holiday giving. Who knows? They may have wanted to have the same conversation with you, so break the ice and have that discussion now.

An extra tip is to have a “secret Santa” drawing in your family. Instead of giving gifts to everyone, why not set a budget and everyone has a “secret Santa?” This way, the spending is kept to a minimum and everyone gets to enjoy a special gift.

Resist the urge. Follow the tips mentioned above and stay within your budget. You’ll be happier come January!

Evan Vitale – Finding A Seasonal Job

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By Evan Vitale

Many of us look forward to the holidays as it creates seasonal employment opportunities to earn some extra income for gifts, trips, paying off debt, etc. Now – as we head into the busy shopping season – is the time to start looking for a part-time holiday job as many businesses are hiring.

Note: A friend of mine easily picks up a holiday job every year and, in almost every instance, the business asks him to stay at the end of the year.

Here are some ideas on where and how to find seasonal employment:

  • Always keep in mind where you live in relation to where you are applying. Try to stay close to home or close to your other job. That way, you are minimizing travel time between jobs and your home.
  • Decide if you are looking for restaurant or retail work.
  • Consider applying at businesses where you normally shop or places that offer products and services you enjoy. Some businesses will offer employees a shopping discount, so that will mean extra shopping savings and help you stay within your budget.
  • Consider applying at a temp agency. Many businesses prefer to hire through a temp agency giving you a larger employment pool of job opportunities.
  • Be flexible. Chances are good that many retail stores are open Thanksgiving Day and may require you to work nights, evenings, weekends, etc. If you are restrictive in the days and times you are willing to work, you will become less attractive to a potential employer. Of course, if you have another part-time or full-time job, try to make yourself available during other hours of the day, weekend, etc.

Searching for seasonal employment is almost like a full-time job. Dress the part, hit the pavement and be prepared to complete numerous employment applications. Make sure you take a complete list of references, addresses, phone numbers, dates of previous employment, detailed list of skills, etc. This will save you time when completing applications (and there won’t be a need to fumble around on your mobile phone for information).

Start applying for a job today. Chances are good you can find something soon and earn 10-12 weeks of income between now and the end of the year!

Evan Vitale – Save Money, Be Creative

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By Evan Vitale

The holidays will be upon us soon and, for many, the need for extra income becomes an extra financial burden when it comes to purchasing gifts for friends and family members.

Many stay within their means; abide by their budget and buy as their budget allows.

Therefore, our next two blogs offer some suggestions when it comes to gift-giving for the upcoming holidays:

  • Obtaining a part-time job for extra income (next week’s blog).
  • Being more creative with less expensive gifts.

Remember, no matter what you give to someone during the holidays, it’s the thought that counts. If you are going to purchase something, keep the individual in mind and – more importantly – keep your budget in mind!

Inside of buying a gift, here are some great ideas:

  • Consider making him or her a personal photo album. Photos are always appreciated, even more so when you take the time to collect and organize them in a way that will remind the person of a place you visited together or of a family member or event. This is a very inexpensive and impressive gift that anyone would enjoy. It’s always appreciated.
  • Get those creative juices flowing and make a gift basket. Again, include things in the basket that the receiver would enjoy: their favorite candy, snacks, fruit, beverage, etc. Including some baked goods (baked by you) are also appreciated. There’s no limit to what you can create and bundle together to make a personal gift basket. And, yes, men enjoy receiving gift baskets as well!
  • Purchase a small gift and include with it a poem or a story about the person. If the recipient is your romantic better half, you could also buy a series of inexpensive gifts and bundle them together. Think: The 12 Days of Christmas and give the person a “pear” on the first day of Christmas, chocolate turtles (for turtle doves) on the second day of Christmas, etc. Very clever!
  • Make something. If you sew; knit or have good woodworking skills, start now by making someone a personal (and unique) gift. Your costs will be very inexpensive, but the gift would be extremely appreciated!

Get those creative ideas going now and get started working on your gifts!

Evan Vitale – Big Budget Savings (Part II)

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By Evan Vitale

Let’s continue and conclude our blog series on finding ways to trim the fat; stay within your budget or just save some extra money for a rainy day (or a vacation), check out these tips that can help you find some extra money.

  • Credit Cards. This is also a biggie. If you carry a limit on a credit card, you should try to pay it off as soon as possible to reduce the amount of interest you are paying on that card. Another option is to transfer the balance to another card (or a new card) that offers an introductory offer of 0% for the first year. Then pay it off within the first year that you hold that card. In addition, give strong consideration to calling your credit card provider and negotiate the Annual Percentage Rate (APR) that they are currently charging you.
  • Look for Bargains. Overall, this means you should stop paying too much for everything you use in your life. Visit discount and “dollar” stores to find items that you are buying on a regular basis. You’ll be surprised to learn that you’ve been paying too much money for everyday basics, such as paper products, etc.
  • Use coupons. This doesn’t mean clip and use every coupon you find. Instead, look at printed and online coupons that match what you normally buy each week, month, etc.
  • Buy in bulk. If you use a lot of a particular product, check out the advantages and disadvantages of visiting those big bulk stores such as Sam’s Club, Costco, etc. in order to say money in the long run. Connect with family, friends and neighbors in order to split large cases of products (i.e., paper towels, etc.).

As you have seen in our two-part series, there are some easy and simple ways that you can save big. Start trimming the fat today!