Nova Credit Union’s Post

When asked to track expenses, people emphatically claim or calculate expenses broadly, say by noting down rent, fuel, electricity, provisions, etc. However, they fail to realize that little expenses, such as a doctor visit, a subscription, or buying toys for your kid, do add a lot of weight to the overall outflow. We also don’t realize that a short weekend outing definitely would cost around 1000 Rs., starting from parking charges, fuel, a couple of hours in Fun City, a movie, or a restaurant. On top of all this, people tend to say we earn to spend & enjoy experiences. There is nothing wrong with this; tracking helps you understand if what you spend & enjoy is within limits and that it doesn’t affect your financial goals, such as kid’s education, retirement, etc. If your inflows are equal to the outflows excluding investments, then you are living paycheck to paycheck, and that is not sustainable long term! #track #income #expenses

𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐢𝐧𝐠 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐭𝐫𝐚𝐢𝐧? You're not alone. Luckily, there's a simple budgeting strategy to help you regain control: the 60/20/20 rule. This is how it works: Needs 60% : These are essential expenses such as housing costs, EMI's, utilities, groceries and transport. Savings 20% : This could be your future pot! You can reserve this amount for retirement, emergencies or any other big needs in the future. Wants 20% : This represents fun money! Use this for entertainment activities, eating out, hobbies etc. Say your monthly salary is ₹50,000 as an illustration Needs 60% : ₹30,000 (This may include ₹10,000 rent, ₹5,000 groceries, ₹8,000 utilities etc.) Savings 20% : ₹10,000 (Put this towards your emergency fund or retirement savings) Wants 20% :₹10,000(Enjoy night outs with friends or buy that book you’ve been eyeing) The Benefits: Clarity & Control: The 60/20/20 rule creates a structure for spending in your budget. Saving for the Future: An allocated savings portion will assist in reaching financial objectives. Room for Fun: Life’s small joys are still within reach. Remember: Change these percentages to suit your situation. You can monitor where your money goes by tracking spending habits Always review and refine the budget. #financialfreedom #financialplaning #stayinvested #ruleoffinance

I consider myself a frugal person. I budget, save when I can, and look for deals regularly by changing insurance companies, internet companies, checking my local buy nothing pages when I need larger items, and clipping coupons. My fixed epxenses, like housing, make up half my paycheck. I got an email from my work the other day reminding me to start saving thru their retirement plan. The email highlighted the 50/30/20 rule, where I’m supposed to save 20% of my income, with 30% going towards “wants”. It seems quite out of touch that this email goes to everyone, when the pay I make there doesn’t cover twice as much as the average rent/mortgage in the town I’m in. We physically cannot put only 50% of our earnings to necessities. Stop telling us to budget better; pay us better.

Should I Move Back with Family to Escape High Cost of Living? Answers: https://lnkd.in/gJyFK2qW MovingBackHome #Budgeting #HighCOLA #FinancialDecisions Hey everyone! 😃 I’m at a bit of a crossroads and could really use your input. I’m 40 years old, earning about $110k a year (roughly $72,500 after taxes, health care, and retirement contributions). My lease is coming to an end, and I currently live in one of the priciest areas in the country. Talk about stressful! 😩 Here's the deal: I don’t have a lot in savings, I’m chipping away at my 401k, and I’m carrying about $11k in interest-free debt at the moment. I can’t shake the feeling that I’ve overextended myself. 💸 With rent, parking, internet, and utilities for a typical one-bedroom clocking in at around $2,843 a month, that adds up to nearly $34,116 a year! Here’s how my budget breaks down: Average monthly expenses (food, debt, entertainment, pets, etc.): $2,357 Total yearly expenses: $28,284 Estimated leftover income for the year: $10,000 With rent skyrocketing and prices climbing, it feels like I’m treading water just to stay afloat. 🤯 In the past, I had more leftover income, but these rising cos...

6 AMAZING BENEFITS OF EARNING PASSIVE INCOME 1️⃣ You Have More Financial Stability When you have passive income, you can count on earning money without having to work for it. 2️⃣ You’re Not Reliant on a monthly salary Many people rely on their paycheck to pay rent and other bills each month. If their paycheck is lower than normal due to vacation or sick time, it can cause problems. 3️⃣ You Can Meet Your Goals More Easily That means that you’ve got more spare cash to put aside into savings to help you save for big purchases such as car, house, or tuition payment. 4️⃣ You Have More Financial Freedom It’s much easier for you to take time off to follow your dreams. You can afford the time out of the office knowing that you’ll still be making money. 5️⃣ You Gain Location Independence When you don’t have to constantly be at work, you can start traveling the world and still earning money. Passive income gives you the freedom to work and live where you like! 6️⃣ You Can Retire Early With passive income, you can start saving for retirement sooner. That lets you retire earlier and enjoy your golden years! 📲 Are you ready to start benefiting from passive income of your own? You’re in the right place! Get started with us and start earning money on the side! 💰💰 www.senaiteyassu.com #digitalmarketing #dailygrind #consistency #success #hardwork #digitalbusinessowner

Being able to calmly discuss finances and life plans is important. How do you manage your money?

It’s a milestone to celebrate when your children are adults and no longer financially dependent on you. But now what? From rebalancing your budget to reviewing your savings strategy, take a look at these tips to refocus your finances now that your nest is empty.

It’s a milestone to celebrate when your children are adults and no longer financially dependent on you. But now what? From rebalancing your budget to reviewing your savings strategy, take a look at these tips to refocus your finances now that your nest is empty.

It’s a milestone to celebrate when your children are adults and no longer financially dependent on you. But now what? From rebalancing your budget to reviewing your savings strategy, take a look at these tips to refocus your finances now that your nest is empty.

It’s a milestone to celebrate when your children are adults and no longer financially dependent on you. But now what? From rebalancing your budget to reviewing your savings strategy, take a look at these tips to refocus your finances now that your nest is empty.