This week’s money saving tip: Buy generic vs. name brand foods. The nutrional value and ingredients are often the same as name brand foods and there is little or no diffence in taste.
Find more money saving tips at financialexcellence.net.
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Written by Matt Wegner, Founder and Lead Counselor, Matt Wegner Financial Coaching, www.financialexcellence.net
Myth: My expenses will go down when I retire so I don’t need to save as much for retirement. Truth: With inflation, taxes and medical bills, your expenses will go up when you retire so you need to be prepared! Quite a few financial planners out there recommend a future nest egg value that will produce 80% of your current income when you draw a percentage of the dividends and earnings out of the account each month. The assumption is that your expenses will decrease by 20% when you retire and you will need less income to continue with the same standard of living. This means when you reach retirement age, you will have your debts paid off (including your house) and your dependents are gone, with your health remaining good and your taxes decreasing because you’re pulling the income out of a tax-deferred retirement account, pension, or social security. Now, if you follow the L.I.F.E. Ladder and start early enough, you indeed should be debt free by retirement age and have fewer expenses in terms of debt. But the sad fact is, not very many of us actually follow those steps and we end up facing retirement with a huge drop in income but no drop in expenses. Actually, 43% of Americans have less than $10,000 saved for retirement. 27% have less than $1,000 saved. This is a problem. read more This week?s money saving tip:? Eat before you go to the movie theater, so you don’t spend money on expensive treats. Find more money saving tips at financialexcellence.net. Written by Matt Wegner, Founder and Lead Counselor, Matt Wegner Financial Coaching, www.financialexcellence.net.  Pay yourself first There are hundreds, if not thousands of financial gurus out there, all spewing the same advice: live on less than you make, pay down debt, avoid credit, invest early and often, etc. It begins to sound like a broken record with them all saying the same stuff. But what I’ve begun to see is that many Americans are tuning the broken record out. The reason: too much noise and not enough valuable content. Everybody is saying what you should do but nobody is saying how to do it. A prime example is the concept of paying yourself first. That phrase (or dare I say buzzword) has been uttered so many times over the last 20 years that people have become sick of hearing it. And whenever I mention paying yourself first in a coaching session with my clients, their eyes start rolling and their faces show an unmistakable look of disgust. When I press the issue I find that they have heard the term so much that they’ve tuned it out because they don’t really know how to pay themselves first and actually make it work in real life. read more This week?s money saving tip: Brew coffee at home vs. stopping at a coffee shop.? You could save over $1,000 in a year. Find more money saving tips at financialexcellence.net. This week?s money saving tip: Use cash envelopes to keep from overspending your budget. Find more money saving tips at financialexcellence.net. This week?s money saving tip: Bring a lunch to work.? It costs $3 a day or less to bring food from home vs. $6 a day or more for takeout. Find more money saving tips at financialexcellence.net. This is a great video designed to teach kids the power of investing and calculating how quickly their money grows. Well done. This week?s money saving tip: ? Set aside $50 each month into a savings account.? You’ll be surprised on how quickly it adds up. Find more money saving tips at financialexcellence.net. |
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Copyright © 2010 Living In Financial Excellence - All Rights Reserved.
Matt Wegner Coaching | 2808 Kohler Memorial Drive | Sheboygan, WI 53081 | 920-331-0941
Matt Wegner Coaching is a financial coaching service. The information on this website is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the counselor/coach is not engaged to render legal, accounting or other professional advice. Since your situation is fact dependent, you must additionally seek the services of an appropriately licensed legal, accounting, or investment services professional.
Our goal is to provide help with debt, budgeting and all areas of personal finance. We teach the truth about credit and how to live without debt. |
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