Personal Finance

Zero-based budgeting gives every dollar of your income a specific job until nothing is left unassigned. This helps you intentionally direct your money toward your true priorities. What Is Zero-Based Budgeting? The formula for zero-based budgeting is simple: When implemented correctly, your bank account balance matches the remaining balance in your budget. This approach creates […]

Let’s clear up the biggest confusion right away: a “contributory IRA” is simply another name for a traditional IRA. If you’re self-employed, have maxed out your 401 (k), and are looking for more flexibility, you should consider a contributory IRA. What is a “Contributory IRA” Anyway? The term “contributory” is mainly used to distinguish it […]

Emotional spending happens when you buy things to feel better rather than because you need them. It’s using shopping to manage feelings like stress, sadness, or boredom, often leading to regret and financial problems later. What Is Emotional Spending? Unlike planned purchases, emotional spending happens on impulse when your feelings are running high. You might […]

Lifestyle creep happens when your spending automatically rises to match (or exceed) your income increases.  That raise, bonus, or new job becomes an excuse to upgrade your life instead of your wealth. However, you can absolutely enjoy nice things without falling into the lifestyle creep trap.  Lifestyle Creep: Are You Infected? Answer these questions honestly […]