Build a savings account with these seven tips

Some people would rather treat themselves rather than build for their future. The principle of saving for the future may seem as if you are robbing yourself of the goodness of the present. However, with an effective budget, you can have a good life now, and the best one later.

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Create a realistic budget, instead of picking out numbers at random. Look at your expenses and see where you can cutback in order to have more money allotted for your savings. Michelle L. Marquez suggests you download a budgeting app to help you track your spending. If you can, forget about your credit card. Yes, credit cards are great for building your credit score. However, it may be tempting to spend more when you don’t see cash leaving your wallet. Paying for credit card debt can deplete your chances of having a beefy savings account.

Get a side hustle for extra income. What you earn from your side gig can go straight to your savings account. This speeds up the growth of your savings and can ensure you a better financial life in the near future. Invest in bonds, GICs, stocks, and other investments for a secure life ahead.

Michelle L. Marquez says that making sacrifices is inevitable. You may need to let go of a few bad financial habits to get your savings account rolling. Automate your savings so as to not slack off on it. Choose the best bank to handle your savings account. The interest rate should increase as your savings get bigger.

Hi, my name is Michelle L. Marquez. I’m currently enrolled at USC taking up finance. College is teaching me about life, especially when it comes to managing finances. For more updates like this, head over to this blog.

Practical money saving tips for college students

It’s no secret how college students struggle to save cash, especially when it’s so easy to spend money on eating, going out, and other miscellaneous expenses. If your schedule won’t allow a part-time job, here are other ways to save money in college, as explained by finance major, Michelle L. Marquez.

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Resist eating out While it can be an easy way to grab food, spending money on eateries, cafés and restaurants surrounding the campus will burn serious holes in your weekly budget. Even a simple cup of coffee, when done repeatedly, will prevent you from saving money. Michelle L. Marquez says that want coffee, get your own coffee maker and beans, and you will notice how much money you save by making your own cups compared to buying overpriced cappuccinos from cafes.

Rent textbooks instead of buying them All college students know that textbooks cost a lot of money. You will need new batches of textbooks with every semester that comes. Instead of buying them, rent them from libraries and photocopy the pages you need. You could also sell the books that you owned and don’t use anymore. You will save hundreds of dollars and a little bit of extra cash.

Attend free events There are many free events that naturally occur within campus towns. Concerts, openings, gallery exhibits, and community theaters usually announce events that require no entrance fees. Not only do you save money from expensive night outs, you’ll also expand your cultural horizons when you check out some of these events.

Hi, my name is Michelle L. Marquez. I’m currently enrolled at USC taking up finance. College is teaching me a lot about life, especially when it comes to managing finances. For more articles like this, visit this page.

Financial goal-setting for young adults

Welcome to my blog! I’m Michelle Marquez, an aspiring certified public accountant. Adulting can be challenging. With independence come a lot of responsibilities. Whether you still have a few years left in college or if you’re a new member of the workforce, you now have to take care of yourself. To have a stable future, you need to set financial goals. Let me share with you some tips for growing your funds while you’re young.

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Think long-term

Sometimes it can be tempting to spend because YOLO. While it’s nice to get nice things, you also have to think of your future. Are you thinking about having your own flat in a few years? Are you the type to get married and start a family in your late 20’s? Think about your life goals and align your money plans so that you’ll know how to manage your finances.

Manage debt

Student loans, credit card debt, and other payables might cripple your monthly finances especially if they keep piling up. Perhaps it would be better to pay off long-standing debts before thinking about spending for bigger things. If you must use your card for an important purchase, be sure to prioritize payment on the upcoming paydays.

Start an emergency fund

It’s always good to have money you can use when the rainy days come. Take it from your accountant in training, Michelle Marquez. An emergency fund is future expenditures that might require you to use up your savings when hard times come such as hospitalizations, home or auto repairs, calamities, or job loss. When you have at least six months’ worth of your salary saved up, you won’t have to worry much when crisis hits.

Working towards these goals might be hard to achieve especially if you’re just starting out. However, I suggest that you stabilize your finances first so you won’t have to live from paycheck to paycheck. When you’re financially secure, you’ll have the freedom to pursue more of the things you want.

Hello! My name is Michelle Marquez. I started this blog to serve as a break from all the studying that I have to do and to reach out to those who want to achieve financial freedom. For more updates, visit this page.

What you should know before purchasing a car on credit

Purchasing your first car is an experience you’ll never forget. There are a number of options to help you pull through with your car purchase. Many financial experts suggest for a person to pay for the car outright with cash, while others prefer charge it to credit.

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Buying a car is no joke and requires much thought. Before you get an auto loan, you have to make sure that your credit score looks as great as it can. Yes, every US consumer is entitled to a free credit report according to the federal law—however—Michelle L. Marquez, aspiring financial advisor, strongly suggests for buyers to manage their credit before deciding to make huge purchases.

The down payment is an upfront fee you can’t miss. It’s better to place a huge down payment and pay for smaller monthly payments than placing the minimum down payment with higher monthly payments. Review your cash flow to know whether you can push through with the payment for the following years. Having a steady, if not growing, cash flow to be able to live at a comfortable rate even with a huge financial responsibility such as paying for a car.

Michelle L. Marquez believes that a car purchase shouldn’t be done in haste. It’s best for one to build their emergency fund first, bulk up their savings, and have no outstanding debt before considering buying a car on credit. Making wise financial decisions early on can build your credit score and help you become more financially independent.

Michelle L. Marquez is currently enrolled at USC taking up finance. College is teaching her a lot about life, especially when it comes to managing finances. For more updates, head over to this blog.

Start young: Investment options for twentysomethings

I know a lot of people in their twenties who are struggling financially. Fresh graduates are usually struggling to pay off their student debt while applying for jobs. Because those who are lucky enough to start working must deal with entry-level salaries and living expenses. As an aspiring financial manager, let me, Michelle L. Marquez, help with your early investments. Below are some options for young professionals:

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Health insurance

You’re young, full of potential, and in the pink of health. However, you never know what will happen to you and your family in the near future. Getting a health insurance is important to ensure your well-being. Routine check-ups, trips to the emergency room, and other matters concerning your health might create a bigger dent in your finances if you’re not insured.

Emergency budget

This may seem difficult to maintain with a starting salary, but it is a necessity especially with today’s global economy. Saving up three to six months’ worth of living expenses will help you deal with the financial surprises without panicking. While I’m on my way to become Michelle L. Marquez, authority on finance, I want to secure my future. That includes being prepared for trials and other unexpected events.

Retirement fund

You can ask your employer about this. Investing in a retirement fund early will allow you to enjoy your later years without much worry. While you’re on your way to becoming richer during your younger years, you are also saving up for your senior years. If you want to establish your own business, do passion projects, tour the world, or give the money to your children and grandchildren later in life. You’ll be able to do it if you’ve invested well on your retirement fund.

Thanks for reading! My name is Michelle L. Marquez. I currently attend USC, pursuing a degree in finance. My goal is to help people save, budget, and invest for the future. Visit this blog for more updates.

Become a wise saver by avoiding these seven money-saving mistakes

Saving money isn’t all about the future. The habit teaches you about your daily life and how you can improve your spending, and helps you become more disciplined in the aspect of finance. However, we might encounter wrong steps down the road which can prolong our process of saving for the future.

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Not prioritizing savings is a mistake commonly committed by many. Yes, you do have a savings account, but it won’t fill up on its own. Practice the art of paying yourself through saving money you’d spend on wants instead of needs. Buying items because they’re on sale can deplete your savings account faster than you think. If you bought a shirt on sale for $30, with an original tag of $40, you didn’t save $10, you spent $30.

Choosing the cheapest option isn’t always the best choice. Buying the cheapest from the bunch isn’t always the better choice, as it might break easily. Some cheap products can also put one’s safety in danger. More expensive products can last longer and have passed quality inspections. Skipping the emergency fund is the worst mistake one can commit. The ideal amount in an emergency fund is three to six months’ worth of one’s salary.

Keeping all your money in one account makes it too easy for you to spend it. Divide your finances into different accounts so you’d know how to better allocate it. Saving without a goal makes you less likely to put money into your savings. Forgetting to save each month leaves you with no savings and puts your cash flow in danger.

Hello there! My name is Michelle L. Marquez, an aspiring financial advisor currently studying finance at USC. For more updates on anything money-related, subscribe to this blog.

Wedding bells: Financial preparations for a life together

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You often hear people say that finances shouldn’t be an issue for married couples. But an overwhelming majority of those who have tied the knot know better. Not only do finances come up when discussing a future together, it is one of the biggest and most important topics. Because of this, it’s important for couples to prepare what they have before getting married.

Once couples decide on a future together, they have to assign the bills. The question becomes, who pays what? There are major expenses such as house bills to consider and the regular trips to the grocery. There also are loans, from mortgages to student loans to car loans. Assigning responsibilities early on can save the couple from a lot of stress in the future.

If the couple finds it challenging to decide who pays what, they can base it on their current finances and sources of income. We cannot stress how important it is that they be transparent with how much they have in the bank and how many assets they each have. Couples also need to come clean with all the debts they’ll be carrying into the marriage.

Once this is all ironed out, couples can go on to plan stuff like vacation trips and other leisure expenses. For these luxuries, it is best that couples share the burden as long as they share in the experience.

However, one of the most important things couples should consider is their joint savings and how much they should save a month from their monthly income. This has a massive impact on their future, especially if they plan on having kids.

Michelle L. Marquez is a finance major at USC. She hopes to become a financial advisor in the future. For more reads on finance, visit this blog.

Top reasons why people stay in debt

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Debt is one of the biggest problems American citizens today. Almost every household has debt in one way or another. They can either have credit card debts, mortgages, auto loans, student debt, or possibly a combination of these reasons. When the debt becomes seemingly insurmountable, a lot of people fall into a debt trap where they can no longer pay off their debts. Here are some of the top reasons why people stay in debt.

The biggest reason why people stay in debt is that they lack the income to pay off their obligations. The job market today is extremely difficult, prices are going up, and the economy is struggling. Because of these reasons, some people either can’t find a job with a good enough amount of income or don’t want to risk leaving their current jobs.

Another reason why people stay in debt is when they get loans to pay off other loans. This cycle just buries a person further and further into debt. But some people feel like they don’t have a choice. It’s either this or have their cars repossessed or worse.

Health is also a major factor why people stay in debt. Healthcare in America is arguably one of the most expensive systems in the world. Falling ill is tantamount to falling into debt. If a person who is currently in debt suffers from a medical condition, the bills start piling up.

Lastly, economic systems are now being designed to keep people in debt. Having credit over people is power for some corporations. And because these corporations make tons of profit off people in debt, they are more likely to pursue more aggressive stances and tactics.

Michelle L. Marquez is a finance major at USC. She hopes to become a financial advisor in the future. For more reads on finance, visit this blog.

Where and when to spend on a budget

There’s an art to shopping on a budget. It pays to know where to get the best quality for the best price and not just default to buying a name brand or going for the cheapest.

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Buy quality

The late great fantasy writer Sir Terry Pratchett once wrote that the rich generally managed to spend less money since they could afford to buy goods that last. Herein lies the irony of being far too much of a miser: being excessively cheap can cost you more in the long run.

And believe me, this is something that you’ll appreciate once you’re on a tight fix: the less money you spend replacing essential that break, the less hectic your life will be (not that I’m speaking from experience, of course). Where quality is a concern, it pays to invest in it; You can spend a lot less money by investing in quality that costs more but lasts much, much longer.

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Know where to purchase

One of the things to know is when a difference in quality matters. Dollar-store products, tend to lean toward the shoddy side, so anything that needs to last is better off bought elsewhere. Meanwhile, products made of metal, are one-time use, or have little variance (such as cleaning products) should definitely be on top of the list of things to get at a discount store.

Follow the comfort principle

“Three words for you: Treat. Your. Self.” And you don’t have to restrict this to a single day a year! From time to time, set aside a little for your own comfort. One way to conscientiously treat yourself is if you by investing in something you’re likely to spend most of your day using, such as an office chair, a comfy bed, or a good computer.

I’m Michelle Marquez, a college student and fledgling financial guru. Catch more of my money saving updates on Twitter.

Five tips for better money management

Much like following a diet, some people find it hard to stay on budget. Temptations are all around and there’s nothing much to do but to either flee or give in. There should be discipline with one’s finances. The following tips will help instill such discipline:

Create a budget and make sure that all things are covered. It should include utility bills, mortgage, car payment or maintenance, and insurance. Without a proper budget to follow, it would be hard to keep track of spending, and overspending will always be a possibility.

Track your spending to know where your money goes. This could be a bit difficult to continue at first, but once you get the hang of it, you’ll have the discipline to track your spending down to the last cent.

Create an emergency fund to prepare for any eventuality. The ideal emergency fund should be at least three months’ worth of your salary. Building this fund won’t come easily; it takes patience and perseverance, but it sure will afford you the peace of mind should something come up.

The mind thinks it’s not really spending when you just swipe. Put a stop to this trick and carry cash so you don’t overspend and think it’s okay to buy items outside of your budget. Follow a “bills” calendar to help you pay utility bills on time. Make it a point to place payments accordingly so as to not be fined by service providers for late payments.

Hi, my name is Michelle L. Marquez. I’m currently enrolled at USC and taking up finance. The reason I decided to study finance is to give back to the community by providing practical, financial tips. For more about money management, subscribe to my blog.