It is a question you often here around the personal finance traps, and the answers are as diverse as us ourselves. The truth is, as in all areas of personal finance, the answer is… personal! There are so many factors involved, there is no absolute right answer. If we were robots on the other hand, of course there would be – if the compounded rate of return on your potential investment was guaranteed to be higher than the interest you…
This article has been updated December 2017. Fintech is playing a big part in the future of personal finance. Although the basics of investing remain the same and always likely will, the advent of apps such Acorns have changed the landscape of investing. Acorns will probably not appeal to a serious investor, (for some reason I can’t see Warren Buffett opening an account) however it has really done a great job reaching out to a group of individuals that otherwise…
Let’s face it, it’s easy to fall into the trap of spending lots of money trying to provide entertainment for your kids in this day and age. I remember when my parents would pretty much open the front door and say “Be home before before dark, don’t get it trouble” and leave us to make our own fun (maybe not viable today but there is merit to this). However these days just going to the movies almost requires you to…
Food plays a huge part in our lives. Of course it provides nourishment, but beyond that can bring love, joy and happiness to a family. For some it will be fond memories of large family gatherings with copious amounts of food, stuffing yourself silly. For others it may be the joy of teaching our kids to cook pancakes on the weekend. On the flip side it can also be the cause of stress and take up considerable amounts of our time. As a father who cooks I quickly learned how important being prepared can be, particularly the evening meal. Meal planning can help solve the age old question many parents have heard around 4-5pm… “What’s for dinner?”
Travel is always something that I will budget to save for, no matter how tight money may be. You do not need to spend thousands of dollars or to be rich to enjoy a family holiday and the life experience and bonding that come with it. To help you design your family holiday budget I have uploaded the TSD Travel Budget spreadsheet to my downloads page. This is the spreadsheet that I use when I am planning my family holidays…
You will find that nearly every personal finance blogger and financial expert you speak to will recommend that you have an Emergency Fund. Your parents or friends have also probably told you to put away money for a “rainy day”. That’s because it is a great idea. Usually it will be a dollar figure that represents your expenses over a period of time. Sometimes it is simply a number that makes you feel comfortable knowing it is there if you…
Financial Freedom can mean many things to many different people. For me, I want to get to point where I can wake up in the morning at whatever time I please without having to worry what time the bus or train is coming, what meetings I have today or reports I need to prepare. I want to make my coffee and go for a walk or read book without having to think about when I am being paid next and what…
Just a quick note – something I wanted to share and will no doubt write some more about in the future. As personal finance bloggers we are compelled to write about ways and means of increasing our Net Worth. There are many blog posts with fantastic ideas for side hustles, money saving tips and investment ideas, however there is not so much mention of the idea of Self Worth. I am certainly not implying that I have read anything that…