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Budgeting

3 Smart Strategies to Avoid Holiday Debt

The upcoming holiday season can bring a mixture of emotions for many people. When money is tight, joyful gatherings and gift exchanges can cause anxiety and stress. Follow these smart strategies to stay out of debt over the holidays.

Holiday giving and how people pay

People love to give around the holidays. The spirit of goodwill and generosity during the holidays is truly special. In 2023, nearly 85% of Americans plan to purchase gifts for friends and loved ones during the holidays. Many also plan to gather and share special foods or drinks at parties or festive meals.

[Read more…] about 3 Smart Strategies to Avoid Holiday Debt

Student Loan Repayments Restart This Month

Prepare for your student loan bill and learn about options to help with student loan debt

After a three-year pause, federal student loan repayments started up again on October 1. For nearly 45 million borrowers, the added burden of student loan payments may make life a lot harder. Today, many Americans have difficulty managing their budgets because of housing expenses, rising prices, growing families and job changes.

In June, the Consumer Financial Protection Bureau warned that 1 in 5 student loan borrowers could struggle when repayments began. One in 13 borrowers is currently behind on payments. [Read more…] about Student Loan Repayments Restart This Month

Building Your Safety Net

emergency funds in the form of one dollar billsThe Essential Guide to Emergency Funds

In life’s unpredictable journey, one thing is certain: unexpected events will occur. Whether it’s a sudden job loss, a major car repair, or a medical emergency, life has a way of throwing curveballs that can have serious financial implications. That’s where emergency funds come into play. It’s a financial buffer designed to cover unexpected expenses, providing a safety net that can keep you afloat during turbulent times. In this guide, we will explore what an emergency fund is, why it’s crucial for your financial health, and how to build one effectively. [Read more…] about Building Your Safety Net

Guide to Budgeting with Bi-Weekly Paychecks

How to Make a Two-Week Budget Work for You

Todd Christensen, Education Manager
Debt Reductions Services, Inc.

Creating a budget is an essential part of financial planning, but it can be challenging to do so with bi-weekly paychecks. Bi-weekly pay periods are common in many workplaces, but they can make budgeting more complicated than the traditional monthly or bi-monthly paycheck.

Why are household budgets more difficult to manage with bi-weekly paychecks than bi-monthly paychecks?

Bi-weekly paychecks create more income fluctuations than bi-monthly paychecks, making it harder to budget accurately. With 26 pay periods per year instead of 24, budget adjustments are required more frequently. [Read more…] about Guide to Budgeting with Bi-Weekly Paychecks

Tips on Handling High Inflation

by Rick Munster
Debt Reduction Services, Inc.

By now, you’ve probably noticed that high inflation is all over the news, television, social media, and the internet. If you’ve recently purchased just about anything, you’ve surely noticed the effect of prices rising drastically. According to the U.S Bureau of Labor Statistics, following a 7.9% increase from February 2021 to February 2022, the Consumer Price Index gained 8.5% for the year ended March 2022. The Inflation of 8.5% in March was the greatest in 12 months since December 1981.

Inflation is most commonly caused by a supply or demand imbalance. As the world continues to encounter activities that produce supply or demand imbalances, inflation will continue. While consumers have no control over the pricing of the goods they want and need, here are inflation tips to help you reduce costs, save money, and meet your financial obligation to withstand the greater inflation period. [Read more…] about Tips on Handling High Inflation

Financial Independence for College Graduates

Todd Christensen, Education Manager
Debt Reduction Services, Inc.

Each spring, we see arenas and grandstands full of families and friends gathered to celebrate the group of college students about to receive their associates, bachelors, or masters degrees, or even their Ph.D.s. After years of enduring long nights of study and the stresses of projects, research, and finals, these graduates now face their next major life obstacle: financial independence often without any formal personal finance training or coursework. Simple rules of thumb can help during such busy and demanding times. [Read more…] about Financial Independence for College Graduates

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