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10 Best Websites that Help Make You More Money-Savvy

10 Best Websites that Help Make You More Money-Savvy

Many people don’t believe me when I say this, but learning about finance can actually be really fun. You might be rolling your eyes at me as you read this, and I don’t blame you. When most of us think of a financial advisor, we envision someone in a suit behind a mahogany desk talking about stocks and a bunch of other things that are hard to understand.

The truth is that these days, you can find out anything you want to about money by just reading some great financial blogs and signing up for unique programs. There are so many websites out there that can teach you about paying off your debts and investing, and they do so in a fun and engaging way. Below are my top ten favorite websites that can help make you smarter with your money and by extension, wealthier than you ever thought possible.

money savvy

    #1 Payoff.com

    Payoff.com_-1024x574

      The first step to becoming 100% financially independent is to pay off your debts. It’s rare these days to find someone that has no debt: between sky-high student loan debts and mortgages, chances are almost everyone you know owes money for something. That’s why Payoff.com is so unique—it’s an encouraging website that joins with social media to help keep you motivated to pay off debts. They give out virtual badges when you reach certain steps, and you can encourage others through their unique community.

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      #2 Mint.com

      mint.com

        Mint.com is a favorite among finance professionals. The tools on their site can help you to live on a tight budget and also see where you money is going every month. It’s completely free to sign up and keeps your information secure.

        #3 LearnVest

        learnvest

          LearnVest is a relatively new company that is earning a lot of praise for their great financial advisors and unique programs. They have an online community where you can go and ask questions as well as tools to track your budget.

          #4 Investopedia

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          Investopedia

            Investopedia is just like it sounds: an encyclopedia for you to educate yourself on anything and everything finance. Learn about investing and check in for the latest news and articles on financial topics.

            #5 GoGirlFinance

            GoGirlFinance

              GoGirlFinance is a great grassroots company that is devoted to helping women gain the confidence to handle their finances. They provide unique blog posts every week on a variety of financial topics from the fiscal cliff to when it’s a good time to have a baby, and they also partner with several talented financial advisors to bring free webinars to the public.

              #6 MyMoney.gov

              MyMoney.gov

                MyMoney.gov is a US government website that exists as a way to educate citizens on finances. You can learn about mortgages and loans and utilize their tools such as debt and mortgage calculators to find out how to best manage your money.

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                #7 WiseBread.com

                wisebread

                  WiseBread.com is one of the top personal finance websites with tons of resources to help you better understand how to manage your money. They have a team of highly accomplished writers who all bring a unique perspective to the site. They also have an invaluable, regularly-updated list of all of the top personal finance blogs.

                  #8 RetailMeNot.com

                  retailmenot

                    One easy way to get smarter with your money is to start learning how to save money on simple things like your grocery bills. Coupons are all the rage, and there’s no shame in carrying a stack of them into the store with you—in fact, before I buy anything, whether it’s a scented candle or a nice computer, I always check RetailMeNot.com to make sure there isn’t a coupon for it that I’ve missed. Simply search the store where you are about to shop just to be sure there isn’t a $5 off coupon or a free shipping code: by doing this you can easily live like a king on a peasant’s income.

                    #9 BankRate.com

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                    bankrate.com

                      I like BankRate.com because it almost acts like an interactive newspaper. You can get updates on the best mortgage rates while enjoying interesting and fun articles and useful tips, and they also provide several calculators that you can use to determine how much you’ll need to spend each month for that new home or car.

                      #10 ManVsDebt.com

                      manvsdebt

                        ManVsDebt.com is a great personal blog belonging to a couple who sold all their belongings and traveled around the world. If you’re looking for inspiration for the goals you can achieve when you save, this is the place to get it. They also offer great tips for smarter ways to save money while simultaneously encouraging you to live a minimalist life.

                        Hopefully, these ten great websites can help you get on track with learning all you can about finance in a way that is enjoyable and fun. All it takes is a little bit of knowledge to make big changes that can lead to a happier and healthier financial life this year.

                        Featured photo credit:  Balancing Time and Money via Shutterstock

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                        Catherine Alford

                        Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

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                        Last Updated on September 2, 2020

                        How to Set Financial Goals and Actually Meet Them

                        How to Set Financial Goals and Actually Meet Them

                        Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

                        In this article, we will explore ways to set financial goals and actually meet them with ease.

                        4 Steps to Setting Financial Goals

                        Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

                        1. Be Clear About the Objectives

                        Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

                        It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

                        Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

                        2. Keep Goals Realistic

                        It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

                        It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

                        3. Account for Inflation

                        Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

                        Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

                        For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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                        4. Short Term Vs Long Term

                        Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

                        As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

                        By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

                        How to Achieve Your Financial Goals

                        Whenever we talk about chasing any financial goal, it is usually a two-step process:

                        • Ensuring healthy savings
                        • Making smart investments

                        You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

                        Ensuring Healthy Savings

                        Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

                        This is the focal point from where you start your journey of achieving financial goals.

                        1. Track Expenses

                        The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

                        Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

                        If you’re not sure where to start when tracking expenses, this article may be able to help.

                        2. Pay Yourself First

                        Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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                        Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

                        The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

                        Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

                        3. Make a Plan and Vow to Stick With It

                        Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

                        Nowadays, several money management apps can help you do this automatically.

                        At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

                        Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

                        You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

                        4. Make Savings a Habit and Not a Goal

                        In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

                        Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

                        • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
                        • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
                        • If you go shopping, always look out for coupons and see where can you get the best deal.

                        The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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                        5. Talk About It

                        Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

                        Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

                        6. Maintain a Journal

                        For some people, writing helps a great deal in making sure that they achieve what they plan.

                        If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

                        When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

                        Making Smart Investments

                        Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

                        1. Consult a Financial Advisor

                        Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

                        Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

                        2. Choose Your Investment Instrument Wisely

                        Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

                        Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

                        As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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                        3. Compounding Is the Eighth Wonder

                        Einstein once remarked about compounding:

                        “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

                        Use compound interest when setting financial goals

                          Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

                          Start saving early so that time is on your side to help you bear the fruits of compounding.

                          4. Measure, Measure, Measure

                          All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

                          If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

                          Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

                          The Bottom Line

                          Managing your extra money to achieve your short and long-term financial goals

                          and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

                          More Tips on Financial Goals

                          Featured photo credit: Micheile Henderson via unsplash.com

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