Money Monday 2-8-2021
Money Monday
What makes a good budget?
The basics of a good budget starts with you making sure to have your main needs met and focused on taking care of the things that keep you alive. So you want to have your housing, utilities, food and transportation covered. Then you move on to savings, the other things in your life you need to pay and then on to debt payments and the rest of the money you spend. Knowing where your money is going is so empowering and going to be a huge help in your financial literacy journey.
What is the envelope system?
This is the practice of taking cash out and putting it into individual envelopes for specific areas of purchase. Having a rent envelope, a food envelope, a clothing envelope and so on for each category you have built into your budget. This allows you to have full control over your money but it does require you to take it out in cash and then pay things as you go along. Can be super helpful for smaller ticket saving purchases because having to use cash limits your purchases only to what you have on hand.
Should I keep paying my student loans even with student loans being forgiven?
YES! We do not have anything official in terms of legislation and law to forgive those student loans so you are still responsible for that money and those payments at this time. Until there is anything concrete from the Biden/Harris Administration about this you should still be paying your loans. I certainly hope that this is passed quickly for people and I know it will be an incredible thing for the current generation struggling. I have paid off all our loans but I would love to see everyone have their loans forgiven. .
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