Getting What You Want- Even When You're on a Budget

When you're on a tight budget, finding the money for unexpected needs, or (dare I say it) wants can be tough. There will always be more cool things you absolutely must have than there is money for them. However, there are several strategies to make sure you are buying the things that are more important to you and still fit in your budget.
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How to Get What You Want on a Budget

It can be difficult to make ends meet when you are on a tight budget. There may be many things that you would like to buy, or even need, for which there is simply no money. If you use a few smart strategies, though, you can buy both necessities and even luxuries at a price that fits in your budget.

1. Prioritize your spending.

If you are like me, there is always a list in the back of your head of things you would like to purchase. Take some time to write them all down in a list and then prioritize that list. This forces you to decide what is really important to you. Without prioritization, you may find yourself spending all of your money buying things that don't really matter to you.
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To Max Out Your 401(k) or Not: That is the Question

Every year, investors face the choice of whether to max out their allowable 401(k) contributions. If you don't, you lose that contribution room. If you do, you have less money for paying down debt and current spending. Here are some considerations to ponder when deciding whether to max out your 401(k) contributions.
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Should You Max Out Your 401(k)?  
The Pros and Cons of This Oft-Touted Investment Strategy

A company 401(k) is one of the most popular retirement investment tools available. The plan allows a maximum investment of $16,500 per year (for 2010) and $22,000 for those over 50 years old. As with all other retirement investment platforms, there are both reasons to max out your 401(k) each year and some cautions about doing so.

Maxing Out Your 401(k) -- Pros:

1. Potential company match -- Many corporate 401(k) plans have a provision that provides for company matching of contributions, usually up to a certain percentage of income. This is "free money" and an overall benefit to the investor. It is worthwhile to at least contribute enough to get the maximum matching benefit, even if you do not max out contributions.
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A Traditional IRA or a Roth IRA: Which One is Better For You?

Trying to find your way through the maze of retirement investment options can be disheartening and confusing. With so many plan types out there, it is often difficult to choose the one that is going to work best for you. When looking at Individual Retirement Accounts (IRAs), there are two main kinds: a traditional IRA and a Roth IRA. Here's a breakdown of the pros and cons of each.
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Which Retirement Plan is Right for You?

Traditional and Roth IRAs are important tools in your retirement investment toolkit. Both plan types provide tax-sheltered investment income growth and regular income upon retirement. Knowing the ins and outs of traditional and Roth IRAs can be difficult for the average investor. Considerations when choosing an IRA plan include age, income levels and company matching. Here are the basic characteristics of each type of plan: 

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Retirement Planning for Women: Single and Thirty

When you are just hitting your stride in your career and not thinking about marriage and kids yet, planning for retirement can seem like a waste of time. But it's important to have your retirement plan in place as early as possible to give yourself the best chance of building lasting wealth. Here are some great retirement planning tips for those thirty and single:
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Single and 30: A Woman's Guide to Investing for Retirement

Saving for retirement is important for everyone, but no more so than for women. And, if you're single and in your 30s, it's a critical juncture in your life to ensure that you're on the right investment track.

Women need to plan for their retirement even more than men. Women still earn on average 75-80% of what men do. Women are also less likely to be in pensionable jobs and therefore have less corporate retirement support behind them. However, they also live longer. According to the National Center for Research, women retiring at age 65 are expected to live another 25 years. That's a lot of retirement to plan for.
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Taking Your Retirement Funds With You When You Leave a Job

With the mobility of labor today, many employees work for a half dozen or more employers during their career. They may leave behind small chunks of money in each company's 401(k) plan. Rolling old 401(k) money into an IRA helps you keep control over your retirement money and can provide you with a better return.
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Leaving an Employer Means You Can Take Your Retirement Money with You

As an accountant and financial planner, I am often asked by clients for advice on what to do with their retirement funds if they change jobs or become self-employed. There are a few options, each with its own set of pros and cons. 

When you leave an employer for another or for other opportunities, you can do one of two things with your built-up 401(k) plan funds. You can leave it parked where it is (and the employer must let you do so if you have more than $5,000 vested. Alternatively, you can roll it into an Individual Retirement Plan (IRA) that you control. 
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Saving for Retirement: Do It Early and Do It Often

Saving for retirement can seem daunting when you have no idea where you are starting from and where you are headed. The old adage to save early and save often definitely applies to retirement savings. Beginning your savings plan when you are in your twenties allows you to weather many financial and economic storms and can grow quickly to allow you to have the comfortable and fun retirement you are hoping for.
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Why It's Important to Start Saving for Retirement as Early as Possible

You have heard the standard retirement investing advice before: start saving early and save often. It is advice that I have given my clients over the years when they are first starting out on their own. I have had the opportunity to see how many of those clients who took my advice fared over the past fifteen years, especially during the recent recession. Having a large and growing retirement savings plan allowed them to remain calm when markets tanked, knowing that they could ride out the storm and that their funds still had lots of time to recover and flourish before they needed the money in retirement.

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You Can Cut Your Expenses Without Even Noticing

Even when you think you have slashed your budget down to nothing, there are still many ways that smart budgeters can save money every month with ease. Here are the top 5 tips to cutting down on your expenses and not miss anything:
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Tighten Your Budget Without Feeling Deprived

The recent economic downturn has made budgeting and smart spending more important than ever. What makes this belt-tightening difficult is that many of our daily expenses are not discretionary. For example, we can't choose -- at least in the short run -- to pay less on our mortgage every month or to cut down on our property taxes. In my experience, as both a consumer and a finance professional, there are many ways to cut out expenses regularly without feeling like you are cutting back or depriving yourself. Here are my five favorite money-savers:
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