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September 17, 2024
By
The Admiral Staff
Financial counselors are trained professionals who help individuals overcome money management challenges, often focusing on basic skills like budgeting and debt reduction. Unlike financial advisors who manage investments, counselors typically work with low-to-middle income clients to address day-to-day financial concerns and emotional connections to spending habits. Accredited Financial Counselors (AFCs) have specific training and adhere to a code of ethics. These counselors can be found in various settings, often offering services at little to no cost, and can be located
September 15, 2024
By
The Admiral Staff
The article emphasizes that budgets rarely align perfectly with actual spending. To effectively manage money, it’s crucial to regularly compare budgeted amounts with what was actually spent, identifying areas of overspending and underspending. This process allows for adjustments to unrealistic budgets, helps catch errors in billing, and provides an opportunity to strategically allocate surplus funds toward financial goals instead of frivolous purchases.
September 10, 2024
By
The Admiral Staff
The article suggests the “four-gift rule” as a strategy to reduce holiday spending stress while still creating a magical Christmas for children. The rule involves buying each child: something they want, something they need, something to wear, and something to read. The article also suggests adding a bonus gift from Santa if the budget allows. It provides several ways to earn extra money to fund the holidays, including surveys, online tasks, and app testing.
September 10, 2024
By
The Admiral Staff
The article explores options for getting financial advice without breaking the bank. While working with a certified financial planner can cost hundreds or thousands of dollars, there are several free or low-cost alternatives, including using budgeting apps, working with a credit counselor (often free initial consultations), attending community classes, seeking financial counseling (around $75/hour), participating in Financial Planning Day events (free), or hiring a financial planner for specific, à la carte services.
August 9, 2024
By
The Admiral Staff
The author suggests creating a “money map” instead of a restrictive budget to understand where your money is going. This involves listing all income and expenses, identifying potential resources or adjustments, and then automating savings and debt repayment by allocating funds into different “buckets” upon receiving income—a strategy known as “reverse budgeting” or “paying yourself first.”
