Ryan Sheehy
When I started creating budgets, I used a simple technique to help cast a new monthly budget: I applied what happened last month and used the same figures for the next month! This was a very lazy approach to forecasting, and soon I discovered that some expenses changed depending on the season. Seasonal expenses or …
When it comes to managing your finances, there are two concepts that you should know about: budgeting and forecasting. Forecasting is the ability to predict how your money will be spent in a certain future period, whereas budgeting, is the process of managing your money according to what has been forecast in a budget. What …
Budgeting is a continuous process that involves reflecting back on what you had cast with your previous budget, comparing your forecast to what actually happened, understanding why the budget didn’t align with actual expects, and making the necessary changes with your forecasts for the next budgeting period. The budgeting process can be as simple as …
Borrowing money is taking funds that are not yours on an arrangement that the amount borrowed (principal) will be fully paid back at a specific time, at a predetermined interest rate, according to a payment schedule. Having that money placed into an investment is based on the premise that as the value of the loan …
Budgeting can initially feel difficult as there are some decisions you need to make on the frequency of how often you need to be doing a budget, and how far forward you need to project. The best way to get started with a budget is to focus on the frequency of your pay cycles. If …
Recently, I renewed our home and contents insurance and discovered several ways to reduce the cost of our insurance premium. Here are 5 tips to reduce the cost of your home insurance that worked for me: Tip #1: Increase Your Excess By far the biggest saving you can ever make on your home and/or contents …
