Observe The 'Burger Flipping' Rule To Keep Your Spending In Check

Financial independence is a fancy phrase that essentially boils down to “Money doesn’t rule my life.” While some might interpret that as being rich, it can also be as simple as living within the means that could allow you to take any job. Even flipping burgers.

Measure Your Cash Flow By How Much You Keep, Not How Much You Earn

Most of us know (or can easily calculate) how much money we make a year. But there’s another number that matters much more to your personal finance: how much of that you get to keep.

Include A 'Fun Fund' In Your Budget To Help You Stick To Your Financial Goals

We’ve mentioned that one of the reasons personal budgets fail is because people don’t remember to give themselves some spending money for entertainment or leisure purchases. Instead of trying to guess how much you’ll spend every week or month on fun, set up a “fun fund” you can add to or drain depending on your mood.

Write Down Every Time You Spend Money To Trick Yourself To Save More

Saving money isn’t easy; in fact, we’re wired not to do it. Fortunately, little mental tricks, such as forcing yourself to document when you spend money, could help you from overspending.

Compile A Bare-Bones Budget Alongside Your Normal One

Budgets tend to allot cash for everything that we spend in a month. While a zero-sum budget is fantastic, it also helps to create a bare-bones budget at the same time. You can then compare between the two.

Decide If Debt Is A Good Or Bad Decision With Two Simple Questions

Debt is a part of life, whether we like it or not. Sometimes, it’s helpful or necessary, and other times it’s life-crippling for no good reason. You can figure out which one a particular decision is with two quick questions.

Only Borrow Money For Things That Increase In Value

Most of us decide whether or not we borrow money for something based on whether or not we can afford to pay it off soon. Business author Seth Godin suggests a different paradigm: try to only borrow money when the thing you’re buying increases in value.

Avoid Being 'House Poor' By Learning To Be Patient

You may not have heard of the term “house poor”, but you probably know what it means. The family that owns a three-bedroom house but can’t afford to pay their credit card bill. There’s a difference between being poor and being “house poor”, and it’s possible to avoid with a little patience.

Zero Out Your Accounts Every Month To Enforce A Zero-Sum Budget

A zero-sum budget is an excellent way to reduce your spending and save more. Personal finance blog Money Crashers suggests taking this to the next level by emptying your main accounts every month.

Use Gift Cards To Stick To Your Entertainment Budget

Everyone has a budget to stick to, and it’s important to set a little aside for entertainment. A great way to avoid overspending is to buy gift cards for yourself.