Budgeting/ financial coaching

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Forum -> Household Management -> Finances

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amother

Thu, Mar 03 2022, 7:42 pm

BH DH and I bring home a nice salary. I am a worrier by nature. Mostly with finances as growing up that was an area of tension. We've been living comfortably and putting away decent savings. Recently, with the steep rise in prices we are feeling it. I am more worried now as our salaries have not gone up to combat these increase in cost of living. I would like to review my finances/ budget with someone that can guide me and/ or tell me if were headed in the right direction or we need to make changes. Any leads?

amother

Celeste

Thu, Mar 03 2022, 7:50 pm

The single best tip is the power of compound interest. Whether you can put away $20 or $300 a month in stocks or mutual funds with an average of 8% a year, that amount will go up so much because that interest will generate more interest every year. Look up compound interest calculators or read articles about it. The younger you start, the more time it has to grow. $1 in your 20s or 30s can be worth $20 thirty years later. Don't wait to save.

amother

Glitter

Thu, Mar 03 2022, 8:22 pm

RSK financial coaching
Or prospr.fit

amother

Electricblue

Thu, Mar 03 2022, 9:17 pm

amother [ Celeste ] wrote:

On the other hand it seems scary to put in now when it seems inevitable that there is going to be a market correction.

zigi

Thu, Mar 03 2022, 9:55 pm

amother [ Electricblue ] wrote:

On the other hand it seems scary to put in now when it seems inevitable that there is going to be a market correction.

If you diversify you are more protected not all of your eggs in one basket. I had money in during the worst day during covid. But it eventually went back up. If you are scared open a Robin hood account or stash is even better you can micro invest. 5$ worth of a share. Spread out your investments. All sectors. And countries right now global stocks are down but the US ones are doing OK. So it balances itself out.

amother

Phlox

Thu, Mar 03 2022, 10:15 pm

amother [ Electricblue ] wrote:

On the other hand it seems scary to put in now when it seems inevitable that there is going to be a market correction.

And then it will go up again.

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