Latest news with #budgeting
Yahoo
28 minutes ago
- Business
- Yahoo
16 Ways To Stop Wasting Your Money and Build Wealth, According to Rachel Cruze
One of the biggest obstacles to building wealth is overspending. Luckily, there are plenty of tips and tricks that can help you stop throwing money away on unnecessary purchases and save and invest in your financial future. See More: Read Next: Money expert Rachel Cruze recently shared on YouTube her best practices to manage your spending. Here's what you need to do if you're working to grow your wealth. Who are you when it comes to spending money? Cruze uses the example that some people are natural spenders while others are savers. Ask yourself whether you prioritize buying quality items or quantity to better understand how and why you spend money. Be Aware: View More: One of the biggest misconceptions about having a budget is that it means you can't spend money. On the contrary, a budget helps you keep from overspending. Cruze said your monthly budget should have your income at the top along with a list of all your expenses and the amounts you're giving and putting into savings. Place dollar amounts next to each one. 'The goal is your income minus all of those expenses and giving and saving should equal zero,' Cruze said, adding that if you're spending within what you budgeted, you're not going to overspend. Explore Next: Are you in student loan debt? Plan to pay it off in full. Do you need to buy a used car? Start saving money now to buy it in cash. How much do you really spend every day? You can track these purchases and their amounts by writing them down or using an app. Commit to a month where you're spending money only on necessities like shelter, groceries, utilities and transportation. Cancel any monthly subscriptions to streaming services and avoid scrolling through Amazon for items you don't need. By retooling your mindset to buy only what you need, Cruze said, you might be able to reset the way you spend money. Try This: It will always cost more money to eat out than to cook at home. If you want to start a no-spend challenge, Cruze recommends trying a 'don't go out to eat challenge.' Spend a full season cooking at home and track how much you save. (Spoiler: You're going to save a lot of money.) If you don't know what you're having for dinner, you'll be all the more likely to go out to eat rather than cook. (This is especially true if it has been a long day.) Become intentional with your meals and meal prep them out for a full week. You spend a lot less money if you stick to using cash only: yes, really. Put your credit or debit card away and use cash to get better control on your spending habits. Discover More: Make necessary moves that actively put money back into your pocket, like getting rid of credit cards. It's not uncommon to 'fix' a bad day by going on a shopping spree or celebrate a win by 'treating yourself' to expensive things. If you're scrolling online and worry you may start shopping for things you don't need, Cruze recommends putting down the smartphone or iPad and going for a walk, listening to your favorite podcast or completing some tasks you've been putting off. Even if something on sale seems like a good deal, that doesn't mean it's a good deal for you. That's Interesting: Whether you're shopping for groceries or back-to-school supplies, sticking to a list keeps you on budget and keeps from buying things you don't need. Now more than ever, curated ads and influencers on social media platforms are showing us all sorts of things we never knew existed that we should spend money on. If you take a break from social media, you'll be able to save more money since it's now out of sight and out of mind. Instead of hitting 'place order' or 'buy now,' wait a few hours. Better yet, wait 24 hours. Then come back to your online shopping cart and ask yourself whether you really needed what's in it. Trending Now: Go through your closet. Dig through your pantry. Comb through the junk drawer. Chances are pretty good you might already have some of the things you were planning to go out and buy new already at home, like an extra bottle of shampoo or pasta sauce. You don't have to curb your spending habits alone. Share your plans with a close friend, partner or trusted mentor who is good with money. Run your ideas past them or get their feedback on what you're doing to better hold yourself accountable for your actions. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 16 Ways To Stop Wasting Your Money and Build Wealth, According to Rachel Cruze
Yahoo
2 hours ago
- Business
- Yahoo
How to Budget Weekly Pay When Freight is Inconsistent
Inconsistent freight isn't just a market trend—it's a reality every small fleet owner has to face head-on. One week you're running $3.20/mile on solid round trips. The next, you're fighting for $2.10/mile spot market loads and dealing with detention that doesn't pay. But your bills? They don't care. Driver pay, insurance, maintenance, truck payments, and fuel all come due whether rates are up or down. The key to surviving this market isn't chasing perfect loads—it's building a budget system that works even when things get volatile. This isn't about spreadsheets you forget to update. It's about tactical, real-world money management that gives you control week after week. Before you even start looking at loads or lanes, you need to know what your bare minimum weekly costs are. These are the numbers that don't change whether your truck rolls 500 miles or 2,500 miles. Truck payment (divide monthly payment by 4.33 to get weekly) Insurance (physical damage, cargo, liability, occupational) Trailer payment (if financed) ELD and tech subscriptions Permit and license fees (spread out over the year) Back office support or dispatch fees (if applicable) Create a list and total it up. That's your weekly baseline. Let's say it's $1,900. That means before fuel, tolls, or food, you owe $1,900 just to exist. Use a whiteboard in your office or cab with that number written in red. You should see it every Monday morning. Next, calculate your per-mile variable expenses, which fluctuate based on how much you run: Fuel (based on current MPG and price per gallon) Maintenance reserve (set aside $0.15–$0.20/mile minimum) Tires and repairs Driver pay (if not salaried) Tolls and scales Track this over a 30-day rolling period to get your real average. If you're running 2,200 miles a week and spending $2,000 on fuel and $300 on driver pay, your variable cost per mile might be close to $1.20–$1.40. Multiply that by your target miles each week. That gives you your operating cost floor. Instead of chasing 'good paying loads,' set a minimum weekly revenue target that keeps your business above water. It's not just about getting to $2.50/mile. It's about generating enough revenue to cover your fixed and variable costs and put profit in your pocket. Here's a formula that works: (Fixed Costs + Variable Costs + Profit Goal) = Weekly Revenue Target If your fixed cost is $1,900 and you expect to run 2,200 miles at $1.30/mile in variable costs, that's $2,860. Add a $1,200 profit goal. You now need $5,960 in gross revenue that week. This number is your true benchmark—not whatever the rate boards are throwing at you. Some weeks you won't hit your target—and that's where most carriers fall apart. Instead of scrambling and cutting pay or skipping bills, plan for the inconsistency. Allocate 10–15% of weekly profit into a savings buffer Hold back one week of payroll in reserve at all times Use a separate business savings account for slow-week coverage This buffer becomes your shock absorber when brokers cancel, weather hits, or rates crash mid-week. Name the account something motivational like 'Freight Survival Fund' or 'Keep the Wheels Turning.' You're more likely to protect it. Too many small carriers only look at cash flow once a month—by then, it's too late. Weekly review gives you real-time clarity. Total gross revenue collected (not invoiced—collected) Fuel spend (from receipts or fuel card data) Repairs and unexpected costs Driver pay issued Outstanding invoices (watch your aging!) This review takes 30 minutes every Sunday. Do it like it's your pre-trip. If you pay yourself or your drivers a fixed amount each week, but your revenue swings wildly, you're going to burn out—or go broke. Instead, create a tiered pay system that adjusts based on weekly gross: Under $4,000 — minimum survival pay only $4,000–$6,000 — base pay + % bonus Over $6,000 — full pay + performance incentives This protects your cash on weak weeks and rewards strong performance on better ones. Communicate clearly with drivers so they understand the structure—and always be transparent about why it exists. Budgeting in trucking isn't about spreadsheets or perfection—it's about discipline and visibility. When the market is unpredictable, your budget is your stability. Build a real system that covers fixed costs, manages variable ones, and creates margin even when freight is inconsistent. Don't let the market write your paycheck. Take control. Build a weekly system that keeps you in the black—no matter what the boards look like. Because when you manage your money like a carrier with 20 trucks, you won't just survive the ups and downs. You'll start building the kind of operation that outlasts them. The post How to Budget Weekly Pay When Freight is Inconsistent appeared first on FreightWaves.
Yahoo
5 hours ago
- General
- Yahoo
Mom Is Left ‘Feeling Guilty' After Allowing Her Kids to Use Their Pocket Money to Pay for Family Day Out
A mother admitted that money is "always tight" a week before payday, regardless of how much she budgets for her family In a Mumsnet post, she said her children volunteered to use their pocket money to go on an outing together However, the mom was left feeling "guilty" after other parents commented about her making her children use their savingsA mother is feeling broken after her children publicly announced they used their pocket money to pay for a family day out. The mom explained in a lengthy Mumsnet post that money is 'always tight' by the end of the month, regardless of how much she budgets. A week before payday, she suggested to her children that they go to the park, picnic, ride bikes or do anything that didn't involve having to 'buy a ticket or spend any money.' 'They asked to do something which costs money, but offered to pay for it themselves with birthday/pocket money (adults go free),' the mom said of her children. 'At this point, honestly, I was pleased and proud they were showing initiative, cooperating with one another, negotiating as a team, etc." 'They have enough to pay without emptying their savings, so I happily agreed,' she added. The mother said that when they arrived at the activity, her children told the cashier they were only able to come after offering to pay for the outing themselves. Strangers standing nearby began 'tutting and muttering that no child should have to buy their own tickets' and critiqued her parenting. 'I sort of stuttered that I was actually very proud of them working together to find a solution to get to do something they'd wanted to do, then we moved away,' the mom said. 'I didn't want to start explaining the whole backstory, financial circumstances, etc. 'But now I'm starting to feel guilty, and maybe I should have held the boundary that a no money day is just that, regardless of where the funds come from,' she continued, before asking members of the forum to share their opinions. 'AIBU [am I being unreasonable] to have let them pay?' she asked. 'I was feeling really positive about it all till about 10 minutes ago :(' A flood of responses to the post attempted to reassure the mom that she isn't the only parent strapped for cash by the end of the month. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Many said they wouldn't have shamed her for allowing her children to pay for the outing. 'Not at all unreasonable, you've taught them a valuable life lesson that money isn't growing on trees,' one person commented. 'Ignore that nosey, judgey cow. I think this is totally fine 👍 it's not like you make them pay for their bed and board every week 🤷' another said. The PEOPLE Puzzler crossword is here! How quickly can you solve it? Play now! 'What happened to saving up to do/buy something? This used to be normal,' a third wrote. 'Now, kids seem to be given whatever they want whenever they want. Your children will understand the value of money, this woman's children may well be throwing a strop next time they aren't just given something simply because they want it.' Read the original article on People
Yahoo
13 hours ago
- Business
- Yahoo
Do you know your monthly cash flow? Here's how to calculate it.
If money seems to disappear from your bank account nearly as soon as it arrives, you may have a cash flow problem. Cash flow is the movement of money into and out of your accounts. While cash flow is a common term within the business world, it applies to your personal finances too. If you don't yet know how to calculate your cash flow, learning can help you better manage your money. For instance, knowing your cash flow can help you make smart budgeting decisions and ensure you make progress toward your savings goals. And don't worry — you don't need a calculus degree to figure this out. Continue reading to learn the simple equation for calculating your cash flow and why it's so important. This embedded content is not available in your region. Cash flow is the movement of money into and out of your bank account. A positive cash flow means more money enters your bank account than leaves it, allowing your balance to grow over time. A negative cash flow is the opposite — you're spending more money than you bring in. Positive cash flow is the goal because it allows you to save money for the future. Several types of transactions can contribute to your cash flow, broken up by 'inflows' and 'outflows.' Inflows might include income from a W2 job, self-employment, rental income, or other investments. Outflows include all of your expenses, such as housing, utilities, groceries, debt payments, clothing, entertainment, and more. Your cash flow is equal to your inflows minus your outflows. Understanding and tracking your cash flow isn't just crucial for businesses — it's important for any individual who wants to keep tabs on their financial health. For example, say you have a negative cash flow every month, but you don't realize it. Eventually, you'll empty your savings account and need to take on debt to cover your expenses. However, if you keep a closer eye on your cash flow, you'd notice that you're spending more than you earn every month. Knowing this, you can take action to improve your cash flow, such as cutting discretionary spending, getting a roommate to help with rent, or negotiating a raise at work. Unlike some financial calculations, finding your cash flow is simple. To calculate your cash flow: Add up all your sources of monthly income. Then, add up all of your monthly expenses. Last, subtract your total monthly expenses from your total monthly income. Say your income or expenses vary each month. In that case, you can calculate an average monthly cash flow by adding up several months of income and several months of expenses, finding the difference, and dividing by the number of months. To illustrate what a cash flow calculation looks like, here's an example: Say you earn $4,500 per month after taxes. You also have a side hustle that generates $1,200 in monthly income. Total monthly income: $5,700 Your typical monthly expenses are as follows: Rent: $1,500 Utilities: $200 Groceries: $400 Transportation: $500 Insurance: $300 Student loan payment: $200 Household and clothing: $200 Dining out: $300 Fun money: $200 TOTAL: $3,800 Next, subtract your total expenses from your total income: $5,700 - $3,800 = $1,900 Cash flow = $1,900 With a positive cash flow of $1,900, you have money left over each month to save or invest. For example, you might decide to invest $800 for retirement, put $800 toward a down payment savings account, and put the remaining $300 into a travel fund. If you calculate your cash flow only to find a negative number, it can be discouraging. However, there are some things you can do to improve your personal cash flow over time. If your spending in certain categories consistently exceeds what you plan for, budgeting may help. A budget can help you proactively plan for and track your spending. So if you're halfway through the month with only 10% of your fun money left, you know it's time to cut back. When creating a budget, you may find you're spending a lot more than you realize. If that's the case, cut down on spending where you can. Though discretionary spending is usually the easiest place to cut back, you can also see if there are ways to reduce your essential expenses. For example, you could get a roommate to save on rent and replace your new car with a fully paid-off older model. There's only so much you can cut from your expenses without living in a state of constant deprivation. That's why it's also helpful to focus on growing your income. This could look like negotiating a raise, applying for a higher-paying role, or even starting a side hustle outside of your day job. If you've heard the phrase, 'pay yourself first,' but never took it to heart, it may be time to follow this advice. Paying yourself first means prioritizing your future by immediately contributing to your savings and investment accounts — ideally using automatic contributions — before paying other bills. This ensures you aren't short-changing yourself at the end of the month. Paying yourself first may force you to cut back on discretionary expenses, which can be helpful for those who struggle to do so on their own. You can calculate your monthly cash flow by totaling your monthly inflows, totaling your monthly outflows, and subtracting the total outflows from the total inflows. Inflows include any form of income, and outflows include bills and other monthly spending. There's no specific healthy cash flow number, but generally, a positive cash flow is best. Having a positive personal cash flow means your income exceeds your bills, and there's money left over for saving and investing. The bigger your savings and investment goals (or the shorter your timeline), the more advantageous it is to have a bigger cash flow. Cash flow tells you the net movement of money into your accounts every month. For example, a positive cash flow tells you that you earn more than you spend. This means you have money left over to stash in a savings account or invest for the future. If your cash flow is negative, that means you spend more than you earn, and unless you change your habits, you'll eventually deplete your savings.
New York Times
a day ago
- Business
- New York Times
‘No Buy' July: Is It Really a Good Idea?
You may have heard of frugal February. But 'no buy' July? The seventh month has become the seasonal focus of the 'no spend' budgeting trend, popular on social media, in which people swear off discretionary spending for a period of time to save, pay down debt or just get a handle on their finances. The interest in fiscal fasting comes as many Americans deal with financial uncertainty. Millions of student loan borrowers are in default, and many others are struggling with making payments again after a long pandemic-era pause. Late credit card payments are rising. And while inflation has moderated, worries persist that tariffs will stir it back up. 'Things are very expensive right now,' said Jasmine Renae Ray, a certified financial planner in Tulsa, Okla. 'People are asking: 'How do I save money? What can I control?'' Seeing how much you can save by eliminating nonessential items can make it more of a game than a painful slog, said Gretchen Rubin, the host of the 'Happier' podcast, who wrote about her own experience with a no-spend month. 'It's a fun experiment,' she said. 'It forces you to face up to your spending habits.' There has also been something of a cultural shift, with some Americans more willing to talk openly about money — or the lack of it — and to embrace more restrained spending, said Janelle Sallenave, chief spending officer at Chime, a financial technology firm. 'Being frugal was viewed as being cheap,' she said. 'Now, it's being viewed as smart.' OK, but why July? February has traditionally been considered a prime month for temporary belt-tightening as people aim to pay off credit card bills from year-end holiday spending or try to stick to New Year's financial resolutions. It's less clear why July, more typically associated with taking time off from work, has become a target of aspiring tightwads. Want all of The Times? Subscribe.
