Free From Broke

A Personal Finance Blog for Regular Folks

Personal Finance

Personal Finance is a catch-all for anything that falls under the umbrella of taking care of your money. A lot of people think of their personal finances as some "other" thing they don't always have to pay attention to. I think it's integral to your life and health.

Take a look at the articles below and get your personal finances in shape.

Bankruptcy – What it is, When it’s Used, and How it Works – Adapted from Debt Free for Life

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I had the pleasure of receiving a publisher’s copy if David Bach’s latest book Debt Free for Life – The Finish Rich Plan for Financial Freedom. Rather than give a general overview of the book, I’m going to talk about chapter 14 – How Bankruptcy Works, When to Use it, How Long it Will Take to you to Recover.

Bankruptcy is pretty much a last ditch effort to help save your financial situation (and perhaps your overall health and life).  The hope is that no one will ever need to know about bankruptcy but the truth is over a million and a half people in 2010 will file for personal bankruptcy.
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Is It Worthwhile To Move To Save Costs?

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Are you trying to cut costs?  Did you have a sudden drop in income?  Are you a college student trying to avoid student loans?

One of the most common suggestions personal finance authors make is to move to a cheaper location to save costs, but does it really save that much?  How long do you have to be in the new location to reap the rewards of moving?

My husband and I currently live in a spacious, 1,000 sq. foot, two bedroom apartment.  We live in an urban area and find our $1,000 a month rent competitive with the area.  We have not had a rent increase in two years, and most two bedroom apartments cost more than ours does.  I will use our current situation as the example for the purpose of this exercise.
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Fighting Fair: How to Disagree About Money in Marriage

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Marriage can be hard enough some days. Throw money into the mix, and things can get downright ugly.  However, just as disagreements in other aspects of your married life don’t have to result in permanent rifts, disagreements over money don’t have to ruin your relationship.  As with all things in marriage, money issues need to be worked through. Here are some ideas for overcoming disagreements about money in marriage:

Know Thyself

One of the best things you can do is understand your relationship with money.  In order to articulate your position on money to your partner, you need to be able understand.  Think about why you spend (or save) money the way you do.  You should also come to grips with why you don’t like the way your spouse handles money, and determine whether or not your own preferences and money prejudices are coloring the situations.
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How to Make Your Financial Goals a Reality

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Do you have a solid plan that will make your financial goals a reality?

Craig has recently written some excellent articles on how to create SMART goals.  These are goals that are specific, measurable, attainable, relevant and time-bound.

However, setting financial goals is just the first step.  Once you have your aspirations properly identified, you’ve got to follow a concrete, actionable plan to move from where you are to where you want to be.

You need a map and directions to reach your desired destination, one that lays out your path in a step-by-step manner.

Financial Goals without a Plan are Pointless

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The Greatest Impact On My Finances

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You can have your spreadsheets, online budgeting sites, statements, etc…  Want to know what the single greatest positive impact on my finances has been?

Is it a great lawyer that helps me with business decisions?  An awesome CPA to guide me with tax questions?  A fantastic financial advisor to direct my investments?

Nope, they got nothing on this person.

I’ll tell you – it’s my wife.  Let me explain…

Back in the day I was in debt, had no savings, no investments, and my net worth was measured in “things” I owned (not like a house but more like guitars and music CD’s).

I wasn’t the picture of good financial health.

But I slowly worked my way out of my financial funk.  I educated myself.  I paid off my credit cards.  I contributed to my 401(k).  I started saving.

I did these things on my own.  Had I not met my wife I would have continued to improve my finances but not to the extent that they are at now.

My wife turbo-charged my finances, well, OUR finances.

Here’s why my wife is the greatest impact on my finances and my best financial tool: [Read more…] about The Greatest Impact On My Finances