Evolving Personal Finance » budgeting
A New Appreciation for Living Below Our Means
Kyle and I are coming up on our first big financial transitions – something I’ve anticipated since the founding of this blog. I always thought that our post-PhD lives would offer an opportunity for lifestyle inflation, but instead I’m grateful that we live sufficiently below our means to absorb an income cut. This week, I have a new appreciation for our budgeting system and how clearly it delineates between wants and needs. On top of … Read entire article »
Filed under: budgeting, career, savings, targeted savings, transitions
Financial Tweaks for Our New Year
Kyle and I have been so busy with work in the past few months that we have really left our money management on autopilot. I haven’t even played with spending scenarios recently, as I love to do! But even without me looking for issues to tweak, three areas of our budget have popped up with some needed updates. Take-Home Pay Increase We noticed that the take-home pay we received at the end of in January was slightly … Read entire article »
Filed under: budgeting, food, savings, spending, targeted savings, taxes
How Do You Decide If You Can Afford a Purchase?
Lately I have been thinking about how to determine whether to make a purchase of a “want” and I’d love some feedback from you all about how you make that decision. One of the purposes of a budget, in my mind, is to help you make that decision. A budget gives you guidelines for what you want your spending to be, and then all you have to do when contemplating a purchase is ask yourself … Read entire article »
Filed under: budgeting, spending, targeted savings
When to Pass Up a Company Retirement Match
I know this is practically heresy around the personal finance community, but I don’t think everyone should contribute to his 401(k) or equivalent, even when a company retirement match is available. I didn’t think that I held that opinion until I advised a coaching client to pass up his unlimited 100% company 401(k) match. I am supposed to advise my coaching clients according to the Dave Ramsey Baby Steps, perhaps with some reasonable modifications. Starting Baby … Read entire article »
Filed under: budgeting, choices, investing, retirement, savings
Budgeting Is a Waste of Time
On a recent episode of The Truth about Money, Ric Edelman mentioned that one of the key principles of their financial advising practice is that “budgeting is a waste of time.” I really respect the financial advice I’ve heard on his radio show and read in his books, particularly their argument to keep your mortgage forever. Therefore, it was a little surprising to me to hear them say that such a bedrock principle of my … Read entire article »
Filed under: budgeting
What Are You Gazelle Intense About?
This post was inspired by the recent Get Rich Slowly article on pushing vs. relaxing in personal finances. A “pushing” phase is when you are super intense about your finances and making sacrifices in other areas of your life, like relationships and health. Circumstances that should bring about pushing are living beyond your means, feeling a lot of stress about your finances, or when you are nearing default on a loan. Similarly, Dave Ramsey would … Read entire article »
Filed under: budgeting, debt, psychology, spending
Financially Surviving Your First Month as a PhD Student
First month’s rent up front plus a security deposit. A parking permit. Textbooks. Furnishing your new place. In the first few weeks of grad school you’re hit by one expense after another. On top of that, your department expects you to start orientation (followed by classes and research) five to six weeks before getting your first paycheck! How are you supposed to swing this? The best position to be in at the time you enter grad … Read entire article »
Filed under: budgeting, credit cards, food, frugality, grad school, housing, income, spending, taxes
Edging toward Quality Food: Proposal
I’m in the middle of re-reading The Omnivore’s Dilemma (highly, highly recommended! and that’s an affiliate link so thanks for using!) and it is spurring me to figure out if we can raise the quality of the food that we’re buying without busting our budget. (I also have gotten into lengthy “discussions” about food with two vegetarians in the last couple weeks!) Kyle and I have had many clashes over food and money spent on … Read entire article »
Money Updates from the EPF Household
Today’s post is a collection of odds and ends – thoughts and observations about our life as it intersects with our finances. None of these topics are enough for a full blog post at this point so this is a clearinghouse for our thoughts at this moment. Townhouse Water Damage We had a bit of a scare a couple weeks ago with the townhouse we rent. A leak developed in the ceiling of the lower floor, directly … Read entire article »
Filed under: budgeting, cars, housing, marriage, personal, savings, targeted savings, transitions, travel
When We Were Just Starting Out
One of our objectives with this blog is to show graduate students – particularly PhD students who receive livable stipends – how to live well while being financially responsible. But I’m afraid that we’ve come so far, both in time and in net worth, from where we were when we first started grad school that pictures of our current state are not actually helpful or inspirational but perhaps even intimidating to someone just starting out. … Read entire article »
Filed under: budgeting, grad school
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