1. Run your finances like a business. You should treat your budget like a business, because in the  business of life, the bottom line matters. Many of the same principles business owners use can be applied to your personal life: prioritize your spending, assess your profits and losses, and don't lose sight of the big picture, like saving for retirement or getting out of debt.  2. Make saving part of your lifestyle. Saving money doesn't always come naturally.... [read more]

When financial planners are asked about how to save more money, one suggestion that is often repeated is to declare a moratorium on spending. Think of it like fasting. When we fast, we reset our internal food sensor. After a fast, we are more aware of the food we choose, and we tend not to automatically reach for junk food or to overeat. Similarly, when we cut ourselves off from spending, we reset our internal money sensor. It’s simple...but probably not easy. Here’s how to... [read more]

Make one or two mistakes in handling your retirement money, and you could be paying a stiff penalty later in your life. The stock market goes up and down, but you’ll survive if you stay clear of these common mistakes: Obsessing about market losses. Focus instead on long-term needs. Catastrophic events and long-term health care needs cause as much damage when you’re caught unaware as does a shaky stock market. Will your nest egg be able to handle long-term care? Forgetting... [read more]