Quick Tip: Ending the credit card cycle

Before attempting to pay down debt, create an emergency fund of $500 – $1000.00.  Then, when unexpected expenses arise, instead of grabbing the credit card to meet the need, use the emergency fund.  The emergeny fund can help keep you from derailing in the middle of your debt snowball.

Quick Tip: Curbing overspending

Never spend out of your bank account or wallet.  Only spend out of your budget.

Financial software

I am a huge Intuit fan.  I use Quicken to track business income and expenses.  It makes it easy to import transactions to TurboTax, Intuit’s tax preperation software.  For personal finance I would recommend budgeting software that uses the envelope system.  I’ve used Mvelopes.com, MoneyTrackin.com and MySpendingPlan.com with a lot of success.  Mvelopes.com, MoneyTrackin.com and MySpendingPlan.com are free.  The obvious advantage to a free service is… “It’s FREE!” But free can come with a price.  MySpendingPlan.com is a little glitchy at times, there is little (if any) customer support, and you’ll have to contend with paid advertisers that support the site.

Mint.com is a very nice online application.  It’s also available as a mobile app for Android and iPhones.  It’s a great way to have your budget right at your finger tips.