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John J. Bowman Jr., Accountant | Travel
John J. Bowman Jr. Accountant enjoys traveling and expercing different cultures whenever the opportunity presents itself. Traveling the world has allowed John J Bowman Jr to gain a deeper appreciation for the world through his travels. The people that he has met, the foods that he has tasted, and the sites he has seen have all helped shape this new perspective.
John J. Bowman Jr. Accountant is a Tax Law and Accounting Professional located in Pittsburgh, PA. John Bowman is a graduate of Robert Morris University, where he earned is accounting degree with a concentration in tax. He then went onto Harvard Business/Law School, where he studied within the specialized Owner/Management Program. If you would like to learn more about John J. Bowman Jr., please check out his Profile or his Blog.
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How to Budget When You Live Paycheck to Paycheck
Studies have proven time and time again that a majority of Americans live from one paycheck to the next. This means that only one missing paycheck could lead to serious financial stress. Living from paycheck to paycheck means that budgeting is a must. To set up the best possible budget for this situation, follow these tips.
List Fixed Expenses
The first step toward setting up a budget that works is listing all fixed expenses. This will usually include housing and transportation. These expenses are those that are necessities that vary little on a regular basis. For example, most mortgages are fixed for 15 or 30 years, and car payments often stay the same on a month-to-month basis.
Compare Expenses To Income
Financial guru Dave Ramsey argues that a zero-based budget is a great option for low-income individuals and families. This means that every dollar gets used every month, or has a specific route to take once it’s in your hands. Any money that’s not assigned to a specific spending category, such as utilities or groceries, should go toward savings. Understanding how much money is coming in each month is key to setting up an effective budget.
Track Expenses
Tracking every expense is a great way to see where your income is going. Households with incomes of all shapes and sizes may wonder at the end of the month where all that money went. Keeping up with expenses takes unnecessary guesswork out of the budgeting equation. Knowing where every dollar goes over the course of a month can show where there are opportunities to improve.
Cut Discretionary Expenses
When the numbers for monthly income and expenses are close, it’s important to cut down on discretionary spending. Even some fixed expenses can be cut. For example, turning down the thermostat a few degrees in the winter could save a few bucks on utilities. Purchasing store-brand foods and supplies at your local grocery is a cost-effective way of shopping. Additionally, cutting out a few lattes each week can lead to some serious savings over time. Every dollar is important when a family is living paycheck to paycheck.
Make More Money
Bringing in some more money is a great way to make sure that there is some wiggle room in your budget. There are only so many expenses to cut, but there is no limit to the amount of money a person or family can bring in. Even selling a few unused items around the house can bring in some money that can help you balance your budget. Taking on some overtime or a second job can also work, but only if you have the resources to do so.
Few people really love budgeting. However, it’s a necessary process if you’re looking to improve your finances. Knowing what’s coming in and going out will give you the knowledge that’s necessary to make positive changes and make it less likely that you’re living paycheck to paycheck.
Originally published on JBowmanAccountant.info
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How Your Mental Health Can Impact Your Saving Habits
Most financial advice starts with the assumption that everyone can efficiently work towards a reasonable budget and a healthy retirement plan. Still, even the first few steps can feel like a marathon for many people struggling with stress, anxiety, or depression. Mental health struggles can cause day-to-day complications that get in the way of following the most common advice. In this case, building successful saving habits takes a more comprehensive plan that pairs financial help with mental wellness.
Poor Shopping Habits Sabotage Saving Plans
The first step to saving money is to make a responsible budget. Unfortunately, mental health issues can make following an account complicated, primarily due to the risk of developing a compulsive shopping disorder. Shopping can trigger intense feelings of discomfort, deep stress, or even panic for some people. The act of finally buying something starts a sense of relief on top of a shopping trip’s usual rush. Together, these feelings can derail healthy shopping habits savers should be building.
If regular shopping trips are a negative experience, they can feel pressure to finish as quickly as possible without taking time to shop smart. Also, a stressful shopping trip might leave someone so drained that they can’t avoid impulse buys. It’s also not uncommon to feel panic during necessary purchases that do fit within the budget in a cruel twist. This back-and-forth pull of panicked saving and spending will doom any budget and establish bad saving habits.
Long-Term Planning Problems
On top of the short-term issues resulting from a failed budget, it can be difficult to establish long-term savings. Mental health and retirement saving are deeply linked. Anyone suffering from anxiety or depression is going to be less invested in the distant future. People suffering from mental distress can be 24% less likely to have any type of retirement fund. A focus on the present can help with daily wellness, but it negates good investment habits. Reinforcing saving habits also requires active financial management that may not be possible for people suffering from mental distress. Tracking savings accounts, credit cards, and investment plans can be overwhelming on top of handling all their other expenses.
If they do establish a fund, the same bad spending habits mentioned before might sabotage it. A good retirement or long-term savings fund should have a suitable balance of safe and risky investments. Not everyone is comfortable with the volatility of the stock market, though. Anyone struggling with anxiety will have to learn how to be patient and outlast losses.
Overcoming the Obstacles
It’s important to note that these hurdles are not roadblocks. Mental wellness just has to be a part of any savings plan. Therapists or charity organizations can reinforce healthy spending and saving habits as part of a mental health treatment plan. Following helpful project management tips, such as breaking up complicated accounting into minimal, achievable steps, can also help personally. While mental health can harm forming good saving habits, with awareness and a good strategy, it’s possible to overcome it.
Originally published on JBowmanAccountant.info
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4 Reasons Why Your Credit Score May Have Dropped
There are various reasons why your credit score may have dropped. Here are 4 of the most common reasons why this may have occurred:
When you open a new account, you may be offered the option to choose an unsecured or secured card. If you choose the latter, you often open yourself up to a lot of risks. You will need to put up some collateral (a property, for example) to secure the loan, meaning you may likely not be able to use that account for anything other than emergency debt. This is why it is advised that you only apply for unsecured credit cards, as this will limit your risk.
Another common reason your credit has taken a downturn is that you do not pay your bills on time. If you don’t pay bills, you are hit with late fees, over-limit fees, and even legal action from your creditors. In addition to all of this, it may be possible to have your account closed, which means you will not get any other chance of getting another credit card.
Not being able to establish a credit line is another of the most commonly thought of reasons why your score may have fallen. There are often two different sides to this issue, and both should be addressed. While the major negative impact is the inability to build credit, this doesn’t mean that you cannot establish a credit line at all.
In addition to these common problems, there are also more serious reasons why your credit score may have fallen. For example, if you were to have missed one important payment, your score could plummet. This is a problem that is particularly common when someone is suffering from financial hardships or other similar situations. Rather than ignore this fact, it is wise to consult with an expert who can evaluate your financial situation to find out what, if anything, can be done to fix your credit.
Having a bad credit score is frustrating, but that doesn’t mean it is game over. Having a bad credit score means that you will have the opportunity to improve, and there are many different ways to do exactly that. So don’t panic; simply start improving your credit card score today.
Originally published on JBowmanAccountant.info
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Personal Finance Software to Consider in 2021
The following financial platforms can help one save money, budget more efficiently, and invest in various financial instruments. Whatever an individual’s personal goals may be, here are the best personal finance software available in 2021.
Acorns
The Acorns application is one of the easiest ways to grow an investment account without even noticing. The application automatically invests the rounded-up “spare change” into an investment portfolio.
Pros:
The cost is inexpensive. Acorns offers three monthly plans ranging between $1 and $5.
It’s fast and easy to open an account.
The Family plan offers investment accounts for children with no additional cost.
The platform offers investment accounts, retirement accounts, and checking accounts.
Acorns offers money back at select retailers when making a purchasing with the spend card.
Cons:
Investment performance is not guaranteed.
It can take multiple days to sell the assets within an ETF. This may delay the process of withdrawing any funds.
Mint
Mint is a user-friendly tool designed to help track spending, budgeting, and debt management. The software combines all a user’s accounts in a condensed dashboard.
Pros:
Mint is free to use with advertisements.
The interface is extremely user-friendly.
Mint introduced subscription monitoring in 2021.
Cons:
Some users report too many notifications.
The set up process can be lengthy depending on the number of accounts added to the platform.
Honeydue
Honeydue is a personal finance software for couples that have combined and separate finances. It simplifies the management of personal finances for couples with joint and individual accounts.
Pros:
Honeydue is completely free to use.
Additional features are consistently getting added.
It encourages partners to talk about finances.
Cons:
The user interface could be optimized for navigation.
Honeydue allows one party to hide accounts from the other.
YNAB
YNAB is arguably the most advanced budgeting tool on the market. It is said to be the best way to develop a long-term budget.
Pros:
YNAB offers a long free trial period.
There is plenty of financial education integrated within the platform.
Cons:
The monthly subscription fee is $11.99.
YNAB has an outdated user interface.
Personal Capital
Personal Capital is a tool that focuses on financial matters beyond budgeting and payment management. It caters to the more advanced aspects of financial management.
Pros:
It’s free to use for basic features.
Personal Capital offers plenty of educational resources.
Cons:
Wealth-management services include fees.
The savings goals are geared best towards retirement.
The best personal finance software for you may not be the best for somebody else. It depends entirely on your individual needs and situation.
Originally posted on JBowmanAccountant.info
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John J. Bowman Jr., Accountant writes about how you can build financial independence after college.
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A Different View of Moraine Lake [OC] (1069x1600) - chickenfark
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Sky Stars’☆
Lago Vichuquén, El Maule, Chile.
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Pictures don’t do justice to the unparalleled beauty you get to experience in these remote islands. Location - Faroe Islands
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Valley View, Yosemite National Park
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Small Hut in Amazonian Resort by Chaivit A .
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John J. Bowman Jr., Accountant writes about the multiple benefits of online banking.
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John J. Bowman Jr., Accountant highlights the top personal finance apps for this year.
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Siripoom Waterfall at Chiang Mai, Thailand by Napon Thiphayamontol
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Waterfalls outside the Longshan Temple by IWC Photo
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Hawaiian Palms at Sunset by Chuck Underwood
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