Newsletter
Better Finances for a Better You
← All Neontra Newsletter Issue #095 094 →
Estimated reading time: 6 minutes
Did you know?
About 68% of consumers say a budget would help them reach their personal and family goals, yet 40% say they have never had a budget, according to a poll by the CFP Board.
People hate budgeting. Here’s why — and how to reframe it →Word of the week
Envelope Budgeting
The concept behind an envelope budgeting system is quite simple. Traditionally, it involves using cash: when you receive your paycheck, you cash it and divide the money into different envelopes, each designated for specific spending categories. Whenever you need to make a purchase for a particular category, you take the necessary amount from the corresponding envelope. Once the money in an envelope is gone, that indicates you've reached your spending limit for that category. At that point, you have two choices: either refrain from making further purchases or borrow from another envelope, which can help reinforce the importance of sticking to your budget.
Save more than $1,000 a year by switching to the envelope budget By Cassie Bottorff →Budgeting
You might be wondering how much you should spend within each of your budget categories. Unfortunately, there is no right amount to spend in any category for every individual. It's up to you to decide what works for you. There are a variety of philosophies about the best way to budget.
Popular Budgeting Strategies from Financial Wellness @ Penn →Quote of the week
"With an understanding of your budget and your true needs, you may start putting away more money than you ever expected."
- Larry Dyson
Infographic of the week
Visualizing How Americans Spend Their Money
Today, consumer spending represents 68% of U.S. GDP, with much of this used for housing, transportation, and healthcare costs. More than ever, Americans are using debt and credit cards to fund these purchases. In the second half of 2024, household debt hit a record $17.9 trillion. At the same time, credit card debt surpassed a historic $1 trillion, climbing by 8.3% over the time period.
Discover how simple it is to track your spending and compare it daily, monthly, or yearly with Neontra →Saving
Top 7 budgeting podcasts that help you save, invest and organize money from the New York Post
These podcasts are a fantastic way to start building the foundation for a healthier financial life →Investing
Net worth of millennials has quadrupled: Why some call it ‘phantom wealth’ by Jessica Dickler
Millennials have come a long way since their days of being called lazy or entitled. Despite reaching key milestones later than their parents once did, they are now wealthier than previous generations were at their age.
By many measures, millennials are doing remarkably well. Still, very few millennials would consider themselves wealthy →Serious stuff
You don’t have to achieve financial peace of mind all at once, but budgeting, setting goals, protecting against risk and saving for retirement can get you there.
Four Tips to Get Your Financial Wellness in Shape by Salene Hitchcock-Gear →Fun stuff
"Neontracks..."
Listen to our Neontrack playlist when you have music and money on your mind.