The following is a guest post.

I just graduated from college last year. I have a good job, pays well, and I try to stash away 30% of my monthly total pay. I see a lot of my friends with new jobs spending money like it’s going out of style, living like they make a million a year. Here’s the thing though, if you start saving and investing early, then you’ll be in a great spot when you’re older. Being a finance major comes with tons of great education for investing in your future, and the professors stress that through schooling. A professor once told me that he started investing just $1000 a year in stocks, at 23 years old. Those investments had grown to over a million dollars just by shear normal growth of the stocks. So coupling your saving with investments is a big deal that a lot of kids just don’t get. Here are some tips that help me save and prepare for the future, and why it’s so important.

What’s Really Important to You?:

From talking to friends in a similar situation as me, the main flaw that they have in their thinking is that they think their paycheck is spending money until they really need to save later in life. I put myself into a mindset that I make about $20,000. That may seem kind of drastic, but when it’s just you, then you don’t really need a whole lot. Take out your necessities (ie. Rent, food, car, utilities) and then make sure you take out some for your investments and savings. The rest goes to spending money, whatever you want to do. This way, when you have a family or more bills, then you’ll have a nice little savings to draw from in case of emergency. Seriously though, stop living like a Kardashian and get yourself a budget.

Realize how much you lose:

That professor that I was talking about earlier did a demonstration that showed just how much you lose if you don’t invest until your 30. That’s 7 years of not building your money and most likely spending it on things that you wish you didn’t. The total came to close to 250,000 if you invest right. 250,000…..a quarter of a million. That’s a nice chunk of change that you have. If you can stomach giving up that new pair of shoes or another night of eating out, then you can make yourself a lot of money.

Risk it:

There are certain things you can do when you’re young. I sprained my ankle 3 years in a row, one requiring surgery, and healed back up in about 4 months each time. In comparison, my Uncle sprained his ankle badly and was out for 8 months. He’s old, but still, the point is that when you’re young, you can recover quicker. Same goes for your investments. In your early 20’s, your investments should reflect a little risk since your lifestyle can handle a loss. When you’re in your 40’s and 50’s, a big loss is a harder hit to your finances.

It’s hard to get in to the mindset of saving and investing when you’re 23 years old. There’s so many things I can think of that I want to buy instead of setting aside some money. However, when you actually take the time to look at the numbers, you start to pick up that it might be worth your while down the road to start saving and investing young.

The following is a guest post.

If you’ve been offered a consolidation loan or you’re thinking about taking one out; tread carefully.

Many credit card companies are offering what appear to be great deals on 0% interest for transfers whilst other finance companies make tempting offers for consolidation loans. But the vast majority of people who take out such loans end up re-using their credit cards and getting further into debt.

That isn’t to say that all consolidation loans are bad by any means, merely that the main dangers lie in psychology; people who have already shown that they’re liable to get into debt are fooled into thinking the immediate problem has gone away and therefore they start spending again and exacerbate the problem.

On the other hand, finding the right kind of company to consolidate your debts for you and which will deal with your creditors – encouraging those creditors to accept lower levels of interest payments – can be a good move. Just make sure the company’s up-front charges aren’t excessive and that the company has received good review s from objective sources.

A consolidation loan is usually a better bet than credit card debt – even if it’s at 0% for a while – if you know that you’re weak-willed. That’s because the loan has to be paid off in set monthly amounts usually over a period of three to five years. You will typically be paying around 6% APR on average at current rates, but at least it’s one fixed amount per month – and it’s a payment you know you have to make.

Credit cards at 0% may be a good idea if you really do have a lot of self-discipline and trust yourself not to live beyond your means – but even here there can be heavy up-front transfer fees which you should take a look at.

A simple bank loan or a re-mortgage is another alternative but here again – only if you trust yourself. And the disadvantage here is that there isn’t a third party company negotiating with your creditors on your behalf.

Overall then – tread carefully and do all the homework you can. Most importantly of all – look in the mirror and ask yourself if you really will live within your means from now on, including making the interest payments. And if you don’t trust yourself enough – then a consolidation loan is probably a better idea than the 0% credit card route, as long as you cut up any remaining credit cards once you’ve taken out the loan.

 Welcome to the May 10th edition of the Carnival of Financial Planning B. Enjoy!

BUDGETING AND ECONOMICS

Mr.CBB @ Canadian Budget Binder writes Bust Our Budget April Update – Sometimes following a budget can be time consuming but give it time and it will become part of your daily routine. Since designing our own budget and sharing tips with our community of fans we hope that we can stick to those rules and make the budget work for us. Budgeting is a solid investment in your personal finances and if you want to get a handle on your own finances then you have nothing to lose.

Robert @ Kids Ain’t Cheap writes Saving Money When You Have Kids – It’s no secret that kids can be quite the expensive investment, especially when you’re on your second or third pup. That doesn’t mean there aren’t ways to save money when you’ve got kids however. In fact, there are quite a few things you can do to keep the costs down as much as possible even with a few extra people in your home.

harry campbell @ Your PF Pro writes 5 Ways to Save Money at Amusement Parks: Sea World San Diego – For some reason, the April showers haven’t quite hit San Diego like they normally do and the weather has been fantastic lately. Warm days and a nice breeze are why I love living in Socal and this past weekend I decided it would be a good time to take my sister(age 5) to Sea World. Even though it wasn’t too crowded, there was still a ton of people there and I couldn’t help but think about how much money everyone was spending.

CAREER AND INCOME

Lauren @ L Bee and the Money Tree writes I Wasted Too Much Time on Boys – I am blinded by the fact that for most of my college career I spent WAY too much time on boys. Time I could have spent becoming better friends with the people I now wish I kept in touch with, or at least time I could have used to do school work, perform in more plays, or keep better track of my finances.

Jester @ The Ultimate Juggle writes Organization is key to balancing family life with a career – It’s tough juggling family life with a career and sometimes the pressure of it all can make you feel unappreciated, even desperate. The frantic commute back and forward to work each day seems to take forever and the boss demands more and more of your time.

Mike @ The Financial Blogger writes Struggling to Focus? Get Another Job – A solution for those who can’t focus.

DEBT AND CREDIT

Mike @ Personal Finance Journey writes Free of Charge – Saving on Credit Cards – Credit card news and how it can save or cost you money.

INVESTING AND SAVING

John S @ Frugal Rules writes Online Brokerages I Use: OptionsHouse Review – There are many online brokerages to use as you look to invest in the stock market. The good ones are there to meet your needs and help make sure you’re doing what you can to be investing for things like retirement.

Jules Wilson @ Faithful With a Few writes Why We Want To Start A Giving Account – A giving account is a great way to set aside money in order to be a blessing to someone else. Make sure you have this in place, so you can respond when there is a need.

Don @ MoneySmartGuides writes How to Fund the Purchase of a Car – Despite being such an expensive investment of our money, cars have become a crucial part of our everyday lives.

Ted Jenkin @ Your Smart Money Moves writes The Drug Of Buying ‘Stuff’ – The weather is warm and in the United States we are about to start enjoying some of the national pastimes of our country.

Crystal @ Budgeting in the Fun Stuff writes Become a Product Tester for Free Swag – If you are not interested in medical studies. then below are some legitimate, non-compromising, product testing opportunities for you.

Tushar @ Start Investing Money writes 3 Things You Absolutely Must Do if an Investment Fails – However good you are at picking investments, you will have one that fails every now and then. It is impossible to go through life picking all the right investments and never tripping up.

Maria @ The Money Principle writes Shopping for Satisfaction – This week Alex discusses shopping for food. When one is unemployed they should shop smart not hard but could young people today do it?

Amanda L Grossman @ Frugal Confessions writes How to Extend Your Cell Phone or Smartphone’s Package Almost for Free – Unlimited data, texting, and talking are a pipe dream for some, especially the unlimited data.

Robert @ The College Investor writes Making Money in the Market with MQL5 Signals – Are you an active trader? Or, would you rather put your money into an investment and not think about it for 10 years? Either way, you must understand that the market is constantly fluctuating, especially in today’s uncertain environment.

Jay @ The First Million is the Hardest writes How to Invest Without A Lot of Money – Proving that it doesn’t “take money to make money” and shows how to get started investing with as little as $100

Miss T. @ Prairie Eco Thrifter writes Why You Should Be Skeptical of Financial “Rules of Thumb” – Rules of thumb are often used to make various financial decisions. While they can be helpful when it comes finding a starting point, rules of thumb should be approached with a degree of skepticism.

RISK MANAGEMENT AND INSURANCE

Kevin @ Passiveincometoretire writes Could Someone Have a Life Insurance Policy On Me Without My Knowledge? – It is highly unlikely, but yes it is possible. Almost all circumstances, however, would prove fraudulent and today’s insurance companies are quite savvy when it comes to debunking such activity.

REAL ESTATE AND PROPERTY

Philip @ PT Money writes Pros and Cons of the 15 vs 30 Year Mortgage – If you’re looking to buy a home or refinance there are a few things to consider when deciding on a 15 or 30 year mortgage.

Brock Kernin @ Clever Dude writes Adjustable Rate Mortgages Are Not Evil – I’m constantly told to dump my adjustable rate mortgage….until I reveal what my interest rate is.

Crystal @ Married (with Debt) writes Who’s Your Real “Head of Household”? – My husband’s name appears under “head of household” on our tax forms. But his actual role doesn’t exactly fit this title.

RETIREMENT AND TAXATION

Daniel @ Sweating the Big Stuff writes How Much Do You Need To Save To Retire 1 Day Early? – Do you want to retire earlier? Find out how much you need to save today to be on the golf course one day earlier.

MMD @ IRA vs 401k Central writes Can I Borrow Against My 401k Plan? Not If You Can Help It – When people ask themselves Can I Borrow Against My 401k plan, they usually don’t realize how much damage they will cause their retirement savings in the long run. This post will show an example of how much money you would potentially lose.

The following is a guest post.

Insurance brokers use many factors to determine van insurance quotes. This complex mix of elements is often hard to understand for less experienced drivers. Getting van insurance is relatively easy, but with insurance prices continuing to rise finding reasonable premiums isn’t. A major focus for any insurance broker is the brand of the van, though. Read on to find out why it’s so important.

The Influence

The brand of the van does have an influence. In fact, it’s a big influence which is only second to the person actually driving it. Insurers deem it as important as a result of various studies and statistics released over the past few years.

So what are the reasons why the brand influences the premiums of van insurance cover?

Thievery

Vehicle crime remains high in the UK. Vans are big targets as thieves often assume the owner also keeps expensive tools and machinery stored in the back. The more expensive the van is the higher the chance of crime.

To get lower van insurance quotes, the chance of the van becoming a victim of theft must decrease. One way of doing this is to store it in a garage or secured facility, as opposed to on the street. Installing safety devices like alarms can also go a long way to reducing the chance of theft.

Value

The value of the van at face value is another reason why the brand is such an influential thing. A luxury van brand would incur higher van insurance rates as, again, it increases the chances of it becoming a victim of crime.

It would also cost the insurer more to repair the van if it was involved in an accident. To compensate for this additional risk, the premiums go up. It’s the same with cars. A Vauxhall car costs less to repair than a Ferrari.

Age and Brand

The brand is directly connected to the age of the van. Older vans cost less to insure as they don’t cost as much to repair, or purchase. Another reason why older vans cost less to insure is they usually only have a few years left before they need scrapping. A brand new van is an investment for the future. It has a long lifespan, which increases the chances of it being involved in an accident at some point.

What’s the Solution?

Generally, it’s best to opt for a brand of van which doesn’t have a ‘prestige’ reputation. Unless you’re particularly attached to a certain brand, you can buy a van which still fulfils your needs from a brand without the same reputation. Doing so would entitle the driver to lower van insurance cover premiums.

The following is a guest post.

It’s an exciting thing to start your own business. All of your ideas have started to come together, and you’re finally acting on that dream you’ve held so long. The good part about starting is that you have actually taken the steps you need taxi begin this journey, but the part is that generally the finances start nipping at your heels before you reach a point where you’re making plenty of money. Cutting your costs and protecting your finances is essential if you want to keep your business going.

Set up an Emergency Fund

Emergencies will happen, whether you’re prepared for them or not. It doesn’t matter whether you run a professional website design company or whether you run an online retail clothing store. You will run into emergencies at some point in your entrepreneurial journey. Setting up an emergency fund is the best way to avoid being bankrupt by these emergencies, regardless of whether they occur at home or in your business.

However, if you don’t have a lot of money, it can seem impossible to set up an emergency fund. The key is to start small. You should have all of your business funds in a separate account anyway. Take it one step farther and set up a separate account to put in your emergency funds. The money put into this account can be for any kind of emergency, unless you have to comply with state laws regarding business finances and personal finances. Whenever you get paid, try to set aside anywhere from 10% to 20%. If you can’t do this, then set aside as little as five dollars. Over time it will add up.

Cut All but the Essentials

Sit down and consider what you are actually spending and what you really need. While some luxury can be nice, you will need to actually evaluate whether it is necessary in your situation. While $30 a month extra doesn’t make a lot of difference in the short term, it can make a tremendous difference for your business as it adds up with other expenses. So if you can cut the cable television and stop buying Starbucks, you will save yourself money in the long run.

If you’re already doing this though, you can still check your finances to see if there is more that you can. Consider what you are using in your business. Often times, it can be tempting to purchase more elaborate software packages and subscription packages that you actually need. While you want to keep in mind room for growth and making sure that you can meet your clients needs, you also need to evaluate your situation realistically. You may not need unlimited web hosting for the next five years. That other package that cost half as much doesn’t look as impressive to you, but it will meet your needs and allow plenty of room for growth over the next few years.