Together Budget

5 Mistakes to Avoid in the 5 Years Before You Retire As you approach retirement age, it's essential to be mindful of your financial decisions. Making mistakes can have significant consequences on your post-work life, and correcting them may be challenging or even impossible. In this article, we'll explore five common errors to avoid during the five years leading up to retirement. 1. Not Adjusting Your Retirement Savings Rate Retirement savings is a long-term process that requires consistent effort. However, many people fail to adjust their savings rate as they approach retirement age. This can lead to inadequate funds for the golden years. Solution: Regularly review and update your budget with TogetherBudget to ensure you're saving enough for retirement. Consider increasing your contributions or exploring alternative income sources, such as a side hustle or rental properties. 2. Failing to Assess Your Retirement Goals Before retiring, it's crucial to understand what y...

Achieving Financial Freedom: The Often-Overlooked First Step As a personal finance enthusiast, I'm always excited to share tips and strategies that can help individuals achieve their financial goals. Recently, I came across an inspiring story of a 30-year-old who built a 7-figure net worth, and the key takeaway from their journey is one that may surprise you: it's not about making more money or investing in the right assets, but rather about taking control of your finances through smart budgeting . The Power of Smart Budgeting In today's fast-paced world, it's easy to get caught up in lifestyle inflation and overspending. We often focus on earning more money as a solution to our financial problems, but this approach can actually lead to more debt and financial stress. By contrast, smart budgeting allows you to prioritize your expenses, manage your cash flow, and make intentional decisions about how you allocate your resources. Why Smart Budgeting is Key So, why is smart...

Planning a Dream Vacation with Family: Navigating RMDs and Generational Spending As we age, our priorities often shift from building wealth to enjoying the fruits of our labor. For many retirees, using their Required Minimum Distributions (RMDs) from retirement accounts is an attractive way to fund dream vacations or spend quality time with loved ones. However, a recent trend highlights concerns about keeping up with younger generations in terms of lifestyle and financial comfort. The RMD Conundrum With the rise of TogetherBudget , individuals are gaining control over their finances, making it easier to plan for significant expenses like RMDs. But what happens when retirees want to use these distributions to enjoy time with family? Consider this: A 78-year-old couple wants to use their 2026 RMD to fund a dream vacation with their kids and grandkids. However, they worry that their spending habits won't keep pace with those of their younger relatives. Generational Spending Disparitie...

European Real Estate Market Outlook 2025: What Does it Mean for Your Finances? The European real estate market is experiencing a significant shift in the next few years. According to recent reports, the sector is expected to undergo substantial changes by year-end 2025. As an investor or property owner, understanding these trends can help you make informed decisions about your financial future. Key Takeaways from the European Real Estate Strategic Outlook Here are some key points to consider: Rent growth : Rental income in Europe's major cities is expected to decline due to increasing supply and decreasing demand. Property prices : Prices for residential properties are predicted to fall in many European countries, making it a buyer's market. Vacancy rates : The vacancy rate for commercial properties is anticipated to rise, leading to increased competition among landlords. Implications for Your Finances These trends may have significant implications for your personal finances: I...

The Shifting Landscape of European Money Managers The recent sale of Schroders, a prominent asset management company in Europe, has sent shockwaves through the financial industry. This development has left many investors wondering about the future of money managers and how it may impact their investments. As we navigate this changing landscape, it's essential to understand the implications and opportunities that arise. What Does the Sale Mean for Investors? The sale of Schroders signals a significant shift in the European asset management market. With more companies potentially on the block, investors may face a wider range of options for their portfolios. However, this increased competition can also lead to consolidation, which might result in fewer choices in the long run. Why This Matters This development highlights the importance of being proactive about your investments and financial planning. Whether you're an experienced investor or just starting out, it's crucial to...

The New Reality of Side Hustles for Working Women As more women enter the workforce and take on leadership roles, they're increasingly turning to side hustles as a safety net. Gone are the days when a side hustle was seen as an "extra" or a hobby; now, it's a vital component of financial security. Why the Shift? The rise of the gig economy, changing family dynamics, and growing financial uncertainty have all contributed to this shift. Women are taking on more responsibility for their finances, and side hustles offer a way to supplement income, build an emergency fund, or pursue long-term financial goals. Benefits of Side Hustles for Working Women Financial flexibility : A side hustle provides an added layer of security in case of unexpected expenses, medical bills, or career changes. Increased earning potential : With multiple income streams, women can earn more and build wealth faster. Personal fulfillment : A side hustle can be a creative outlet, allowing wome...