This page contains frequently asked questions that relate to budgeting, planning, and saving for the future. Use the pulldown menus to view the questions, answers, and links to related websites.
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Is there a resource that Blue Prairie Group specifically recommends that can help me budget, save and plan?
Blue Prairie Group has partnered with HelloWallet.com and recommends their services to anyone interested in improving their ability to spend appropriately and save at higher levels. When reviewing the tools available on the marketplace (there are many), HelloWallet earned our respect through focusing on outcomes for their customers with measurable savings rates over time and not allowing advertising and relationships with financial service providers (i.e., credit card companies) to obstruct the benefits of their service. (Note: Your company may have already purchased Hello Wallet access for you as an employee benefit. Please check with your HR department before signing up for an account.)
What is the value of reducing, postponing or foregoing expenses?
Use this calculator to help determine what you could accumulate by reducing or eliminating discretionary monthly expenses.
How do I make a budget? (How to Create a Budget You Can Live With)
We all need a budget, regardless of age, life stage, or whether we think we’ve ‘made it’ or not. Use this budget worksheet to get your spending and saving on track.
Should I consolidate my personal debt into a new loan?
With interest rates at historical lows, it may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan, typically a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.
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Should I save now or save later?
A penny saved is a penny earned, but a penny saved today is a penny earning more. It is important to start saving as soon as possible for retirement due to the impact of compounding. If you start saving now you will need to save considerably less than if you wait even a few years. Use this calculator to determine how much extra you will need to save if you wait.
How much do I need for emergencies?
It is prudent planning to have at least three to six months of liquid/cash assets set aside in the event of job loss, medical emergency, short-term disability, etc. Use this calculator to determine how much you need to set aside monthly or as a lump sum to create an emergency fund.
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If we can be of further help, please contact the Blue Prairie Group Employee Financial Help Desk™ at (866) 813-5495. The help line is staffed from 8:30 a.m. to 5 p.m. CST Monday-Friday.
Blue Prairie Group is a multi-service, multi-disciplinary wealth management and investment consulting organization. As an SEC-registered investment advisory firm, we provide independent, third-party investment advisory services to individuals, corporations, foundations and endowments, and not-for-profit organizations across the nation. For more information, visit Blue Prairie Group’s home page.