Search Results for: emergency fund

“Oh my gosh! The shoes I’ve been wanting are on sale. It’s an emergency.” Wrong. A financial emergency is often a misused term. If you’re trying to create a financially sound life, you need to know the best ways to respond to a financial emergency. Ask Yourself If It’s REALLY an Emergency What is a financial emergency? Many people think it’s a blown tire or a leak in the roof. The truth is a financial emergency is something that was unexpected. Car and home maintenance should be expected … [Read more...]

For most people, having a mortgage payment is just a fact of life.  But, think of what you could do with your money if you could eliminate that debt earlier! Here are 7 tips on paying off your mortgage early Add extra money to your payments Even if you can only add an extra $10 extra towards your principal, try to add any extra money that you can onto your mortgage payment.  You can use a mortgage calculator to see what the effects are to the payoff date by adding extra … [Read more...]

Does a recession have to mean that your family will suffer financially? Not necessarily. There are things you can do to help protect yourself from problems and survive a recession. Whether you pay closer attention to where your money goes each month or build up your savings account, you can remain financially stable. Let’s take a closer look at how to keep a recession from wrecking your finances. Don't Panic If you lose your income or your investments seem like they're dipping ever … [Read more...]

Many people will experience tough times at least once in their lifetime. Having your hours cut or having to take a job that pays less than your previous job can be difficult. Difficult doesn’t mean impossible, though. There are ways to make it through a reduction of your income. Let’s take a closer look at how to budget when your income gets cut. Explain the Situation to Your Family Sit down and talk to your family about what’s going on. It’s better for kids to be in on what’s going on so … [Read more...]

Do you stick to your budget? Many families have an idea of how much they want to spend on variable expenses, but don’t actually keep track of the amount spent. If you start tracking your expenses, it can be shocking to see how much you’re really spending. If you find that you’re living paycheck to paycheck or wondering where all your money goes, you need to think about the cash envelope system and how it works with your budget. Encourages Better Planning So many people go through life just … [Read more...]

Living with a disability comes with several challenges, to say the least. However, one thing that can be particularly tricky is planning for the future. Financial planning is essential to ensure you can receive the level of care you need later on in your life. Here are some concrete ways to get your financials in order for the future. Protect Your Loved Ones with Insurance Insurance can help offset future financial burdens faced by you and your family. Long-term care insurance, for example, … [Read more...]

We are super thankful whenever my husband gets a bonus from his job!  A bonus from work can be a reason to celebrate. But, before you rush out and spend it on something fun, you need to be smart. While you can spend part of the bonus on something for yourself, the rest of the money should be used to help you be financially successful. Let’s look at how you should spend a bonus. Budget Spending Money Take 5-10% of the bonus and spend it on whatever you want. You should have some fun … [Read more...]

If you want this to be the year you finally get your finances in order, there are some tips that can help. Whether you start with a budget or pay off debt, you can improve your finances. Let’s take a closer look. Create a Budget First things first. If you want to improve your finances, you need a budget. You need to sit down and create a realistic budget that takes your goals into account. You may want to track your expenses for at least two months to determine how much you need to allocate … [Read more...]

Becoming financially responsible and successful at managing your money can be difficult. It’s a lot to take in and adjust to. If you’re the type that loves to shop or go out a lot, you’re going to struggle. What if you had someone to help you? Let’s look at why it’s important to have a financial accountability partner. Healthy Competition Many people love healthy competition. When you have a financial accountability partner, you can compete to see who pays off their debt the fastest, who’s … [Read more...]

That day has finally come. You got the raise you’d been hoping for. But before you rush out and purchase a new car or house, maybe you should consider how this raise could really help your finances. So many people live above their means or at least live just slightly within budget. Instead of applying that raise to a luxury item, let’s look at how you should use a pay raise. Increase Your 401(k) Contributions The sad reality is that a pay raise means paying more in taxes. It may even throw … [Read more...]

Do you love to save money, but have a spouse that seems to love throwing money away? There are things you can do to help get your spouse on board with a budget. Yes, it might take some bribing and crunching the numbers, but it can be well worth it in the end. Let's take a closer look at how you can get your spouse to cooperate. Decide on a Big Purchase You Both Want Okay, so sometimes dealing with your spouse is a lot like dealing with your kids, and you need to bribe your spouse to get what … [Read more...]

There are many things we’ve been told throughout our life that pertain to money. The problem is that some of those things aren’t true. Believing these myths can lead us to make poor financial decisions. Whether it’s using credit cards for emergencies or always carrying a car payment, there are financial myths that you need to stop believing. Credit Cards Are for Emergencies Credit cards are perfectly okay to use if it’s an emergency, right? Wrong. That’s what an emergency fund is for. You want … [Read more...]

Something that many people have differing opinions on is whether or not you should combine your finances with your spouse. The drawbacks that people bring up about combining your finances with your spouse’s usually boils down to trust issues. You need to be able to trust your spouse. If you do trust your spouse, you should combine your finances with your spouse. It Provides Security Combining finances with your spouse creates a sense of security. There will be times when women need to be away … [Read more...]

Money is one of the leading causes of divorce in America. The problem is that many couples don’t talk about money until things get out of hand. Soon, there are fights about money and who’s spending what. It’s a horrible situation that can be avoided. When you sit down and talk to your spouse about money, you’re able to help avoid problems. Let’s look at money talks you should have with your spouse. Where Should Our Money Go? You need to discuss where you and your spouse think your money … [Read more...]