Consumer debt is a killer when it comes to savings goals and overall financial well being! Whether we’re saving for emergency funds or investing funds or whatever fund we’re trying to set goals for, consumer debt will hold us down and must be greatly reduced if not completely eliminated in order to achieve financial freedom. […]
Your emergency fund is an important part of your savings. There are different ways to go about deciding how much to contribute to your emergency fund depending on what works for you. For example, you could start off with a set amount of at least $10 to $20 a month and make a point to […]
If you’ve ever heard the term pay yourself first, your emergency fund is where you should start. Emergency funds should be readily accessible, but not so readily accessible that you will be tempted to make withdrawals for every day spending. Online banks could be a good place to stash away that money for those rainy […]
Too many people today don’t have an emergency fund or a savings account. Your emergency fund is the safety net in the event you get sick, loose your job, have unexpected car repairs, medical expense, etc. General guidelines you’ll hear from financial planners as to how much you should sock away into your emergency funds […]
There are a couple of ways to go about paying yourself first depending on your situation and personality. If you have the discipline of being able to manage your money without being tempted to spend before you save or spend what you save, then a more manual approach to paying yourself first can work. It’s […]
When it comes to paying yourself first, the typical rule of thumb is to save at least 10% of your income. 10% is an ideal place to start and over time, if possible, gradually increase that amount. If 10% seems like too big of a stretch, then start with any percentage you’re comfortable with. Something […]
A lot of people have a hard time understanding the phrase “pay yourself first”, let alone applying the concept. I’ll admit, even I struggled with it when I first heard it. Let’s face it, after paying the rent/mortgage, utilities, car payment, insurance, credit cards, etc., more often than not, there is never anything left over […]
To set yourself up for future financial stability, financial well-being requires a healthy relationship with your money. If you treat your money right, your money will treat you right. Just like in a personal relationship, if you nurture, value and appreciate the other person, they will be there for you when you need them and […]
Even though you might develop your financial style early, it can change with time or due to circumstances. It isn’t uncommon for somebody who is undergone significant life change to adopt a very different relationship with money. Our personal relation to emotional interaction with money is probably the most crucial relationship in the life of […]
All of us have a complex relationship with regards to money. How you acquire, spend and manage money is largely due to two factors: the nurturing you received during childhood about money and values, and the way you organized this information in your mind. At each end of the spectrum is financial insecurity. On one […]