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Emergency Fund: Why You Need It and Why It Matters
I once read that nearly half of Americans don’t have $500 saved to cover an unexpected expense. Back then, I was part of that statistic and felt the stress that came along with being financially unprepared. Today, I’ve made it a mission to stress the importance of having money saved for rainy days, emergencies, and unexpected job loss. Keep reading…
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Best Money Saving Apps 2021
Savings rates have soared but only for some people. According to a recent Times article, “Americans have historically struggled to save money, for a number of reasons. According to a 2019 report by the Federal Reserve, four out of 10 Americans would be unable to pay an unexpected $400 bill out of their savings.” We all know how important it is to…
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Are You Unconsciously Spending on Likes Not Loves?
A few years ago I found myself wondering why I was buying the things I bought. Why did I need to own two cars, a motorcycle, live in an expensive apartment, or have a walk-in-closet filled with clothes with tags still on them? Why did I need a new phone each year or get the latest tech gadget? (This article…
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How to Use Multiple Savings Accounts to Save More
Many people have just one saving account where they save all their cash for a multitude of reasons. This may be simpler to manage but the downside is the inability to track the individual progress towards each financial goal. Having multiple savings accounts is the perfect way to allocate and track your money to goals more effectively. Multiple savings accounts…
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Pay Yourself First: A Personal Finance Golden Rule
Pay yourself first. I’m sure you’ve heard and read this many times before. And it’s often repeated because most people don’t pay themselves first. This common personal finance advice is repeated often because of its importance in helping you live financially well. It’s important that you become proactive in saving money today regardless of how much you’re making. Saving $5…
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CD Ladder Strategy: What is it and How to Build
A CD ladder strategy is where you spread a lump sum of money across multiple CDs with different maturity dates. Certificate of deposit (CD) is considered a low-risk investment where your money is locked for a fixed period of time. The locked-in feature enables financial institutions to offer you higher rates compared to traditional savings accounts. These certificates can be…
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This Is How to Never Deplete Your Emergency Fund
An emergency fund will help you cover your living expenses when you face a decrease or loss of income. In some instances, an emergency fund can be used to cover an immediate expense that you’re unable to cover from funds in your checking account. It’s a great thing to have an emergency fund but the reality is most people don’t.…
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