Archive | Saving

Getting Started With Savings
I recommend maintaining three distinct types of savings accounts: an emergency fund (with 3-6 months’ worth of essential living expenses), a big-ticket item replacement fund (where you save for your next vehicle or to pay for a new furnace), and a periodic bills and expenses fund (where you save each month for bills and expenses that you’ll have to pay sometime in the year, such as an annual life insurance premium or Christmas gifts). You could open 3 separate accounts. Or, I use Capital One 360, where one account can be set up with numerous sub-accounts.

Changing Our Money Ways

With our tough economy leading people to eat out less often, switch from SUVs to gas sippers, and generally spend less, an MSN columnist recently wondered what would happen if we all suddenly got and stayed money-smart? That is, what if we paid our credit cards in full each month (46 percent of households carry […]

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The Debt Fix

“Be joyful in hope, patient in affliction, faithful in prayer.” – Romans 12:12 For the last couple of months we’ve been going over a step-by-step plan for getting out of debt and staying out of debt forever.  If you have debt, you probably didn’t get into it overnight.  Getting out of debt won’t be an […]

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A Mysterious, Maddening Law of Economics

The Wall Street Journal recently reported on the “insidious and unforgiving Law of Household Economics.” Don’t remember this one from Econ 101? It goes like this: “For every financial windfall that comes into your home, there will be an equal, unexpected household cost.” The article’s author recited several first-hand experiences, such as the garage sale […]

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Life Without a TV

There was an interesting post on Free Money Finance about the many benefits of going without a TV, including the financial savings, and the quality of life improvements. Of course, there’s nothing inherently wrong with watching TV (especially when there’s a good golf tournament on!). However, it’s pretty easy to make the argument that we […]

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Saving for College While You Shop

Upromise, the first of several programs that enable you to earn money for a 529 college savings plan while you shop, is offering a $10 bonus if you sign up and make a purchase before the end of April. Okay, $10 isn’t much when you consider how much college is likely to cost by the […]

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Getting Ready for Your Rebate

Are you among the 130 million taxpayers who will receive a rebate as part of the government’s economic stimulus plan? (Check eligibility requirements here) If so, with the government poised to begin sending checks in May, now would be a good time to decide what you’ll do with the money. Single tax payers will receive […]

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Too Few Playing the Savings Game

Just 28 percent of all Americans say they save at least 10 percent of their income. That’s one of the findings from a new survey by the American Savings Education Council. What percentage of your monthly gross income do you save each month? For most people, 10 percent should be the absolute minimum. Do you […]

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“The Best of Things”

“Be joyful in hope.” –Romans 12:12a In the movie, The Shawshank Redemption, prisoner Andy Dufresne demonstrates the power of hope.  Wrongly convicted for the murder of his wife, his hope that the truth would one day come out sustains him. When the truth finally does come out, but a corrupt warden refuses to acknowledge it, Andy […]

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The Wisdom and Foolishness of Saving Money

“In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.” – Proverbs 21:20 Three times during several recent financial workshops with college students I was asked a surprising and refreshing question: Does saving money reflect a lack of faith in God’s provision?  It was […]

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