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.
Those of us who write about money for a living can get a little carried away by some of the nitty-gritty details. That seemed to be the case in a surprisingly impassioned debate that sprang up recently over what a person’s higher priority should be—controlling spending or controlling saving. At first, it seemed kind of […]
A weekly roundup of some of the best personal finance articles from around the web. Protecting your child from identity theft (Independence Advisors). It often goes undetected for years, and by then a lot of damage will have been done. It’s an emergency (fund)! (Monevator). If you’ve ever wondered whether it’s really necessary. Estate planning essentials (Retirement Field […]
A weekly roundup of some of the best personal finance articles from around the web. Why the next bear market may feel more painful (A Wealth of Common Sense). With more money in your portfolio, thanks to a nine-year bull market, the next downturn may be tougher to take. The wisdom of frugality: What is simplicity? (The […]
A weekly roundup of some of the best personal finance articles from around the web. Get sentimental about saving (Chicago Tribune). Advertisers know all about preying on our emotions. Here’s some interesting research about turning the tables and using emotion to do the right thing financially. More homebuyers are taking out mortgages that stretch them thin (Clark […]
We make lots of financial decisions every day. However, over the course of our lives, there are about 10-15 decisions that really matter. How well we navigate them will make an especially big difference in whether we struggle with money or live with financial freedom and joy. As I describe the decisions, please keep a […]
Last roundup of the year—lots of ideas for getting 2018 off to a great start. What the rich do differently: Habits that foster wealth and success (Get Rich Slowly). Titles like this often amount to nothing more than clickbait, but this is a good post that reviews the findings of numerous authors who have studied people […]
As we prepare to close out 2017, here’s a look back at this blog’s most popular articles from the past year—the top 10, along with a few extras. My hope in sharing them is that they may spur some ideas that’ll help you plan ahead for a great 2018. 1. The Case Against Frugality. With apologies […]
A weekly roundup of articles that’ll help you manage money well. Jumpstart your savings goals now (Living Well Spending Less). Really good advice to get the new year started well. How to buy low this Christmas season (and always) (Sound Mind Investing). You know about retailer price matching, but did you know your credit card may be […]
It’s easy to make managing money more complicated than it needs to be. That’s because money isn’t just an objective “means of exchange” as the dictionary defines it. Money is wrapped up in our emotions – our hopes, dreams, and fears. And our use of it is strongly influenced by the many messages of our […]
Are you trying to make a positive change in your finances or some other area of your life? How clear are you about the change you’re trying to make? As Chip and Dan Heath researched Switch, their helpful book about what it takes to truly change something about our lives, they discovered several surprises. This […]
