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.
Weekly roundup of recommended personal finance articles from around the web. 1 in 4 Americans would need to use a credit card to pay a $1,000 expense (MarketWatch). Having an emergency fund does wonders for keeping stress at bay. Read also, Saving money is all about the ‘why’ To become better adults, look to the […]
Weekly roundup of recommended personal finance articles from around the web. Everything you can’t have (Collaborative Fund). “Your brain doesn’t want stuff. It doesn’t even want new stuff. It wants to engage in the process and anticipation of getting new stuff.” The vehicles we choose to drive (Becoming Minimalist). Come for the Harvey Mackay quote, then stick […]
Of all the things you could do with money, parking it in a savings account isn’t likely to move the excite-o-meter. But it does have the advantage of being highly useful. So useful, in fact, that I want to encourage you to not just double down on the idea, but to triple down on it. […]
I’m fascinated with the process of life change. So many of us would like to make some changes — in our health, our relationships, our finances. And yet change seems hard. We might make progress for a while, but then we slip back into old familiar patterns. What does it take to make changes that […]
Weekly roundup of recommended personal finance articles from around the web. Parenting well through Christmas and beyond (Eternal Perspectives Ministry). Setting our kids on the path toward enduring happiness. Your wallet is being drained by subscriptions. Wall Street thanks you. (Wall Street Journal). Be careful what you sign up for. You may end up staying—and […]
Weekly roundup of recommended personal finance articles from around the web. Navigating the pain of your first bear market (A Wealth of Common Sense). Words of wisdom for all investors, but especially new investors. Everything compounds (Humble Dollar). One of the most important concepts in money management, and in life. Scams are showing up at […]
Weekly roundup of recommended personal finance articles from around the web. One way to stop wasting money: choose bigger goals (Becoming Minimalist). Thinking beyond our own wants and needs can help us use money more intentionally. The only equation that matters (Fortunes and Frictions). For those teaching personal finance at home. Americans have tip fatigue […]
In 2016, a study published in Mayo Clinic Proceedings quantified how many Americans have a healthy lifestyle. Can you guess what number it came up with? Less than three percent! In order to qualify, a person had to meet four criteria: Moderate to vigorous exercise for at least 150 minutes per week, a diet score […]
I know a man who started saving for his daughter’s wedding when she was just a little girl. Long before she ever met the man she would marry her father was setting money aside for her special day, even when money was tight. Over the years, he could have spent more on himself, buying a […]
Weekly roundup of recommended personal finance articles from around the web. 4 things you can do to make sound financial decisions in financially lean times (Christian Stewardship Network). Things aren’t exactly great in the economy right now. Here are some ways to cope. 10 steps you can take to keep advertisers from dictating your life […]
