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 […]
Over the years, I’ve asked readers to share some of the best financial advice they’ve ever received. Here are some of their answers. Bob said that during a pre-marriage class he and his then fiancé attended, the teacher suggested using pay raises to build an initial savings account. In Bob’s words, “I can remember how […]
Weekly list of curated personal finance articles from around the web. How much happiness can your salary buy? Researchers can’t agree (Wall Street Journal). “Money matters for happiness, but not enormously.” “No-buy pledge” catches on with TikTokers. Here’s what to know and how to start (CBS Money Watch). It’s a great way to become more […]
We make lots of financial decisions every day. However, over the course of our lives, there’s a small handful of 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 […]
Weekly list of curated personal finance articles from around the web. Time travel: what if you met your future self? (BBC). You’d probably take better care of your health, your relationships, your finances, and more! Why is everyone so unhappy at work right now? (Wall Street Journal). “Quiet quitting” is all the rage. Maybe we’re […]
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 […]
Weekly list of curated personal finance articles from around the web. The five types of wealth (The Knowledge Toolkit). Some healthy new ways of thinking about what’s valuable. What is Service Line Insurance and Do I Need It? (Clark Howard). You probably get lots of pitches for this. Here’s one personal finance expert’s take on […]
Weekly roundup of recommended personal finance articles from around the web. Married couples who merge finances may be happier, stay together longer (Science Daily). The research is in: “Married couples who have joint bank accounts not only have better relationships, but they fight less over money and feel better about how household finances are handled.” […]
Weekly roundup of recommended personal finance articles from around the web. About half in U.S. worry about their money’s safety in banks. (Gallup). The banking crisis is weighing on a lot of people’s minds. See also, Is Your Money Safe? (Sound Mind Investing). You’re about to pay $300,000 for college. What’s another $3,000 in […]
Weekly roundup of recommended personal finance articles from around the web. Giving from the heart really matters (Eternal Perspective Ministries). I love this article. There’s something very inspiring about young kids who develop hearts of compassion and put that compassion into action. Three ways to teach your kids to save money (Kiplinger). Some good examples […]
