Money. It's what makes the world go 'round, right? And those of us in the personal finance world talk a lot about ways to save money, ways to make more money, and how to make that money go farther. But what are the real advantages and disadvantages of saving money? Disadvantages of Saving Money Let's start with the disadvantages. First off, saving money means you aren't spending it. And it is possible to be too frugal. Are you doing … [Read more...]
3 Easy Money Challenges to Get Your Finances In Order
Do you need easy money challenges to help you to save money and get your finances in order? While it’s true that you shouldn’t expect a money challenge to solve all of your financial issues, the discipline of these challenges and the creative thinking involved can help you to think differently about your spending habits. Breaking the old bad habits of the past is key to establishing new, healthier spending choices for the future. Here are … [Read more...]
Hierarchy of Savings – What Should Come First?
It can be difficult to establish a hierarchy of savings. What should come first when you are paying yourself? Three basic areas represent parts of your life that need financial attention; your retirement fund, your money set aside for emergencies, and debt repayment. The last one doesn’t sound like you are paying yourself--at first. But debt management is an important part of establishing financial freedom. Emergency Fund: A Savings Account You … [Read more...]
How Does The Bingo Money Challenge Work?
How does the Bingo Money Challenge work? This money-saving game can help you put more cash away for a rainy day, an emergency car repair, or even a vacation. The Bingo Money Challenge is deceptively simple but has the potential to save you a lot more money than you might think. How The Bingo Challenge Works This money-saving strategy is something we defined as a “game” in the opening paragraph, and it’s true; this is basically gamifying your … [Read more...]
Where Should I Keep My Emergency Fund?
We have all heard the recommendations - have 3-6 months worth of expenses put away in an emergency fund. But where should you keep your emergency fund? I don't know about you, but I don't really want to keep that kind of money in a jar in my cabinet. Your Money Should Be Accessible I have heard some people say that you should put your emergency fund into "safe stocks," so that you can make your money work for you. On one hand, this sounds … [Read more...]