article thumbnail

So You’ve Maxed Out Your Emergency Fund – Now What?

Prairie Eco-Thrifter

Personal financiers will frequently advise that you have an emergency fund of 3-6 months of expenses in your bank account at all times. I remember a few months ago when I hit my $10,000 emergency fund target. Once you’ve reached that goal and have a nice, healthy emergency fund in your bank, what do you do next?

article thumbnail

The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

Advantages of Paying Off Debt From a purely financial point of view, it makes more sense to focus on debt payoff rather than directing available cash to a savings account. Advantages of Saving Despite Debts Building an Emergency Fund Building an emergency savings fund is the top reason to make saving a priority over paying down debt.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Tricks to Save More Money in 2015

Prairie Eco-Thrifter

Earmark this money for an emergency fund, a new car fund, a vacation fund, whatever you would like. Take advantage of free money. Take advantage of these opportunities and save the free money. Then, you’re continually building a slush fund in your checking account.

Money 100
article thumbnail

How to Prevent Three Common Disastrous Personal Financial Mistakes

Prairie Eco-Thrifter

Lack of An Emergency Fund . One of the most common disastrous finance mistakes is not having any sort of financial back-up for emergencies. Experts recommend an emergency fund of at least six month’s salary as essential, especially if you are struggling to make ends meet.

article thumbnail

What Has Your Money Done for You Lately?

Prairie Eco-Thrifter

It’s one thing to have a couple thousand dollars in an emergency fund. He says he likes to have it available to take advantage of opportunities, but the reality is that it’s such a huge amount of money that he could conceivably take advantage of a number of opportunities. Invest that Money.

Money 200
article thumbnail

4 Tips To Starting Your Financial Plan

Saving Cents With Sense

Income should include all funds from paychecks, government assistance, annuity payments and so forth. Build a Budget & Emergency Fund. Cut out unnecessary spending and use that money to build an emergency fund. When it comes to contributing additional money to this fund, explore all your options.

article thumbnail

How We Frugal-ed in June 2023

Family Balance Sheet

I also opened another Capital One 360 account for our emergency fund that was also sitting in a zero-interest savings account. I took advantage of the June gift card promotion at GIANT and bought four $25 gift cards and earned 6 times the gas points. In total, we have made $250 in interest since April.

Frugal 100