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How to Build your Emergency Fund

Family Balance Sheet

Life suddenly changed for most of us in March 2020 and this past year of the pandemic has reinforced how important an emergency fund is. If you’re able, maybe use some of your stimulous money to put towards building an emergency fund. That emergency fund saved our business, our sanity, and our marriage.

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How to Build your Emergency Fund

Family Balance Sheet

Do you have enough cash to cover them or would you have to rely on high interest credit cards or a loan from family? According to a recent survey , over half of Americans have less than $1000 in their savings and checking accounts. You see, we learned a valuable lesson many years prior about the importance of an emergency fund.

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How to Budget (and Pay) for Yearly Bills + a FREE Speadsheet

Family Balance Sheet

It all started years ago when we refinanced our mortgage and were no longer required to send an escrow payment to the bank for real estate taxes and our home owner’s insurance. Every month going forward, transfer this money into a separate savings account that is connected to your checking account.

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How We Frugal-ed in June 2023

Family Balance Sheet

Instead, I look for creative ways to save my family money in all aspects of our lives. 2 – We opened up high-interest savings accounts and earned $250 in interest. We got a late start on saving for college so a large portion of our college savings has been sitting in our checking account earning zilch.

Frugal 100
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Saving Your Pennies For A Rainy Day

Prairie Eco-Thrifter

It can be tempting, once you have saved a few dollars using the methods above to want to go out and spend the money elsewhere. The first place you should stop is the bank. Whether it is a piggy bank or your private branch, put the money away. Save Your Change. Anytime you find change, throw it in the bank.

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10 Must-Know Personal Finance Tips for Moms’ Financial Success

Penny Pinchin' Mom

However, if you have been following me, you know that I am quite serious about finding ways to not only get out of debt but also how to create a budget (and stick to it) as well as how to save money without necessarily depriving your family of the quality of life they deserve. I send in $50 every month to each of their accounts.

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Over 40 and Worried about Money? Start here!

Family Balance Sheet

” Recently Go Banking Rates conducted two studies on savings rates with startling results. Almost 70% of Generation X have less than $1000 in personal savings account. *. of Generation X report a retirement savings account balance of $0.**. Start Saving for your Emergency Fund TODAY!