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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Create an Emergency Fund Let’s talk personal finances— $8,883 —that’s how much American households have in terms of emergency funds on average. The ideal scenario is that your emergency fund should look to cover at least six months of all your monthly household expenses should you suddenly lose your income.

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

Family Balance Sheet

But let me show you how to budget (and pay) for yearly bills with a strategy I’ve used for years. Our Story: April is always a very expensive month for us. This savings account should strictly be your Personal Escrow Account and these funds are only to be used for the bills that you have identified in step #1.

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Types of Investors

Prairie Eco-Thrifter

His idea was to buy some land, a bit outside his own area and develop it into an estate type community – homes with acreage. This man works for a family firm that deals in real estate and has some connections to people who have done development, but has no experience himself. At least they used to.

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Yes Virginia, There is a Money Tree

Prairie Eco-Thrifter

The proverbial saying ‘money doesn’t grow on trees’ is used by many a parent in denying some wished for item to their children. We have enough to live on from other sources and an emergency fund. At the end of that time, I had over $100,000 worth of that fund. #117046655 / gettyimages.com.

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Carnival of Personal Finance #384 – Time for a Laugh Edition

Prairie Eco-Thrifter

Editors Picks: Big Cajun Man from THE Canadian Personal Finance Site shares 10 Phrases I have Used to Save Money. Really, we should all carry a cue card in a our wallet that we can just whip out and use anytime we have an opportunity to save money. People there only have what they use and need and you know what…they are happy!!

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Why Save Money in a Low Interest Rate Environment?

Prairie Eco-Thrifter

But, with each of the above, you lose the use of that money and often have little chance of even getting it back, let alone making it grow. We could take on debt to grow using other people’s money. Using a student loan to get educated or re-educated in a new (presumably higher paying) field could also be a sure thing.

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Meet Aja. She & her husband Paid Off $110,000 in Debt

Family Balance Sheet

It took use about 10 years because we didn’t get serious until the 11th hour. We realized that debt payments were eating into our income and potential to build wealth. It would be hard to have the laid back life we envisioned with both of us working frantically just to pay bills (mostly made of debt.)

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