Penny Pinchin' Mom

DECEMBER 17, 2023

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.

Finance Tips 52

Finance Tips Finance Emergency Fund Life Insurance 52

Family Balance Sheet

MAY 6, 2020

What got us through financially? Our emergency fund. I am totally paraphrasing the year, but had it not been for the money in our emergency savings, we would most likely have used credit cards to survive. I still use my spreadsheet to this day! So we got to work! Storm #2: 2013.

Debt 130

Debt Emergency Fund 2007 2020 130

Family Balance Sheet

APRIL 9, 2021

Dave Ramsey has a plan and it has worked for millions of people. We also didn’t feel comfortable with Dave’s suggestion of a $1000 starter emergency fund, which is his step #1. But $1000 was not nearly enough money to cover sudden emergencies in both our home and business. He calls it his 7 Baby Steps.

Debt 130

Debt Emergency Fund 2019 Debt Free 130

Prairie Eco-Thrifter

JULY 10, 2014

My solution to this problem is to create a spending plan that actually works for me. In fact, if you identify your values, and use them to direct your finances, you are more likely to stick with a spending plan and feel better about your financial situation at the same time. First of all, it helps to identify your core values.

Budgeting 218

Budgeting Budget Work Making 218

Family Balance Sheet

JUNE 24, 2021

But let me show you how to budget (and pay) for yearly bills with a strategy I’ve used for years. 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. This is not an account to fund anything else–ever!

Bills 130

Bills Budgeting Budget Emergency Fund 130

Prairie Eco-Thrifter

JUNE 30, 2014

My fiancé’s financial goal is to save up money for incidentals and emergencies (over and above our current fully-funded emergency funds), and then buy a really good truck and perhaps a boat with anything extra that hasn’t gone toward retirement or the emergency funds. Compromising is Key.

Financial Goals 189

Financial Goals Goals Emergency Fund Finance 189

Family Balance Sheet

NOVEMBER 5, 2014

Because we wanted to get out of debt as fast as possible, we stopped saving money after we had an emergency fund in place. We met with a financial planner and he gave us a specific plan to get out of debt with a specific amount of money to put toward debt each month. For us, we have weekly staff meetings with each other.

Debt Free 241

Debt Free Debt Emergency Fund Finance 241

Penny Pinchin' Mom

DECEMBER 17, 2023

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. Even a small cushion of emergency savings can stop you from sinking further into debt when you are hit with an unexpected expense.

Pay Off Debt 52

Pay Off Debt Debt Emergency Fund Financial Goals 52

Prairie Eco-Thrifter

JANUARY 1, 2013

Lack of An Emergency Fund . One of the most common disastrous finance mistakes is not having any sort of financial back-up for emergencies. How long could you manage if you were out of work, based on your current financial situation? Make an allowance for a small amount of savings, in addition to your emergency fund.

Emergency Fund 272

Emergency Fund Credit Cards Personal Finance Finance 272

Family Balance Sheet

AUGUST 11, 2016

You work until you are 65 and then retire. Work for the same company for 35+ years. Another friend chimed in, “we’ll never stop working, retirement isn’t possible.” It’s taking forever for us to accomplish the step we’re on (paying off our non-mortgage debt), but we keep plugging away.

Emergency Fund 100

Emergency Fund Money Finance Debt 100

Motherhood Moments

MARCH 4, 2023

Emergencies do happen, so it's essential to have a savings cushion to fall back on when unexpected expenses pop up. Automating your savings towards an emergency fund makes this process easier and less painful. Credit can be a valuable tool when used wisely, but it can also quickly lead to debt if you're not careful.

Debt 130

Debt Money Building Credit Cards 130

Family Balance Sheet

APRIL 11, 2020

Pre-coronavirus, we didn’t think twice about shaking a stranger’s hand, using the ATM keypad, or going to the grocery store without donning a hazmat suit. I have written often about the importance of an emergency fund. I have been using it ever since. Emergency Savings = Last Resort. Cash is King.

Budgeting 246

Budgeting Budget Family Debt 246

Prairie Eco-Thrifter

NOVEMBER 8, 2012

My retirement account contribution, emergency fund contribution, car payments, utility bills, and mortgage are all set up so that they are paid automatically each month. Of course, this spending plan method only works in my family because our wants are fairly modest so we don’t exceed our income each month.

Emergency Fund 202

Emergency Fund Budgeting Budget Psychology 202

Prairie Eco-Thrifter

MAY 20, 2014

Instead, you want to put that money to work for you so that you can enjoy life. It’s one thing to have a couple thousand dollars in an emergency fund. I enjoy travel, and I like my money to be put to work providing me with interesting experiences that enrich my life. Invest that Money.

Money 200

Money Emergency Fund Work Advantage 200

Savings Corner

DECEMBER 24, 2023

How to use a debt consolidation calculator to control your debt It is easy to get overwhelmed with debt, but debt consolidation offers a solution. Home equity loans or lines of credit As a homeowner, you can use the equity in your home to consolidate your debt. Getting an unsecured card ensures you won’t risk any assets.

Debt 52

Debt Calculators Credit Cards Credit 52

Family Balance Sheet

JUNE 30, 2015

The plan allowed us to think beyond the financial struggles we were dealing with at the time and we could envision what our future might look like. And while we have a lot of work ahead of us, we keep moving forward. Increase our emergency fund to 6 months of expenses. Contribute to our retirement funds.

Financial Goals 100

Financial Goals Debt Goals Emergency Fund 100

Saving In Akron

MARCH 9, 2011

Get home, have to take hubby to work. Had to work today so I worked at my real job until 4 when my daughter gets home. Sit down at 11:00 PM to work on this blog after all that. This all goes back to having an emergency fund and paying yourself first. I barely worked in those 2 years.

Emergency Fund 100

Emergency Fund Daughter Cars Car 100

Prairie Eco-Thrifter

NOVEMBER 17, 2018

Ultimately, if you were the person responsible for paying the bills in your home, and you didn’t have much of an emergency fund in place, there’s a chance that you’ll need to seek out the assistance of a personal loan between you and your partner until you get back on your feet. 2. Stay Organized.

Hunts 138

Hunts Emergency Fund Re-use At&T 138

Prairie Eco-Thrifter

OCTOBER 26, 2014

There’s no point in using more money than you need to. Take on extra work. Are there any jobs you can work on the side like babysitting or freelance work from home? Can you work extra hours at your job? Finding temporary, extra work is a great way to drum up cash. Estimate how much you’ll need.

Holiday 169

Holiday Emergency Fund Homemade Eating Out 169

Prairie Eco-Thrifter

MAY 27, 2012

See if you can identify with any of these statements: I spend more than I earn I don’t have a household budget I use credit cards all the time to buy everyday essentials like food, gas, transport. Also include an emergency fund and contributions to a retirement account, even if just small amounts at first. What about signs?

Emergency Fund 212

Emergency Fund Credit Cards Budgeting Budget 212

Family Balance Sheet

SEPTEMBER 9, 2014

For example, it took us about 3 years to pay off a combined $17,000 in credit card debt, but later we managed to pay off twice as much in 3 years on about the same income. Your money stays yours, so you can make it work for you. Travel, buy fun stuff, give gifts, help others, work if I feel like it and not if I don’t, etc.

Debt 236

Debt Debt Free Pay Off Debt Financial Goals 236

Family Balance Sheet

MARCH 19, 2014

Using Dave Ramsey’s 7 baby steps, we created our Debt Freedom Plan. Save $$$ Home Emergency Fund – Dave suggests to start at $1000, but being self-employed, ours is much higher, but it is not quite 3-6 months of expenses. We will use Dave Ramsey’s debt snowball method. | But we needed a plan.

Debt 100

Debt Money Emergency Fund Goals 100

Savings Corner

FEBRUARY 2, 2024

Use this free savings calculator to understand how your money can grow over time. Her work has been featured in The Associated Press , USA Today and other major newspapers. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. NerdWallet, Inc.

Calculators 52

Calculators Saving Bank Banking 52

Prairie Eco-Thrifter

OCTOBER 20, 2014

Shouldn’t you have a right to expect everything to always be in working order – or is that too much to ask? Perhaps you are willing to tolerate an item that works partially rather than fixing or replacing that item. Perhaps you are willing to tolerate an item that works partially rather than fixing or replacing that item.

Saving Money 162

Saving Money Money Saving Emergency Fund 162

Prairie Eco-Thrifter

FEBRUARY 4, 2014

When I was younger, I used to think that a higher income was the solution to most of my financial issues. However, one of the reasons that this works for us is due to where we live. My husband and I were graduate students with loans and credit card debt, and we were certain that a higher income would solve all of our problems.

San Francisco 248

San Francisco Emergency Fund Money Utah 248

Penny Pinchin' Mom

JANUARY 16, 2024

” Have Money Buddies Teamwork almost always makes the dream work. Find yours and use it to make extra cash. Tag team with a few friends who have the same financial goals as you, whether it’s a budgeting or a savings goal, and keep each other accountable. Increase your savings and investments instead.

Personal Finance 52

Personal Finance Finance Tips Finance Mom 52

Prairie Eco-Thrifter

JULY 4, 2011

They are also there working with you to help you reach your goals; even those financial goals. Many of us have just celebrated Canada Day or Independance Day; a holiday where we celebrate our freedoms. Andy from Saving to Invest discusses Happiness in Life and Work. My parents have helped us in the past.

Personal Finance 240

Personal Finance Finance Family Debt 240

Prairie Eco-Thrifter

SEPTEMBER 4, 2011

rise up during emergencies or unexpected occurrences. Take note that these guidelines would not work if you do not cooperate with one another. If you use the formula: INCOME–EXPENSES = SAVINGS , then you are bound to find yourself with a ‘financial cavity’. Rather, you must use this formula: INCOME–SAVINGS = EXPENSES.

Family 196

Family Financial Goals Debt Goals 196

Prairie Eco-Thrifter

JUNE 4, 2013

I like to use my bi-weekly mortgage payments as an example of this. The reason for having these measures is to prevent me from having to constantly fiddle with some of my automatic transfers to my emergency fund, retirement account, and quarterly estimated tax fund. And that can make a difference.

Emergency Fund 243

Emergency Fund Money Bills Credit Cards 243

Prairie Eco-Thrifter

JUNE 9, 2013

When you are not being interrupted all the time, you will be amazed at how much more work you get done. Another thing I used to get really stressed about was things I had no control over; now, how dumb is that! As long as your conscience is clear and you do the best you can, you can use your mind for better things.

Making 202

Making Emergency Fund Work Finance 202

Family Balance Sheet

JANUARY 20, 2017

works in outbound sales, and I teach part-time. We have a huge heart for missions work. working full time at a low-paying job and going to grad school full time, while my husband was working multiple jobs just to help us make ends meet. emergency fund, so we started throwing what little extra we had straight.

Debt 100

Debt Debt Free Friends And Family Sale Budgeting 100

Prairie Eco-Thrifter

OCTOBER 15, 2011

You will learn exactly what settings, plugins, and themes he uses. Good Financial Cents: What to Watch For With Debt Settlement Companies Considering using a debt settlement company? Personal Finance Whiz : What Is An Emergency Fund? Why Do You Need One and How Does it Work? ” Here’s her reply.

October 200

October 2011 Finance Personal Finance 200

Prairie Eco-Thrifter

SEPTEMBER 13, 2011

Well it’s because they are lured by that vision of a ’dream life’ into over using their credit limit and acquiring mortgages that they can’t afford. Use your math skills to define your dream life. Auction those items that you are not using anymore. How do you avoid this? Itemize your expenditures.

Debt Free 235

Debt Free Debt Emergency Fund Hobby 235

Prairie Eco-Thrifter

NOVEMBER 12, 2011

November to many of us means nothing more than turning on the heat, finishing the yard work, and beginning our hibernation from the cold. Money Beagle: Why You Should Write Your Personal Finance Executive Summary Today – Working with a clearly defined objective is key to financial success.

November 188

November 2011 Personal Finance Finance 188

Penny Pinchin' Mom

MARCH 11, 2024

We know that saving for a rainy day isn’t just a phrase our grandparents used to throw around. Whether you are looking to save extra money for your emergency fund and potential unexpected expense, a new kitchen, or your kids’ college tuition—you name it—you will require self-discipline and a plan to reach any financial goal.

Saving Money 52

Saving Money Money Saving Credit Cards 52

Family Balance Sheet

FEBRUARY 2, 2017

Their 2017 goal is to boost their savings rate and get their expenses down to $30,000 a year as they work towards financial independence. They’re still working on developing their goals for 2017. She and her husband also used a visual motivation chart posted on their refrigerator. Make a commitment. .

Financial Goals 100

Financial Goals Goals Debt Budgeting 100

Prairie Eco-Thrifter

MARCH 23, 2015

Most of us, however, have to really work at it to become financially independent. What innate abilities can be put to use to help you start the path to wealth? Should you spend the money on that new flat screen and sound bar, or save it for the emergency fund? We have to choose wealth. Explore your talents.

Financial Goals 100

Financial Goals Emergency Fund Money Goals 100