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

Penny Pinchin' Mom

Emergencies constitute things like: Job loss Medical emergencies Accidents Unplanned large purchases (necessary large purchases) Natural disaster expenses You absolutely need to have this money set aside somewhere it can be easily accessed but also not within your day-to-day reach. If not, you need to get one.

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Buying a Home With the Help of Mortgage Insurance

Prairie Eco-Thrifter

If you’re one of the many people who can’t afford to put down the preferred 20% down payment, then you will be required by the lender to get mortgage insurance. The Definition of Mortgage Insurance. Private mortgage insurance , orPMI, protects the lender and investor from loss, not the borrower.

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Why You Should Be Skeptical of Financial “Rules of Thumb”

Prairie Eco-Thrifter

If you lose your job, or encounter another financial setback, 30% of your income might be too much to handle for a mortgage payment — especially if you have other debt. Markets and economic conditions change as well. The market might not return what you expect each year.