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

Prairie Eco-Thrifter

Rules of thumb are often used to make various financial decisions. 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. Rules of thumb can be useful in terms of starting points for deciding on what to do next.