Hello all! Andy Hill here … We have a new guest post from personal finance writer Amy Beardsley from Early Morning Money. Amy is a self-described money geek that is obsessed with simplifying money and breaking free from the burden of debt. Her article below shares why we all need sinking funds in our budgets to help us create that freedom we desire. Enjoy!
When it comes to your family’s finances, you already know you need an emergency fund to protect you from a job layoff or major medical illness. But what about all of those little expenses that come up year after year, like car insurance, Christmas, or your annual family vacation?
That’s what sinking funds are for, and they’re the secret to a successful budget.
When money is tight, or you’re working on a big debt-payoff
goal, covering all of your expenses is key to making it work. With sinking
funds, you can easily stick to your budget even when faced with costs that
don’t come up that often. Here’s how to get started.
Continue reading “Sinking Funds: The Secret to a Successful Budget”
Our question of the month comes from Chad from Ohio:
I know I’m supposed to save, but I just don’t.
I read your blog and hear you talk about saving and it sounds natural for you. I’m not sure I’ve been blessed with the saver’s gene.
Do you have any advice for me to get motivated?
Thanks for writing in Chad!
I totally get where you’re coming from. Saving, budgeting, investing … they can be super boring.
I talk to my wife about these topics all the time and I just put her to sleep. In order for me to talk to her about these topics, she requires that I give her a back massage while doing it so she’s at least getting something out of it.
But you didn’t come here to hear my marital bedroom talk … you asked for motivation. And Chad, I’m going to give it ya brother!
Continue reading “I’m not a saver. How do I get motivated?”
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | Stitcher |
Having an Emergency Fund is one of the first and most important steps in creating wealth. This simple act of saving will protect our families from the unexpected events of life and the dreaded ‘rainy day’.
Continue reading “5 Smart Reasons to Have An Emergency Fund”
It’s home buying season! If you’re looking for a house right now, this very well could be one of the most difficult times to buy real estate. The amount of available homes is super low and prices have skyrocketed. In metro Detroit where I live, available homes have dropped 38% from last year to this year and prices have increased 9% already. As I googled other real estate in major metro areas, a similar story of low inventory and high prices spanned the country.
Continue reading “5 Ways to Avoid Becoming House Rich and Cash Poor in a Seller’s Market”
So you got a big tax return?! Sweet! What an awesome feeling!
The big question is … What should you do with this unexpected money now at your disposal?
Continue reading “7 Money-Smart Ways to Spend Your Tax Return”