For the past few years, I’ve been volunteering at my church to coordinate Dave Ramsey’s Financial Peace University course. It’s a 9-week course that helps people get out of debt and get into strong financial shape. We just started a new session and our class is focused on Baby Step 1 (save $1,000 in an emergency fund).
This step can sometimes feel daunting when you’re just starting out, but it’s a very important one. When you have money in the bank, it keeps you from going further into debt when emergencies happen.
A few of the class participants inquired how to get through Baby Step 1 fast so they can get right into Baby Step 2 (eliminating all of their non-mortgage debt). I developed a list of 10 suggestions that worked well for me in the past and sent them an email so they could get after it. Here they are:
Saving for our future financial independence important. Embracing the present moment is important as well. So how do we find a balance that helps us achieve both goals?
I’ve invited Angela Rozmyn on the show today and she’s going to share her family’s journey, trials and tribulations with this conundrum.
Angela is a mother to a 4-year old son and has been married to her husband for the past 10 years. She writes about the balance of saving for the future and living for today on her award-winning blog Tread Lightly, Retire Early. Her story and advice have been featured in major media outlets like MarketWatch, GoBankingRates and Business Insider.
She also hates most seafood but loves her pets and the outdoors.
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.
There are mobile apps for just about everything nowadays. This includes apps designed to help you improve your personal finances through budgeting.
Using a budget is an excellent way to eliminate debt, save money, and reach your financial goals faster. With new budgeting apps available to download every year, which ones are the best for you and your family to improve your finances?