Christmas is a time for fun, family, and giving. Unfortunately for some, the spending associated with this joyous time of year was bought on credit.
According to Magnify Money, this past season Americans with holiday debt added $1,325 of debt on average. Unfortunately for some, the pay off may not be until the next Christmas or even longer.
If we’re still paying off debt from last year’s Christmas, how can we enjoy this year’s Christmas?!
There’s a solution to this holiday debt conundrum and it’s called the Sinking Fund.
The best time to start one is NOW …
Continue reading “Avoid Holiday Debt Next Year With a Sinking Fund”
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”