We all know that part of a good, healthy financial well-being is to have a decent sized chunk of money set aside in your emergency fund or rainy day savings fund as some people call it. Some advisers tell us it can start off with as little as $1,000 (I believe that one is a Dave Ramsey thing). More commonly I see suggestions to have as much as 3 months, 6 months, even 12 months worth of living expenses set aside in easily accessible bank account. Fortunately for my wife and I we have done a pretty good job of building up our rainy day fund over the years to as much as $20,000! That’s a … [Read more...] about Where to Park Your Rainy Day Savings for Growth Without Much Risk
Savings & Budgeting
The other day I was having a conversation with a few of my coworkers about how long we'd be "okay" financially if we were to lose our jobs. (None of us were in any sort of trouble, it was just one of those conversations.) Much to my surprise most of them said they didn't think they'd last more than a month. A month? Perhaps I'm brain-washed from living in this money-blog community of mine, but doesn't everyone know by now that you're supposed to have 3 to 6 months worth of emergency money stashed up at all times? Disaster could strike at any time whether you're ready for it or not! And … [Read more...] about 3 Painless Ways to Build Your Emergency Money Fund
At the beginning of every new year, one of the first things I do with our finances is to take a hard look at our budget and see where we can get the most bang for our buck. At first this usually involves doing the normal thing that most people do - taking a look at our bills and seeing where we can shave some expenses. But there’s something else I like to do with the extra money in our budget that I feel is just as important as cutting corners on expenses. I like to take a look at where we can best grow it! There are lots of good options for what to do with extra money if you’ve got … [Read more...] about What To Do With Extra Money In Your Budget – 3 Good Choices
Going back to school isn't just for the little ones. It can be a time for grown-ups to get anxiety too. And not just over the work they'll have to do. If you've noticed the job market is saturated with candidates that have bachelor's degrees, you've possibly considered getting a graduate degree to give yourself an edge. But balancing family expenses is hard enough without adding tuition and books. Plus don't forget all those hours invested in working on projects and studying. You might even convince yourself that paying for a graduate degree and keeping your family afloat is nearly … [Read more...] about Going Back to School on a Budget as an Adult
The winter-time can be a very challenging time for most people. It’s cold. It’s dark. And it’s hard to travel. Unfortunately all of those things can make people want to stay indoors during that time. And that can lead to a big increase in your energy bill. All of the sudden you’re dealing with drafty windows, more hot water treatment, and a whole more electricity usage than you ever would have during the Summer-time. Luckily there are lots of effective ways how to cut power bill costs that are easy to do. All it just takes a little bit of planning and a few basic things to … [Read more...] about 14 Easy Ways How to Cut Power Bill Expenses During the Winter
How much thought have you ever given to your financial plan? Throughout my career, if there's one thing I've learned about successful businesses, its that they have a solid financial plan at the core. When it comes to our own personal finances, we could all benefit by doing exactly the same. This is why I strongly recommend that every house sets up their own financial plan for success. But how do you do this? What are the "correct" numbers to strive for? And what goals should you even be working towards? In this post, we'll seek to answer these questions and give you a … [Read more...] about How Should I Set Up My Financial Plan?
The following contribution is from a reader of My Money Design. If you’d like to write for us, please feel free to contact me. Borrowing money is usually one of those things that sounds great at first, until the bills start coming in. If you take a look at just how much money you have to repay for the amount you borrowed, you will realise how much money you may have wasted on interest. If you would have planned ahead before borrowing money, you would now have more cash available to purchase other things you want. The problem is that debt often turns into a never-ending cycle of … [Read more...] about Tips for Getting by Without Borrowing Money
The following post is a guest contribution from Jefferson at See Debt Run. If you would like to write for My Money Design, please feel free to contact me. People often ask us about the sacrifices that my family had to make when we were paying off over $20,000 in credit card debt. I usually respond by telling them about how we cancelled vacations, stopped eating out, and figured out ways to slash our utility bills. We also found ourselves having to get creative to find ways to spend our free time that didn't involve spending any money. Even many of our traditional hobbies that we used … [Read more...] about Putting Your Hobbies on Hold
If you’re one of these people who walk around in a cloud of optimism thinking that nothing bad will ever happen to them, and that a safety net of $1,000 or so should suffice, I’ve got some bad news for you… You’re going to need A LOT more emergency cash. And I mean A LOT more than you think! Let me tell you what happened to us over the Christmas break. It’s a pretty funny story – funny for you to hear, but not funny to me at the time. All I can say is start saving! You never know when something like this is going to happen. But its inevitable that it will! Here’s my … [Read more...] about You’re Going to Need A LOT More Emergency Cash – Bad Things Will Happen!
The following is a post by David Bosier, a personal finance and money saving enthusiast with a background in the S&L industry. If you would like to write for My Money Design, please feel free to contact me. There’s nothing better than getting ready to go vacation. Soon you’ll have nothing to do but relax, play, eat, sleep, and explore. If you haven’t taken one in a long time, I can guess the reason why: Money! Hotels and airfare can add up really quickly. However, little do people know that it is actually pretty easy to take a vacation on a budget without spending an arm and … [Read more...] about How to Take a Vacation on a Budget without Breaking the Bank