New article posted at "Everything Finance"
Everything Finance
New article posted at "Everything Finance" |
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How much should I save in an Emergency Fund? Posted: 10 Jul 2014 07:09 PM PDT How much should I save in an Emergency Fund? is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
Too many situations can arise where you’ll find yourself in need of some serious cash. Losing a job, medical emergencies, an unexpected family emergency. You may think you are secure but when that unexpected event happens, you’ll be really glad you managed to have an extra stash of dough to rely on. So how much should you save in an emergency fund? Well, it depends. What may be good enough for someone who is renting a home may not be enough for someone with a mortgage. A couple with no kids could most likely get by with less. Here are a few ideas as to how much you should be saving in an emergency fund based on your own personal circumstances. The $1,000 Emergency Fund If you’re stuck with mountains of debt, you’re most likely working on paying that off. According to Dave Ramsey, you should really try and have at least $1,000 in an emergency fund in order to cover any small, unexpected expenses. A $1,000 emergency fund would enough to cover your car getting towed, your car insurance deductible, an unexpected trip due to a death in the family. Basically, having a small emergency fund will allow you some peace of mind when you get that speeding ticket. The 3-6 months’ expenses Emergency Fund Once you’ve paid off your debt, it’s not time to go on that European vacation you’ve been dreaming of. In fact, it’s time to start saving for your emergency fund! Instead of spending all that money that you were once throwing toward debt, you should now be putting that money toward savings. Ideally, you should have at least three months’ worth of bare minimum expenses saved up, and preferably you should have six months’ worth of expenses in a savings account. The reason is that if you lose your job and you need to find a new one, you will have between three and six months’ worth of expenses to tide you over. The “Other” Emergency Fund If you have children, you’ll most likely want to have an even more stable financial safety net. If you have a mortgage, you’ll most likely want to ensure everything you can so that you won’t ever lose your house. Remember, when it comes to finances, it’s personal. Only you know what’s best for your situation. When it comes to emergency funds, the rule of thumb generally is save as much as you can. Hope for the best and prepare for the worst.
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Is Couponing Taking Over Your Life? Posted: 16 Jul 2014 08:43 PM PDT Is Couponing Taking Over Your Life? is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
Time for a quick quiz to determine if couponing is taking over your life - Are You Scoring Deals on Usable Items?Couponing can be a great thing, especially if you score free items. However, it is essential that you coupon for items you need. You may be bragging that you scored 50 bottles of mustard and made .25-cents on each bottle, but that still doesn’t make the deal worth it. For example, if those mustard bottles took you 2-3 hours of effort to score, at most you are making $6.25 an hour. Let’s not mention the fact that you aren’t going to use that many bottles of mustard and how much space they will take up in your home. One past extreme couponer, Christy Rakoczy, wrote on Money Crashers that she stopped couponing because she was buying things like diabetes monitors to get other items for free. In the end, she got some of her essentials for free, but the majority of the items she bought were useless to her. As far as my friend goes, she found a lot of great toy deals for her family, but let’s get real here, how many kids do you know need more toys? Are You Wasting All of Your Time?Time is a precious commodity that most of us are misusing. Many people view couponing as a part-time job that benefits their family, but can it really be a low-salary obsession that keeps individuals from essential family time? If you are serious about saving money or making money part-time, there are several better ways to do so. Calculate how much time you are spending with couponing and shopping, and then calculate how much money you are saving. You can then decide if the time spent couponing is worth it. Alternatives to Extreme CouponingThere are so many other amazing ways to save money that are not time-consuming. For example, buying used items or just buying less will save you a lot of money each year. Other money saving ideas include the following:
As you can see, there are many other ways to save money that don’t involve huge time commitments. When it comes to extreme couponing, you have to find a right balance for you and your family. |
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Posted: 16 Jul 2014 04:22 PM PDT How to Save a Lot of Money is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
Most people have various reasons for saving—perhaps they want to go on vacation, they want to save for their children’s school, they’re trying to pay for a down payment on a house, they want financial security or to have a sizeable nest egg for retirement. Whatever the reason, there are certain steps that people take in order to save a lot of money. It’s not always an easy path, but if you’re willing to put in the work, you can also save a lot of money. Pay Off Debt Everybody hates to hear this. But it’s pointless to borrow from Peter to pay Paul. If you have debt, any money you save is technically owed to someone else. Work incredibly hard to pay off all your debt. And before you start complaining that you have too much debt and it would take forever, I want you to know that my husband and I had $45,000 in debt when we got married due to student loans, car loans, and credit card debt. But we made paying off our debt a priority and we were able to pay off $45,000 in debt in 45 months. It took a lot of sacrifices like postponing our honeymoon, downsizing to a studio, and limiting our spending money. But we did it, and you can too. We Earned More In the almost four years that it took us to pay off our debt, we also worked hard in our careers to advance and gain promotions. We make a lot more money now than when we first got married. This has allowed us to put a significant amount of this money toward savings, because… We Don’t Spend More Money That’s right. We started earning a lot more money, but instead of spending it on upgrading our lifestyle, and buying fancy cars or designer clothes, we instead have been putting it in the bank. But why would we be saving all our money and not spending it? Because I want to buy a house. And saving for a down payment in southern California is not cheap. The Number One Secret to Saving a Lot of Money If you’re still looking for the easiest way to save a lot of money, then my number one secret is to spend a lot less than you earn. People often find that the more they earn, the more they save. But if you can find that comfortable spot where you are living comfortably and don’t feel the need to spend any more, then any money you earn after that can go toward savings. Just look around your life and look at the excess. Do you have a car payment that is really high? Do you have more house than you can afford? Stop living by comparing yourself to the Joneses and start living a financially secure life. |
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Love Starbucks? Here’s 4 Ways to Save Money Posted: 18 Jul 2014 08:11 PM PDT Love Starbucks? Here’s 4 Ways to Save Money is a post originally published on: Everything Finance - Everything Finance - Its all about Money!
Cheaper Tea LatteStarbucks chai tea latte is a favorite of many, but can cost $3.65 for a grande size. You can get a similar flavor by ordering a grande chai tea and asking for a little steamed milk on top. As long as the steamed milk is an inch or less, baristas will most likely not charge you. You can also just add cold milk or half and half from the bar plus sugar to get a tasty drink too. If you did this trick once a week for a year, you would save: $78 Split A Venti DrinkA venti-sized Frappuccino is 24 ounces and two tall-sized Frappuccinos are 12 ounces each. So if you do the math, two tall drinks are the same as one venti. However, baristas are not allowed to split the drinks and give you the cheaper price. You can still split the drink by yourself and share with a friend for a major saving. If you split a venti caramel frap with a friend once a week for a year, you would save: $143 Make It A ShortDid you know that there is a size smaller than a tall? A short cup holds eight ounces and is cheaper than a tall drink. You can order any hot drink in a short. If you order a short latte, you will save money, as well as calories. If you order a short cup of coffee, you can get a free refill with your registered Starbucks card. If you ordered a short latte instead of a tall once a week for a year, you would save: $24.96 Iced Lattes Made with Ice CoffeeYou can get the same taste of your favorite iced lattes with iced coffee. The iced coffee is brewed extra strong, so it is advisable to get a good inch or more of cream put in for a sweeter latte taste. Also, with an iced coffee order, you get a free syrup. If you want to add caramel sauce, mocha sauce, or white mocha sauce, it costs .60 more. One of my favorite orders is a venti iced caramel macchiato upside down. To make that with the iced coffee, just order a venti with cream or your choice of milk, vanilla, and caramel drizzle. If you ordered a venti iced coffee with vanilla and caramel sauce instead of an iced caramel macchiato once a week for a year, you would save: $57.20 The prices vary on location and drink sizes, but the point is that using these Starbuck hacks will save you a lot of money. This is especially true if you have your favorite Starbucks once a week, every week. |
Most financial experts would advise that you drop your Starbucks habit to save a lot of money a year. But let’s get real here, when you love your Starbucks (or other favorite coffee place) it is hard to give it up. Here are four simple ways to get the drinks you love at Starbucks for a cheaper price.
