Everything You Need To Know About Emergency Funds

When You Need Money Fast - Learn About Emergency FundsAn emergency fund is something I believe everyone should have. However, according to a report by Bankrate.com, 26% of Americans have no emergency fund whatsoever for when they need money fast.

According to this same report, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the usually recommended six months worth of savings.

This is frightening to me, as having an emergency fund can greatly help a person get through tough parts in life.

For us, we have a large emergency fund.

I’ve always been open about this. I am a rather big worrier about things, and having a large emergency fund gives me peace of mind, especially since we are self-employed and our income can vary from month to month. [Read more…]


How I Paid Off $38,000 In Student Loan Debt In 7 Months

Student Loan Repayment Plan - How I Did It In 7 MonthsLately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven’t talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day.

Due to this, it is a topic I am always happy to cover. Paying off your student loans is a wonderful feeling and I want to help everyone else experience the same.

 

Background on my student loans.

To start off, I am going to provide a quick background on my student loans.

I worked full-time all throughout college. I worked as a retail manager from when I was a teenager until I graduated with my two undergraduate degrees (I was a double major). Then, I was lucky and found a financial analyst position right when I graduated. I took around six months off from college, then I went back to get my Finance MBA, all while still working full-time and building my business.

Even though I worked full-time, I didn’t really put any money towards my student loan debt while I was in college. [Read more…]

Bad Credit Mortgages

I’m all about everyone working towards obtaining a higher credit score. Increasing your credit score is not as hard as some people believe. Watch your spending, decrease your utilization, don’t go into credit card debt, and some few other things, and you will have a great credit score in no time.

[Read more…]

4 Life and Financial Hurdles To Tackle This Year

4 Financial and Life Goals To Tackle - 2015 GoalsWhile I realize we are already two weeks into the new year and that you may have already set your New Year’s resolutions, I don’t think that should stop anyone from evaluating their life goals and possibly setting new ones already.

I want this year to be the very best year of your life. No one is perfect, but I think with the goals below, everyone can feel happy, successful, and motivated in life.

Below are four financial and life goals you may want to think about tackling in 2015.

 

1. Tackle your money problem(s).

Whether your money problem is related to a lack of a budget, spending issues, debt, keeping up with the Joneses, or something else, you need to tackle your money problems NOW.

First, you need to figure out why you have a money problem. If you don’t figure out what the root of the problem is, then it’s probably just going to keep coming back and biting you.

After that, you need to come up with a plan to stop your money problem. You might need to avoid the mall, create a better budget, increase your income, pay off your debt, and so on.

Tackling your money problem now will help you lead a less stressful and most likely a more meaningful life. [Read more…]

Unhealthy Habits That May Be Making You Poor

Unhealthy Habits That May Be Making You PoorEveryone at one point has an unhealthy habit they engage in. I know I have, and for me that was tanning in a tanning bed.

Unhealthy habits are bad because they can lead to further problems down the line, such as medical problems, medical debt, credit card debt, and more. They can prevent you from saving money and reaching a financial goal. You may never learn how to save money if you are constantly drowning in these unhealthy habits.

They can also lead to insane amounts of stress and unhappiness.

Was there anything in the last few sentences that sounded like a positive to you?

Probably not.

Here are five unhealthy habits that may be making you poor. If you are looking for tips on how to save money, then you may want to avoid or stop the unhealthy habits below. [Read more…]

Credit Card Mistakes That Can Lead To Debt

Credit Card Mistakes That Can Lead To Debt Credit Card PictureEven though I love credit cards because of their many benefits, I understand they are not for everyone.

My sister struggles with credit cards, and now mainly just uses cash so that she doesn’t get into credit card debt. Luckily, this has not led to credit card debt for her but I believe that is because she caught her mistakes early on.

However, others are not as lucky.

Others rack up large amounts of credit card debt. According to NerdWallet, the average household in the United States (who has debt) has an average credit card debt of $15,611. That is an increase of 2.26% from the amount of average credit card debt in a household in the same period in 2013.

Also, according to National Foundation for Credit Counseling, around 35 million people in the U.S. roll over $2,500 or more in credit card debt each month. That means these people are NOT paying their debt off each month in order to avoid interest. Instead, they are racking up credit card debt and interest charges. [Read more…]