6 Tips On Creating An Emergency Fund

6 Tips On Creating An Emergency Fund

Want to know how creating an emergency fund will help? Read these 6 Tips

Do you make it a point to pay all of your monthly bills early or on time, pay your credit card balances in full to avoid interest charges, and put money away for retirement? If you are, that’s terrific! But have you begun creating an emergency fund for yourself?
An emergency fund sometimes dubbed a ‘rainy day’ fund is a side reserve of finances intended for emergencies that seem to pop up at the worst possible time. If you do not have one, you must make the right moves to establish one.

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Sound financial tips during COVID-19 uncertainty

Sound financial tips during COVID-19 uncertainty

Our financial tips during COVID-19 pandemic may help to ease your anxiety

(BPT) – The current COVID-19 financial landscape is unpredictable, causing anxiety for people of all ages. These sound financial tips during COVID-19 may ease your anxiety.

“Now more than ever is the time to take an active approach with your finances to position yourself for success,” says Danielle Seurkamp, CFP. “Knowledge is power during unpredictable times.”

Andy Mardock, CFP, agrees. “Emotions are running high with coronavirus concerns. Being informed helps you resist gut reactions driven by emotion so you don’t make a move you later regret.”

Both Seurkamp and Mardock are members of the View full post…

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How to Get Your Finances in Order

How to Get Your Finances in Order

4 Things You Can Do To Learn How To Get Your Finances in Order

Are you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.

If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.

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Emergency Fund or Debt Reduction

Should I Pay Off Debt With All of My Emergency Fund?

 Set up an emergency fundYou can ask several financial planners this same question and you will get different responses. Some will advise you to get rid of all credit card debt. Some will say to setup an emergency fund first to cover such expenses as a major car repair or some large expenditure in your home.

What are you supposed to do, however, if you have an emergency fund and the balance in it is just enough to repay all of your credit card debt? Wouldn’t the credit card debt with very high interest rates be considered an emergency expenditure?

Don’t deplete the emergency fund to repay debt

The general consensus here is no, don’t use the entire balance of the emergency fund to repay your credit cards. Instead, just use some of the cash savings to repay some of the debt. Keep some of the savings available for a bona fide emergency.

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Create an Emergency Fund

3 Lame Excuses Not to Create an Emergency Fund

Create an emergency fundIf you were asked to think back through your own life, and name the one item that topped the list of money management tips, what would it be? We would get many different answers on that question, but the one that tops the list, is create an emergency fund.

Many individuals ask why? There are so many “emergencies” in life that can happen. An unexpected root canal, extensive car repairs, a home large appliance dies, or even worse, you could lose your job. If you don’t have the cash to cover these items, many look to a credit card or even a personal loan, to cover it.

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Set Up An Emergency Fund

Do You Have An Emergency Fund? Want To Know How to Do It

Setting up an emergency fund is very importantAre you the type of person who pays their bills on time or even early? Are you careful with your credit card to always pay the balance in full each month so that you don’t incur an interest charge? Are you putting money into a workplace retirement fund? If you can answer yes, that’s great! The next question might not be so easy.

Have you created an emergency (rainy day) fund to take care of those unexpected expenses that always pop up? No? That’s an issue you need to rectify… right now! Don’t worry! It’s not hard to develop an emergency fund; but, it is necessary. If you don’t know how to build an emergency fund, or perhaps are wondering what it is, read on and let us help.

An emergency fund is what it sounds like – money put aside to help you take care of non-budgeted, unexpected expenses such as car repairs, job loss, medical problems, etc.. Many of us think that none of these will happen, however they always do eventually. The old saying “Murphy’s law” began there. (If something can go wrong, it will). If you have an emergency fund in place, you’ll be able to weather the storm with no problem.

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Create An Emergency Fund

Do You Have An Emergency Fund? Want To Know How to Do It

Create an emergency fundAre you the type of person who pays their bills on time or even early? Are you careful with your credit card to always pay the balance in full each month so that you don’t incur an interest charge? Are you putting money into a workplace retirement fund? If you can answer yes, that’s great! The next question might not be so easy.

Have you created an emergency (rainy day) fund to take care of those unexpected expenses that always pop up? No? That’s an issue you need to rectify… right now! Don’t worry! It’s not hard to develop an emergency fund; but, it is necessary. If you don’t know how to build an emergency fund, or perhaps are wondering what it is, read on and let us help.

An emergency fund is what it sounds like – money put aside to help you take care of non-budgeted, unexpected expenses such as car repairs, job loss, medical problems, etc.. Many of us think that none of these will happen, however they always do eventually. The old saying “Murphy’s law” began there. (If something can go wrong, it will). If you have an emergency fund in place, you’ll be able to weather the storm with no problem.

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