Either one is an acceptable goal, but is one better than the other, or maybe you should do both? There are many opinions to the answer to this question, so let’s explore some of them. People who have created a budget and have extra cash, are sometimes faced with this dilemma.
So, should you pay off debt or invest that extra cash? A broad answer is there is no one size fits all situation. It all depends on a lot of factors surrounding your personal financial circumstances.
The Top 5 Personal Finance Goals to Have Right Now and How to Achieve Them
2020 was a tough year for most, given the pandemic. Everyone was affected in some way, with many being affected financially. 2021 has been the year of financial cleanup. Whether you’re just starting out in managing your money, or have years of experience, we’re here to provide you with the top 5 personal finance goals to have right now and tell you how to achieve them.
1. Personal finance goal: Pay off your debt
Yes, for many this sounds like a daunting goal. Especially because the debt more than likely didn’t happen overnight. Depending on your situation this could View full post…
4 Tips to Get Better Control Over Your Personal Finances
If you already know terms such as account balances, budget, credit score, debt retirement and retirement savings, then you’re on the right track to getting control over your personal finances.
Should these terms cause you angst, you’ll be glad to know that millions of people feel the same exact way as you. The National Endowment for Financial Education found 75 percent of millennials feel anxiety about their personal finances. The NEFE was set up in 1972 as a non-profit to educate Americans to help them make better financial choices and improve themselves.
A good number of millennials hesitate to get control over their finances. To them, personal financing is done at a full-out run. It doesn’t have to be that way. Minute changes in how you approach your finances can have a significant impact on your View full post…
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.
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…
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.
Should I Pay Off Debt With All of My Emergency Fund?
You 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.
If 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.
Do You Have An Emergency Fund? Want To Know How to Do It
Are 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.
Did you create an emergency 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 create 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.
Do You Have An Emergency Fund? Want To Know How to Do It
Are 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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