Most experts agree that we need an emergency fund…a separate savings account that we set aside to cover monthly expenses in an emergency situation. If we experience a layoff or we’re unable to work for a period of time, the emergency fund is there to provide a financial cushion or safety net until our situation […]
Author Archives: Chris Simber
People buy a lot of things that they don’t need, and in some cases don’t even want, and they often buy them with credit. It’s interesting that people who use cash spend less on average than people using debit or credit cards. Apparently we’re less likely to buy when we see the money that we’re […]
If you’re employer has a 401(k) plan and you’re not contributing, it’s time to take a serious look at the financial benefits these plans offer. Company sponsored 401(k) plans allow us to deposit a limited amount of pretax income (taken from our gross pay before taxes are withheld) to an account that grows tax-deferred. This […]
With interest rates staying at all time lows, we may be tempted to look at saving as a no-win situation. Monies deposited just aren’t accumulating any interest and with an annual inflation rate around 2%, aren’t we actually losing money on our savings? The short answer is yes, but a more prudent answer lies with the […]
Our saving plan should cover three essential areas: cash on hand for unexpected bills, money put aside to cover expenses in case our income is interrupted, and an account for later in life when we stop working or work in a reduced capacity. This approach protects our longer term savings from an unexpected withdrawal by providing for short-term […]
The basics of personal finance are a new focus for many people, and sadly for some out of necessity. Across our nation efforts to spend less, save more, and reduce debt are helping individuals to gain some control and stability. For many it’s a long hard road, but forming good financial habits will have life-long […]
One thing that surprises a lot of people in the new year is their income tax burden. Estimating the amount we may owe or the amount we might receive back can go a long way in relieving some of this anxiety. Although the laws change every year (yes every single year), there are some basic […]
There are several debt reduction approaches that have proven successful for many people. We can concentrate or focus on paying the smallest debt, the largest debt, or the debt with the highest interest rate. Or we can use debt consolidation and simplify the situation with a single bill each month. To compare the methods, let’s […]
Did you splurge a little too much for the Holidays? Did you set a limit this year, and if so, did you spend above it? In the coming weeks, the news will be filled with statistics about whether holiday spending was up or down this year and how retailers were affected. But for us, the […]
Many people are taking a much closer look at retirement planning and retirement saving, and with good reason. The questions surrounding Social Security and Medicare, low interest rates on savings, volatility in investments, and the departure of pensions from most jobs, has changed the landscape of retirement planning and retirement savings. Regardless of our age, […]
