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 most important factor in managing our personal finances is our control over where our money is going. Before we can establish financial goals or move forward with a financial plan, we need to have firm control of our spending habits. And our spending habits are most often driven by our lifestyle decisions. For instance, […]
An emergency fund is 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 changes for the better. […]
As the new health care reform continues to make waves, one of the major ad campaigns surrounds the concept of imparting to young people that despite their age, they are not invincible. We often see a similar sense of invincibility with many young people when it comes to retirement funds and other financial decisions. One […]
Personal Finance Simply Understood 