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Tagged With "emergency fund"

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Re: How *I* Shop For Free

Men On A Budget ·
From a "Good Morning, America" segment, this video from you tube, titled "Mom Feeds Family On $4 A Week" is evidence of Kathy Spencer's savvy shopping skill in how she shops for free. You would think that the Christian Children's Fund would be calling Kathy for advice on how they can reduce their 30 cents a day claims to only feed one child. https://www.youtube.com/watch?v=vbbW6WpXWjw
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Re: Budgeting for 2019!

Nicole ·
We live on a strict budget but do use the credit cards for everything to get the cash back bonus each December. I have had to create a new budget column (Last August) for hospital parking for when we can't get the free parking on the street. I make a grocery list each month to do our big monthly shop & stick to the dollar amount, there are no extras, milk & produce is bought weekly after that with the remainder. The credit card is paid off in full each month. With the credit cards...
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Re: First time home buyer

Alexis Grant ·
A few pieces I learned from my own experience buying homes -- once in Virginia, another a few years later in Florida... You see realtor fees when you SELL a house, but not when you buy. When you sell, you have to pay a percentage to your own realtor and to the realtor of the buyer. I bring this up even though you're looking to BUY because my first time around, I didn't realize what a big hit this would be when we sold a few years later. Because this piece didn't affect us when we purchased...
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Re: Problems smell money

Moore Income ·
I totally feel ya! It does seem like when you are getting to a good place financially, something comes up and sets you back. I personally have started implementing the "Pay Yourself First" principle, which I learned a lot about in the book "The Richest Man In Bablyon" Somewhere else I read that this amount (typically starting with 10%) that you pay yourself is supposed to be completely separate from even your emergency fund etc. I can see how this might be difficult and require some...
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Re: Savings Account Apps?

Former Member ·
I have been using The Ally banking/savings app for a few months and have been quite happy. I have a checking and a savings account. The savings account currently earns 2.2% and has gone up twice since opening the account. I use the checking account to save for known upcoming expenses and the savings I am using for emergency fund. Also, there are no fees.
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Re: Nickel Hoarding

FreebiePharm ·
Unique post...I have started taking my change from transactions and saving them as an additional small savings fund.
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Re: Problems smell money

Former Member ·
You still have to pay yourself first, even when you're paying off debt! Building that foundation of an emergency fund, even if it's a wee thing, can help prevent you from going back to credit cards when an expense crops up. One thing that's helped for me is taking advantage of a payment plan for unforeseen expenses when I can. For instance, I had to get some medical tests done a few years ago and it added up to about $900. I asked them flat out if I could get on a monthly payment plan and it...
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Re: Nickel Hoarding

Nicole ·
In Canada, pennies were retired in 2012. So I have joked on the Penny Hoarder FB site that I'm a Nickel Hoarder as we don't have pennies anymore. Currently I save my change for school needs (a few pizza days, snacks at school movie night, field trips), the tooth fairy & any last minute money needs. If I am going to the bank & have an excess amount of change, I will deposit it to our chequing account to put back into the cashflow. Any change I find in my travels goes into a vacation fund.
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Re: What do you do when you have a surprise expense?

Moore Income ·
My tendency has been to just put it on a credit card, however I don't think this is the most financially sound thing to do. Thankfully there haven't been too many "surprises" recently but it is something I believe we should all take into account. There is a bill coming up that we thought was supposed to be covered by insurance but might not be. If it ends up not being, that will set us back a bit. It might make us not be able to pay off our debt quite as fast as we hoped, but we are...
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Re: What do you do when you have a surprise expense?

Paula Marie ·
The advice is to have an emergency fund to keep you afloat, fed, housed etc for 6 months max. That's hard to do,. especially if there's no one else participating. I planned about 5 years ago to shared living with my husband and my sister. Thus makes fewer worries!
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Re: What do you do when you have a surprise expense?

proffkakap3 ·
If I have emergency money like I'm building, I would rather use that so I will not have any debt. Meanwhile I might use just a little bit of credit card and part emergency fund so I will not to have a lot of debt
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Re: Payday loans - essential or evil?

AnnieB ·
Payday loans prey on the poor and minority population. They are evil. Source: I used to work for one. Quit the job because I could no longer live with myself. We were taught to battle objections for paying back the loan. We had an entire BINDER on collections practices. I have seen employees take checks to the bank to convert the check to a cashier's check when clients did not come in to pay the loan. I have seen employees who would ask the questions of bank tellers, "Is this check good? If...
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Re: Go check out (and answer) our first survey!

Rob Loftus ·
An interesting question indeed! One cannot, upon finding a $100 dollar bill on the ground, shout out, "Did anyone drop this?" Because everyone is going to say yes. So, bearing in mind I am debt free, live on 50% of my NET income and am completing my 6 month emergency fund with the remaining income...hmm...I would have to say I'd call the point of contact at my local homeless shelter and ask what they need the most for the folks they are housing and feeding. Then I would use that $100 I...
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Re: What's the best way to teach kids about money?

tg ·
When my son (now 32) was 2 he was constantly asking me to buy things at the checkout (candy and junk at kids eye level.) I solved it and helped him learn about money in one swoop. We gave him an allowance - $0.50 a week. To earn that he had to do one age appropriate chore (which he picked and agreed to do.) Other chores around the house were also done, "because he was part of the family." Each week he received his allowance and had 2 piggy banks, he had to deposit a quarter into each of...
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Re: Hello new members!

Veronica ·
Hi, I am a new member. I am married, with adult children and 1 adult granddaughter. I retired in late March with a generous voluntary severance package. We are debt free, except for a small mortgage. My husband is still working. We have a fully funded emergency fund of about 2 years plus. I am looking to be more frugal, and save more money. I like to coupon. I hope to pick up more tips to live a frugal lifestyle.
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Re: Budgeting as a Couple

Veronica ·
My husband and my finances are combined. We have joint accounts, and separate accounts(he has 2 credit cards paid in full each month if used), (I have online account). We budget, but I manage the finances. We have an emergency fund that we do not touch unless a true emergency at a local credit union. We do not have money fights. I feel if financial goals are accomplished, then there are less money disagreements. We are debt free, except a small mortgage. We have a huge emergency fund,...
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Re: SAVING MONEY ON A FIXED INCOME

Nicole ·
My situation is different but our goals are very similar. Our income was cut in half & our expenses increased when I became a stay-at-home parent to our son with medical issues. I called our service providers (ask for customer loyalty or retention) and was able to lower most of those bills or eliminate services that we truly didn't need. I grow fruits & veggies in the backyard. Even with an apartment patio, you can have a tomato plant, herbs, strawberries in pots, etc to enjoy (and I...
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Re: Hello new members!

Mathmommie ·
Hi All, I’m a full time public school teacher, new home owner with a mortgage, and mom to #twounder2. My husband and I have completely different budgeting philosophies. I have over 100k in student loans. He has $0. We some minor credit card debt as we have leveraged 0% interest offers to make a few major purchases (new bed and computer), but other than that pay our balances in full each month. We also deal with constantly changing income as my husband is a part-time community college prof,...
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Re: From Debt to Debt-free to Debt again

ekuhlens ·
I feel your pain. Pick the smallest item you owe. Pay a little more on it than the others, use any rebates (Do you do Ibotta? Ibotta to Paypal to your own bank account), refunds etc. to pay off that debt. It will seem like a drop in the bucket - but will give you the feeling that you have accomplished something in paying off that debt. How many savings accounts do you have? I use three 1 for medical 1 for taxes and 1 for personal enjoyment. They do not give me much interest - but they are...
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Re: Can Drinking Coffee Affect Your Finances?

BeckAtsila ·
Coffee is my kryptonite. I realized how much money I was spending on coffee and started drinking it at home (Whole Foods has an excellent store-brand dark roast for about $4 a can) or at work (I work in a restaurant). Then I took the money I saved and invested it, and I plan on cashing in the fund soon to take a trip to Iceland. I still get a cup of coffee at a coffee shop occasionally, but I take the mindset of "How long do I have to work to afford that cup of coffee?" I find that a lot of...
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Re: Family and Finances- How much did you learn growing up?

Katie Pellicano Leslie ·
According to my parents and older siblings you could've called me a money hoarder. I did jobs around the house at 4 to earn money. My mom was a saver, but my mom always had trouble with my dad. They ran a business until he retired. Out of the 3 of us, my mom said I am the best at saving, then my brother, and my sister use to be okay at it but not good over the years. I guess I remember always afraid of being broke. I cried when my mom took my money to the bank (age 4)until I understood the...
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Re: Can I buy a home with student loan debt?

James Hargrave ·
Hi Tiffany, Cons: Purchasing a residential house is not an investment. It requires a loan, tax, insurance, & maintenance (less than 20% down, you will pay additional for PMI). It ties you down in one spot making location changes more difficult. The general rule is you need 5 years of payments to break even in most markets. Keep in mind Real Estate agents are going to take around 6% to sell your property. Pros: Higher quality of living. Over the long term builds in equity that can...
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Re: Anyone pursuing a F.I.R.E. strategy?

Adam ·
I'm personally not yet in a position to do a FIRE strategy, but my partner is. We researched many ways to do so, and they all basically boil down to this: Research early and young. Land a high-paying (and likely high-stress job) in your 20s. Live well below your means (rent 15% ~ 20% of monthly income. The lower the better.) Contribute heavily to a 401k plan, preferably at a company that offers employer matching. Max out a ROTH IRA account annually, which is currently $6k for people <50...
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Re: Extra Job

James Hargrave ·
Hi Shelly! Great job identifying a goal and trying to create an action plan on how to achieve it. I like the little steps of starting by getting to $250 and then building to $1,000. I would argue that an emergency fund is the start of one's financial foundation and is an important first step to less stress. I would encourage several actions steps: 1 - Commit some time to understand your budget. What is coming in and what is going out. What good does it do if you put money into the emergency...
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Re: Extra Job

ShellyW ·
Well, everyone the whole need for an emergency fund came to light. They deleted my position at my main job, but fortunately I was able to gain new employment as a server for the time being. It's back to basics this month to see how paying my bills with tips will work. I know it is acheivable. Then I can get back to my savings goal, and maybe I can still contribute this month. I will get paid for built up vacation from previous job so hoping to save it. Thank you for all your advice.
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Re: Have you tried the Zero Based budgeting method?

AnnieB ·
I record the $100 as CARRY OVER FUND. It moves from month to month unless there is a subtraction error. This way, it is recorded as out of my checking account, even though it is still there.
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Re: Budgeting Apps?

Jeanne Featherston ·
I wish I had started this 10 years ago! I get paid twice monthly. I have a spreadsheet and prior to each payday fill in everything I plan to spend during that next two weeks-all my regular bills are on autopay and divided pretty evenly which is SUPER helpful. Using the spreadsheet allows me to tweak changes as things come up-it's like a (serious) game to try and end up with zero before the next pay. I do not deprive myself and am getting better at saying, without explanation, "I can't make...
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Re: Living off $720 s month

LeighofMar ·
I'm so sorry for your struggles as that is definitely not a livable amount of money. I assume someone else pays rent/mortgage? You didnt mention a car so at least you don't have those expenses too. What about utilities? If someone else pays for your shelter, utilities and you have Medicaid, then your bases are covered. Then I would suggest also going to food banks so you can stretch your food dollars. They are a great help. In the winter you can see if you qualify for utility assistance. I...
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Re: Raise credit score

Lum Ederds ·
The only recommendation I can offer is to watch Dave Ramsey videos on YouTube about the subject of credit score. Like him, my credit score is indeterminate or zero. I quit borrowing money nearly 20 years ago, and was able to pay off the mortgage 19 years early!! As Dave says the credit score is an "I love debt score." The higher it is, the more in love one is with his/her debt. And the banks just love that. That's why they have the tallest buildings in town, and some nice furniture inside,...
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Re: Hello new members!

Jeanne Featherston ·
Hello, My name is Jeanne from Michigan. I am debt-free, work 35 hours a week at a job I enjoy and am a year or two away from my retirement. Looking toward retirement I feel that my biggest challenge will be learning how to (should the need arise) rebuild my emergency fund or in general be able to build a savings account while living on a fixed income. Any/all suggestions are welcome!
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Re: Job loss, Retirement fund, credit debt

E Allen ·
Don't use retirement fund (unless you have much much more than you need). However, those penalties are not even worth it. Just try and find another job and work on paying off all that debt. Try and pay it all off as quick as possible.
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Re: Job loss, Retirement fund, credit debt

lismox ·
I also agree not to use the retirement fund, unless you're absolutely down to your last dollar. I hope things work out for you. Focus on keeping your skills current, networking, and looking for a job. Once you've found a job you can focus on paying your debt down.
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Re: Job loss, Retirement fund, credit debt

DailyGrind ·
I am in a similar boat as you... Lost my job in June with less than 2 months worth of severance. $51,000 in credit card debt; $165,000 in student loans; $6,200 owed to friends/family. I owe myself almost $4,000 from my retirement fund. Are you eligible for unemployment? Can you take on side gigs?
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Re: Hello new members!

Shari L Dilley ·
Hello, my name is Shari from Western PA. I am looking to retire in three (3) years. My partner of 26 years and I are basically debt free. The house is paid for, we do not have any credit cards, and our vehicles are payment free. Our earlier planning was tossed out the window six years ago when we took custody of our now six year old grand-daughter. What began as a temporary arrangement is now a permanent addition to our family. I am looking for advice/solutions in two areas, building a...
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Re: What do you do when you have a surprise expense?

Olivia ·
We try to anticipate large expenses and save accordingly. (Not always accurately.) Before we had a slush savings account to cover unexpected expenses, we would just skim off the accounts we had and cut back on cash purchases, like food and clothing until it was covered. Medical expenses are a whole different thing. When we had our first child, he was a preemie with a cataract. We spoke to the hospital and eye practice frankly about our financial situation. They were willing to accept...
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Re: Saving for and with grandchildren

mintjulep ·
Have you considered a 529 plan for saving for college? We contribute to our grandkids plans every year around their birthday. Their parents set up the account, not us, so you can set one up for each child or contribute to a 529 set up by others. It must be used for education purposes, tho not necessarily a 4 years college. It can be used for a trade schools as well. Fidelity (Investments) has a good read about 3 different types of school savings plans...
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Re: Pet Insurance

Alisak ·
My cat hAd an emergency trip to the 24/7 pet hospital and In order for them to see her I first had to apply for “care credit” card. I now have a $500.00 vet pet bill which I am told the terms and interest rate vary from person to person and the doctor or vet is the one that sets the terms so I have 18 months to pay it off . I don’t know what the interest will be after that. I’m 55 years old and just started my emergency fund which is only $170.00 to date should I put it all towards the vet...
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Re: Emergency debt

dboothe ·
ALISAK, I'm so sorry to hear about your vet bills and your difficulty in paying them. I would try to work with my vet to see if they could make an exception and let you make payments without interest. Have you asked them if there are any programs out there to help low income people with vet bills? Go-Fund-Me pages are pretty easy to set up from what I understand. They walk you through the steps. If you go that route, please let us know so that those of us who can help a little will know...
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Re: Emergency debt

Alisak ·
Thank you for info , prayers and suggestions. I’m going to check out GoFundMe. Had to take her to dove Lewis emergency $800.00iah maxing care credit out and still she’s so sick. Will be taking her to vet where I adopted her this morning. I’ll keep you updated.
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Re: Inheritance

Gretchen Mann ·
I'm so sorry that these times are so difficult for you and your husband. I have some suggestions. Your credit card debit probably has the highest interest rate. I would pay this first and pay it off entirely. Your home mortgage will qualify tax deductions, so this is the last loan to pay off. The emergency fund is also very important to do at this time. Six to twelve months of emergency funds in a liquid vehicle would be appropriate. In view of this, you might want to beef up your emergency...
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Re: Financial Fitness February: Day 4 (And a Money Saving Tip)

sthom ·
I like how you are detailing your savings...what a window into someone else's world. Some things that I am trying (actually started in December 2019) include: (1) stopped buying personal protection disposable items, saving me upwards of $30-$35 a month (2) allowing myself only 1 quick meal out a week (3) cooking enough food (casseroles, macaroni dishes [i.e., American goulash], chicken parts) on Sunday or Monday for the week so I'm not tempted to eat out (4) buying deli ham/turkey and...
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Re: Financial Fitness February: Day 4 (And a Money Saving Tip)

KellyFromKeene ·
I did make some decisions today that impact my finances. Yesterday, I received my security deposit back from my former apartment, and paid it entirely to what is left on my vehicle. I debated if I should put it in my emergency fund or not, but decided that paying down the car was a better move. I will have the car paid off in 6 months. Super psyched. Also this week, I got back to budgeting, etc, with my 'financial partner'. We meet every 2 weeks for an hour to deal with our money. Keeps us...
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Re: Retirement Savings Question: With a twist ?

mintjulep ·
When I first started investing in stocks and mutuals, I would pull out my initial investment when I reached a certain percentage of profit earned. There was no consistency in the goal because my income varied so greatly from year to year; there was no science, just random. And sometimes I would re-invest that initial amount into another investment; other times it might just sit in a non-interest bearing or small interest bearing savings account to be used for emergencies, the new...
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Re: Retirement Savings Question: With a twist ?

Arthur Mantzouris ·
You need to ask your self. What do I mean by retiring? What do I want to do when I retire? Do you want to go many vacations or travel the world? Retiring for you could mean something completely different for someone else. So you need to ask your self and be honest, like the Bible says at Hebrews 13:18 being honest in all your dealings. That includes your self. So ask your self. What kind of life do I want to live? Is what you are doing what you want to do for the rest of your life? And as...
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Re: Emergency debt

Alisak ·
Thank you ☺️ my total bill came to $6,100.00. I already did what things you and others suggested but still have 100% of the bill. I’m researching crowd funding options now. Thanks again 🐯♥️
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Re: How Do You Effectively Save Money On A Consistent Basis?

margarette stine ·
I have an allocated budget for all the things that I need to buy or pay for the entire month. This month, I am saving for chrome fuel hostage wheels of my car as I am planning to do modifications since it's a bit old and it badly needs some upgrade. Also, 25% of my salary goes to my savings which will serve as my emergency fund in the future. I don't buy stuff which I know for a fact that I don't need.
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Re: How Do You Effectively Save Money On A Consistent Basis?

SamJay ·
Hi again, I forgot to mention the librarys often offer streaming video services and book services. They can help folks find out what is out there and hook people up. I amso know libraries have DVD's for borrowing. With libraries closed down, I know that will not help much rite now. With the virus my spending is way down and so much of it was not essential. Hopefully this is a good change start for me with building the emergency fund. I believe the emergency fund is suggested to start off...
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Re: Emergency funds & COVID-19

dboothe ·
We do have a fully funded emergency fund. We didn't in our early years of marriage, buying a house, having two children and sometimes we came upon hard times...layoffs, accidents where my husband was unable to work, car gets totaled and insurance never pays for everything. So, I finally woke up and realized we needed a special emergency fund to take the terror out of regular unknown emergencies. I started with $100 and faithfully put money into it. Eventually, it is just part of the budget...
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Re: Emergency funds & COVID-19

Moore Income ·
My wife and I just recently started building one and are hoping to have 6 months saved up by the end of the year. It really helps that our living expenses are fairly low and since we are getting a stimulus check tomorrow and don't really need the money for anything, we will be putting a good chunk of it towards our emergency fund in case it is needed later. We are also paying off debt, investing and building up other savings accounts as well so we can be a little more prepared for the...
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Re: Emergency funds & COVID-19

sthom ·
I did what I planned and put it immediately in an emergency fund.
 
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