Make Some, Save & Invest, Live on the Rest
One of the biggest demons my wife and I faced after getting married was our combined credit card and student loan debt. Fortunately, my wife had a relatively small student loan balance and I had none, but we had collectively amassed quite a bit of credit card debt from paying for our wedding and honeymoon, dining out, my habit of purchasing music CDs, as well as a seasonal ski vacation rental home (and its associated monthly costs) which completely put Continue Reading →
An emergency savings account should be a first priority when setting financial goals. The concept of this particular goal was discussed in the previous post – Rule #1: Spend Less than You Earn. Now let’s cover the details of making this a reality. The purpose of this savings safety net is to cover unexpected “emergencies” such as unemployment or loss of income, a major medical expense, an auto repair, a home appliance repair or replacement, etc. The primary function of Continue Reading →
In order to save and invest for our financial goals, we must live within our means – it is really as simple as that – but often challenging for many people to accomplish. All financial goals require a savings plan, but if all cash flow is allocated elsewhere, these goals cannot be funded. The only way to really know if we are living within our means is to compare and analyze our income and expenses. This is where tracking spending Continue Reading →