Emergency Fund

Situations Where An Emergency Fund Would Be Helpful

A surprise expense is something that nobody can predict. If you have no emergency fund, these expenses can be extremely difficult to handle. There are many situations where having emergency cash would come in handy. Learn more about payday loans with bad credit at

You Get Fired
As LearnVest notes, with the state of the economy leaving many people’s employment situations in limbo, there has never been a better time to have an emergency fund. If you are one of the unfortunate who gets fired, you’ll need some source of income. Having cash set aside can help you cover your bills while you are between jobs.

The Only Job You Can Get Requires A Move
After getting fired, you’ll need to find a new job. If this job requires you to move, you’ll need a way to fund that move. With the costs of transportation, a down payment on a home or first months rent on an apartment, the move could get pricey. If you have an emergency fund, you’ll be able to cover these costs without worry, according to the source.

There Is A Strange Noise Coming From Your Car
Car repairs are one of the most common surprise expenses. They can be expensive in many instances as well. With it being nearly impossible to tell when you’ll need a major repair, having an emergency fund will help in times of need. In all likelihood, your car is your main means of transportation, so it is important that you can pay for the repair.

In order to best prepare yourself, you should create an emergency fund now. According to Kiplinger, there are a couple ways to put away enough cash for an emergency.

1. Find Ways To Cut Back – One of the easiest ways to begin an emergency fund is to finds ways you can cut back. Look over your budget and see if there are any areas you are overspending. If you find any, put the extra money into a savings account for any surprise expenses.

2. Put Spare Change In A Jar – Although it may not seem like it would generate much, putting spare change in a jar is a good place to start. Over time, that quarter that you put in each day will add up to become a solid emergency fund. It probably isn’t the fastest way, but it is a good starting point for someone who doesn’t have a lot of money to save.…


Technology A Major Part Of Successful Banking

When it comes to ensuring your financial well-being, it’s important to stay on top of your finances. While the internet and smartphones make this task easier, you may still be able to take advantage of cash advance loans if you are confronted with an unexpected repair bill you can’t afford.

According to a recent poll conducted by Verve Mobile, a vast majority of Americans recognize the perks of mobile banking and use it to their advantage. Meanwhile, financial institutions and third party developers have recognized this growing sentiment and have created new and improved programs to improve the mobile banking experience.

The key features of mobile banking used by consumers are to make money transfers, pay bills and receive alerts regarding activity on their account.

Respondents also revealed that many of them use mobile banking apps to more efficiently locate things, such as ATMs and branches of their bank, in order to conduct in-person banking.

Keys To Successful Banking
Although mobile baking makes handling your finances much easier, there are still some key fundamentals you must adhere to have long-term success.

The first steps to successful finances is respecting your money. Habits such as overspending, regularly overdrafting your bank account and failing to put money away can come back to haunt you one day.

Try to avoid bad money habits like the plague. A good way to keep yourself in check is to fine-tune your money management skills by creating a realistic budget that fits your lifestyle.

To get started, track your earnings and spending for a couple of months. This includes everything from paying rent to purchasing a cup of coffee. Every expense counts, so hang on to receipts and this will paint a picture of there you tend to spend your money. With this information, you can start to cut back spending on non-crucial items.

Start Saving For A Successful Future
Saving money is easier said than done, but if you know where all your money goes, this is a good first start. Experts generally recommend taking at least 10 percent of every paycheck and putting it into a saving account separate from your day-to-day account.

Once you have money in this account, don’t touch it unless you have a financial emergency. The longer this money sits unused, the more time it has to grow and mature by accumulating interest.

Even if you never end up using this money, this could be put toward long-term financial goals, such as buying a car, house or saving for retirement.

Ask For A Pay Raise
The more money you earn, the easier it can be to save, as long as you control your spending. Therefore, asking for a raise may be best.

If you have been at your job for a while and have a successful track record, you may be able to approach your boss about receiving additional compensation. Just make sure to keep it professional and talk to your superior when you’re on their good side.…


Reduce Your Monthly Budget By Adjusting Lifestyle

With many people still struggling financially as a result of the recession, they may be looking for ways to cut back on certain expenses. There may be some areas that they are overspending. Cutting back in these areas could help them reduce their monthly expenses and have more money to contribute toward their emergency funds.

Reduce Your Food Bill
Although it may seem difficult, your food bill is the area that has the most potential for reduction, Daily Finance notes. One of the biggest ways you can spend too much money on food is by eating out for lunch every day during the week. While you may like the sandwich shop near work, you could save money by making your lunch at home. The best way to do this is to come up with a couple easy lunches that you can make at home and rotate them during the week.

You can also take advantage of leftovers from dinner to make your lunch. You may also want to consider limiting the amount of times you go to restaurant for dinner.

Take Advantage Of Free Entertainment
Between cable, internet, movie subscriptions, concerts and sporting events, you probably spend a lot on entertainment each months. Although the internet is likely essential, you can probably cut back some of these expense. If you have a movie subscription and premium cable channels, you may want to consider cutting one of them. Both of these services tend to offer the same thing, so it doesn’t make sense having both.

Instead of paying for all of these services, take advantage of free entertainment. Many communities offer free public concerts in summer. There are also usually plenty of free events around town as well that can keep you entertained. If that’s not your cup of tea, you could even just stay at home and host a board game night for you and your neighbors.

Cancel Your Home Phone
With the emergence of cellphones, you probably don’t use your home phone service much anymore. Canceling this service is a quick way that you can cut down on your monthly expenses, according to U.S. News & World Report. A cellphone can do everything a home phone can do, so there is no need to have both.

You may also want to look into your cellphone bill to see if you can reduce your plan and still have enough minutes each month. Other areas to look into are your data plan and texting, as you may be overspending in both.

Increase Your Insurance Deductibles
Increasing something usually doesn’t save money, but by bumping up your insurance deductibles you are lowering your monthly premiums. This could help you reduce your monthly expenses by a significant amount. However, this means that you will have to pay a higher upfront cost if you ever need to make an insurance claim. It is important to decide if that trade off is enough of an incentive to save the extra money each month.…

interest rate

Save or Pay Off Debt?: What Makes More Sense For You

With many Americans weighed down by debt, they are often faced with the challenge of deciding whether to save or pay off debt. While both are beneficial, there are some things that need to be considered when making the decision.

Do You Already Have An Emergency Fund?
One of the first questions to ask yourself is whether or not you have an emergency fund. This type of savings is essential for any unexpected expenses that may arise.

If a sudden home repair or medical expense presents itself, an emergency fund allows you to pay for the expenses without having to take on more debt. If you do not have emergency savings, it is probably better to save money toward one before allocating extra money to paying off debt.

How Much Debt Do You Have?
Another thing you should consider when deciding between saving or paying off debt, is how much does your debt actually cost. To do this, you’ll want to find the balances of all your debts. Next, you’ll need to locate your interest rates. When these two numbers are multiplied together, you’ll have the amount that your debt costs you each year.

How Much Could Your Savings Earn?
After calculating how much your debt costs you, you’ll want to find out how much your savings would earn you. In many cases, the interest rate on a savings account is very low. Traditionally, you’ll earn between 1 to 2 percent in a savings or money market account. The amount that your savings would earn should be compared to the amount that your debt is costing you to see what would be more beneficial. In all likelihood, your debt will be costing you more, so it may be better to pay it off before saving.

What Are Your Future Goals?
It is also important to consider your future goals when making this decision. If you have a big transaction in your future it may be best to save. Also, if you are close to retirement, it may be more beneficial to put the money into a 401(k). This is especially true if your employer matches your contributions, as you are receiving free money. However, paying off debt can leave you with more freedom for new loans moving forward.…