As much as we intend to save up for the holidays, Christmas can seemingly come out of nowhere. Before you know it, freshly cut trees are on sale at the local grocery store, the food prices are high, and you still need money to buy presents and decorate. Don’t worry. There are plenty of ways to celebrate — even in a tough economy, where it’s hard to sock away cash. Here are three ideas.
Tag: budget
3 Steps to Save Money While Living Paycheck to Paycheck
When you’re living from one paycheck to the next, saving for retirement or emergencies might seem impossible. Yet, you don’t have to put away large sums of money at a time to make progress. Every little bit helps. Here are three ways to work savings into your financial plan, even when money is tight.
3 Things To Consider When Starting an Emergency Fund
Building an emergency fund into your budget can protect you from financial disaster and crushing debt from unforeseen circumstances, such as a car breakdown, unemployment, or a health crisis. Experts recommend saving enough to cover up to six months of expenses. That number might initially seem daunting, but focusing on these three key aspects can help you succeed.
Need a Simple Budget? Try Using Envelopes
Setting up a budget is essential to getting finances in order and keeping them there — as long as you stick to the plan. Using a spreadsheet to outline line-by-line expenditures might work for some people, but there’s a simpler way to keep track of inflows and outflows. The envelope method is an effective way to track physical cash.
What Is a Sinking Fund and Why Have One?
A sinking fund is a tool to save money over time for a big purchase in the future. You create a line item in your budget for the expense, like a vacation, car, or down payment on a house. You “sink” a bit of cash into the fund when you get paid. Eventually, the money accumulates, and before you know it, you’ll have the means to afford the planned item without experiencing a massive impact on your monthly financial obligations.