What’s the all American Dream? Why it’s home ownership of course. According to the Census Bureau, home ownership is at a historic low right now, of only 62.9%. Why? Well after coming off of a huge housing bust, many homeowners lost their homes to foreclosure and bankruptcy. Credit was ruined and lives were ruined. Never […]
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How To Start An Emergency Fund
An emergency fund is one of those things that is crucial to good financial health, but most people don’t have. It’s estimated that 39% of Americans don’t have enough savings to cover a $1,000 unexpected expense.
I know for myself, at times, this has been true. It’s hard to admit, but I have not been the greatest saver. While I don’t spend frivolous money, I just didn’t have a higher earning salary while working as a freelancer. That was all fun and games when I was in my twenties, and I thought nothing could happen to me. But the truth is, it was stupid and reckless. Emergencies can strike anyone, at any time, and it’s financially irresponsible for us not to have some sort of fund.
Now I realize that for low-income families this can be quite a struggle. But the truth is, we need to do whatever we have to, to have some money in the bank.
Not having an emergency fund, is like jumping out of a plane without a parachute. At some point, you’re gonna hit the ground. And the truth is it’s gonna hurt!
So what is an emergency fund you ask?
Well, it’s 3-6 months worth of expenses set aside for just that, emergencies.
How can we start putting together a savings plan? First things first..

- Add Up All Monthly Expenses– Start by adding up all your monthly expenses. And don’t forget anything! Things like:
- Rent/Mortgage
- Food Expenses
- Car/Travel Expenses
- Insurance Expenses (car/human, etc)
- Utility Expenses (gas, electricity, water, garbage)
- Phone/Cable/Internet
- Monthly Debt- Credit cards/Loans (not mortgage)
- Groceries
- Other(child care, etc)
Add up all those expenses, and then x it by 3 or 6 months. This will give you an idea of what your end goal is. Don’t be alarmed, it will be a large number. They key is to start somewhere, even if it means, starting with $500 in savings.
- 2. Do Budget, Cut Expenses, Put Extra in Savings- Now that you’ve accumulated all your monthly expenses, it’s time to do a budget. That’s the nasty part where you pick thru your finances, see where all the money is going, and start trimming the fat. Canceling subscriptions like magazine, food, make-up, dog toys. Even try downsizing your cable, or eliminating altogether. Once you trimmed the fat, put all that money that you were spending into the emergency fund. You’d be surprised how fast it will add up!
- 3. Put Tax Return Into Savings– This is an obvious one I think. When you get that check back, which sometimes can be in the thousands, put it away. Instead of using it for a fancy vacation or cruise, choose a staycation at home, and put it away. If your average tax return is $3000, think how fast that will add up over a few years.
- 4. Find a Side Hustle– Side hustling is an awesome way to add extra cash into your life. Whether it’s becoming an Uber driver, a Virtual Assistant, babysitting, or mowing the neighbor’s grass, it all adds up. And besides, once you’ve got your emergency fund up and running, you can use that extra cash, to pay off debt. It’s a win-win!
- 5. Make it Hard to Access– This is probably a key to making this whole thing work. I don’t mean freezing cash in your freezer, I mean it needs to be a little tougher to access. Not in a regular account that you have daily access too. I set up a completely separate account for my emergency fund. It’s set up at an online bank only accessible by debit card and app. It’s not with my regular accounts, so I never see it. This way I don’t have to worry about getting tempted by those fancy shoes, Amazon purchases, or negligent spending. It’s actually the smartest thing I’ve done because it’s not on my radar on a daily basis. The money is there, but I don’t think of it as part of my total money. It’s separate, and that’s the way it needs to stay!
Starting an emergency fund, is honestly, critical to your well being. Whether your single or have a family, planning ahead for emergencies is so important. I’ve made a concerted effort to start with putting away a $1000 for now, while I attempt to work on eliminating my debt. I’ve been adding a small amount here and there, but I know it’s more important to pay down and off my debt before I tackle saving 3-6 months savings. This really is a personal choice. I don’t have kids, don’t own my home, and live a pretty simple life. $1000 will probably cover a lot of emergencies that I might have. I would be lying if I said that it didn’t make me nervous, but my plan for paying down my debt it working, so it’s more important to focus on it right now.
Whatever plan of action you decide on, just take some action. Even starting small with $250 or $500 is something. Don’t get stuck when a true emergency arises, be prepared, and ready for action!

8 Monthly Habits to Curb to Save Money
Are you looking to save some extra money each month? Aren’t we all? Sometimes the easiest way to save money is to stop spending it on things. Sounds simple, right? Well, the easiest way to leave a little more cash in your account is to curb some of our most common expenditures. Now I know this can be tough. It’s the little things in life that we love right? I’m not saying you have to eliminate these things, but curbing just a few every month, will leave you with extra cash. And extra cash is what we’re all after!

- Starbucks/Coffee– Now I’m not saying you should quit your coffee habit cold turkey. I don’t think you’re loved ones, or your boss would probably appreciate. But what about just curbing it a bit. Like for instance, if you buy coffee every day, maybe you curb it to 2-3 /per week? It won’t kill you, I promise. This will add up to a savings of over $75/month! And you don’t have to quit, just buy some nice coffee, creamer, syrups and make them at home. After a while, you may grow to love your homebrew more than spending the money on other coffee. Just try it!
- Cigarettes– Now this is an expensive habit. While I’ve never smoked, I’ve lived with one for almost 12 years. And when you break down how much he spends (pack a day), over a month, or even a year, it’s astonishing. If the average price of a pack of cigarettes is $7, and that’s probably low, a monthly pack a day user spends $210/month, or over $2500/year! That’s crazy!! And don’t even get me started on the health problems associated with smoking, or the increase in health insurance costs between a smoker and non-smoker. I understand that this is probably one of the toughest things to quit, but it’s imperative. Not only for your health but your pocketbook. Try nicotine patches or the gum. Get a prescription for Chantix. Or just try to taper down. Every bit helps, both your health and your wallet.
- Eating Out– Eating out is one of those things that we often pay no attention to, and it’s a real problem. Eating out for lunch every day will cost you an average of $50/week, over $2400/year. That’s a lot of money in In-N-Out burgers and shakes. I understand that it’s sometimes inevitable, we’re traveling for work, we’ve got a work lunch meeting. But planning ahead and bringing your lunch to work, even 2-3 days a week, will help substantially. To the tune of saving you $120-$130/month. It’s a no-brainer really.
- Magazine/Subscriptions– Don’t get me wrong, I love a good rag magazine. Set me down with some potato chips, and the newest People magazine and I’m happy! But make no mistakes, it’s not worth paying for the subscription. EVER. With the advent of the internet, you can find almost all articles and info about whatever you’re interested in online for free. Oh and don’t forget about the library. You can go in there and sit to your heart’s content and read about every Kardashian there is.
- Switch to Pay-As-You-Go-Phones– This use to be a huge thing as far as saving money, but honestly many regular phone companies offer such great deals on phone plans, such a T-mobile, it’s almost a thing of the past. There are companies like Tello, and even Mint mobile, where you can find good deals. But honestly, if you don’t wanna mess with changing companies, or numbers, you can always call your current provider, and opt for a cheaper plan, say without data, or ask for a break in your rate. Most will go out of their way to make you happy so you don’t cancel service.
- Cut/Dye Hair at home– I know plenty of you are like, what?? Are you kidding me? Nope. Cuz I do this. I realize that a lot of men, let their wives cut their hair, or go somewhere cheap like Sportclips for a $8/haircut. But for most of us women, that’s not the feasible. I’ve always gone to salons. And it’s super expensive and time-consuming. See, while I’m relatively young, I have a lot of grey hair. Like my whole head. So I’d spend 3 hours in a salon, getting my hair dyed and highlighted just to cover these buggers. And guess what, they’ll be back in a month. I have a relatively easy layered bob haircut. Oh, and did I mention that it would cost me $250/with tip? I couldn’t take it. So I got brave, watched some Youtube videos and started doing it myself. And guess what, it’s not that hard. I bought higher end hair color, that kind that colored greys good, and went to town. Now I can color and trim my own hair in the privacy of my home, every month. It’s great and one of the best decisions I ever made. I get that this isn’t for everyone, but if you’re not too scared, just try it. I’m not against salons, I love the results, but I’m pretty frugal, and probably would only use them 1x or 2x a year at this point.
- Cancel Cable– Before I canceled my last cable account with DirectTv, I was paying $120/month for a basic package, no extra channels. I’d been with them for over 12 years and they didn’t seem too interested in lowering my package. (until I left that is!) I did, and still do have Netflix and Hulu. So I made the decision to cancel Directv and went with SlingTV. It doesn’t come with live local channels, but everything I wanted to watch, like Modern Family, I can watch the day after on Hulu. I got all the same channels and HBO and my bill is now $45. ⅓ of the price of regular cable. We’ve had great service and very little problems. Highly recommend making the switch!
- Cancel You Gym Membership– Now by all means if you go daily, keep it. It’s worth it for the stress relief, and health benefits. I had been a gym rat for years and years. Now. Not so much. Since getting my puppy, who is a crazy wildman, I’ve taken to walking him 3 miles every morning. It’s great exercise, he needs it, and it’s got me on a great routine. Trust me, he’s the best alarm clock I’ve ever had! I was scared and slightly let down to cancel my membership, but I wasn’t using it at this time. I’ve always loved the gym, but it simply doesn’t make sense to keep paying $50/month for something that I don’t use, and currently don’t have time for. And besides, the gym isn’t going anywhere, you can always sign back up!
I know reading over these, you think, “gosh, but I like all those things”. Well I do, or did too. But guess what, making a sacrifice sometimes is great for our psyche! It lets us know that we’re disciplined to curb or stop the unnecessary things in our lives for a greater good. And think of all the extra money in your account! Take a chance and just cut out 1 or 2 things this month. Take that money and put it into a savings account, or better yet, put it toward your debt! I can almost guarantee you won’t miss these things, and your bank account will thank you!
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