Search Results for: blog why keep an emergency fund

Why Keep an Emergency Fund?

Posted on by

One of the keys to long-term financial security is building an emergency fund. Even if you’re a very prepared person, things happen. My husband and I were extremely financially organized before we added a child and a much larger mortgage to our family. We had a good emergency fund of several thousand dollars, less than the six months of income that some recommend but more than the thousand dollars recommended by others. We felt confident. Then I went on maternity leave, which is a year long here in Canada. That was wonderful, but it did cut my income quite substantially. … Continue reading →

Five Steps that Will Help You Go on A Spending Break

If you have an unexpected bill, want to take care of a new purchase with cash, build up an emergency fund or just get closer to paying off your overall debt, you might want to consider going on a spending break. How much extra money you accumulate will depend on what you normally spend in any given time period plus how long you decide to stay on your spending break. Saving $500 this month is not unthinkable for most families. Before you get started with a spending break, you’ll need to have a plan to ensure the best success and … Continue reading →

Excuse Me, Are These Melons Ripe? Grocery Shopping with my Husband

Flirting with your husband in the produce department while grocery shopping may not seem like your idea of a date, but when you are saving toward a healthy emergency fund, a discussion about fruit may be some of the sweetest words you’ll hear. My husband and I had gotten in the habit of a monthly lunch date, on a Tuesday or Wednesday, when all three children are in school. We only have about a two-hour window of time alone, but this was usually sufficient to have a nice lunch and catch up without being interrupted by little people needing this … Continue reading →

The Road to Zero Credit Card Debt

If you are like the tens of millions of Americans, who have racked up large credit card debt since the economy took a dive, you may be wondering how to dig yourself out of the abyss of hopelessness. Many financial experts advise against debt consolidation unless you can find a very low interest rate. Instead, their method of choice is to systematically and aggressively pay down the accounts beginning with the ones that have the highest interest rates. Regardless of what method you employ, financial experts warn that you will never truly be debt free unless you analyze your spending … Continue reading →

Book Review: Safe Money Millionaire by Brett Kitchen and Ethan Kap

Over the last month, I’ve been talking to financial advisors who have given me reasons to keep money in a 401(k) fund and not to pull it out even when chaos breaks loose in the economy. About two weeks ago, though, I read the book “Safe Money Millionaire” by Brett Kitchen and Ethan Kap, and heard a different side to the story. Kitchen and Kap are both in the field of insurance – but not just any insurance. They market cash value insurance plans, and that is the message they deliver in their book – if you put your money … Continue reading →

Seting Up a Budget in Excel

Let’s pretend that you have Microsoft Word, but you’re feeling a little terrified of Excel. However, you’re looking for a program that will help you set up a simple budget. If you already have Excel on your PC, it’s quite simple to use it as a budgeting program. While you can purchase or download other programs, I generally go with my familiar friend Excel. Here’s how to set up your budget. First, sit down with your significant other and write down all of your categories of spending. If you don’t know what you spend money on, get a notepad and … Continue reading →

RS/EQ: The Sabbath – A Delight

As we head into the 2008 course of study for Relief Society and Priesthood, I’m excited to think about studying the words of the Prophet Joseph Smith. Before we begin, however, I’d like to finish up our series on the lessons provided by Spencer W. Kimball. Lesson #16 in the book is entitled, “The Sabbath—A Delight.” How often do we think of the Sabbath as being a delight? I generally think of it with a mixture of fear and trembling, but I need to change that perception. President Kimball begins his lesson by sharing a story from a time when … Continue reading →

Frugal Living Week in Review for August 27th to September 2nd, 2007

After a wonderful extended holiday weekend, school is officially in full swing for everyone, even though many have been back for weeks. As summer draws to a close and fall or autumn leaves and weather start to come into focus, the focus of the frugal living blog will not change. We will continue to strive towards bringing you the best articles on saving money that we can. Frugal Fall Fun For Your Whole Family It is finally September and it is the start of my favorite time of year. I love the fall or autumn season and cannot get enough … Continue reading →

RS/EQ: Priorities and Preparedness

Posted on by

When we study the principle of self-reliance, we tend to think of it as a worldly law. And yet, the scriptures clearly tell us that Heavenly Father has never given a law that is temporal; all commandments are spiritual in nature (see D&C 29:34). How, then, is a law regarding our worldly state spiritual? President Kimball clearly states that “the highest achievement of spirituality comes as we conquer the flesh.” As we overcome our earthly bodies and worldly desires, we grow to be more spiritual beings. We generally think of this when we consider overcoming habits, but it applies to … Continue reading →