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Emergency Fund

A Helpful Guide To Building Your First Emergency Fund

What does Big Foot, Trump’s sense of empathy, and your savings have in common? None of them exists! A night spent in the woods won’t reveal a Sasquatch any more than extensive scrolling on Trump’s Twitter feed will reveal a heartwarming tweet. Likewise, you won’t unearth a hidden treasure chest just by staring at your savings account. But there is one thing that sets your absent savings apart from the others. You won’t find something that isn’t there, but you can build up savings from scratch. If the thought of starting your emergency fund strikes fear in your heart, stay calm. You’re already taking a step in the right direction by thinking about your money in this way. Your next step is to use this guide to learn simple ways that help create savings. Think about your goals critically The foundation of successful savings is a specific goal. When you can give a reason why you’re putting your money away, you’ll feel more inclined to continue saving. Make them personal because that’s the only way you’ll convince yourself to spend less money on fun things. Personal finance guru Gail Vaz-Oxlade recommends you: Figure out what’s important to you. So what ...

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How a Loan Can Help in an Emergency

In an ideal world, everyone would have an emergency reserve of savings that could be quickly and easily tapped when an unexpected financial expense reared its ugly head. But according to recent studies, only a small percentage of consumers feel confident in the amount of money they have set aside to cover surprise bills. When savings isn’t an option to turn to in a financial emergency, loans can be a viable solution. Here are a few loans that offer a helping hand when cash on hand is minimal, as well as some alternatives to loans. Loan Options for Emergency Cash Several different types of loans exist in the market today, from large, national banks and credit unions to local lenders that offer options like San Diego title loans. Each variety of loan comes with its own qualification criteria, total cost, repayment terms, and maximum loan amount, making it necessary to understand the differences. Car title loans provide access to quick cash for borrowers who have a vehicle they own with a clean title. The good news is that there is no credit check required, and loan amounts can range from $1,000 up to several thousand. Repayment terms vary for car ...

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How to Survive an Unpaid Family Leave of Absence

How to survive unpaid leave

Will you survive an unpaid family leave of absence without accumulating debt and ruining your credit history? The United States does not provide paid leave. Health insurance plans have cost sharing components and do not cover every conceivable expense. You may have to cope with a deadly one-two punch: a sudden spike in outlays, combined with a loss of income. Increase your odds of emerging unscathed by researching relevant laws that sometimes provide monetary assistance and job protections, prepare your finances in advance, and make the appropriate adjustments when reality comes knocking at your door. This is a guest post by Kevin Haney. We hope your enjoy! Researching Family Leave of Absence Laws The first step in surviving an unpaid family leave of absence is researching whether any federal or state laws apply to your situation. Do not assume that the government will step in to lend a helping hand. This is a very dangerous because it is rarely true. A smattering of paid leave programs exists to help a minority. Unpaid job protections are available to a slightly wider segment. Paid Family Leave Laws There is no federal paid family leave law in the United States. Only three states ...

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What Would You Do With $500?

using an extra $500

I love to find articles about the best ways to use an amount of cash. No matter what your financial beliefs, there are basically four ways to use money: spend it, save it, invest it, give it away. The good folks at Mt Edgecumbe Hospital in Sitka, AK are giving me $600 for meals next week while I’m working at their clinic. Unless I make lots of friends and go out every night, I’ll probably get most of my food from the grocery or as take out since I hate eating in restaurants by myself. I’m guessing that will probably take about $100. That leaves me five Benjamins to use however I want. What would you do with $500? Spend It If I had consumer debt, I’d probably use my extra $500 toward paying it off. $500 is not chump change, and gaining a windfall to put toward debt can be a great shot in the arm to sustain motivation toward debt payoff goals. Since I don’t have that type debt anymore, I could use this money to spend on holiday gifts or for our trip to Mexico that’s coming up next month. We also need a new couch in ...

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How To Pay For Emergencies Without Going Into Debt

having an emergency fund

    It certainly feels like the economy is looking up for many Americans. While there are still workers in certain industries that struggle to find good paying jobs, investments are up, self employment opportunities are plentiful, and the world looks a bit rosier than it did a few years ago. At least that’s what I thought until I saw this study from the federal reserve showing that half of Americans would struggle if faced with a $400 emergency expense! If you fall into this category, it’s important to figure out how to pay for emergencies without going into debt. So Many People Can’t Afford Emergencies I’m certainly not one to throw stones. Back in the day, we whipped out a credit card for most expenses, emergency or not, expecting that we’d make our payment at the end of the month just like everyone else. I had hoped that  the recession taught most of us that jobs can disappear at any time and an emergency fund can be the difference between inconvenience and financial ruin, but I think maybe I was wrong. While this survey did have some positives, with the majority of respondents saying they are doing OK or ...

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