Five Options In A Financial Worst Case Scenario
Posted on January 11, 2008 - Filed Under Unexpected Expenses, Emergency Fund, Saving | 1 Comment
So let’s say you get into a worst case scenario of not having enough money for a very urgent short term expense. What is the best route to take? Many personal finance blogs talk in depth about long term savings strategies and those are very important. An emergency fund of three months pay is a […]
Read More..>>Prepayment Penalty On Mortgages
Posted on September 14, 2007 - Filed Under Loans, Debt, Real Estate, Credit Report, Unexpected Expenses | 1 Comment
There are certain times when you come across blatantly obvious unethical tactics used by corporate America to squeeze out more profit by misleading consumers. One of the most sinister tactics of the subprime loan industry was the burying of a prepayment penalty in the mass of documents signed at a house closing. FreddieMac describes a prepayment penalty as “an option that […]
Read More..>>Buying Medical Procedures On Credit
Posted on August 30, 2007 - Filed Under Credit Cards, Unexpected Expenses | 2 Comments
Medical expenses can be one of the biggest unexpected expenses out there. Often times they come at the worst times and need to be completed out of shear necessity. Other times they are cosmetic procedures that people feel are necessary and will improve their general well being. Whatever the case is the majority of medical […]
Read More..>>HOWTO: Flexible Spending Accounts (FSA) Deconstructed
Posted on August 20, 2007 - Filed Under Insurance, Unexpected Expenses, Saving, Spending | 6 Comments
Flexible Spending Accounts (FSA) have been something I never fully understood. They seemed complex, cumbersome, and although a good idea, were executed poorly. Over the years FSAs have become simpler and more convenient, allowing the user to have real savings without all the hassle. There are two types of FSAs: health care and dependent care. Health […]
Read More..>>Are “Buy Nothing” Weeks/Months/Years Constructive Exercises Or Short Term Fixes?
Posted on June 29, 2007 - Filed Under Unexpected Expenses, Saving, Spending | 6 Comments
I have seen many blogs and personal finance writers covering people doing a “Buy Nothing” period of time. It is often a week or month long, but I have seen as long as a year. The criteria ranges from insanely strict (no electricity and toliet paper or same dress for a year) to liberal (no spending on […]
Read More..>>Top Six Financial Traps To Avoid
Posted on June 28, 2007 - Filed Under Unexpected Expenses, Financial Planning, Saving, Spending | Leave a Comment
The simplest way to avoid debt is to earn more than you spend. Over time you will create savings and avoid the following financial traps. For most of us controlling expenses is easier said than done, and requires discipline, diligence, and education. But you have to start somewhere, even if it is at the very bottom. Frequently I see […]
Read More..>>6 Ways to Save on Prescription Drugs
Posted on May 21, 2007 - Filed Under Unexpected Expenses, Spending | Leave a Comment
Prescription drugs can be one of the biggest unexpected costs out there, and if the drugs become part of a long term treatment plan it can be financially detrimental. By taking some time to evaluate your options upfront, you can save tons of money in the long run. Here are six tips on ways to save […]
Read More..>>Reducing Homeowners Insurance If Property Decreases In Value
Posted on May 2, 2007 - Filed Under Insurance, Home Savings, Unexpected Expenses | Leave a Comment
A question was posed today at work: If a home is worth less now than it was a few years ago (unlikely situation, but possible) can money be saved by reducing homeowners insurance to reflect this?
Answer: Most likely not. Homeowners insurance is replacement value, not market value. There should be enough insurance to rebuild your […]
Is an Emergency Fund Really Necessary?
Posted on April 30, 2007 - Filed Under Unexpected Expenses, Emergency Fund, Saving | Leave a Comment
I recently came across an insightful survey provided by the Pew Research Center concerning an emergency fund. Most people recommend having approximately three to six months of living expenses in a conservatively invested, yet accessible savings account. The survey concludes about a third of adult Americans said they had unexpected expenses in the past year that they […]
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