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Start Your Emergency Fund Today

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If you’re living paycheck to paycheck, trying to build up your savings, and also paying bills, starting an emergency fund can take a backseat. I mean, who has time to save up 3-6 months worth of expenses? It can take a while, but having an emergency fund is absolutely crucial. You never know when you’ll need to replace a car part, have to get a root canal, or worse, be laid off. If you put away a little bit each paycheck, you’ll have it built up in no time- better now than never. Alternatively, you can look for ways to make big cash fast. Check out this post by Jessica Fisher at Life as Mom for tips on creating your emergency fund today:

  • sell extra cars and big ticket toys
  • have a garage sale
  • take a second or seasonal job
  • collect all the coins and stray cash in the house

I promise that if you have a little nest egg set aside for the next rainy day, you’ll be able to be less stressed and deal with the real emergency without freaking out,

Photo Credit: Got Credit 

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How To Start Paying Back Student Loans

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Most college graduates are saddled with at least $10,000 in student loan debt before they even get their first job. Personally, I think it’s ridiculous that education is so exorbitantly expensive, and that lenders price gouge young people that have no other option (if they don’t want to live in poverty at a minimum wage job.) Unfortunately, insane student loan debt is standard, and we’re going to have to learn to live with it until education reform happens (if ever). But enough about my soap box. Chances are, you probably still have student loans of your own. Read this article by Steph at Debt Free Spending for tips on paying it off the smart way. The whole article has a detailed guide on which type of loan is which, where to start, and repayment options. Check it out here!

Photo Credit: Pink Sherbert Photography

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Beyond Debt Free

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Most personal finance tips focus on either saving money, budgeting, or getting out of debt. To the beginner, getting out of debt can seem like the ultimate key to financial happiness. However, there are other ways to measure financial success. Independent business owners often have hundreds of thousands of dollars in debt, but also generate much more income. It’s all about perspective, and something called “net worth.” Read this article by Elizabeth at Reluctant Landlord for more info:

We are not worried about our debt number, but  more about our net worth. Our net worth is the number that illustrates our value after all our debt is paid off and we are finally debt-free. 

The key for us is not about paying off our debt (which is an eventual goal), but setting up a platform to retire and grow off of.

Photo Credit: Anssi Koskinen 

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Couponing 101

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Last week, I went with a friend to a couponing class at our local library. I’m fascinated by those crazy couponing shows- being able to get $500 worth of stuff for $20 (LEGALLY) just seems like witchcraft to me. Now, the real world is not TV. You will most likely not be getting hundreds of dollars in free groceries every month. However, knowing what to do can save you BIG. I went on my first adventure and got $13 worth of items for $6. The couponing teacher said to start small, but I think more than 50% off is a pretty good start! If you are interested in starting to coupon to save money, check out this post Ruth at Living Well, Spending Less for tips:

-Establish your coupon sources- you will need weekly newspaper inserts and printable coupons

-Set up a newspaper subscription

-Pick a couponing website to help you with your journey (I’ve been using IheartPublix and IheartKroger, but there are plenty of good ones out there)

-Find this week’s post for your stores, match up sales with coupons.

Remember, extreme Couponing is a cumulative process, not an instant magic formula.

Photo Credit: Chris Potter 

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Start Saving For Next Summer

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Summer is quickly coming to an end. For me, that means that it’s time to start saving for next year’s vacation! Traveling is something that is important to me, and it is always something I prioritize when planning to save. Next year, I’ll be going on my biggest trip yet. My uncle just moved to Japan, and we’re planning on going to visit him. Naturally, international travel can get quite costly. That’s why I love this post by Kimberly at Stuffed Suitcase. Here are her tips for saving for vacation:

-Driving typically costs less than flying, just be sure to factor in stops and hotel stays.

-Pack your own snacks and find hotels that offer complimentary breakfast

-Sell things you no longer use, put away the difference

-Shop smarter, always look for ways to save money! Cut out non-essentials.

Photo Credit: Kevin Dooley 

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What NOT To Buy At A Yard Sale

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It’s summertime, and that means it’s officially yard sale season. I probably pass two or three a day on my way to work, and it’s extremely tempting to stop and shop. While yard sales are a great way to get deals on household items, they can also lead to impulsive buys and uncontrolled spending. Sure, finding a bunch of Friends episodes on VHS is cool, but do you really NEED it? Not to mention that there are some items you should straight up avoid at yard sales. For what to always buy new, read this post by Coupon Closet:

-Bedding- sheets, blankets, and mattresses could be infested with bed bugs.

-Stuffed animals- same as bedding

-Car seats- you never know if its safety features are up to date, or if it has been recalled

-Computers- may have all kinds of nasty viruses

Photo Credit: Mike Mozart 

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Facing Foreclosure? How To Fix It

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Facing foreclosure can be one of the scariest things you do in life. Whether you lost your job, or had a divorce, or otherwise are unable to make your payments, the prospect of losing your home is the ultimate low. However, foreclosure should be the absolute last thing that happens to you. There are plenty of ways to avoid it. Check out this post by the Bankrate blog for what should be your lines of defense before foreclosure happens to you:

-Communicate with your lender- The key is to contact the lender before your debt gets the better of you. The sooner your lender knows of your problem, the more help it can provide.

-Set up a repayment plan with your lender if you are suffering a short term financial set back

-Refinance

-Short sale

-Loan modification

Photo Credit: Joe Penna 

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What Are The Parties Involved With A Mortgage?

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Getting a mortgage is a complicated process. There are two parties involved in making them happen, and it can be a little confusing when reading the legal documents and determining who is who. Basically, it boils down to you (the mortgagee) and your lender, which is probably a bank or a broker (the mortgagor). Check out this post by Rowlett Real Estate School at Active Rain for more info:

The mortgagor owns the property, and the mortgagee owns the mortgage. A mortgage is regarded as an investment or chattel (personal property) by the mortgagee and, like other such investments, may be sold to another investor if desired

The post also has a helpful chart!

Photo Credit: Got Credit 

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