All tagged Money

Emergency Funds and How to Plan For Financial Shocks

Emergency Funds and How to Plan For Financial Shocks

Elizabeth Okandeji
Personal Finance

Borrowing to cover unexpected bills can be the start of a financial hole that’s difficult to come out of. Having an emergency fund set aside for this unexpected circumstance can save you from creating a hole.

An emergency fund is money saved aside for unanticipated expenses in life, such as auto repairs, hospital visits, and even job loss. This money offers you the authority to pay over funds to cover huge and little surprises that may arise.

These economic challenges can happen to anyone but how would you be able to scale out of the situation if it came out of a reduction in salary or unemployment? Or an unexpected circumstance that happens out of the blue?

Even during the prosperous decade of the 1990s, many people failed to put away enough money for rainy days. In this article, we will look at the importance of emergency funds and how to build an emergency fund. 

Budgeting: How to be Successful at it

Budgeting: How to be Successful at it

Diani Alvarenga
Personal Finance

One of the most important things in life is learning to be organized when it comes to handling money. Having a budgeting plan is essential because it may help you prepare for emergencies, avoid being in debt, or be able to make important purchases. However, telling people to budget can be easier said than done. Budgeting can become difficult to achieve because it can be quite a challenge. Sometimes, people have no financial motivation, and this causes them to be irresponsible with their money. To be successful in budgeting, you need to think about ways you can prevent yourself from struggling financially.