In life, things come up. Your car breaks down. You need a new furnace. Things happen. Are you prepared to deal with those issues if they come up today? Many people do not have cash put aside to deal with emergency situations. It is time you do.
Fall is here in Oregon. The clouds have returned, the drizzles have begun, and winter is not far off. That means a lot is happening in my life in the coming months.
This week I am thrilled to bring on guest Kathleen Celmins, owner of Frugal Portland, For Profit Blogging, personal finance influencer, and partner at several other big online properties.
I have always been a fan of automated savings, but sometimes getting things setup can be a challenge. How much should I save? How often should transfers take place? Do I enter a fixed dollar amount or a percentage? How do I know I will not accidentally overdraft my accounts?
Thanks to a new service called Digit, I don’t have to worry about any of those questions anymore and my savings are automatic and carefree. And, with Digit, saving is actually kind of fun.
I already know what you're thinking, “I WISH I had a large inheritance coming my way, but what are the odds? Slim to none.” I know it can feel this way, but earning an inheritance is actually not all that uncommon. Sure, it might not be millions of dollars, but if your parents own a house outright and have some savings, then you might just have $20,000+ heading your way someday (after you split it up with your siblings of course), and that's nothing to sneeze at!
Are you thinking about buying your very first home? If so, it must be an exciting time for you! Be cautious though. Once you start looking for your perfect home, it can be easy to fall in love with something that is out of your price range and does not allow you to put 20% down. Before you even start looking, it would be wise for you to decide on the absolute maximum amount that you would like to spend and save aggressively to bank 20% of that target in cash. Not only will this make it easy for you to qualify for a loan at the bank, but it will also give you peace of mind after the home purchase. With 20% down, you won't need to worry about the home losing value and leaving you under water. With that much of a cushion, you will likely always have equity in your home. [Read more…] about How to Save For Your First Home Purchase