Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on a future week’s blog post. If you're not familiar with Dave Ramsey's book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should … [Read more...] about Reader’s Question: How Do You Start Saving If You Live Paycheck To Paycheck
There is nothing more difficult than finding ways to find extra money to invest or to start saving. Everyone is always looking for that additional bit of cash, but where can you find the room to squeeze it out of your monthly budget?
It may be very hard or take a lot of extra work to find a substantial amount of cash in a lump sum if needed, but it is fairly easy to come up with ways to find extra money in small amounts. The little savings count too and can make a big difference when you start to add all the little ways to … [Read more...] about
Recently my bank, USAA, who I absolutely love doing business with offered me a deal to refinance my car with a new car loan at a reduced interest rate. So, of course, I pounced on it. I would be lowering my interest rate by almost 1% and moving another loan back to my favorite bank. But, when I called, I was a little shocked at first when my monthly payment actually rose by $4 per month instead dropping. I was expecting my car payments to drop since I was reducing my annual interest rate on the car loan from 4.38% to 3.59%. But, I still took … [Read more...] about I Refinanced My Car Loan, Dropped 1%, And Still Pay $4 More A Month!
Recently, one of my coworkers asked my opinion about taking out a 401k loan to help replace a blown engine in his wife’s car. This is a horrible idea. Your retirement plan is not an emergency fund. Car troubles, uninsured medical expenses, house renovations, and other everyday items are not great uses for money that you have invested in your retirement fund. You should not use your 401k as an emergency fund. It was not designed for that, and you potentially ruin the benefits that the retirement plans were designed to give you. Some … [Read more...] about Your 401k Retirement Plan Is Not An Emergency Fund
Do you have money troubles? I can remember being over my head in credit card debt after college. I ended up burying my head in the sand so I wouldn’t have to deal with it too. You have to work on your finances every day. How often do you think about your finances? Or, do you stick your head in the sand and just continue spending money you don’t have? How often do you think about your budget or tweak it? Do you follow the news of companies you own stock in? Do you know what the mutual fund managers of your funds are doing or … [Read more...] about You Should Work On Your Finances Every Day
For those of you living under a rock, the Dow Jones Industry Average lost over 500 points yesterday in a massive sell off. But, do you know what I’m doing with my money and investments? Absolutely nothing! I have a financial plan, and I am sticking to it. Having a financial plan helps you whether the storm and gives you the confidence you need to stay the course. Now is not the time to be selling your investments. Just like the recession that rocked the stock market in 2008, selling in a down market when you do not need your investing proceeds … [Read more...] about Three Reason You Should Have A Financial Plan