4 Ways I Would Change Dave Ramsey’s Baby Steps in 2020

dave ramsey

The following is a guest post from Ben, publisher of the blog – Saved by the Cents. If you’d like to submit a guest post to Money Q&A, be sure to check out our guest posting guidelines. You may be reading the title and thinking that I completely disagree with Dave Ramsey’s Baby Steps to achieve financial freedom. It’s actually quite the opposite. I have a lot of respect for Dave Ramsey. I also believe that what he’s done has been quite instrumental in my life and many people I have come in contact with. If you aren’t familiar with Dave Ramsey’s Baby Steps, you may want to take a look at the different steps: Baby Step #1: Create a … Read more

Three Ways To Ruin Your Own Financial Recovery

Don't trip up your own financial recovery.

Things are looking up with the economy as more economic indicators are turning positive. In the past couple of weeks, we have seen positive signs from unemployment, housing starts, consumer spending, and of course the stock market. But, how can you have a financial recovery? But, there are a few ways that you can trip yourself up and screw up your own personal financial recovery. It does not have to be that way though. You can avoid these stumbling blocks and continue your own recovery. Three Ways to Ruin Your Financial Recovery Not Being in the Stock Market No matter how much we wish we could, the truth of the matter is that we simply cannot time the stock market. … Read more

5 Simple Ways to Save Money During the COVID19 Pandemic and Beyond

The coronavirus pandemic has thrown most non-essential business operations and work schedules into disarray. Many companies have laid off their employees, and many are unsure of when they’ll receive their next paycheck.  Adopting new saving habits is a smart move during these uncertain times. Save money during the COVID19 is almost inevitable if you wish to get by.  While your finances may seem messed up at the moment, worry not. I have come up with five ways to help you free up some cash and rack up your savings. Don’t Stockpile Unnecessary Items As COVID-19 cases continue to rise, most people are racing to stores to buy just about everything – toilet paper, disinfectant, bleach, pasta – you name it. … Read more

Have an Extra $1,000 in Your Savings Account? Here Are 3 Ideas!

Money Puzzle

Did you know that you’d only earn about $8 in interest if you put $1,000 in a savings account for 10 years? Where to invest 1000? The national average interest rate for savings accounts is a measly 0.08%, which is a drop in the bucket compared to the potential returns you could get if you invested that money instead of leaving it in a regular savings account. Of course, the next option – Certificate of Deposit – isn’t much better, with current rates hovering around 1-2% for 24-48 month terms ($40 in interest for a $1,000 CD at 24 months or $82 for the same amount at 48 months). Savings accounts are good for having easily accessible cash in case … Read more

Wismo Review – Budgeting and Expense Tracking Smartphone App

In an ideal world, humans would be great at keeping track of their own expenses and savings or we would have robots and algorithms smart enough to autonomously manage all of our financial matters for us. Since neither of these ideal scenarios exists, it’s up to us to figure out the best solutions for managing our finances, tracking our expenses, calculating our budgets and figuring out how to avoid/overcome common personal finance problems like accumulating debt or saving money inefficiently. There are plenty of budgeting apps, robo-advisor platforms and other great fintech apps available for everyday consumers today, but few offer the same social experience as Wismo, the budgeting and expense tracking app, made for people seeking self-improvement and social … Read more

You’re Collecting Information You Are Not Using

We all understand that companies collect information on our behaviors, our shopping patterns and the like. But we collect data about ourselves, too. The problem is that we’re not analyzing much of it. And we’re missing a big opportunity to improve our lives and our finances. A friend was recently asking me about Fitbit. Most of my friends know that I’m a huge fan of Fitbit, those little pedometers on steroids, that help you monitor the number of daily steps you take and things like calories burned, food consumption, weight, sleep patterns and other health statistics. I love the service and what it tells you about your health. My friend was curious about how it can tell if you got … Read more