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Tips, advice, and the latest news from the savings world.

How to Expect the Unexpected - Have an Emergency Savings Account

Emergency Savings
Written by Super User · 01 November 2012

Kara Schulte
AFC® Candidate
FINRA Military Spouse Fellow

If there is one thing that is guaranteed, it is that emergencies will happen! Mr. Murphy enjoys knocking on my door frequently and at the worst times, too. First the car needed new tires, then the transmission went out on the truck, and then before I could blink the dog ate my scarf causing a weekend trip to the vet. I did not see any of that coming! The thing is, we know unexpected things will happen. If you have a car, you know it will need maintenance. If you have a child, you know accidents will happen. If you own a home, you know repairs will need to be made. Yet we never seem ready for emergencies when they occur. Being unprepared only adds to the stress and urgency of what is taking place. However, if you are prepared for an emergency, you do not have to worry about where the money is going to come from to pay the bills. You can focus instead on taking care of the situation.

So how do you start an emergency fund?

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How to Save for a Large Purchase: Remember the SMART Rule

Savings Tips
Written by Super User · 31 October 2012

How to Save for a Large Purchase: Remember the SMART Rule

October 31, 2012
By Kelley Long, CPA
Follow her on Twitter

There are many resources available that discuss how to save for big goals like retirement, a new car, a home, etc. But what about saving for something more immediate like a computer or piece of furniture? The same principles apply, only the end game is much closer.

Having something specific in mind is the first step to achieving any goal. Remember the SMART rule, which says that to increase the chance you'll achieve a goal it must be:
For example, let's say you've finally found the perfect dining room set to replace the hand-me-down one you've tolerated through your children's growing-up years. You've imagined how lovely the holidays will be with this new furniture in place, but you don't have the cash to buy it today. Rather than using a credit card, try this process to get those table and chairs in time for Thanksgiving dinner:

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5 Tips for Saving Before the Holidays

Savings Tips Holiday
Written by Super User · 29 October 2012

5 Tips for Saving Before the Holidays

By Lila Quintiliani, AFC®

Military Saves Assistant Coordinator

The holidays are getting closer, we just spent a fortune at the garage, and we are about to have some work done on our roof.  Money is tight, so I am trying to save everywhere I can.  Here are my personal top tips for saving:

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Delayed Spending: Savings in Disguise

Saving Spending
Written by Guest Blogger · 25 October 2012

October 25, 2012
Andia Dinesen, AFC ®

Why do you save money?  Does the image of stacks of money in a bank vault excite you?  For most, this probably isn’t true.

Saving is delayed spending.  Unless you are Ebenezer Scrooge (and you can see how well that worked out for him), you are planning to spend the money you are stashing.

Here are some tips for making that delayed spending, disguised as saving, more appealing.

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How Emergency Savings Saved Me

Emergency Savings
Written by Super User · 23 October 2012

How Emergency Savings Saved Me

October 24, 2012
by Julie Roth, AFC® Candidate
FINRA Military Spouse Fellow

Six years ago, when we were still a kid-free, two-income household, my husband and I decided to get our financial life in order.  We started with a small emergency fund of $1000.  I was amazed at the freedom I felt once we had the $1000 in the bank, knowing that whatever came up, we could afford it and could get rid of those credit cards for good this time!  This wasn’t our first time getting out of debt, but something always came up; a car repair or a move – that new house needed some new furniture to go in it, right?  This time we were done and the emergency savings was the start of a solid, long-term financial change in our life.  Living off one income, we used the other to pay off our debt and then fully funded our emergency fund to 3-6 months of our living expenses.  I thought we were set.  Now it was time to start saving for retirement and the new car I knew we would need in a few years.

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Tip of the Day

  • Written by Guest Blogger | April 30, 2014

    Check out these 54 Ways to #save on groceries, transportation and more >> http://ow.ly/sfsPP

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

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Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.

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When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

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