Millennials, want to catch a 🆓 version of the personal finance class your Boomer parents should have made sure was available to you when you were a kid? Click here to register for the class happening Thursday, July 1sy at 8 PM EST.
It’s never a bad idea to prepare for a financial emergency.
Unexpected expenses, market fluctuations, or a sudden job loss could leave you financially vulnerable. Here are some tips to help you get ready for your bank account’s rainy days! (And we don’t mean a money shower)
Know the difference between a rainy day fund and an emergency fund … but have both! People often use the terms interchangeably, but there are some big differences between a rainy day fund and an emergency fund. A rainy day fund is typically designed to cover a relatively small unexpected cost, like a car repair or minor medical bills. Emergency funds are supposed to help cover expenses that might accumulate during a long period of unemployment or if you experience serious health complications. Both funds are important for preparing for your financial future—it’s never too early to start building them.
Tackle your debt now Just because you can manage your debt now doesn’t mean you’ll be able to in the future. Prioritizing debt reduction, especially if you have student loans or credit card debit, can go a long way toward helping you prepare for an unexpected financial emergency. It never hurts to come up with a budget that includes paying down debt and to set a date for when you want to be debt-free!
Learn skills to bolster your employability One of the worst things that can blindside you is unemployment. That’s why taking steps now to help with a potential future job search can be so important. Look into free online educational resources and classes, and investigate certifications. Those can go a long way towards diversifying your skillset (and can look great on a resume).
None of these tips will do you much good unless you get the ball rolling on them now. The best time to prepare for an emergency is before the shock and stress set in!
One interior decoration blog estimated that decorating a living room from scratch could cost between $14,400 to almost $50,000!(1) The numbers for the dining room, bedrooms, and kitchen are similarly high. Furnishing an apartment averages about $6,000.(2) But is there a better way? How can you save some cash if you’re trying to furnish your home? Here are a few helpful tips to guide your decorating process!
Plan and prioritize Start by taking stock of what furniture you have that can be used in your new home. Some of it might work in your new home, some of it might not. Try to get an idea of what existing furniture will go where and make note of new items you’ll need.
Arrange your list of new items in order of importance and buy those first. Mattresses for your bedroom? Top of the list. Abstract modern art to hang in your bathroom? Maybe hold off on that until you’ve taken care of the essentials!
Paint Concerned that your kitchen is a little drab? Worried that your table cloth doesn’t match your dining room? You might be surprised how far a new paint job will get you! It might be a more budget-friendly way to spice up your living situation than tossing all your old furniture out the door, especially if you do it yourself. Things like tables and wooden chairs are all potential candidates for a new coat of paint, as are the walls of your home.
Shop smart But there’s no doubt that at some point you’ll need to get a new piece of furniture. What then? Cough up and pay a ridiculous price? You might be surprised by the resources available to acquire furniture at a bargain. Local thrift stores can be treasure troves for things like chairs, coffee tables, and bookcases. Craigslist and eBay are also worth investigating, as are estate and garage sales. And you can always scour the curbs for a free sofa if you’re feeling bold!
Furnishing your new house can be fun. It’s a chance to unleash your creativity and make your home a special place. Just make sure you follow these budget-friendly tips before you start indulging!
A day late and a dollar short… Or in this case two days late.
We typically don’t make new posts on Sundays. That meant nothing posted on January 17 which was the first day of National Thrift Week 2021. Have you heard of it before?
If you haven’t we won’t bore you too much with the background here other than to say that the start day, January 17th is Benjamin Franklin’s birthday. You know the guy on the hundred dollar bill. He was pretty big about promoting being thrifty and it was a recognizable week up until the 60s.¹
So what was this whole thrift week about? Was it poor people should stay poor so screw changing the minimum wage? Was it a thinly veiled push to support and uphold capitalism and promote more consumerism? Not necessarily. In fact if you visit AmericanValues.org you can read their pdf where they’ve included a number of Franklin’s quotes, including one dissing the choice of the bald eagle as the national bird because it’s a robber and “very often lousy.” Sounds like many a corporation nowadays.
No, the four basic principles that thrift week can be boiled down to are all about things each of us can do to move towards and maintain financial freedom, to not be a gear in the capitalism-induced sucker cycle of living paycheck to paycheck with no end in sight.
Work hard and honestly.
Spend less than you earn.
Give back as much as you can.
Have a plan.
However, those four basic principles can be broken down further as seen in the throwback flyer below.
Work hard and honestly
Don’t have a job right now? Our first tip would be to broaden your view. So often we limit our job searches because we want to stay in the same field or we want to receive a certain pay. In “normal” times we’d be all for that, but right now the best course of action might be to take what’s available to achieve some income while continuing to look for the connections and position that will move your career the direction you want it to go.
Spend less than you earn
This one seems so easy but a lot of people still don’t know how much they’re spending each month. So start simple by adding up your receipts and looking at what came out of your checking account each week. (Because we know you’re smart enough to not be using a credit card right now if you’re trying to free yourself financially.)
Give back as much as you can
This one seems counterintuitive but it’s not. We could go into quoting scripture and citing karma but the plain facts are if you’re focused on giving then you’re not succumbing to the push to buy, buy, buy as much.
Have a plan.
Wanting something is useless without a clear plan on how to get there. So make one. Need help making one? We’ll help you for free. Schedule an appointment today.
First, we’re sorry that this didn’t post yesterday as planned.
Secondly, we’re sharing this post from Todd Garlington because he asks a number of good questions that we’d like to know our readers’ responses to after you take a look. So please talk back to us below in the comments or on our social media.
“I Want to Live Happily Ever After.” This sentiment is understandable in a child. Vulnerable and inexperienced, their growth relies on fantasy to some degree. But retirement services aren’t peddled to children.