Latest News
| Jobless Claims Back Below 400K - What the Marker Means | |
 | January 26th, 2012The initial jobless claims number for last week fell below the 400,000 mark for the first time in over a month. Why is the 400K jobless claims level important? And why... |
| Cities suffer home price declines due to foreclosures | |
 | January 25th, 2012The S&P/Case-Shiller home price index for the month of October, released on December 27th, showed a surprise fall in home prices across many major cities in the country. The home prices... |
| Food Stamp Nation - Ever Rising Food Stamp Usage and Growing SNAP Fraud | |
 | January 24th, 2012Food stamps or Supplemental Nutrition Assistance Program (SNAP) usage has grown nearly every month under the Obama administration, setting new records each progressive month. Latest reports state that over 46 million... |
| The Euro weakens against the Yen | |
 | January 23rd, 2012The Euro weakened against major trading currencies, when Italy announced that it will auction 8.5 Billion Euros of its debt. Falling to a decade low, the 17 nation European trading currency... |
| Is Debt crisis an adding factor to the fall in World Economy? | |
 | January 22nd, 2012The International Monetary Fund chief Christine Lagarde who was in Nigeria last week, spoke up her concern over the lack of co-operation between the European countries to solve the debt crisis.... |
| Sears Finds a Loophole: Laid Off Employees Among Illinois Residents to Foot The Bill For Recent Tax Breaks | |
 | January 21st, 2012Sears, one of the largest retailers in the United States, has decided to lay off thousands of workers due to slow holiday sales. This comes just weeks after they signed... |
Feature Articles
| Don't Worry, Be Happy: Personal Finance Tips That Work | |
 | December 17th, 2011Handling your own finances is a tricky subject for a lot of people. Although there are a lot of excuses that can be made, the reality is that each person... |
| Panic in Europe - Should You Panic Too? | |
 | December 14th, 2011The headline news in Europe is the same as much of the industrialized world. The root cause of any disaster listed in a top ten financial news article is the financial... |
| Stop Your Financial Fight With These Expert Tips! | |
 | December 11th, 2011Teaching your children about money is very important. Although it can seem like a challenge, it is something that needs to be done. Children are never too young to learn how... |
| Check Out These Ideas For A Better Understanding Of Your Personal Finances | |
 | December 8th, 2011As you start out in managing your personal finances, take the time to go over these tips and learn more about what you can expect. Buy your staples in bulk and save... |
| The bad and not so bad the second mortgage loan dilema. | |
 | December 5th, 2011It may come to no shock to you that many people are underwater when it comes to their first mortgage on their home. But why most of the news only... |
| Making your Home Equity Loan Better | |
 | December 2nd, 2011There are new ways to take care of your home equity loan much better. One of the ways is to pay the installment for your home equity on time. This will... |
| Tax Treatment of REIT Investments | |
 | November 29th, 2011Real Estate Investment Trusts, or REITs, can be a profitable investment vehicle. A REIT owns real estate property and shares of the trust sell on the stock market like shares of... |
| Invest Money to Make Money | |
 | November 26th, 2011"You have to spend money to make money" is common advice when it comes to getting ahead financially. Although this isn't universally true, investing money is a proven method for growing... |
| The Good and Bad of Credit Cards | |
 | November 23rd, 2011According to the US Census Bureau, the number of credit card users increased by 45% between 1995 and 2006. This number continues to grow. Further, the average credit limit per user... |
| Using Dollar Cost Averaging To Accumulate Wealth | |
 | November 20th, 2011The term dollar-cost averaging comes up about every day in the investing world. The sad thing is that most individual investors have no idea what this term means or what... |
| Consigning Clothes: Five Steps to a Cleaner Closet and a Fatter Wallet | |
 | November 17th, 2011Are you looking for a way to make a few extra dollars? Consider selling your unwanted clothing at a consignment shop. With just a little effort, you can clean... |
| In Canada, What Happens to Credit Card Debt When Someone Passes Away? | |
 | November 14th, 2011When you or a loved one passes on, does your credit card debt as well? Or does it get passed on to the survivors? While this may be one of the... |
| 5 Things You Need to Know About Retiring | |
 | November 11th, 2011Retiring?! Yes, retiring. It may seem eons away, but the decades tend to pick up speed as you go along, and you will be facing retirement sooner than you... |
| The Benefits of Using Private Equity Financing | |
 | November 8th, 2011You're ready to expand your business, and you need capital. Should you get a traditional bank loan or use private equity financing? A traditional bank loan is a type of debt... |
| Some Negative Effects of Raising the Minimum Wage | |
 | November 5th, 2011As of 2009, the federal minimum wage is $7.25 per hour. Each state can enact its own minimum wage laws that will supersede the federal minimum wage, but only if the... |
| CD Laddering: The Best of Both Worlds | |
 | November 2nd, 2011For many years, CDs have been popular investments because of their straightforward terms and fixed rates of interest. While the interest on CDs is low compared with what you might earn... |
| Can I get an auto loan with bad credit? | |
 | October 30th, 2011Is a poor credit rating stopping you from getting the car of your dreams? Are you tired of rejections for auto loans? Applying for a loan can be a stressful and... |
| How to Understand the Market Value of Debt | |
 | October 27th, 2011The market value of debt is rarely known directly. This is because most debt is held by banks and firms on the books. This takes these out of the debt market... |
| What should I consider when leasing a car? | |
 | October 24th, 2011Leasing a new car can seem confusing and intimidating. What should you consider before you sign the paperwork and commit yourself? A little preparation now could save you thousands... |
| What to consider when choosing an auto loan. | |
 | October 21st, 2011You have found the car of your dreams, but what auto loan should you choose? Choosing the right auto loan can be a complicated and confusing process for borrowers. There... |
Emergency Cash and Emergency Money Plans - Financial News, Explanations, Calculators and Cheat Sheets
Instantly Obtain Emergency Cash
If things would take a sudden turn in your life either as a result of losing your job or being disabled temporarily, would you still be capable of maintaining your current standard of living? In this day and age, it is important for everyone to set aside some emergency cash. Unforeseen circumstances can come up in any day and if they find you unprepared then you will end up in financial ruin. In as much as it is not possible for everyone to have a hundred dollars to spare each week and have it deposited into an emergency account, you can still put some money no matter how little it is. This savings will increase with time. Within no time, you will have accumulated enough savings to comfortably take you through the difficult times.
Purpose:
Emergency cash is best defined as the money which you set aside to take care of any unexpected expense. Unforeseen expenses can be anything from medical bill, home renovation or a car repair. This money should never be used to buy new clothes or go for a holiday. It is best to even forget that the money exists. This will protect you from getting tempted and using the money on unnecessary things. In the absence of a cash fund, you will not have ready cash to take care of an emergency expense. This will then cause you to get into debt.
Size:
Some of the leading financial experts highly recommend that your total savings should be equal to the income you receive for a period or eight months. However, in as much as it is the recommended target many people will not be able to achieve it. This does not mean that you should sit back and spend your money to the last dollar. You are better off savings the little money that you can as opposed to saving nothing at all. You can give yourself your own target and once you attain it, you set a new target and before you know it you will have saved a total amount which is equivalent to about 3 months of your total income.
Concerns:
You can simply begin by putting aside as little as $25 as savings in a given week. You can gradually increase this amount each time your salary increases. In case you find yourself in a situation where you do not have any money to set aside for your saving, it is advisable for you to go through your expenditures and try to make a few adjustments such as dining out less or reducing on your shopping. You can even find different ways to earn some extra income, this you can do by either starting a small business from your home or find yourself a second job. This will enable you to get the much needed cash to deposit into your emergency cash account.
Benefits:
By having an emergency fund, you will always have a peaceful mind knowing that you will be able to handle any emergency situation that comes up. You will therefore not have to depend on credit cards or other family members for any assistance. In as much as credit cards can actually help you in a financial crisis, you will still be required to pay back all the money you owe which can create a stressful burden for you as you try to pay back all the money that you owe. An emergency fund will help you through a crisis and still allow you to maintain a good standard of living.
Expert understanding:
There is a large number of number who still keep their savings under their beds or anywhere within their homes. This is the wrong way to go about keeping an emergency fund. The best way to go about it is to have it in a place where you cannot access the cash easily. As previously stated, this will prevent you from taking the money anytime you feel like it and spending it on unnecessary items. It is advisable to keep this money in a savings account at your local bank. You can also have a talk with a financial adviser who will assist you to find various options of saving. This can be done by opening a savings account which has a high interest rate.