This week I came across an interesting article from USA Today about an early 40′s couple with a combined income of $225,000 per year and retirement savings of $330,000. You’d think they were in good financial shape, but the problem is they have no cash or emergency savings stashed away. The article shares they needed [...]
Tag Archives | Emergency Savings
What are the Best Online Savings Accounts?
You never know when Murphy (as Dave Ramsey puts it) is lurking around the corner. Murphy’s Law states that anything that can go wrong will go wrong. So, you need to be prepared by establishing an emergency savings account A while back (about the time I started blogging) I became interested in online savings accounts [...]
Early Retirement Planning Lessons from a Snow Storm
As I am typing this, the snow has blanketed my yard and road. School has been closed for three days and our city is pretty much at a stand-still. I know for many, 8 inches of snow would not do much but, here in the South, this is like a blizzard. The storms came late [...]
How the Recession Has Affected My Family
This recession has actually improved most aspects of our lives. Tracy and I had a goal (when we married ten years ago) for her to be able to stay home with our children when we eventually had them. Even when times were good and we had two incomes coming in, we lived very frugally and [...]
How Much Emergency Savings Do You Need?
As we continue to build our family emergency fund, I often think about what is the right amount. For the longest time I’ve heard from financial gurus you need to have a minimum of 3 months and possibly up to 6 months. We’re now hearing 9 months up to a year since the economic crisis [...]
Emergency Fund Versus Getting Out of Debt?
People have certainly changed their motivation of getting out debt and saving based on experiences from this past recession. Many Americans were cash poor and paid dearly because of it. This was evident after so many people were laid off and had no cash to cover expenses while they searched for new employment. Many unfortunate people [...]
The Wise Man Saves for the Future
Saving is an important component of personal finance and reaching financial freedom. Saving must exist within the family budget in order for a family to prepare for the future. Certainly, most families have savers and spenders, but the right balance must be found between the two. Too much emphasis on saving can cause money to [...]
Dave Ramsey Baby Steps and Crown Money Map – Post #3
Do you like the Dave Ramsey Baby Steps or the Crown Money Map? Dave Ramsey created the Baby Steps and Crown Financial Ministries created the Money Map for prioritizing and setting financial goals. If you’re just joining, this is article #3 in a series about The Baby Steps and Money Map. I invite you to follow [...]
Dave Ramsey Baby Steps and Crown Money Map Series
Do you like the Dave Ramsey Baby Steps or the Crown Money Map? Dave Ramsey created the Baby Steps and Crown Financial Ministries created the Money Map for prioritizing and setting financial goals. Both are widely used resources to help people shift from diluted efforts in achieving objectives to narrowing the focus on the most important [...]
How to Manage Financial Storms
When was the last time you were caught in a financial storm? Sometimes when we’re in the storm it may seem like there is no way out or few options in front of us. And sometimes we just want to run for cover and avoid the storm all together. We all have financial storms. The [...]
Emergency Savings to the Rescue
Do you have an emergency savings account? Top financial experts recommend saving $1000 in a savings or money market account to weather financial storms before you do anything else. If you encounter a financial storm, the $1000 may just help you avoid using a credit card to repair your car, fix or replace the washing [...]
Baby Step 3: 3- 6 Months Expenses in Savings
How much emergency savings should you have? How do you know whether to lean more towards the lower side (3 months savings) versus the higher side (6 months savings) of the emergency savings fund? Dave Ramsey says this is a negotiation between husband and spouse. One person is typically the spender and one person is [...]
Welcome to One Money Design
One Money Design is a personal finance blog that exists to help people make progress along their journey to true financial freedom and become more generous with their time and money.
