Category Archives: Personal Finance
Do You Have Your Money in the Wrong Account?
Editor’s Note: The APYs for high-yield savings accounts listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes.
The economic fallout from the coronavirus has left many people feeling uncertain about their future, and as a result, many are prioritizing saving for an emergency fund (including myself). When you need a place to keep your money that you’ll use for bills and buy groceries, a checking account is an obvious choice. But when you want to put money aside for future needs (i.e. emergency fund, vacation fund, etc.), the best option is a high-yield savings account.
5 Personal Finance Mistakes that can make Homeownership a Nightmare
Avoiding these blunders will make you a much happier homeowner.
Buying a home is often one of the biggest financial decisions Americans will make during their lifetime. Homeownership is often viewed as a sign of success in America, and for many people there’s nothing quite like the feeling of knowing that you’re in control of your own domain.
But buying a home isn’t something that consumers should take lightly. It’s a major responsibility that can have big repercussions if you aren’t careful. Here are five of the most common personal finance mistakes that current and prospective homeowners should be careful to avoid.
Emergency Funds: How to start yours today
Everyone needs to save an emergency fund for those unexpected expenses that always seem to come our way. Without an emergency fund, any unexpected expense becomes an emergency that has to go on a credit card. It could be something as small as a car repair or a lost phone. A financial buffer can keep you afloat in a time of need and let you recover without going into debt.
One of the first steps in climbing out of debt is to give yourself a way to not go further into debt. To build an emergency fund, consider these questions.
How big should my emergency fund be?
The exact answer to this depends on your financial circumstances and how much insurance you have, but a good rule of thumb is to have enough to cover three to six months’ worth of living expenses. This can give you enough time, for instance, to find a new job or supplement your unemployment benefits until you do.
