If you had a $500 emergency, would you be able to cover the bill? If you answered no, you’re not alone. In fact, the average American couldn’t afford a sudden $500 bill.
What is the solution? An emergency fund.
But here’s the catch: If you’re rich, you probably don’t need an emergency fund, and if you’re not, creating one can be tough. Here’s how to set aside money for a rainy day, even if you’re on a budget.
The vast majority of Americans are probably able to save $1 a day without much financial hardship. It might not seem like much, but even this simple step leaves you with $365 by the end of the year. If you frequently use cash, adding your daily change to the mix can easily put you at $1.50 a day, or $547.5 a year. Create your own personal tip jar and add a little bit each day. Here are some additional tips for building an emergency fund on a tight budget. read more…
Going to college is about discovery. It is one of the biggest adventures of your life—or at least, it can be. But it’s also one of the most expensive purchases we’ll ever make. All too often students are stuck with crippling debt that makes many other financial goals...read more
The following is a guest post from Elsie Brown. Elsie is a college student and phlebotomist who writes about frugality and personal finance at her blog, Gundo Money. Check it out! If you don’t know me personally I’m a professional blood sucker. I work at a...read more
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Last week, I got an inspiring phone call from my mom. “I have to tell you something about my job,” she told me. She and I have been talking a lot about empowerment lately. We come from a family of professional pushovers–we immediately say yes to everything. We...read more
Student loans are no joke. In the United States, student debt is growing at a rate of over $2,000 per second. A YouTube viewer asked me to dig into federal student loan repayment options, so in this video, I do just that. Here are a few things I discuss. What Happens...read more
I was a nerdy kid. In school, I genuinely enjoyed pretty much every subject–except for history. History seemed so old, unrelatable and, well, boring. I could not get into it. Then, one summer, my parents and I visited my dad’s family in Indiana. On the...read more