7 Reasons the Envelope Budgeting System is a Terrible Idea

7 Reasons the Envelope Budgeting System is a Terrible Idea

On its surface, envelope budgeting seems like a good idea. That is, until you try it. Believe me, I’ve tried it. And tried it. And tried it. And every time I’ve tried it, there’s some reason that envelope budgeting doesn’t work for me and my family. If you’re considering envelope budgeting because you think it’ll…

keep expenses from breaking the budget
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How to Keep One-Time Expenses from Breaking the Budget

Even if you’re a budgeting machine who has it all together, you may still get surprised once in a while. Usually, you’ll be caught off guard by one-off expenses. These are items that you should technically expect, but they tend to sneak up on many of us. After all, it can be hard to remember…

How Long Does it Take to Save a Month’s Worth of Expenses?

How Long Does it Take to Save a Month’s Worth of Expenses?

We often talk about the importance of saving an emergency fund. You’ve probably heard financial experts suggest building an emergency fund that is equal to three to six months’ worth of expenses. Have you ever thought about just how long it takes to save even one month of expenses? The formula to figure out just…

Filing an Auto Insurance Claim Might Not Be the Best Idea

Filing an Auto Insurance Claim Might Not Be the Best Idea

Your car insurance provider frequently tells you to report even the most minor car accident.  Contrary to these instructions, sometimes it’s best not to file an insurance claim. A few years ago, I was in a minor fender bender with another car.  I admit it: the accident was definitely my fault.  But the damage was…

How Much Should You Have Saved Based on Your Age and Income?

How Much Should You Have Saved Based on Your Age and Income?

“How much should I have saved by retirement?” It’s a question we get asked all the time, and it is definitely a valid one. Of course, it’s also a very difficult question to answer. The truth is that everybody’s retirement number is different. The amount of money that you need to retire is based on…