Everyone receives unscheduled and unplanned income from time to time.  Sometimes it’s a few dollars and other times it’s more – but regardless of the actual amount, unplanned money is almost always absorbed into your finances and gone before you even realized you had it! Having a plan for unplanned money is the best way to avoid wasting the unexpected...

The proper use of credit requires constant evaluation and monitoring on the part of the consumer.  One can get in over their head very rapidly.  Which begs the question: how much credit is too much? When considering the use of credit as a way of financing purchases one must examine their budget to determine whether or not timely payments can be met. Keep in Mind. A...

Long term savings is just as important as short-term and mid-term.  The use of this money will be for different purposes, however. Temporary Income Replacement. If you are off with an illness for a significant period of time, you will have to be placed on short-term or long-term disability.  This source of money does not normally cover the full amount of your...

Everyone needs to have access to a supply of money for unexpected emergencies.  This is your short-term savings plan.  But, what about planning for specific financial needs? A mid-term savings strategy can help you get through other events that can crowd you for money. Temporary Income Replacement. Through our employers, most have a health plan.  But, these plans...

The smart money manager has a strategy for saving money that includes multiple options.  The first of these options is a short-term account.  This account is designed specifically for easy access.  That is, you need this money to be available for life’s little emergencies that cannot wait.  You can also call it a ‘rainy day’ fund. How Much? This depends on...