Should I Pay Off Debt or Save for Emergencies?

Should you pay off debt first or save an emergency fund?People often wonder whether they should save up an emergency fund or pay off debt first. It can be hard to know what to do when you’ve got competing priorities, so that’s a common question.

The answer is pretty simple at first glance: everyone absolutely needs an emergency fund, so build a baby emergency fund before focusing on debt reduction. Of course, you’ll want to be sure to continue making the required minimum payments on your debt while doing so.

But there are some other details to consider, like “how much should my emergency fund be?” and other common questions. Let’s start by talking briefly about the different levels of both emergency funds and debts.
Read more

Digit Automates Your Savings Like Magic

Love this! Digit makes it super easy to automatically save and keep tabs on your money. Who knew texting could literally save you money?I pretty much never rave about things the way I’m about to now in this Digit review. (Unless you ask me about my trip to Antarctica – then I won’t shut up.) And I’m not doing so here for the $5 I’ll earn if you sign up through one of my links. I’m writing about Digit because it’s a super awesome way painlessly save money, so read on for an introduction to a money-related service that I think you’ll love.

Digit is like magic

Ever wish you could save money like magic? Without having to think about it or spend a bunch of time setting things up? Or maybe you’d like to have a friendly little buddy do the saving for you, all while making sure you don’t actually need that money for anything. (You know, except for your future self and family.)

That’s exactly what the Digit savings account does for you. It automates your savings like magic, while keeping you updated daily on your checking account balance to boot. As a bonus, Digit is likeable. (When have you ever heard that about a financial service?)
Read more

How to Build an Emergency Fund in 6 Easy Steps

Exactly how to build an emergency fund in six easy steps.An emergency fund is like your own personal safety net. It’s money that’s there when you need it without having to jump through hoops, wait for outside approval, or pay interest.

(Which reminds me, the idea that it’s smart to get a credit card for emergencies is nuts if you ask me. Get money for that instead. Much better than going into debt when you’re stressed out already! Or anytime really.)

An emergency fund gives you peace of mind when it’s not being used, and it can save your rear when you do need to use it. So how do you build one, especially with all the other pre-existing claims you’ve got on your money?

Here’s how to do so in six easy steps.
Read more

Building an Emergency Fund? Ice Cream Can Help!

Building an emergency fund is one of the keys to both getting and staying debt free. If you’ve ever found yourself feeling deprived while working to build your savings, watch this little video and see what the power of a bowl of ice cream can do for you.