Money Management

How I Make My Emergency Fund Grow Faster

An Emergency Fund is used to help smooth out the potholes in life. A fully funded EF has about 3-6 months of expenses saved up. I only plan to use it when something unplanned happens e.g. car breaks down, medical, job loss, etc.

When I get paid every 2 weeks I transfer $50 from my Bank of America checking account to my BOA savings account. I have it set up so that it’s easy to get to because it’s for emergencies. If something unplanned happens and I need it right away I can’t wait for 3 days to have it transferred from my ING account. I also have it set up that way because BOA has Keep the Change, so every purchase I make gets rounded up and the change gets transferred to my savings account. As a result I have the $100 a month I put in it plus all of the extra change that gets put in which makes it grow that much faster.

If you don’t use BOA or your bank doesn’t have a program like that, just set up an automatic transfer of $5 every 3 or 4 days. You won’t miss it.

How do you have your emergency fund set up?

Money Management

Can A Wealth Management Company Help With Your Finances?

Whereas investment management may be merely for the rich, wealth management companies can deliver financial freedom for people with all levels of income. For investment managers, the job is dependent on ‘strategic investment’ in stocks and shares but, for wealth managers, this is merely the tip of the iceberg.

Instead, wealth managers plan a client’s retirement, changing a client’s portfolio, financial planning and liaising with both accountants and attorneys. The job, however, does not stop there, and wealth managers will also negotiate risk and insurance requirements. So, with this in mind, should you be employing a wealth manager?

Who Will They Represent?

The principals of wealth management remain the same no matter how much money you have at your disposal and, just because your funds are limited, this doesn’t mean that you should not consider wealth management. What’s more, background also isn’t an issue, and wealth management companies such as High Street Wealth Management will help those in the academic, medical, cultural and research fields as well as anyone from the high street.

Why Can They Help?

Many are beginning to argue that now is a better time than ever to employ a wealth management company. This is especially true for people from the lower or middle classes as many of these people are not saving properly for their retirement. Understanding that this money needs to produce income during your retirement is vital, and wealth management companies can help you view your nest egg in the proper light.

Now, for so called ‘non glamorous careers’ this is particularly important. Some experts believe that jobs such as teaching provide ‘the last real pensions going’ and that they create a solid bedrock for wealth management schemes.

What Do They Do?

It is important to remember that wealth comes in many forms, and it does not necessarily involve a large lump sum of money sitting in a bank account. In fact, people with large amounts of disposable income often have rather complex financial arrangements that mean that their money is spread across a number of assets.

Essentially, a wealth management company will make these assets as efficient as possible and, by providing you with an in depth knowledge of the financial market and investment opportunities, they can maximise your returns. 

Wealth management companies aren’t for everyone, but they could help provide you with the financial freedom that you need. So, if you’re looking to maximise your earnings, it is well worth asking for a no obligation quote. 

Money Management

5 Advantages to Automatic Payment

There are many ways that technology is improving the lives of people all over the world. From increased communication to creating additional jobs, there are several positive things that have come out of the technological revolution. Automatic bill pay has been around for a while, but in recent years, it has become more common. While there are some disadvantages to be found when using technology, there are many advantages to automatic payments. From convenience to saving money, here are five of those advantages.


The first thing that many people mention when talking about the advantages of automatic payment is the convenience. When a person has set up autopay to take care of a particular bill, they are able to choose the day that the payment is sent. Once that is done, the payment is sent out automatically until it is stopped. It also allows the money to be taken out of a different account, like a savings account. No matter what happens, the payment goes through unless it is stopped by the person who is making it. This is a way to make life a little easier and more convenient; a definite advantage to using automatic payments for bills.

On Time

Because this system means that each payment is going to be paid automatically, there is no risk of the payment being late. This not only prevents late fees, it also helps a person’s credit improve. Delinquent payments hurt a credit score, but delinquent payments are rare when automatic payments are used. When a payment is made on time and in the full amount, credit agencies see this and take notice. This can help a credit score improve and put the borrower in a position to be eligible for other credit opportunities.

Less Risk of Theft

A bill that is printed on paper and sent through the mail can be at risk of theft. This theft can either be identity theft or the theft of funds. Many companies offer automatic payments to protect both their customers and their own interests, to ensure that they receive their payments.  While there are still risks, there are also more safety features to help avoid those risks.

This is not something that just impacts individuals, however. A company also is at risk of losing money. To help prevent this and allow a company to see their total amount of money, companies like AccessPay offer financial products like SecureFlow. This product enables companies to detect fraud and error when making payments before the payment is made, preventing potential fraud from taking place.

Saves Money

Late fees are a very inconvenient cost added to a bill when it is late. These often create additional problems for people struggling to pay or are an inconvenience when a payment is late. Automatic payments help to avoid that by sending in the payment every month, regardless of whether or not it was remembered. Not only do automatic payments help avoid late fees by making sure that each payment is being sent in on time, they save money in other ways. When someone has to send in a physical payment, there are additional costs. Stamps, checks, and envelopes all cost money, and these are costs that can be removed by signing up for an automatic payment system. Some lenders use a rewards card to pay their bills, which can help them earn points and even cash.

Environmentally Friendly

Automatic payments offer another advantage, one that helps the environment. When a bill is automatically paid, this often means that there is an option to no longer receive a physical bill. Additionally, it means that there is no need to mail in a physical payment either. As a result, there are fewer pieces of paper that need to be thrown away, reducing the environmental impact that an individual or business has. While paper is easy to reuse, this still saves paper and helps preserve the environment.

For a corporation that is considering opening up their payment services to autopay or using an autopay system, there are companies that can assist them. Companies like AccessPay offer sound financial solutions to companies, helping them to make their finance departments more efficient and secure. For an individual, there are several advantages to using an automatic payment to take care of bills. Not only is this an environmentally friendly option, it saves money, is always on time, is convenient, and helps reduce theft. As with all financial discussions, however, it is important to do additional research to make an informed decision.

Money Management

The Best Budget to Keep You From Living Paycheck to Paycheck

I have tried many budgets to try to get me to stick to one without much luck. I always made excuses to where the money for a purchase would come from, like I worked some overtime this week so I can afford this. Wrong!! Yea I could buy it but I could make better use of my money.

I then discovered the Zero Based Budget, and my life changed forever. Not really, but it did change my opinion on budgeting. A Zero Based Budget is basically assigning all of your income to a category to make the remaining amount equal zero. What I do is just make a base income, which would be the minimum I would take home a month not including overtime because that’s never guaranteed. So here’s my sample budget:

Zero Based Budget

Each category I based to projected portion on past months and made it the highest possible number it could be without being overtly wrong. As the month goes by on a separate sheet you just jot down the expenses that go into variable categories like entertainment or eating out. Always remember to plan for special occasions for instance, if you’re going to a birthday dinner or something, be sure to adjust your budget accordingly.

At the end of the month all you do is add everything up and then all of the extra money can go towards your financial goals/savings. I think this helps because you can actually see where your money is going vs. where you think its going. Also, because you get to see the savings you made at the end of the month by watching your money.

Do you have any budgeting tips that work for you?


Money Management

The Importance of Payday Loans

Many people often show an aversion towards loans that are not properly warranted. For these people, any form of debt is often bad debt. The truth however can be wildly different; loans or debt are bad when you don’t use them properly and you are not able to pay off the loaned amount in time. However, if you can take care of these concerns, you can actually be confident that the loan is good especially if it betters your situation in the way you envisioned the loan would help you.

Enter payday loans! The importance of payday loans lies in the fact that it is one of the most readily accessible types of loans out there. True, the short-term nature of payday loans lends itself highly to risks like higher interest rates but this does not negate how this loan type can be tremendously helpful for many people.

In times of emergency, payday loans can provide the quickest access to money needed to help you survive a rough period. If you’re expecting an income that is delayed, payday loans can help cover your expenses for a few days until the money arrives. If there’s a school project for the kids that needs immediate funding, payday loans can be the most important lifeline that you have to make sure the kids get what they need. There are so many scenarios that lend value to the importance of payday loans, none more so than the fact that you can use it for medical emergencies and the likes.

All this can be traced to the fact that payday loans require little documentation to support and are generally payable within two weeks or so after the loan is secured. In essence, you don’t have to think about it for extended periods thereafter. It’s really a short-term infusion of cash meant to help you move along until you are in a much better financial situation. When used properly, as already discussed, it’s more than just a life saver. It’s something that can help better your life on days when you feel you are really at a low point financially.

Think of finding payday loan lenders and getting payday loans the next time you are hard on cash. It might just be the option you need to continue taking care of the importance things while the payday is still some days away.