Many people struggle with personal finance. Because not enough schools teach personal finance, most of us learn by trial and error.   Understanding the most common personal finance issues and how to fix them can help improve your financial standing. Taking action now impacts your financial position in later years.   The following are common personal finance issues and how to resolve them.   Lack of a Spending Plan A spending plan  is a guide for where you want your money to g

An emergency fund is essential for building wealth. This account has money set aside to cover large, unexpected expenses such as: Major car or home repairs Home appliance repair or replacement Surprise medical expenses Job loss   What Is the Purpose of an Emergency Fund? An emergency fund helps you pay surprise expenses without using credit cards or loans. Having money set aside for unexpected events helps you avoid borrowing to cover the additional bills and increasing your

Financial literacy is essential for lifelong success. Understanding how money works increases the likelihood of achieving your financial goals.   Now is the time to begin establishing good money habits. Educating yourself in the following areas helps you make effective financial decisions and attain your objectives: Banking Budgeting Saving Using credit Creating good debt Investing       What Is Financial Literacy? Financial literacy is the ability to understand and apply div

Do you know the difference between a savings account and an emergency fund? Although they are similar, they serve different purposes: A savings account  is for reaching goals, such as purchasing a car, taking a vacation, or putting a down payment on a home. An emergency fund  is for covering unexpected expenses, such as a car or home repair.   Whereas a savings account is for planned spending, an emergency fund is for surprise expenses. Having both accounts helps you stay on

An emergency fund protects you when you face unexpected expenses. Conversely, a savings account helps you attain your financial goals.   Understanding the differences between an emergency fund and a savings account demonstrates the importance of funding both. Because each serves a different purpose, having both can help you stay financially secure while reaching your goals.   Emergency Fund vs. Savings Account Emergency Fund : An emergency fund is your financial safety net.

If most of your paycheck is gone within days of being deposited into your account, you’re not alone. Many people at all income levels are living paycheck to paycheck. Even with a steady full-time job, increasing expenses and debt can make getting ahead difficult.   Fortunately, making small changes can help create financial security. Adjusting your spending habits, building an emergency fund, and managing debt can stop you from living paycheck to paycheck. These steps can hel

You’ve likely experienced unexpected financial emergencies such as car repairs, medical bills, or loss of income. These unplanned expenses often occur at the worst times.   Having an emergency fund helps protect your financial stability when surprise expenses occur. Setting aside even a small amount of money enables you to get back on track with reaching your financial goals.   What Is an Emergency Fund? An emergency fund  is a savings account specifically for unplanned expen

Like most people, you might struggle with money. Because personal finance was not taught in schools until recently, most people lack an understanding of money and how it works.   I learned about money and financial planning while working as a licensed financial coach. Fortunately, you can improve your personal finance skills without working in the industry. The following strategies can help.   Develop a Spending Plan Your spending plan  directs where your monthly income goes,

Happy 2026! The new year is an ideal time to improve your money habits.   We all could do better financially. Taking small steps makes a significant difference. The following guidelines can help.   1. Understand Your Financial Picture Know exactly how much money is coming in monthly and where it’s being spent: Determine your monthly take-home pay. Figure out how much you spend on living expenses, such as your mortgage or rent, insurance , utilities, groceries, transportation

Financial stability is important for everyone. Having adequate income to cover expenses, save for emergencies, and invest for future...

My 12 years as a licensed financial coach taught me the importance of contributing to an emergency fund. Whether your goals include...

Do you have an emergency fund? If not, I encourage you to start building one today.   An emergency fund supports your financial...