Your co-parent has gotten into a lot of debt. Could this co-parent’s debt be your responsibility? Here are some things to consider. I want to start this by saying you should always talk to a financial professional in your own state or province. You should also talk to a tax lawyer and a divorce/family lawyer. […]
Why your emergency fund is one of the most important parts of budgeting
Are you putting money into an emergency fund? If not, you need to right now. It’s one of the most important parts of budgeting. When I started my journey to being debt-free, I didn’t initially start building an emergency fund. Then something would happen and I’d be back in tons of debt. I realized that […]
Why a personal budget is so important
If you don’t have a personal budget yet, you need to make one right now. It’s the best thing you can do for your finances. Of course, you need to stick to it too! That is the hardest part. In 2008, I met an accountant who is now a very good writer friend. She encouraged […]
Should you accept the credit card limit increase offer?
Your bank has sent a letter saying you’re preapproved for a credit card limit increase. Should you take it, or are you best leaving things as is? I recently got offered a preapproved credit limit increase. I took it. For me, it’s a no-brainer, but there was a time that I wouldn’t have ever considered […]
Is a car loan a good idea for your credit score?
You’re looking into getting a car loan. Is this a good idea for your credit score? What about your life in general? One thing you want to avoid is “bad debt.” All debt is bad in a way, but there are some debts that are worth it for future financial benefits. For example, a student […]
Which debt repayment method is right for you?
You will have heard about the avalanche debt repayment method. You will have also heard about the snowball method. Which one is right? I can’t tell you the amount of people who think they know the best way for people to pay off debt. They always tell me “the best option is always the avalanche […]
Why your emergency fund needs to be in a savings account
You don’t want your emergency fund tied up in an investment. It needs to be in a savings account, and here’s why. I know it seems weird for a financial advisor to tell you to not put your money into an investment account, but that’s what I’m doing right now. Your emergency fund should not […]
How to improve your finances after divorce
A divorce is hard on your finances. It’s even harder moving from two incomes to one. You can improve your finances after divorce, and here are my steps to manage it. I’ve already done it! Divorces take a lot out of us. They’re full of emotion, especially if the divorce has come from infidelity or […]
Why you shouldn’t combine finances with a new partner
You’ve moving in with a new partner, and you need to figure out what to do with your finances. Here’s why you should combine finances. When you move in with a new partner, you need to decide if you’re going to combine finances or not. In most cases, combining your finances is going to happen. […]
Why you should combine finances when you move in with your partner
Having the money talk before you move in with a partner is essential. Part of the talk is whether you will combine finances or not. Here’s a look at why combining finances could be a good idea. You need to have the money talk when it comes to moving in with a partner. This is […]