Monthly Archives: December 2015

A Few Things To Know About Saving Money Early

How to Establish a Strong Foundation for Financial Success

 

SAVING MONEY IS A HABIT YOU HAVE TO PRACTICE

Even if you start with saving just your pennies and dimes a week, it’s important to establish a saving habit while you’re young. Start saving small, painless amounts and watch your savings account balance grow. You’ll be building your discipline to save money and it’ll motivate you to find more money to sock away.

YOU HAVE TO LIVE BELOW YOUR MEANS TO SAVE MONEY

Simply put, make sure you have more money coming in than going out. Overspending is the biggest financial problem for many, which can be addressed by creating a budget, living a lifestyle that’s realistic for your income and working toward healthy spending habits. For others, low-income might be the problem; if you’re in this boat, get proactive and look for professional opportunities, like promotions, networking, vocational training or more education.

SAVING MONEY IS KEY TO HAVING THE LIFE YOU WANT 

You probably have many plans, dreams and goals for your life, from traveling to earning a degree, buying a home or getting married. Whatever you see for your life, more often than not you’ll need money to make it happen. But money to cover those expenses doesn’t just materialize, you have to save it up. Turn your dreams into realistic and concrete goals to start working toward your ideal life.

AN EMERGENCY FUND IS A MUST

Saving an emergency fund will protect you and help you keep your finances on track. Even when life hits you with unexpected or big expenses, you’ll have the emergency fund to act as a buffer for unexpected expenses instead of having to use money saved for other goals, or worse, go into debt. Try having and emergency fund of at least $1,000.

SUCCESSFUL SAVERS SET SHORT AND LONG TERM SAVINGS GOALS

Those who have the savings habit down know how to set goals and follow them. They set goals, like paying for a trip or buying a home five years from now, and break those into smaller steps. Savers know how much they have to save each month to achieve long and short-term savings goals, from this year all the way to retirement, and they use those goals as motivation to stay on track and avoid unnecessary expenses.

 

SHOOT TO SAVE AT LEAST 10 % OF YOUR INCOME

 

SAVING HAVE TO BE BALANCED WITH OTHER FINANCIAL GOALS

While saving money will always be an important part of your financial health, it’s not the answer to every money question. At times, your financial situation might call for you to put more of your funds toward other goals, like paying down debt, covering education or medical costs, investing or even covering day-to-day expenses when money gets tight. Once you have an emergency fund saved up, funds might be better allocated to other goals.

START SAVING FOR RETIREMENT NOW

Start saving for retirement now and you’ll have to put away less every month. Money you save in your 20s will be worth more in retirement than money you’ll save in your 30s or 40s.  Plus a lot of employers will match retirement savings

SAVING IS EASIER WHEN YOU AUTOMATE IT

While saving money is a habit you can cultivate, you can also set up your financial system to work toward your goals for you. Most banks offer an automatic transfer option that can be set up to send an amount set by you to your bank account at a predetermined time — say $250 to your savings account on the first of every month. Alternately, you can also set up direct deposit through your employer to automatically move a portion of each paycheck into your savings account.

SAVING MONEY: THERE’S AN APP FOR THAT

For tracking daily spending and savings goals progress, try Mint. More and more banks are even offering their own version of spending and budget trackers. If you have a hard time finding the extra funds in your budget for saving, try money-saving app Digit, which tracks your finances and adjust savings accordingly, moving money into your savings account in such a way that you never miss it.

THERE’S ALSO A TAX BREAK: THE SAVER’S CREDIT

The IRS offers a tax credit that rewards lower-income taxpayers for saving for retirement, called the retirement saving contributions credit or simply saver’s credit. You can take advantage of this credit if you have an adjusted gross income of $30,500 or less in 2015.

MERRY CHRISTMAS!!!

MERRY CHRISTMAS

 

It’s that time of the year again when Friends and family come together and think about the Christmases of the past and plan for the coming holiday with their loved ones in mind. As I reflect on this wonderful day, we all must keep in mind that Christmas is not just any holiday but may be the most important one of the year for some people. It is a time for remembering, a time to share the goodness of your heart with others, and for expressing with words and gifts what someone means to you. It is a chance to make wishes come true and to give something from your heart. It is a chance to give a message that will express love and caring to the ones we care about the most. As you connect the people important in your life, take a moment to make a Christmas wish for each and every person on your list.

 

May your hearts be filled with peace and faith in God. May your days of doubt be replaced with days of HOPE and JOY. May you and your family get nurtured with lots of love. Merry Christmas and a Happy New Year to you and to your loved ones!

Kathryn “JOY”

404 NOT FOUND – Update

I posted yesterday that I was have problem with 404 not found pages. I am happy to announce that its been solved. To be honest I don’t know how it got solved (will need to learn that hopefully at some point) but I braved up and reached out for help. I am truly grateful that I have people in my life that I can reach out for help and support. Also that they were able to help and fix it so quickly. Thank you for saving my sanity. If anyone ever need help with there website and or computer/ laptop I have an awesome Tech guy I can refer.

A Little Honesty from KathrynEkman.com

 

A Little Honesty from KathrynEkman.com

I have had this website now almost five years. Yes that right five years. I believe I have like 11ish post which mean I have averaged about two post a year if you divided it up. But seeing as my last post was almost two or three years ago I would have to  admit I am kind of slacking. I had big plans of being this super saving deal blogger but there was this thing called life that has gone in the way. Not saying that is a good excuse for not doing too much with KathrynEkman.com. If I was truly honest with why this site hasn’t been has successful as I dreamt it would be, it would be because of my fear of failing. But really fearing to fail is the same as fearing to succeed. My blog KathrynEkman.com is so much more than coupons and savings, it will be a way for me to express my life, journey, ideas, experiences and of course I will share any cool deals and saving tips I find thru out this journey called life.