Back a few posts ago we talked about where to keep your savings. CDs were mentioned as a good place to store funds that you don’t have an immediate need for yet that you can’t afford to take the risk of losing in the stock market. I am sure the minds of some of you out there jumped right to… “that sounds like a good place to store my emergency fund”.

And it is, with one catch: the length of time CDs tie up your cash. A 5 year CD – which normally has the best interest rate- is impractical. After all, an emergency fund is supposed to be there in case of emergencies. If your money is tied up for 5 years it won’t be available for emergencies.
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Awhile back I posted on the first-time homebuyers credit. I am sure by now, most of you have heard, not only about this credit, but also about the changes it went through that made it even better.

One change, for instance, is that the $7,500 cap has been raised to $8,000.

Another change is that the timeline has been extended. Originally you had to buy your home buy July 1, 2009. Currently you have until December 31, 2009 to be eligible for this credit.

And even better change is that under the old credit, it was really a loan in disguise. Now it is a full fledged gift of our government.

So What’s The Point? Continue reading →

Emergency Funds! It seems like everywhere I turn these days I see another post about emergency funds. Finance blogs and websites talk about them, they give advice for creating them, and they discuss how best to keep them. They really are the ‘IN’ thing to have and talk about.

… Of course, this is for good reason.

Here is a quick What, Why, and How followed by all the information you could ever need.

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Proverbs 3:9-10
Honor the Lord from your wealth and from the first of all your produce; So your barns will be filled with plenty and your vats will overflow with new wine.

Proverbs is the book of the wise. It is filled with, well, proverbs. This proverb also comes with a promise of God(link). Giving freely from your income brings increase in your life.

This is a nice follow up to the command in Deuteronomy 16:17; Every man shall give as he is able, according to the blessing of the LORD your God which He has given you.

God is the source of all blessings that we have in our lives. He gives to us freely and He asks is that we also give freely. And what do we get for giving freely –apart from the blessings that He is already giving us?

… even more blessing.

Most of us these days are not lucky –or is that unlucky?- enough to have a pension. Instead we have the 401(k). Good or bad… they are here to stay.

There are a couple of things I like about these defined contribution plans. But one of the things I am not too found of is taking loans against your retirement. Continue reading →

Savings accounts traditionally do not have the best returns. Stocks are risky. Bonds and CDs can tie up your money for months or even years. This presents a dilemma for storing your savings. Do you keep it liquid and make so little in interest that it doesn’t even keep up with inflation –which effectively looses you money. Do you place it in Bonds or CDs and pray that you won’t need access to it any time soon. Or, do you risk your life savings in the stock market.
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I am sure that the title above will boil the blood of some people. After all, the end of 2008 saw a big decline in the US stock market. A very big decline. Losses of 20-40% were not uncommon. For those that are retired, or nearing retirement, this recession has been a big blow. Many people have seen their retirements cut in half, if not worse. Continue reading →

Bi-weekly pay periods are great. You have the luxury of knowing that every other Friday (or whichever day is pay day for you) you will be getting paid. That is great for keeping your pockets full, but it presents some real headaches when it comes to setting your budget.

Imagine this, you get paid on say the 13th and your mortgage payment is due on the 15th. Your account is full, you write the check, no problem.

What about next month? Continue reading →

Congradualtions! Once again you are getting a nice refund check from the IRS. That is great news… or is it?

As exciting as it is to be getting a big check, that money could have been in your paycheck -and from there your bank account- all along. A refund is just that. It is a refund on the taxes you paid, for most, the taxes withheld from your paycheck each week because you paid too much. Getting a refund means that you have loaned the government money for the year. Whats more, it was an interest free loan. That money could have been making you money all year. Continue reading →

This morning I was reading a post over at Free Money Finance and the article from Christianity Today.

The original piece the church and tithing, or more accurately, the lack of it. As it was said, it is “depress[ing] to think how many people of faith are putting their own desires ahead of those of others”. Continue reading →