A rainy day fund is an amount of cash, separate from investments that you have put away in case of an emergency. I think of this like life insurance. I have life insurance on everyone in our family. I do not want to use it anytime soon, but I have it just in case something happens to someone in our family. You have no idea when you might lose your job or have a medical emergency and you need the...

Most people have some type of debt. Some forms of debt are a mortgage, a student loan, an auto loan and credit cards. Debt gives you access to money you do not currently have. You will not only have to return that money, but also pay any interest or fees attached to borrowing that money. Debt is not bad as long as you manage it to certain levels and are working to pay it off. When the debt...

A spending plan is often referred to as a budget. Even though most people think of cutting costs or penny pinching when they hear budget, it is a valuable tool that does not need to have a negative feeling for you. The spending plan is a system for how you spend your money. The spending plan should be viewed as a positive tool that helps you plan and achieve your long-term financial goals. It...

Emergencies come in all shapes and sizes: earthquakes, tornados, flooding, chemical spills and so many others. The responsibility for preparing and responding to an emergency lies with the individual and the family, not the community or government. Both the community and the government have disaster plans, but they say it can take up to 72 hours or longer before they will be able to get to all...