Around year-end or the beginning of a new year, it’s customary to set goals for the coming year—professionally, personally, financially, spiritually, emotionally, and so on. In our household, we set personal financial goals every year. There’s a method to the madness, but this article will focus on the goals and why we set them rather … Continue reading 2021 Financial Goals
As we embark on the final few days of 2020, I want to write an encouraging and uplifting article to round out what’s been a challenging year for most of us. When I considered the topic of the article, motivation immediately jumped to mind. Maybe it was my conscience nudging me to write about something … Continue reading The Role of Motivation in Personal Finance
Children are one of life’s best blessings; truthfully, they are also one of the biggest financial undertakings. Numerous studies estimate the cost of raising a child from birth until the age of 18 at $250,000 or more—and that doesn’t even include college expenses if higher education is in your plan! When my wife and I … Continue reading Financial Planning for Children
Well, we’re in the stretch of time between Thanksgiving and Christmas, and most folks are buying gifts for family, friends, coworkers, colleagues, and pets. Others are filling their homes with new furniture or electronics to entertain those relatives from far-flung corners of the globe. These days, it’s hard to find a store that doesn’t offer … Continue reading Consumer Financing – The Slippery Slope
Sometimes, it’s all too easy to monitor and manage the details—to sweat the small stuff, if you will. What I mean by that is there’s no shortage of books, articles, and other literature (including some of my previous articles) about how details matter. And details do matter! But when you translate that into personal finance, … Continue reading Sweating the Details and Getting Nowhere? Try this Instead…
As I mentioned in another article (“The Three Budget Overages I Never Question” – https://sowadime.com/2020/08/10/three-budget-overages-i-never-question/), charitable giving is one of the most important budget items for the Sow a Dime & Reap a Dollar household. It’s something my wife and I were taught to do as young children and something we prioritize every month. Hopefully … Continue reading Supercharge Your Giving
Because I don’t want the title of the article to intimidate anyone, let’s first define an intangible asset. Instead of citing detailed accounting guidance, here’s the simplest definition I could find: “an asset that lacks physical substance.” You see, it’s all too easy in the realm of personal finance to focus on those physical (read … Continue reading Intangible Financial Assets – Hint: It’s Not All About the Money
A couple of days ago, the Sow a Dime & Reap a Dollar household encountered a situation that reinforced the importance of having a financial Plan B. Thankfully, we had a backup plan ready and deployed it quickly; however, I wondered what could have happened had we not had Plan B on standby. First, let … Continue reading The Importance of Plan B
“If I had a million dollars, I would…” Most of us have heard people make this statement on many occasions in our lifetimes. Think about the last time you heard someone say it—how did they complete the sentence? Did they have a real, tangible, detailed, actionable plan that followed the first part of the statement? … Continue reading If I Had a Million Dollars…
As we embark on the last article in the three-part series, I want to cover what emergency savings are good for and what they aren’t. There are hundreds of benefits to emergency savings. A few examples are: Helps you sleep at night Lowers stress levels Encourages more diligent spending Manifests in better financial decision making … Continue reading Part 3: Emergency Fund versus Emergency Strategy
