Category Archives: tips on budgeting

Why an Emergency Fund is More Important than Paying Off Debt

Why an Emergency Fund is More Important than Paying Off Debt

You might not know this, but building an emergency fund vs.paying off debt is a touchy subject for many finance bloggers when it comes to which is more important. Some believe that freeing yourself from debt is a critical first step to financial stability. They support their priority by arguing that by focusing on debt first, you save money in interest and get access to more money each month by paying debt off fastest. There are plenty of people who sit in the middle of the debate, but I’m neither a proponent of this priority nor a fence sitter. I strongly believe that an emergency fund should be the first priority for anyone beginning the journey of financial responsibility.Continue Reading

Why do People Get in Debt? How to Get Out of it

Why do People Get in Debt? How to Get Out of it

Young adults have their entire future ahead of them. Unfortunately, this means that many of them take advantage of the time instead of doing everything they can to get ahead. Many of my friends talk about debt as if it were just another fact of life. I can’t help but wonder if we are desensitizing ourselves to the negative aspects of it. This may seem like an obvious question, but if the answer is so clear, why are so many people still struggling with their finances? Continue Reading