Kevin Johannen

The Essential Guide to Emergency Funds

In life’s unpredictable journey, one thing is certain: unexpected events will occur. Whether it’s a sudden job loss, a major car repair, or a medical emergency, life has a way of throwing curveballs that can have serious financial implications. That’s where an emergency fund comes into play. It’s a financial buffer designed to cover unexpected expenses, providing a safety net that can keep you afloat during turbulent times. In this guide, we will explore what an emergency fund is, why it’s crucial for your financial health, and how to build one effectively. [Read more…] about Building Your Safety Net

How to Make a Two-Week Budget Work for You

Todd Christensen, Education Manager
Debt Reductions Services, Inc.

Creating a budget is an essential part of financial planning, but it can be challenging to do so with bi-weekly paychecks. Bi-weekly pay periods are common in many workplaces, but they can make budgeting more complicated than the traditional monthly or bi-monthly paycheck.

Why are household budgets more difficult to manage with bi-weekly paychecks than bi-monthly paychecks?

Bi-weekly paychecks create more income fluctuations than bi-monthly paychecks, making it harder to budget accurately. With 26 pay periods per year instead of 24, budget adjustments are required more frequently. [Read more…] about The Ultimate Guide to Budgeting with Bi-Weekly Paychecks

by Rick Munster
Debt Reduction Services, Inc.

By now, you’ve probably noticed that inflation is all over the news, television, social media, and the internet. If you’ve recently purchased just about anything, you’ve surely noticed the effect of prices rising drastically. According to the U.S Bureau of Labor Statistics, following a 7.9% increase from February 2021 to February 2022, the Consumer Price Index gained 8.5% for the year ended March 2022. The Inflation of 8.5% in March was the greatest in 12 months since December 1981.

Inflation is most commonly caused by a supply or demand imbalance. As the world continues to encounter activities that produce supply or demand imbalances, inflation will continue. While consumers have no control over the pricing of the goods they want and need, here are inflation tips to help you reduce costs, save money, and meet your financial obligation to withstand the greater inflation period. [Read more…] about Tips on Handling High Inflation

Todd Christensen, Education Manager
Debt Reduction Services, Inc.

Each spring, we see arenas and grandstands full of families and friends gathered to celebrate the group of college students about to receive their associates, bachelors, or masters degrees, or even their Ph.D.s. After years of enduring long nights of study and the stresses of projects, research, and finals, these graduates now face their next major life obstacle: financial independence often without any formal personal finance training or coursework. Simple rules of thumb can help during such busy and demanding times. [Read more…] about Financial Rules of Thumb for College Graduates