Tag Archives for " boston globe "

Jun 17

Start an Emergency Fund

By Chris Chen CFP | Divorce Planning , Financial Planning

Start an Emergency Fund

This week I wrote the following short piece for the Boston Globe:

 

Many people have trouble putting together an emergency fund. After all, there is always something else to spend money on! These are often small items, small fees and small purchases that go unnoticed. However, they add up. What if you could limit your purchasing of these small items, and put your extra cash into a rainy day fund instead?

Here are some ideas:

1. Consider giving up your daily Dunkin’ Donuts or Starbucks habit. At $3.05, a cappuccino may not seem like a lot, but one every 251 working days in the year adds to $765. What small expenses do you incur every day that adds up?

2. AT&T and Verizon will charge you $199.99 for the new iPhone5 or the newer Samsung Galaxy 4 with a two year contract. The truth is most of us want the new hot phones and their fancy features. How long will these phones stay “hot”?

3. Pack your lunch: a sandwich or a salad at Panera will set you back $9 a day, or $2,259 a year.

4. Carpooling is great. Biking to work is better: It will not just save you gas, it will make you healthy too. Have you tried Boston Bikes yet?

 

http://www.boston.com/business/personal-finance/2013/06/14/raining-pouring-how-start-saving/0h0ktD2nYBSVEZ6ILO6nxM/story.html?pg=2

Mar 21

Have you updated your financial plan yet?

By Chris Chen CFP | Financial Planning

Have you updated your financial plan yet?

As originally published in boston.com:

If we could predict the future, we would always be ready for anything that life throws our way, right?

The truth is that even for what we do know, many of us are not ready. We do know that most of us should probably contribute more to our retirement plans, that we should save for the college fund; and that we should purchase long term care insurance. Yet we don’t do it.

We do know that the sooner we contribute to a retirement plan, the more there will be when we need it. We do know that the more we contribute to the college fund, the easier the burden when our son or daughter goes to college. We do know that the longer we delay buying long term care insurance, the more likely we won’t be able to.

The reason is simple: We are overwhelmed. We are overwhelmed by all the things we know we need to do, and all the other things we need to spend on. We don’t know how to prioritize them.

Yet, imagine that we were to take a minute to prioritize all these very important issues, that we were to realize the benefits of planning sooner, and the penalties for delaying, then surely we would get back on track, wouldn’t we? Plan sooner.