Do You Have a Money Buffer Yet?
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
A money buffer stands between you and financial stress. But, it’s not exactly an emergency fund. Instead, it’s about having extra cash in the bank to avoid overdraft fees because you forgot about an upcoming bill. This month, learn what it means to have a money buffer and how to create one for stress-free money management!
What Exactly is a Money Buffer?
Maybe you’ve never heard of a money buffer before (a.k.a. chequing account buffer) and why it matters for your financial health.
In this quick, 2-minute video, our own Diane Cunha explains what a money buffer is and why you need one to help you get started!
Good Reads From Around the Web
How to Build Your Own Money Buffer
Now that you have a better understanding of what a money buffer is, it’s time to learn how to build one for yourself.
In this post by Leo Babauta, get practical advice on how to simplify your finances, along with 7 tips so you can create a chequing account buffer in no time. This will come in handy and ensure you’re never short on cash in your bank account when a surprise expense comes up!
Free Customizable Budgeting Tool
In just 3 simple steps, this free online tool from the Government of Canada website allows you to customize your budget. At the end of the process, you’ll see the exact dollar amount you have leftover so you can dedicate some cash towards a buffer.
This tool will also give suggestions for where you can cut back on spending and lets your earn badges and share your successes. You can save this budget online to review later and you can also download it as a spreadsheet.
$50 Esso Gift Card Giveaway
Enter for your chance to WIN 1 of 10 free $50 Esso gift cards!
For our giveaway this month, we want to hear from you.
Which money topic would you like to learn more about that we haven’t yet covered? Which financial questions still linger in your mind? We care about your financial literacy and we want to help!
Submit your question as an entry in the link and you’ll be entered for a chance to win a $50 Esso gift card.
Enter soon. Giveaway ends July 29, 2021 at 11:59 p.m.
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