Everyone needs a savings reserve, which can serve two purposes. The first fund, what we call a 'No Worries Fund' here at Money Lounge, will help with the unexpected. The second is for saving for major expenditures. For examples of their use, you do not have to look far. A ‘No Worries’ item might include brakes for the car or funds due to school. It can be any expense that doesn’t come regularly but will expect to be paid. Major expenditures are as different as we are individual. They might include saving for that big screen TV or new home.

Credit unions are another place to save. They’re to banks what generic drugs are to name brand prescriptions...

They are excellent substitutes that typically give you good value for your money and are just as safe. These nonprofit consumer organizations were started with the idea of providing higher savings rates and lower loan rates than profit-making institutions like banks. Approximately one in every five Americans has an account at one of these nonprofit cooperatives. Here’s a brief rundown of their strengths and weaknesses to help you assess whether they’re a good place for you to stash your contingency fund savings.

How about a financial health checkup?

If any of these twelve warning signs describe your current state of affairs, you are “past due” to get on the road to recovery. Knowing where you are is a good first step. So don't be discouraged if you find yourself on this list. Together we'll find some solutions.

At Money Lounge, we want to see you be successful with your finances. But it not enough for us if you only get your finances in order so you can spend more. We want you to have, and take, the opportunity to give back to others. We hope you will join giving challenges, and give in ways that are unique just to you. Giving both of our time and our talent is important. The tips below will help you begin to think through where your talents, gifts, and skills may best bring help to others and enjoyment to your life.