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How to Build your Emergency Fund

Family Balance Sheet

This post was first published in 2016. Life suddenly changed for most of us in March 2020 and this past year of the pandemic has reinforced how important an emergency fund is. If you’re able, maybe use some of your stimulous money to put towards building an emergency fund. What is an Emergency Fund?

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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

For many households, their finances and budgets are in limbo. Our emergency fund. I am totally paraphrasing the year, but had it not been for the money in our emergency savings, we would most likely have used credit cards to survive. We have hit uncertain times and this pandemic has felt like a wall that is unscalable.

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Create your debt freedom plan

Family Balance Sheet

We also didn’t feel comfortable with Dave’s suggestion of a $1000 starter emergency fund, which is his step #1. The point of the starter emergency fund is to get you through until you pay off your non-mortgage debts, at which point, you build a more extensive fund. How to Build your Emergency Fund.

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Our Big Financial Goal for 2016

Family Balance Sheet

2016 will be THE year. That was the month I didn’t know if we had enough funds to cover our expenses. Guidelines for 2016: 1. You can only cut so much from a budget, so to fill in our shortfall, we’ll need to also earn extra income by growing our small business and growing my blog income. Home Projects.

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Over 40 and Worried about Money? Start here!

Family Balance Sheet

I’m on this journey to financial wellness with you and every weekend, I pack the newsletter with budgeting inspiration, money-saving tips & ideas, and frugal, yet tasty recipes. Start Saving for your Emergency Fund TODAY! That emergency fund saved our business, our sanity, and our marriage.

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How to Achieve Your Financial Goals (tips from the achievers)

Family Balance Sheet

She hit that goal in September 2016. Each month when they do their budget, they update their chart. If your big dream requires money, start saving, begin to budget, and direct your money in a way that you will be ready for opportunity when it comes up. Related Reading: Check out Deacon’s free Starter Budget Form.

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Our 2018 Financial Goals

Family Balance Sheet

You can only cut so much from a budget, so to increase our cash flow, we’ll need to earn extra income by growing our small business and growing my blog. However, there are a few things that we will not give up so I will need to include them in our budget. 2016 Update. Save a starter Home Emergency Fund.