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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Create an Emergency Fund Let’s talk personal finances— $8,883 —that’s how much American households have in terms of emergency funds on average. The ideal scenario is that your emergency fund should look to cover at least six months of all your monthly household expenses should you suddenly lose your income.

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Which Insurance Policies Should You Absolutely Have?

Prairie Eco-Thrifter

Other valuables, such as fine or heirloom jewelry, or artwork, might require special insurance if they are expensive enough that your homeowners or renters policy wouldn’t cover them. Other insurance isn’t so straightforward. What About Self Insurance? Another option is to self insure. Covering Yourself.

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So here’s what I got.

Saving In Akron

This all goes back to having an emergency fund and paying yourself first. My husband spent 8 months of those two years unemployed and looking for a job because we could no longer afford our health insurance. My family would not have survived without that emergency fund. Anyone can do this.

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Our 2018 Financial Goals

Family Balance Sheet

I won’t rehash our health insurance story here, because I have written extensively about it and INCLUDED OUR NUMBERS. We blew through our health savings account, and now need to save another $10k so we’re not caught off guard if another emergency were to happen. Read our Health Insurance Story: .

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How We Paid off Six Figures of Debt

Family Balance Sheet

As part of his baby steps, he does not advocate contributing to retirement until after you’ve paid off non-mortgage debts and saved 3-6 months of expenses in an emergency fund. Health Sharing Ministry. Why We Chose Medi-Share, an affordable solution to traditional health insurance. We drive older cars.

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Meet Tracy, a Single Mom Who Paid Off $41,587 | Debt Free Stories

Family Balance Sheet

I’m working on baby step 3 (3-6 months emergency fund) while paying cash for my new home projects. If I can make it as a single mom who was laid off, dumped, told my daughter might need surgery as I was losing health insurance and my dog had cancer, I promise God will provide you the strength and focus to get through it too.

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