Family Balance Sheet
MAY 6, 2020
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 reduced our spending where we could, but the money to pay any shortfall each month came from our emergency fund. It kept me up at night.
Penny Pinchin' Mom
DECEMBER 17, 2023
Advantages of Saving Despite Debts Building an Emergency Fund Building an emergency savings fund is the top reason to make saving a priority over paying down debt. Even a small cushion of emergency savings can stop you from sinking further into debt when you are hit with an unexpected expense.
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Prairie Eco-Thrifter
MARCH 25, 2013
What happens if you are hit with an expense that you can’t afford, and your emergency fund just isn’t up to scratch yet? Unfortunately, these sources of quick cash are among the worst possible ways to fund your emergency. Instead of turning to these expensive sources of funding, look for alternatives.
Penny Pinchin' Mom
JANUARY 16, 2024
The process is automated, so I don’t really feel the pinch that much. Automate Your Contributions This is something I have decided to do with my kids: as soon as anyone turns 18, I’m going to give them $500 as a start-up investment in their Roth IRA. They already have savings accounts that they don’t know about.
Family Balance Sheet
FEBRUARY 2, 2017
Maureen eliminated $79,000 of credit card and student loan debt less than 3 years. Jessi and her husband paid off her student loans. We tend to get so wrapped up wishing and dreaming about the end result that we never start the process. ” or “I want to make an extra $X each month to apply to my student loan.”
Family Balance Sheet
JANUARY 17, 2018
Move up the Student Loan Payoff Date. We loosely based it on Dave Ramsey’s 7 Baby Step process, but modified it to address our needs. Save a starter Home Emergency Fund. Dave Ramsey suggests to have a starter emergency fund of $1000 while focusing on paying off non-mortgage debt. 2017 Update.
Family Balance Sheet
FEBRUARY 10, 2017
However, we have one non-mortgage loan left, the behemoth student loan that I was hoping to pay off in 2016. That’s called midlife and we just took a 3 year break from retirement contributions……sigh… This final non-mortgage loan is my husband’s student loan from chiropractic school. Retirement.
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