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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

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. Storm #2: 2013.

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Create your debt freedom plan

Family Balance Sheet

Dave Ramsey has a plan and it has worked for millions of people. We also didn’t feel comfortable with Dave’s suggestion of a $1000 starter emergency fund, which is his step #1. But $1000 was not nearly enough money to cover sudden emergencies in both our home and business. Increase business emergency savings.

Debt 130
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Friday Links – Too Swamped Edition

Prairie Eco-Thrifter

I have started a new job at work which is great but also very overwhelming as I still need to keep up doing my old job until my replacement is hired and trained. Working to build your emergency fund? Read up on emergency fund basics at Money Smart Guides. Finalizing your 2013 goals? Hi everyone.

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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

I have written often about the importance of an emergency fund. Finances after the Pandemic: We went through a rough time back in 2012/2013 and we wrote our Debt Freedom Plan as a result of it. We have an emergency fund, but after this crisis, we will likely need to replenish it and increase the amount that we keep.

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2019 Debt Freedom Plan Update

Family Balance Sheet

1 – 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. We have definitely dipped into this fund often, so I’m glad I strayed from his advice here. It was not. We said NO a lot! We held back on a lot!

Debt 100
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Update #1: Our Debt Freedom Plan

Family Balance Sheet

It happened in 2006 and again in late 2012 to early 2013. By summer 2013, our savings was at an uncomfortable level. Our current savings is not at a true emergency fund level of 3-6 months, but further down our plan, we will save up to that level. What financial goals are you working towards?

Debt 100
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2012 Financial Goals

Family Balance Sheet

We are still working through some numbers and there might be some adjustments in the timelines we have given ourselves, but these are our financial priorities for 2012. Increase Family Emergency Fund to Six Months Salary. We want to go to Walt Disney World in the fall of 2012 or spring of 2013. Our 2012 Financial Goals.