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How our Debt Freedom Plan Prepared Us for the Pandemic

Family Balance Sheet

And I was pregnant with our youngest daughter, so what should have been a joyous year was quite a stressful one. 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. It was a scary time for us.

Debt 130
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Over 40 and Worried about Money? Start here!

Family Balance Sheet

I’m busy raising my daughters with my 50-something husband, managing our small business, and writing my blog. The cost of college education is crushing and many parents feel compelled to assist or pay for the entire tuition. Start Saving for your Emergency Fund TODAY! I really am enjoying this decade though.

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My Life Plan

Family Balance Sheet

At the time, I wasn’t sure how we were going to pay our monthly bills, so future plans like funding our retirement , our daughters’ college education, or a lavish vacation were not on my mind. Increase our emergency fund to 6 months of expenses. Contribute to our retirement funds.

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2012 Financial Goals

Family Balance Sheet

Increase Family Emergency Fund to Six Months Salary. Our oldest daughter is in Kindergarten and we have not started to save for her higher education. Currently, we have about 3 months salary saved, but we are self-employed and should have a six month security net. This might take us 2 years to achieve.