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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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How I’m Managing our Family Budget during the Pandemic

Family Balance Sheet

I have written often about the importance of an emergency fund. We need to revisit that plan and make adjustments based on what we’re dealing with now. We have an emergency fund, but after this crisis, we will likely need to replenish it and increase the amount that we keep. Are you working from home?

Budgeting 246
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Money Matters - How to Build Healthy Financial Habits and Prevent Future Debt

Motherhood Moments

Emergencies do happen, so it's essential to have a savings cushion to fall back on when unexpected expenses pop up. Automating your savings towards an emergency fund makes this process easier and less painful. Save for a rainy day. Just remember, the higher the potential ROI, the greater the risk involved.

Debt 130
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What Has Your Money Done for You Lately?

Prairie Eco-Thrifter

Instead, you want to put that money to work for you so that you can enjoy life. It’s one thing to have a couple thousand dollars in an emergency fund. I enjoy travel, and I like my money to be put to work providing me with interesting experiences that enrich my life. Invest that Money.

Money 200
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So here’s what I got.

Saving In Akron

Get home, have to take hubby to work. Had to work today so I worked at my real job until 4 when my daughter gets home. Sit down at 11:00 PM to work on this blog after all that. This all goes back to having an emergency fund and paying yourself first. I barely worked in those 2 years.

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My Life Plan

Family Balance Sheet

The plan allowed us to think beyond the financial struggles we were dealing with at the time and we could envision what our future might look like. And while we have a lot of work ahead of us, we keep moving forward. Increase our emergency fund to 6 months of expenses. Contribute to our retirement funds.

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Are You Heading for Financial Disaster?

Prairie Eco-Thrifter

Also include an emergency fund and contributions to a retirement account, even if just small amounts at first. I also find scheduling payments either online or with a teller at your bank works great at avoiding late fees and added interest. I do this with all of my bills and it works great. Deal with it.