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How to Build your Emergency Fund

Family Balance Sheet

In the same week, I woke up one morning to an icy cold shower and the discovery that our hot water heater was broken beyond repair. Your wants and dreams are secondary and should be saved separately. Unemployment and reduced income are considered emergencies, and so is a leaking roof, a broken hot water heater, or a dead car battery.

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How to Build your Emergency Fund

Family Balance Sheet

In the same week, I woke up one morning to an icy cold shower and the discovery that our hot water heater was broken beyond repair. Your wants and dreams are secondary and should be saved for separately. Create a separate savings account and call it your Emergency Fund. Be diligent about how you use this account.

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Create an Emergency Fund | 31 Days to Organize Your Finances

Family Balance Sheet

We’ll talk about cash flow, budgets, debts, and all of the nitty gritty of our finances that might not be fun to talk about, but are so important to discuss. The total cost for the new tires and the dryer repair was $900. For more on that, read Our Debt Freedom Plan. An emergency fund is not a spending account.

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23 Passive Income Ideas To Help You Make Money In 2023

Savings Corner

Buy crowdfunded real estate If you’re interested in investing in real estate but don’t want to do a lot of the heavy lifting (management, repairs, handling tenants and more), then another option is using a crowdfunding platform to invest in property. Some platforms invest in equity (stock), while others invest in debt.

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