Remove Emergency Fund Remove Examples Remove Finance Remove Job Loss
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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

You are one emergency short of losing track of your finances. Say for example, if I put $500 away this month but still had $9,000 in debt, I would immediately think, I potentially only owe $8,500 but have $0 in savings. This means you earn more than if you were to source for funds from a third party. What gives?

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Are You Prepared For An Emergency?

Prairie Eco-Thrifter

You never know when an emergency will arise. This emergency might be one related to a natural disaster, or it might be a financial emergency, such as a job loss. In some cases, you might experience a financial emergency at the same time that you experience a natural disaster.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

For example, it took us about 3 years to pay off a combined $17,000 in credit card debt, but later we managed to pay off twice as much in 3 years on about the same income. We also went through multiple job losses, surgeries, huge car repairs, etc. Building an emergency fund also helps enormously. Get creative.

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