article thumbnail

Create your debt freedom plan

Family Balance Sheet

We also didn’t feel comfortable with Dave’s suggestion of a $1000 starter emergency fund, which is his step #1. The point of the starter emergency fund is to get you through until you pay off your non-mortgage debts, at which point, you build a more extensive fund. Cash flow a FAMILY TRIP TO HAWAII.

Debt 130
article thumbnail

Our Debt Freedom Plan | Marriage & Money

Family Balance Sheet

Save $$$ Home Emergency Fund – Dave suggests to start at $1000, but being self-employed, ours is much higher, but it is not quite 3-6 months of expenses. Increase our emergency funds for the home & office to 3 – 6 months worth of expenses. Start college funds for our two girls.

Debt 100
article thumbnail

How to Achieve Your Financial Goals (tips from the achievers)

Family Balance Sheet

Maureen, from The Debt Free Mess Free Life , suggests that you understand what motivates you to act unwisely and spend frivolously (if that is your situation). She and her husband also used a visual motivation chart posted on their refrigerator. Save for emergencies. Read: How to Build your Emergency Fund.