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Managing Family Finances: Tips and Strategies for a Better Financial Future

Penny Pinchin' Mom

Create an Emergency Fund Let’s talk personal finances— $8,883 —that’s how much American households have in terms of emergency funds on average. The ideal scenario is that your emergency fund should look to cover at least six months of all your monthly household expenses should you suddenly lose your income.

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Meet Tracy, a Single Mom Who Paid Off $41,587 | Debt Free Stories

Family Balance Sheet

I knew that if I was laid off, I would most likely take at least a 1/3 of a cut in pay, no matter what industry I chose, more if I left pharmaceutical sales. I’m working on baby step 3 (3-6 months emergency fund) while paying cash for my new home projects. We wanted to enter into marriage debt free.

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