January 12, 2014

Money Matters! (Part 2)

“Mind, Money Marriage”

Do you have an “Emergency Fund”?  This question became a part of the conversation in the couples session.  An emergency fund guards against unforeseeable emergencies, such as a flat tire, train or airfare needed for an unexpected travel.  The question posed with regard to this, was how and where do you start with saving towards and emergency fund?

First, evaluate your current expenditures and investment.  My advice, your decision, would be to stop all investments and savings until you have funded your emergency fund of at least $1000.00. Sell something!  Have a garage or yard sale; place something on Craig’s list or e-bay.  Call your auto insurance company and start asking questions about suggestions for reductions (i.e. increasing your deductible).  Review your cell phone bills and cable bills, limit eating out, shopping; find ways to cut back and create a lifestyle surrounding necessities as opposed to wants that WILL prevent you from meeting your financial goals.

Pat shared that she earns less income on her current job compared to her previous job of more than 5 years ago, however, now she is living a better lifestyle because she decided to transform her way of thinking, made necessary cut-backs and is now debt free.  Alonzo shared that he and his wife funded their emergency fund, sold his motorcycle and paid down their debt and expect to pay the final $5K off this year.   Awesome job!

Feel free to share your success stories/testimonies; we would love to hear them.  E-mail me at christineroebuck@livemylifedebtfree.com.

{Sincerely Chris}