How to Start & Build an Emergency Savings Fund by the End of 2021

Episode 49,  Jul 09, 2021, 06:00 AM

What happens if I lose my job? What happens if my in- laws want to move in with us? What to do when your child gets sick? If you lost your job tomorrow, how many bills would you be able to pay? These are all reasons why an emergency savings fund matters. This is looking at your basic necessities: rent, mortgage, transportation to take your kids to school, and a little bit more. How much money should be in emergency savings? This answer looks different for everyone, but it’ s great that you know you need an emergency fund. Gabby discusses the definition of an emergency fund, the best way to start an emergency fund, & how to make small changes after financial hardship.

2:45 Get serious & stay on track of your goals

6:06 Budget goes hand to hand with building an emergency savings

6:35- 7:37 Know your number

7:55 (#2) Set monthly goals and meet with yourself biweekly

13: 45 (#3) Do not put 1 or both of your checks into 1 account

Go Back & Listen To:
The Bare Good Life


HOMEWORK:
4:05 Look at every single expense that you spent last month  & put this into categories

14:20 Put your money into separate bank accounts (preferably a credit union)

Categories

  1. basic necessities: groceries, mortgage/ rent, gas, etc.
  2. Extra spending: restaurant, 


BIBLE VERSES

for God gave us a spirit not of fear but of power and love and self-control.
2 Timothy 1: 7 ESV


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