Build up your emergency fund fast
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- เผยแพร่เมื่อ 18 ก.ย. 2024
- Today I am talking about how to build your emergency fun FAST!
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Lydia Senn
P.O Box 572
Creola, AL 36525
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Hey y'all. I talk so fast sometimes I trip over my own words. Dave says to pay off debt SMALLEST to LARGEST. In my head that's what I said, but that's not what came out of my mouth. #momtired.
My husband and I paid off our house 2 weeks ago. We have worked long and hard to do it. Now I feel such s weight. We have no debt except utilities. I now work only 3 days a week so I can continue to fund education accounts for my grandchildren. Your videos are amazing and it brings me inspiration. You are blessed to have a husband to make the journey with you. I would like to hear your new goals.
Yes yes yes! The way I saved my $1,000 was for 1 month I cut back on everything. Groceries, buying coffee out, not getting appetizers or desserts on mine and hubby date night, lowering thermostat a few degrees....
When I was able to save that $1,000 in just one month, I was super excited to see how much I can save the next month!
I now have $2,500 in emergency fund, $6,000 in debt paid off, and $5,000 saved for a car when my "fleece" (lease) is done in July 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻
That’s so great!
Wow! Super!
We had around $2000 for emergencies and bam our kitchen sink started backing up. Over $600 later our sink was fixed and found out our tree was the reason. My husband forgot we had the emergency fund so he was freaking out. I had to remind him about the fund and he looked at me like he wanted to marry me again lol.
I love that!!
Lol, that's good!
Baby Maddness lol 😂 I love that!
"bad decisions are like a hoard of zombies that will eat you alive." Hilarious but so true! That emergency fund is so important! We're working on saving for our 6 month emergency fund right now.
That’s awesome
This is definitely extreme. But my husband and I have have been on a "no spend month" for literally a year and a half saving as much $ as possible trying to pay cash for a home. We just heard that our closing date is hopefully April 9th, but we'll def close by midmonth :D
Now I'm great at budgeting for a no spend but I have no idea what all to start adding back into our budget lol. I need to watch some of your videos, things you are forgetting to put in your budget.
That’s great you’re so disciplined!
This video was so AWESOME! I just paid off my last debt in baby step 2 today !!! On to Baby step 3 Fully funded emergency fund!! I Absolutely LOVE your channel! Thanks for sharing your wisdom.
Awesome!
Literally I was just having this conversation with the hubby...totally replaying this vid on speaker 😉. After 12yrs, we still have yet to find our groove with dealing/handling our finances...but thank God we are making progress 😥. Some budget meetings are, well better then others.
Great tips...I coupon ""extremely"" and by doing so I have been able to provide all basic necessities (personal care & household items) with little to no money, like $40/month. All monies saved...right to debt.
That’s awesome
myownIDENTITY Hey I like your channel I Subscribed !!
Lol “back off food police” 🙌🏻
You get it. 🤷🏼♀️
I went through a Dave Ramsay binge this weekend & I'm going to start my emergency fund. Even though it is $1000 (here in South Africa, it's R15 000 rands), I'm going to just start. Thank you for the great tips.
Greetings from South Africa
This is currently what we are working on!! We've just hit about 33% of our goal and even that feels great so far. I'm hoping to hit our goal by the end of the year and it will feel so wonderful to know we can cover any surprise expense that comes along.
Thank you so much for this video! My husband lost his job out of the blue last Tuesday. Thankfully we had some income tax left that has helped so much. Unfortunately, we have the bad habit of eating out (we are a family of 4). The $500 emergency fund is possible for us right now and we will get this done! Thank you again for this video ❤
Can't wait for your food pantry challenge video. Personally, it's a bit difficult for me because of certain health issues. Nearly all the food in my house is fresh, so I shop weekly. But I do plan to go through everything in my fridge, freezer and pantry tomorrow when I do my meal-planning and see how much I can use up. I'm sure there are some things there that I can put to good use that I'm not "seeing"! LOL!
As for emergency funds...Am I the only person who feels like it's never really big enough? LOL! We really do have a sizable fund, but I'm always anticipating the emergency that's going to cost $20,000...lol!
We are actually in the process of building up our emergency fund back up. An $1100 car repair this month led to it being wiped out. But thankfully we had that money and didn't have to completely demolish our budget.
Samantha Herrera yeah...We needed at least 15,000-20,000 emergency fund with Hubbies Business...Now, no more! But baby steps, we'll get there!
So many great tips!! I have so much peace of mind knowing I have 6 months worth of expenses saved up!
Yes!!!!
One of the ways we save for our emergency fund is that except for using it to pay off our house, we have always SAVED our tax returns for an emergency fund.
city girl stop giving the government an interest free loan
Hubby gets a nice bonus every year around Thanksgiving. Just in time for Christmas shopping 😑
We finally got smart and saved our baby emergency fund a couple of years ago. Credit cards are gone now. His student loan will be history in another couple of months 😊😊😊
I love your description of bad decisions, so funny ( and accurate). I would love to hear about your current goals you're working on, financially speaking. Thanks for a great video as always!
Love this! I've sold a lot of things (I'm trying to sell my bed frame right now and we'll put the mattress on the floor) but I didn't know about amazon trade in ..... hello birthday budget for my kids! We are at the VERY end of our debt snowball and will be into baby step 3 in the next 2 months!
You need to save a minimum of the amount of your mortgage payment and only use it for that!! And $1000 per person in your household like if you have kids they each need an emergency fund. Pets also need a fund for sure Vets are expensive. I had a cat who needed surgery and my husband would not help pay for it even though it was his cat I paid it. He never wanted to save money!! I'm single now. Thank God !!
That’s a good 3-6 month emergency fund. But for people still paying debt that’s a lot of money.
Good morning Lydia. Thanks for the video.
I'm a huge fan, Lydia. You are such a voice of intelligence, calm, wisdom and grace, and you deserve more subscribers. I wish I could give all your videos more than one thumbs up. :)
Wow, thank you!
#goals! Get em girl!
I would totally buy some bread from someone side hustling! That is not a skill i've mastered.
Me either! I can’t bake to save my life and I’d rather pay a bit more and support another lady doing her thing.
Thank you for this encouragement! We keep having mini emergencies (leak in the roof, car won't start), and it would be so nice to have that emergency fund ready to go all the time. ;)
It feels like one thing after another sometimes.
SO WHAT IM DOING: I started taking night shifts at work..... I'm having a yard sale..... I put my dinning room table for sale ( it's just too big for my tiny family, it did serve a purpose at one time) I picked up a freelance small job on line. Most of all I'm getting ready to start filming on my TH-cam channel again!!!!!!! I started in late 2016. I had to stop due to personal reasons. I will be using my iPad so I'm hoping it works okay. XOXOO
You can do this!
Murphy repellent!
Yup.
Great video. The meal ideas are so helpful too. Thank you!
Yesterday morning as I was getting ready for work at 5 am, I flushed the toilet paper holder down the toilet. Not only could we not use the toilet for over 24 hours, but we also had to pay for the plumber to fix it. He only charged us $50, but 8 years ago, that would have completely wrecked me. Now we have an emergency fund we are adding to every month and can shift a few dollars around to cover that $50 emergency.
I’m so glad!
I started living off of 70-80% of our income and put rest in Savings.
I have baby & breastfeeding on the brain, i thought the title said "Build your milk stash fast!" lmao... Although, your topic is an important one too!
That is a good topic though.
I agree with you 100%, having a thousand dollar emergency fund, have make us feel a little bit safe and also make us look at each other with respect, because we know we see that we want to see cure a future for us and our children.
That’s great!
I am super thankful for our emergency fund that right now is enough for three months of living expenses but we want at least six months.
Always look forward to your videos! Great information!!
I needed to hear this.. thank you for the inspiration
I’m so glad.
New to your channel!!! Love it! ❤️💕❤️💕
Thank you!
I've really been thinking about this for a while now. And a savings account in general. It's literally just a matter of sitting down and crunching numbers and I honestly don't want to see the truth haha. Great video! As always!
Jenny Brightside the zero dollar budget is a great place to start AND track every dollar you spend at the moment, so you can be realistic about your budget.
I Sent a direct deposit from my paycheck until I had a 10,000 $ Emergency Fund
Chris I direct deposit 150 from each pay before I even received any money about 3 years
Love your videos
Thank you!
Thank you for all your tips
I have a very limited income. I make under 20, 000 a year. I have consistanly manage to have 500 ahead at the beginning of the month. I would like to say that an emergency fund also includes having a stocked pantry. I concider that money in the back. I do this buy sticking to a bugdet which includes $25 a month to shop weekly sales. There have been times that a home full of good food and that extra $ 500 dollars a real blessing. I usually use my tax refund to replenish my emergency fund. I raised to grown boys this way. We always ate very well and my rent always paid.We lived a very humble simple life that we are all grateful for.
I thought Dave said it's pay off your bills smallest to largest so you get some momentum going and want to keep it up?
It is, she just misspoke. - Happens to the best of us!
Subbed a while back, i have to say I enjoy your vids! Thanks 😊
Thank you!
I just love you!
Love your videos!!
Back off food police 👮♀️😂😂
I feel ya.
Hoard of zombies! Lol I enjoy you!😍🤣
Today my friend said "this is where I am going to keep my chickens". And I told her about how you give away the eggs from your chickens because you live simply so other people can simply live. I also called you one of my "TH-cam friends". I hope all that's cool. I was a bit overexcited, because I had had NO idea she was planning on getting chickens.
She recently Bought a property where she could potentially keep dozens of them!
Ps. I love that you made this a highlighted reply even though it is completely irrelevant to this video!
That’s so great! And yes, I love my TH-cam peeps.
Great video!
Hand talkers unite!
Good advice!
Thank you.
Pay off bills smallest to largest 😉
Do not spend! Do not spend! Do not spend! Sigh...That's where I am at! I'm so in debt now...not from spending but a total catastrophe! So I am paying my bills, rent, and buying groceries etc....BUT. no more emergency fund EVEN THOUGH,*God forbid* some other catastrophe, I will use my credit card....That's all I got now... I'm too attached to my things* (I have 2 teens )apon moving out, may need the things*.... I will try to find a job in the Fall.....so hard..darn catastrophe!
I will have a three month emergency fund by the middle of December IF nothing happens from now until then. I will continue to save in 2019, but not as aggressively. Right now I’m saving $1000 a month. I just started, am I’m motivated. I hope I stay motivated! I really want to go visit my family on the other side of the country....
That’s amazing.
High Midnight drive and use cheap hotels! There are cheap hotels that offer free breakfast and bring your own food*.....
I keep trying to save for one but I get maybe 100.00 in my savings and something comes up that I need to use it,I’m glad I do have it there but it’s hard I make 1,200.00 a month I’m on disability and to try to get a part time job ,I can’t do it I have got rid of 3 c.cards, one left, got rid of t.v. I shut my electricity to my washer and dryer so I can save money.i don’t use much electricity again to keep my bill low, I do sell things which I use to pay off my c.card. I tried to get a credit card from my bank that had no fees for transfers but I was declined. So I just take one step at a time to get rid of bills .i.m alone so that makes it easier.
karen catalano I know this may sound extreme but what about hitting the food pantry, to save the rest for emergency
karen catalano food pantry (for less money on groceries)
Im on disabilty also, cant work, i suggest you not get rid of your credit card, keep it for emrgencies or for big necessary purchases it gives you that bit of extra security
With tax refunds on the horizon for many, why not stash that away this year? Bam... emergency fund...funded! Obviously some people aren't getting refunds but for those that are...it's food for thought.
I think of how foolish i was for so long. My plan B or saftey net was my dad. Oh he wont let me sink. How childish. I am my own saftey net. It is called an emergency fund. My dad is not longer able to financially help me. He no longer handles his money and i am way too old to get a bail out. My siblings and I growl at each other on a good day and i cant fall back on them. I need money to keep myself going and functioning from now on. I have never been married or had kids. I need to be my own old age plan. If I get sick or injured, what is plan B. This takes money. Save and invest towards it.
I think a one year emergency fund is necessary
After becoming debt free.
Lydia how much do u put in an average emergcy fund.
I hosted 3 kids from Asia for a week and made $300.
Does anyone have any tips for selling on eBay? I have tons of records that I've been meaning to sell, but I don't have experience with eBay.
Lydia, do you have any suggestions for best places to sell furniture & electronics?
Furniture: Craigslist and Facebook market place.
What kind of electronics?
Lydia Senn , thank you for replying. I watch, doorbell and home camera..
How about for household things like crockpot, curtains...?