How to Quickly Build or Rebuild a 3-Month Emergency Fund
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- เผยแพร่เมื่อ 11 ก.พ. 2024
- In this video, we share why we recently needed to use our emergency fund and give tips on how you can build or rebuild your emergency fund.
Four weeks ago, I found myself in a situation I never expected. In a matter of seconds, I had broken my arm bone into three pieces, landing me in the ER. Now, medical bills are starting to arrive. This accident, was a reminder of the importance of having an adequate emergency fund.
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We're Hope and Larry and we love practical frugality. We raised our four sons, debt-free, including paying cash for our home when our income was well under the national average. For tips on saving money, budgeting, paying off debt, and setting goals (while living with a spirit of joy and abundance), subscribe to us here on TH-cam and visit us at our website and on social media.
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Last year i had reached $1400 in my emergency savings and then had to get a $1500 car repair. It was such a bummer to start over but i was so glad that i had at least made it that far! My ultimate goal is to have $10k saved.
It helps to remember that whenever you have a loss.
I don't care if it is a pen that you lost or the emergency fund that you had built up or a job that is lost everybody goes through the same 5 trajectories of loss.
So when you recognize that- give yourself some grace.
@@joanarc7963 I'm physically disabled..can't stand or sit for long...have tried working..not happening yet..I live on my earned social security. I waited until 70 to take it. I have a mortgage. My house payment is 20% of my income..I spend $1.20 a day on food. My electric use is so modest that even with a furnace running in a North Dakota winter my electric bill is $79 a month ..only use 1 light bulb to light 3 rooms..7 hrs a day max.. no microwave no tv, no radio..only my solar powered cellphone/You Tube..Even with that frugality $10,000 in 1 year is unattainable....maybe 3 years...but even $3,300 a year is better than zero.
Hello there you can do it! Keep the faith that you can and will I too want to have ten thousand pounds goal I've got three thousand but I find small saves here and there add up good luck to you🌈🌈
@@joanarc7963That's almost $200 a week 😅 That's a significant amount to cut out of the budget that many people don't have
@@joanarc7963that’s awesome to have that goal in a year..we’re trying to save $500 a month savings and $100 for Christmas and $100 for vacation..so hopefully we’ll have $6,000 savings, $1,200 for vacation and $1,200 for the extra expenses of Thanksgiving/Christmas..here to having my fingers crossed
So glad to see your healing well. My husband insisted we have an emergency fund when we bought our first home 50 years ago. Over the years we made it through lay offs,strikes,sickness and death. It served us well.
You bet!!!! It really does make sense.
I broke a leg twice in 18 months and was off of work 3 months each time. So I was not able to work for a total of 6 months. Of course there were additional expenses. I live debt free and stayed with a sister each time. My home was paid for. So only had basic monthly expenses. I had emergency funds available for both times . I’m single and have been for 30 years. So emergency funds were always important for me to have, as I have no one else to depend on financially. My emergency fund has always been well over $10,000. Priorities! I even bought sis a new refrigerator while staying with her! But, debt free is what really has saved me!
Learning ways to minimize withdrawals was something to helped me deal with emergencies. I looked for ways to get what I want and do it for less. For appliances I did this:
Look for sales for what I want $1,500-$500=
$1,000 - 20% off for coupon ($200)
$800 - 15% off with discounted gift card ($120)
$680 - 1% off buying gift cards with a rebate credit card ($8)
$672 - Rebate from electric company for energy efficient appliances ($40)
$632. (I bought on earth day and got appliance tax free for getting energy efficient, 6% savings)
I save and additional $368+tax $60=$428
I do this with almost everything I purchase. Sometimes, depending on item I look at new vs used to make my decision. I try to save up for everything. After enough years, you get a feel for what you need how long things last and plan accordingly.
Amen, Dee. Well done.
I’m glad to see you are on the mend, Hope. You always have such great advice! 😊
Really glad you’re doing well! And very awesome to grab your sister a new fridge.
We have 52,000 dollars in our emergency fund. We are debt-free. We have excellent insurance. We are truly BLessed
Do you have a mortgage?
@@mnight207 No we do not. A 2019 Honda truck paid off, 2014 KIA car paid for. DEBT FREE
@@mnight207 We paid our house off 16 years early
@@Joyce-id3dr So you own your home outright, just laying property taxes. Nice! Congrats
@@mnight207 thank you. Took hard work to do so.
when I needed to fly to England to be with my parents as they were dying, I was extremely grateful that I had one less thing to worry about because we had our emergency fund in place and my employer let me have as much time as I needed both times, you get a phone call in the middle of the night and I was on the next flight. Having that time with both of them has given me more peace than any material possession could ever give me. love from Canada.
Excellent story.
Every time my emergency fund gets to a certain dollar amount, along comes an emergency😂. I just can’t seem to get it past a certain amount, but I’m thankful I have it to use on that emergency. So happy to see you back Hope, Larry you did a wonderful job while Hope was down and out.
Mindset
It's frustrating I know! But it also shows why we go without to save our emergency fund 🤑
When you get an unexpected windfall, a tax refund, a rebate, a bonus, a tip, a money gift or you find $10 under the sofa cushion, put that money into your emergency fund and forget about it. Put some money in that fund every payday. No matter how broke you are always put something in that fund. When you feel the urge to buy something, stop and put the cost of that item into your emergency fund. Set a dollar amount goal and a date to reach that goal and make it a challenge. Make it a big challenge. Then, since it is an emergency fund, use it only for an emergency. When your house is on fire, that is an emergency. When your car needs an oil change, that is not an emergency because you know this expense is coming and you budget for it.
Sue and I never had an emergency fund until about 6 or 7 years ago. At first we thought 1 months expenses was crazy! When we hit 1 month that is $3500 that amount looked small in the realm of emergencies, so we said 3 months expenses in 3 months time. That for us is $10,500.00 which seemed like an impossible amount to save up to, but we made it a challenge and we did it. Today our emergency fund is $36,000.00 plus a 6 week checking account buffer. Understand that Sue and I were broke broke broke when we finally decided to get ourselves un-broke. This took years to accomplish because we had debt debt debt, but not anymore. When I think that we now have that much money just for an emergency and nothing else it causes all kinds of emotions, it is a fantastic feeling of Joy and the years it took to get there seem like just a few short minutes.
Awe, thank you, Sassy Sue. I'm so glad to have Hope back on the program as well.
It takes one second to break something and months to recover. I feel for both of you, and have been in the same boat. It’s essential to have money stashed away. It’s not just the medical expenses, it’s having to hire help for tasks you cannot do and have to be done.
Thank you. Having the extra money makes quite a difference.
Emergency fund. In December a year ago I came out of my house and found someone had run into my car in the middle of the night. My car had been parked right in front of my own house. They’d hit the car so hard they’d pushed the car about 20 feet and up on the curb. They didn’t leave a note and no information on who they were. My insurance had to pay for the repairs. The total of repairs were $8,000. I had to pay the $1000 deductible. And it took a month to fix the car so I had to pay for a rental car for a month. Thank goodness for my emergency fund that covered both the deductible and the rental car.
So sorry about your story. I had the exact same thing happen to me years ago. The police were able to arrest the person that hit my car after my father and I went out looking for it - and found the car. We matched pieces left in the street with the actual vehicle that hit mine.
@@larryware1 I looked throughout the neighborhood because they’d lost a headlight on the street. It must have been a pickup because they did so much damage. Couldn’t find any matching vehicle. I did file a police report. Luckily my car insurance didn’t go up. I use AAA and when I switched to them my insurance went down about $500 a year. They have been so nice. I pay my car insurance once a year, not monthly, so that also gives me a bit of discount.
Make sure if you have insurance your assessment of your house was updated since inflation. After Hurricane Ida destroyed our house insurance gave us only $40k. That's what we paid in 2005 when we bought it. The same house now costs $120k to rebuild. We are completely broke but we are making a comeback.
You need what is called replacement cost insurance. Pays out cost to replace at today's prices. Cost is a little more than regular insurance
Praying for your family. we were also negatively affected by Hurricane Ida 🙏
The small emergency fund ($1k-$2k) is just until you get out of debt (not including house). After you're out of debt then you can set up a 3-6 month emergency fund.
Yes I have an emergency fund, started cash stuffing in 2020 and each year I save 1000.00 as if I don’t have one.
We had a fairly nice emergency fund when my husband had an accident and couldn't work for 3 months. It sure came in handy and that's when I realized how important it was. Now we usually have it around 15 -20k
Hello,.Hope and Larry. So glad to see your healing right along! Yes, we have an emergency fund. We had $1,000, then our 26 year old hot water tank failed. So that was $880, ( we live in a mobile.home). Now it's back up to $880 and building up again.
I love your channel and you have taught me so much. I also follow Dave Ramsey, and the only debt I would say we have is the lot rent here in Ohio, which is $550.20/ month. No car payments, no credit cards. We are 50 & 51, married 24 years, 4 children and 3 grand children. Take care and thanks for the information.
Thank you, Dara.
Yes, I have had an emergency fund for years. Had to dip into it to replace a fence that had blown down and some home repairs. It is taking me a little longer these days to get it built back up due to inflation, but getting there!
We had two emergency funds. One was in our bank account, the other in cash. My husband became ill. And we wound up using the entire fund in the bank and a good share of the cash.
I don’t know if y’all have ever talked about this but an emergency fund in case you lose a loved one. Not just for a funeral. In my state it takes at least 6 weeks to get a death certificate. If you have life insurance they require a death certificate so you’re waiting on your money. If you are dependent on your partners income you could be in a bind. It’s important especially as we get older to make sure you’re not dependent on both incomes. I’m not there yet but I’m working on it. Thanks for all you do. Jan
This is also true in the Uk. We have emergency money in a joint account just for this.
Thank. you for sharing this. We have not talked about this topic.
Great point in planning!
Emergency funds are essential
Yes we have an emergency fund that would last us a few years. This past Christmas I was able to give both my children 1,000.00 to start them off on an emergency fund.
We have an adequate emergency fund and need it now as my husband was temporarily furloughed recently.
Glad you are both healing well.
I have an emergency fund. I had to access it in January when my dryer went kaput. I’m now rebuilding it.
Glad you are on the mend Hope. We have $12000 in our emergency fund. That is four months of expenses for us. We are both retired, debt free and we live on social security and a small pension.
We have a fully funded 6 month emergency fund, and it came in handy when my son went tachycardic at 10 years old and needed heart surgery. I got to worry about my son and not worry about how to pay for it. Having an emergency fund gives you peace.
Yes, I have a fully funded emergency fund and could not sleep at night without it.
I have about 6 months in our emergency fund. It sits in a money market account in a different bank than our normal, making it just inconvenient enough that we don't dip into it without effort
Yes we have an emergency fund! I like to have 3+ months of living expenses in it. But as a family of 6 it’s often at 2 months of living expenses. I feel anxious when I see it below a certain number. My husband lost his job a few years ago and we had just drained our savings for an expensive vacation and pricey bathroom remodel we needed due to mold and water damage. Needless to say we were not expecting his company to go and eliminate his position and we were left with a few thousand dollars which hardly covers much with such a large family. It took him 3 months to find a new job and the low amount we had in our emergency fund didn’t cover our expenses. We had to use money from other places and it was so stressful, but a meaningful lesson.
Hope you are looking great after the accident. Great to see you back online. Go girl 🤗💚
I loaned my Aunt part of my emgercy fund and then had to use some of my general repair funds. But I'm glad I had it so saving again to build both back up
We are working on our emergency fund. We haven't made it to 2000 yet, but we will.
Great video, thank you!
We had 4 months emergency fund, when we found out, on Jan 2nd, that our 3 year old has leukemia. We were grateful to have this emergency fund to take a little financial stress off, as we are a single income family.
My husband and I have an emergency fund with over 2 months of necessary expenses and hope to grow it to over 4 months by the end of 2024. We are also have a monthly buffer in our checking account, are savings for a full 1 month of complete expenses to be a month ahead. Beyond that, we have sinking funds to save for gifts, car insurance, pet expenses, car maintenance and others.
I too have sinking funds for things that I will definitely need to pay for over the year. I also have sinking funds that may happen like property maintenance or car maintenance. I also have an emergency fund that is for an emergency that the sinking funds don’t cover. If I have to dip into this emergency fund I go onto a. Bare bones budget and no spend months until I have built the emergency fund back up to the level I am comfortable with.
Two 👍👍!!!
I’m really grateful here in the uk. We have the NHS where it’s free at the point of service. I also work for the NHS and get sick pay too, 6 months full pay and 6 half pay which thankfully I’ve never needed .
I have a Health Savings Account (HSA) as a part of my insurance plan with my employer. It is very helpful. I like that it rolls over from year to year and can be invested. I also have an emergency fund.
I have about 4 months worth of an Emergency fund, working on building it up to at least 6 months worth. I also have separate sinking funds for medical expenses, car expenses, and travel. Wishing you both good health and healing.
“Emergency fund” took on a whole new meaning for us after the 2021 Texas Freeze. Not only do we have emergency funds in a bank account, we keep a certain amount of cash on hand for emergency needs as well. When there’s no power and you’re desperate for firewood or food and everyone around you is only able to take cash, you need emergency cash on hand. I realize this is a different topic from the video but when I hear the word “emergency” now, it means something different to me after surviving single digit to sub-zero temps with no power in Texas.
Welcome back. ❤️
We are retired we have several years worth of expenses saved and available.
I did but had to use it, then I was building up a new one, and then I had a car repair. Now I'm building another one. I'm 70 and live on SS, so it takes a while.
So glad you are doing better Hope! We have an HSA to cover our medical expenses and also an emergency fund to cover us for a year, I know that’s a lot but it has served us very well in the past when my husband was laid off, it became just an inconvenience that he was laid off and not a crisis!
We had an emergency fund. After both of us experienced job loss this year, we have nothing left. Hopefully we will get to a point to rebuild with time.
Caleb Hammer says that not having any emergency fund IS an emergency.
I hurt my shoulder and the physical therapy co-pay is $35 each visit! I am supposed to go twice a week… for 8 weeks! That adds up quickly and I don’t have it. It sucks!
Hope.. you look really good..!! ❤ Great to have you back. I have NO emergency fund started at all. 2020 when Covid happened...took All my savings.. 😢😢 and have Not been able to get anything put back. 😢
I'll be on tonight..!
I definitely have and believe in an emergency fund. I also try to cover all the leaks, but I know that something will come along I haven’t covered or planned for. After 63yrs, I promise you something will happen.
If you have a child/children, plan for them to stay with you for 1-2 years after their education is complete. Charge them rent with the idea of using most of that money towards an emergency fund and housing 1st month rent and deposit and set up money for them, think electric deposit, gas deposit, water and sewage, and cable tv. While they live with you they should be open to discussing a budget and ways to save. Initially you might cover food, but require them to start contributing toward it eventually. It’s an educational and training time. Sit with them and discuss average costs in your area. If they are unwilling to work a plan, say “love you and best wishes.” Tough love is tough for you and them but necessary.
Yes I started building an emergency fund in January and had to spend it because my Escrow was short $414 dollars, I have almost $200 left, it’s discouraging because utilities have been so high
I have been there! One thing to consider/plan for, is that your property taxes and homeowners insurance WILL increase Every year.
Auto and homeowner's insurance have increased exponentially for 2 years in a row. Make cuts and plan to set aside more money for these.
If you have a Conventional mortgage, you can choose to pay your property taxes and homeowners insurance on your own after 2 years of holding the mortgage if you are in good standing with your mortgage company. I did this 2 years ago. I am putting that money into a high yield savings account monthly. Combined with my Emergency fund and other savings buckets my account allows, I am earning significant interest on that money that used to go to the mortgage company.
Keep Saving and looking for ways to cut expenses. Cut your heat back 2 degrees when you're home. I throw on a robe when I get home from work. Turn it down 4 degrees when away at work and at night. Use a Smart thermostat. Many power companies discount them hugely.
Hope, I am so glad you are doing better and so Thankful to The Lord, He protected you and you did not lose any limbs...
Praise God!
Amen!
So glad to see you both on the mend.
However your difficulties reminded us about having an emergency fund. Thanks so much for these tips that have helped so much
You are so welcome, Barb.
Yes, we have a fully funded emergency fund of 6 months. We also have a Co-pay cash envelope which we roll over month after month. We had physical therapy 3 times a week since October plus multiple doctors appointments due to surgery from a fall in August on top of TWO ER visits.
I think emergency savings are the only way to fly. If possible 6 months is ideal.... but we all have to start somewhere. The real thing for me is knowing not having a funded emergency fund IS a emergency in itself. Stuff will happen.
We are preppers. We have an emergency fund, however we do use some of it to add to the preps. We have no debt outside of electric, phones and Internet. Our taxes are low and I save monthly to have it ready for the big day. Love your TH-cam.
Yes, I have been saving for several years to build it.
For me i believe you should have 6 months earnings (not expenses) in an emergency fund for long term unforeseen circumstances, like job loss or the inability to work. Plus a £1k Rainy-Day Fund for short term emergencies, like a car breakdown repair, laundry machine replacement or an unforeseen bill etc. 😊
Great ideas! 💜
Hi We had two expenses on our 2001 and 2008 vehicles last week. Grateful for our Emergency Fund.
Yes we have over 10K in ours. We live on a fixed income and I don’t think that’s enough so I’m working on doubling ours.
Wow! Your deductible is great. My company only offers a high deductible plan and my deductible is $3,200! The only good thing about this plan is I am able to contribute into an HSA. The HSA is my medical emergency fund and I keep 6 months of other emergency funds into a money market. You are so right everyone MUST have a emergency fund.
Dave Ramsey recommends $1000 as a baby emergency fund. Once debt free, then he recommends 3 to 6 months of expenses for fully funded emergency fund. But i agree $2000 makes more sense for a baby emergency fund today with everything so much more expensive.
We had a $3000 emergency fund, on December 22nd we had a solar inverter unexpectedly fail, and it was out of warranty. $1949, later it was on order. We were glad that we had it on hand. We are now clearing out our garage of unused items as well. Living rurally, marketplace isn't really a usable place for us, but eBay has worked for us. And having insurance is great, but the copay amounts have drastically gone up from what they were 30 years, even 10 years ago. I had physical therapy for TMJ in September and it was $400 out of pocket. A mouth guard for it was $647 out of pocket, so insurance isn't enough. An ER visit was $100 copay expected on check in, for a gall bladder attack. So for people who believe insurance is a catch all, maybe they aren't using there's for much.
I have nearly 2 years in my emergency fund. If I became unemployed, it could take that long to get a new position and move (im an academic) I recently have had to max out my medical deductible plus a bunch for medical bills two years in a row. You definitely need medical $ set aside. ❤
I now have an emergency fund its so reassuring
I used to have an emergency fund, but then in September last year I left my day job and turned my teaching side hustle into my primary source of income. During the first 3-4 month I had an unusually severe depressive episode and got diagnosed with bipolar disorder. Of course, I couldn't grow my business as much as I planned to, and there were substantial medical expenses. Now I'm back on track, finally made myself a budgeting spreadsheet and so on.
You’re right about insurance deductibles. In the UK it’s a voluntary excess payment. Also, our pet insurance didn’t pay our vet directly so we had to find the money to cover our dog. It took 6 weeks for the insurance money to get paid out to us. Also an emergency fund saves you money. For eg we don’t bother with insuring items around the house like our washing machine or oven etc. We don’t have pet insurance anymore either.
Prayers for your continued healing. I can so relate. I had a bad fall in December 2022. Broke my arm. It has been a long journey. Take care 💕
We have an emergency fund. We count ourselves lucky that we'll never have to spend it on medical expenses.
Yes. We have a 3 month emergency fund. I am a believer!!!
Yes, I have an ER fund (over 2k) and I cut my Amazon Prime account and am saving around $100 a month...plus I'm on a no buy year (necessities only) , and I'm not buying tons of plants and plant supplies this year. I have a spiritual goal that I have set for myself this year. Only two months in, but so far it's all good. TFS🎉❤😊
Hope & Larry, so good to see the two of you together on camera "speaking words of wisdom, let it be...." My emergency fund took a big hit when my late, great dog went through a tough year and a half w/cancer, incl his "final expenses." Working on building it back up. btw, as for Dave Ramsey's idea of a "baby emergency fund," I think it should be the total of all deductibles for the various types of insurance one carries. Health, auto, home. Add those together and that's the starting point.
We are working on building our 3rd month of our EF.
So glad to see you back Hope, 🙏🙏🙏 for quick healing.
Yes, we have an emergency fund. Medicare does not cover abt 20% of our bills.
Good to have you back Hope 👏🏻 Larry has done well holding down the fort while you recovered x
I'm so glad she's back as well. Thank you for your kind words.
Side note-Hope, your hair looks beautiful!
Hope, so glad you are back. Take care and don't rush, though.
Oh yes insurance definitely doesn't cover everything 😢! We just went through something similar with our son who was diagnosed with Type 1 diabetes. There were bills from everything. I called each place and asked for a discount or if we qualified for their customer assistance. Almost all of them adjusted their bills in some way which we were so thankful for.
Just started rebuilding ours again yesterday
2:27 A couple of ideas regarding insurance; Make sure if you've signed up for any extra plans such as accidental, hospital/surgery etc... that as soon as you have an accident or unplanned surgery, reach out to the insurance company and find out how to file a claim for reimbursement. It may only give you $100 or $300 but that is money in your pocket relatively quickly in my experience.
If you're able to contribute to an HSA I have found that incredibly helpful with medical expenses. Currently I'm blessed to receive a contribution from my employer, along with earning extra funds throughout the year - which totals up to almost my full deductible.
And one more thing, I thought it was interesting my PT office had me pay a set amount each visit (sort of like a co-pay). That way once all the billing was complete, I did not have a huge bill. So if your insurance plan doesn't specify a co-pay, I would ask the office could you arrange something like that in order to avoid a much larger bill in the future.
I do have an emergency fund but it took me a while to rebuild it after an emergency early last year drained it. Frankly 2000 is a minimum. If you can't do that much do as much as you can.
Yes, I've found it particularly helpful in life to have a mouth that speaks!!😁😀
Glad you’re feeling better Hope. Always watching never commenting. I often hear people misquote Dave….it goes, you need $1000 EF ASAP. work more sell something etc.. then then then work toward 3-6 months of expenses. Glad you are on this platform encouraging everyone about saving. Your friend from the coast of Massachusetts Regina.
😂😂🎉❤ ty for the blooper at the end. I love those. This video really spoke to me. I have an issue with consistency in General in my life. Talking about that is such a game changer for me. I'd love to see a video about non intimidating ways to slowly build consistency in becoming frugal and finance friendly!
I had been subscribed to audible, $15/m. I live out of our city limits so never thought about the library. I decided to check it out for my daughter and found out it’s only $15 a year for us to have a library card & they partner with the Libby app that has digital print and audio books! Glad I finally called and asked.
I have an emergency fund. I hope you recover well Hope!
Lovely to see you back Hope and you are looking well. Well done nurse Larry xxx
Thank you so much!
My emergency fund is around £1000. And I have sinking funds for the car. I do worry about not having enough, I am single so have to be self sufficient. I work in the NHS in UK so 6 months full pay if off sick. I cant seem to save any extra! Thanks for your videos, so enjoyable and relevant. ❤
Me and my wife have saved in years, now we have a big fond.😊😊😊😊
Good to see you both looking well and cheerful. An excellent video as always.
Yes I do social security tapped at it but I was so happy to of had it❤
On your Insta poll I answered “no” because we depleted our fund and are rebuilding. We do have thousands but not three months’ income.
Glad to see you both on camera and smiling. ❤
We have a 401k for emergencies. My husband is 65 yrs. Old and can get money out as needed. Thank God we we're able to sock away money in the 401k when we were younger and still working.
We started an automated $50/month deposit into our emergency fund the month we married and we have never stopped it. It is put into a tax efficient fund. We keep $2500 cash on hand because most emergencies can be covered by this and we can tap the main fund in a few businesses days. It now will cover 1 yr of base expenses. It makes you feel so safe because if one of you lost your job the family would still be OK and you would have plenty of time to find a new good job with no desperation
Yes, a cancer diagnosis caught me off guard and with a depleted Emergency Fund. With really good insurance I’m still expecting to pay out a chunk of change???😳Love how you just slid that like and subscribe plug in there!👏👏
I learned the importance of checking on the price of regular expenses like an oil change..By calling a few places to check prices well before I needed an oil change I found out the reality of the increases so when I got a coupon for almost 1/2 off I changed my oil 1,000 miles before I had to change it, but saved a lot of money.Full synthetic oil means usually changing my oil at 8,000 miles according to the dealership.
I am in the process of building my emergency fund. I'm also in the process building up my saving account. Two different accounts. One is for emergencies hence the name. The saving account is for saving up for things I know are coming like house repairs, appliances that are going to need replacing, buying a car, etc. (Things that are needed but not needed right now).
Having an emergency fund has saved us many times. 🎉
Nice to see you Hope...Larry was doing a good job on his own, but I enjoy watching you both together too . Happy you're back. Stay safe and take care
Currently rebuilding
Dave Ramsey reccomends to start with 1000 and then pay off debt. He also reccomends 3-6 month full emergency fund
Definitely YES I have an emergency fund ; I try to have enough for an entire year worth of mortgage , utilities, food, & unexpected expenses. My parents & teachers thought me to save for a rainy day. Mostly after my mom broke her arm & leg ( indigent years apart ) but on both occasions, my parents barely had enough to pay all with one income .
Très contente de voir votre santé s'améliorer Hope. J'ai effectivement un fond d'urgence. J'ai eu du mal à accumuler celui-ci mais quel bonheur de ne plus stresser au moindre petit problème. Very happy to see you feel better Hope. I have a émergence fond. It take time to accumulate the found but thank God i be able to do it. I have less stress when little thing happen.
That's the nice thing in most European country is that we have social security for health emergency . Although you will still need an extra Hospital insurance ( about a 1000 EURO per annum). When I started to follow Dave Ramsey two things I tackled first was the overspending on monthly bases and starting a emergency fund. Took me a year . I follow different frugal channels for daily frugal living tips and apply what goes with me. No financial worries , Not Rockefeller but a healthy ( financial ) lifestyl at the moment. And a written year forcast and monthly followup budget .
Great topic! About 10 years ago we were struggling with our finances. We found a great financial coach & he got us started with saving our emergency fund. Then we saved the bigger emergency fund which would probably cover us for around 6 months. The secret for us was having automatic savings coming out which we've gradually increased over time. We continue to save in both funds which are separate accounts within our bank account. It's such a relief to know that we're covered in an emergency.... & we've had a couple of them. I hope & pray that your arm heals perfectly Hope! 🥰Blessings from South Australia💕🐨
When out all day running errands i find it helpful to pack a bag or box of sandwiches, drinks, and snacks to keep me going. This keeps me from spending money on eating out and helps when i stop for my groceries. Im not hungry then.
No I don't, and it scares me😮 I am working on it, and any advice in this video will be taken on board, and practiced 100% 😊
Yes how to rebuild it ! Thank you !😀