Ep013: The Importance of Having a Cash Emergency Fund

Did you grow up hearing that you should always have money set aside for a rainy day?

Do you have money set aside for a rainy day?

If you don’t, you are not alone. Many people think of their credit cards as their emergency fund. Unfortunately, using your credit card in emergency situations only adds to the pain of the emergency because you end up paying interest rates (sometimes significant in addition to the cost of the emergency).

In this week’s episode I talk about the peace of mind you can have by setting aside money to only be used in emergencies. I also talk about what is and what is not an emergency!

If you’d like help staying focused on your financial goals, join me in my Facebook group Start Today and Continue Tomorrow. It a group all about helping YOU achieve your more important goals.

Additional Resources

Simple Steps to Saving Money – as promised, here are more tips to help you save $1,000 for your cash emergency fund

$1 saving strategy – Put all $1 bills that have a chosen number on them, in your emergency fund.

Dave Ramsey – Babystep #1 – I read and followed Dave Ramsey’s advice in his book The Total Money Makeover. Easy read, easy concepts. Difficult to execute because YOU have to be responsible and make new choices in regards to your money. The results are all about you!

Dave Ramsey – Basic budgeting – Again, I’m going to send you to Dave Ramsey. His budget instructions are pretty straightforward. If you have questions, ask in the comments box below.

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