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admin | starting exercise program | 22.01.2015
I couldn’t imagine not having an emergency fund as a buffer, it helps me sleep at night!
We used every bit of extra money we made to fund our emergency fund.  Tax returns, extra income earned (including the income I earn from my blogging), overtime pay, etc. Girls Just Wanna Have Funds is for general information or entertainment purposes only and does not constitute professional financial advice. In accordance with FTC guidelines, we state that we have a financial relationship with companies mentioned in this website.
For the last few months I’ve been very actively saving for a goal of $10,000 in my emergency fund to make sure I have enough saved after my contract ends at the end of August. Let me be clear: I am NOT an expert on personal finance, and so there are very few things that I will ever say with absolute certainty on the subject. In order to make the process as painless as possible, we set up an automatic monthly transfer from the checking account where our paychecks are deposited into our emergency fund savings account. Worse, there’s no anticipation of saving up for something fun, like a vacation or a wedding. BUT, the AWESOME thing about an emergency fund, is that once you fund it, you can check it off and move on, unlike, say, retirement savings. It seems like an easy step to take, to reward yourself slightly for the hard work you have put in. Em reserves the right to restrict comments that are not kind or do not contribute constructively to the conversation at hand.
An emergency fund is money in a savings or money market account that you can access at any time…you know, for emergencies. Another issue I see routinely with couples is they don’t agree on what is an emergency. This is why you save for other items in a savings account separate from your emergency fund. Financial Planning, Investment Advice, and Investment Management provided through Pamela Otten LLC, Registered Investment Advisor. This is the eighth step in our 10 steps to financial planning – Refer to our article Financial Planning 101. In the seventh article: Change the way you think about money, we covered the way you think about money and how it determines your attitude about money. It is recommended that your emergency fund be in highly liquid asset, such as cash because when emergency happens, you want to have easy access to your money. If you can afford it, having enough to cover a year’s worth of expenses may be more realistic because if you lose your job in a bad economy, it may take a while to get another job or be trained in another field. Another way to cover yourself in a medical emergency is to have disability insurance to cover your mortgage or loans, or critical illness insurance that pays you a lump sum. Remember: Your credit card is NOT an emergency fund and withdrawals from your RRSP are taxable and can put you in a higher tax bracket as it adds to your annual income.

I’m loving this new feeling of being enough without the new clothes, social events, home goods and crap that was stealing my money! Be smart and do your own research or contact an independent financial professional for advice regarding your specific situation. This may include receiving access to free products and services for product and service reviews and giveaways. It wa was an overly cautious goal but I’m sure I can think of a better way to put that money to good use.
It might take years, but eventually you’ll have a very comfy cushion to fall back on, should you ever need it.
You just need a savings account and an automatic transfer, and you can set it and forget it. You will earn a higher yield than your savings account and it only makes it harder to spend it. If you are new here, you might want to subscribe to the RSS feed for updates on this topic. You are thinking this is a ridiculous amount of money, and you could never do this, since you have no savings at all. She loves to work with women business owners and entrepreneurs, and women in transition due to job change, death, or divorce. The opinions voiced in this material are for general information only, and are not intended to provide specific advice or recommendations for any individual. Emergency funds increases your financial security and stability and gives you room to invest and try new things. If you’ve built a budget and have been tracking your expenses regularly, then knowing that number will be easy. Obviously, a balance has to be maintained between a highly liquid emergency fund and your other investments. Please consult a financial professional before even considering using the information obtained from this blog. As for the rest, I’m going to continue the savings routine and deposit the final $2,000 equally into my planned spending and vacation savings accounts. But the truth is, in a real emergency, we have a lot of savings that we could pull from (TFSAs, stocks, etc). It took me awhile to get to that point because I was SO reticent to have that money just sitting around, but man, it’s come in handy. It’s SO easy to get discouraged when you save up and then immediately afterwards or during saving, an emergency happens. Pamela will help you set and reach your financial goals, educate you to understand your investments, and teach you how to do more charitable giving. To determine which investment(s) may be appropriate for you, please consult your financial advisor prior to investing.

When you have an emergency fund, you don’t have to dip in your savings or worse, borrow money. The problem is, too many of us live from paycheck to paycheck, whether our income is small or large.
Right along with a spending plan for your money, it’s really important to agree on what is truly an emergency. So you may end up with only having 50% of your normal salary (see article on Disability Insurance).
The loss of a job, a disabling illness, even large, unexpected home or car repairs can suddenly create financial turmoil and a scramble to come up with the money needed to get by.  While it is often difficult to save money, it’s always good to build-up an easily-accessible emergency fund, just in case. Personal finance experts generally recommend anywhere from three to six months of living expenses, some say full expenses, some estimate it based on their slashed income. This also means I can give myself a bit of lee-way and after working really hard on this contract, I can relax and actually SPEND a bit of that money I made, knowing I’ve put myself in a great position for the future with all my hardcore savings right up until now. Before Steven and I were married, we each started saving money together to work on our emergency funds. Our amount of spending seems to rise right to the level of our income, no matter what it is. These plans are also a good source of liquid funds as most of these pay after a specific waiting period (e.g. I went cold turkey and eliminated all non-essential spending which helped me save $302.00 last month. Estimates vary, especially considering your family situation — rent vs own, spouses income, if you have kids, dependent family members, etc — so there’s no consensus anywhere. Yet, wouldn’t you know it, as soon as we reached our $1000 goal (following Dave Ramsey’s baby steps), SOMETHING would happen!
This is from a girl who used to spend hundreds of dollars on eating out, hair salon visits, helping friends and family and hosting events.
This is important because in case of serious illness, the last thing you or your family want to be thinking about is what investments you can cash in or what assets you can sell. An issue with his car, an issue with my car, and right when we got married- the AC unit in our house kerplunked and wiped us out completely. And if some sort of emergency hasn’t happened in your world for a WHILE, (knock on wood) it’s probably coming!
Baby steps are a great way of approaching it because you can just take it a month at a time.

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