Starting Emergency Fund

Most people desire to have an emergency fund and become free of debt, monthly financial obligations, student loans, car loans, including their mortgage loan. Most people, however, have not given much thought on working on a financial strategy to get to the place of financial freedom they desire. It requires a financial plan beginning with developing a monthly budget, reducing household expenses, and if necessary finding a reliable way to increase your monthly income to meet all expenses and even begin paying off old debt.

WHERE SHOULD YOU BEGIN?

To begin your journey to financial freedom, you must first evaluate your financial profile. In this context, your financial profile is your monthly income to debt ratio. After you have paid all monthly debts and obligations, what amount of money is left? Are you operating in the positive or negative each month? If you are operating in the positive, what amount of money is going into savings? Is it enough to build your rainy day fund without dipping into it? Or is there a few cents and some change left over?

If operating in the negative, what income source do you use to fill the holes? Is it from credit cards, personal loans, or delay paying scheduled bills? If you are operating in the negative each month, you will need to decide immediately how to bring extra income into your household. You know what happens when you begin to struggle financially – it can cause disharmony in relationships among family members, vacations and life enjoyment is out the window, and you get deeper in debt with use of credits cards and personal loans. You basically become powerless with creditors controlling your life and for a long time.

GOOD NEWS – HELP IS HERE !!!

My emergency fund starter guide – “Storehouse Ready: Preparing for Life’s Events” has been recently release through Amazon and has every budget tool to help you:

Micro-manage your monthly income and expenses (via the Monthly Budget Tracker forms) to determine where all your money is going and where spending can be reduced
Start and build your emergency cash fund immediately
Household expense reduction tips that will bring immediate income into your budget
Begin to tackle aged-old debt that affects your credit score
Plan vacation without the use of credit cards (or the vacation going home with you)
Simple strategies to improve your credit score
Be fully prepared for life’s events – job loss/loss of income, unexpected expenses, family additions, marriage, divorce, retirement, and even catastrophic events
Move towards a Debt-Free Lifestyle Living and enjoy the peace that it brings
An effective budget planner to give to your adult children who need financial guidance