SECRET RECIPE #4
UNEXPECTED EMERGENCY STEW
Prepare for life’s unforeseen challenges
Creating and maintaining an emergency fund is an absolute necessity. It will provide you and your family with a safety net for those times when unexpected things happen, such as medical emergencies and surprise home or car repairs. Having an emergency fund will also protect your credit, help you avoid late fees and overdraft charges, and allow you to wean yourself off of credit card dependency. Saving for an emergency fund readies you for real-world living and ultimately prepares you for worst-case scenarios.
1 short-term goal
1 long-term goal
2 TBSP knowledge of monthly cash flow
16 oz. awareness of potential risks
1 ½ cups process
1 place to save your money
Dash of diligence
1. Identify all possible risks; be honest with yourself.
2. Recognize your need for an emergency fund – now & long-term.
3. Protect your fund.
4. Spice-up your savings.
One month to start building your emergency fund – do not stop until your long-term goal is reached.
After properly preparing this recipe and creating an emergency reserve, you’ll have peace of mind, knowing your ready to face whatever life throws your way.
We’re all too familiar with Murphy’s Law – if something can go wrong, it will. As much as we’d like to avoid old Murphy and his law, it’s a fact of life that things will break, quit working, or cause trouble in some way.
When Murphy strikes, be prepared to pull out your wallet – it’s going to cost you.
When money is tight, the last thing you need is to have an unexpected bill come up.
You end up scrambling to find the money or add it to your credit card, essentially paying with money you don’t have.
FOOD FOR THOUGHT
Your Emergency Fund Goal: To have at least Three to Six Months’ Income Available at any Given Time.