When my wife and I decided to get out of consumer and credit card debt eight years ago, the first thing we did was establish an emergency fund. Our reasoning, based on the awesome book – The Total Money Makeover – was quite simple. We wanted to be able to deal with unforeseen expenses without adding to our credit card…
Category: Emergency Fund
Quickly Fund $1000 Emergency Fund
When my wife and I decided to get out of debt, the first thing we did, after creating a zero-based budget, was to fund a $1000 emergency fund. We then put our credit cards in the back of our wallets – and began the real process of paying down our debt. Open a savings account. If you don’t already have…
The Emergency Fund
Savings. Rainy-day Fund. Cash Reserves. The Emergency Fund. It goes by many names, and whatever you want to call it, ours helped us to get out of debt. Why we established an emergency fund before attacking our debt – When we first decided to start paying off our consumer debt, we were pumped. It would have been very easy for…