No matter where you are in your financial Journey
Mental health and financial stress are strongly linked! For example, people with debt are three times more likely to have a mental health problem such as anxiety or depression. Long term stress
Financial surprises like car repairs, vet bills and job loss usually don’t give you time to adjust your budget.
Stressing about your finances won’t solve your money issues. But being prepared and having a plan (an emergency fund) will help you ride out that storm if it may come!
Let’s talk about how much to save for an emergency fund. If you have consumer debt, start off with an emergency fund goal of $1,000 first. Then, once you’re out of debt, it’s time to beef up that amount and save three to six months of expenses in a fully funded emergency fund.
- Set a goal
- Set a budget
- Create a system for making consistent contributions (automated payments each pay) Start small, $5, $10, extra income, it all adds up!
- Regularly monitor your progress. Check in on your work! Get excited!
- Plan to have the money in a separate account!
Let’s start an emergency fund challenge! Click the button bellow to down load your own emergency fund challenge work sheet.