Baby Step 3: Fully Funded Emergency Fund Update

So, all the hard work has finally paid off! We finally hit our magic number in our emergency fund and I made the transfer on 8/11/15 to finish it up! This is a very exciting moment since it means that we have  finally set a solid foundation by paying off all debt but our home mortgage and getting a 3-6 month emergency fund in place. We are now set up to focus on taking our extra money and begin investing it into long term growth. It has really been a long road for us to reach this milestone and took […]

How To Cash Flow Emergencies When You Don't Have An Emergency Fund

How To Cash Flow Emergencies With No Emergency Fund

Emergencies happen all the time. Dave Ramsey commonly says “it’s not if they will happen, it’s when”. We know that we have to prepare for unexpected events to come up and rear their ugly head at some point. How do you handle emergencies when they happen? There are people out there that use a credit card as their emergency fund. Heck, for a little while we have done this as we build up ours. I don’t recommend going this route as common sense would ask, “why are you adding more debt during an emergency”? As we build our emergency fund, we are […]

Emergency Fund 101: Why You Need One

We all know that we should have some savings on hand in order to give ourselves margin and put a gap between us and our problems. The bigger our emergency fund, the better prepared we are if something is to happen that is not budgeted for and can’t wait to be put into the budget. Emergencies include, but are not limited to: Furnace going out in the dead of winter Having to fix your car because something went wrong like the transmission went out The roof starts leaking Emergency visit to the hospital These are things that happen, but we […]