New 🎥 Alert! Link in bio!
Have you ever found yourself in an emergency and felt your only course of action was to use your credit card to get out of a sticky situation?
People often say, I only have a credit card "in case of an emergency." And I get it, I really do. But imagine being in an emergency and paying for it for years to come. Constantly being reminded of poor planning and having to fork over hundreds of dollars in interest fees.
I don't know about you, but I don't want that type of reminder in my life. .
According to a survey by Bankrate, only 39% of Americans can cover an emergency over $1000. That's less than half of the country!
If you're a follower of mine, I want you to JOIN me in that 61%.
In today's video I'm sharing -
1. How much money should be in your emergency fund
2. Where should you keep your emergency fund
3. How can you quickly grow your emergency fund
Ok #dfc -Anybody else find budgeting painful? Or, anyone been here and has some useful #budgetingtips ? I get the need for budgeting and really admire those on IG who can make the process look simple and stylish. However, I am just finding it particularly messy right now. Numbers have been thrown down, scribbled out, and moved around. I took cash out but not enough for all the envelopes. Plus, most of my money is paid directly from my account and that is making me question how best to manage sinking funds? 🙈🙈🙈 #dfc
Super proud of my 12yr old son who sold his home baked cookies 🍪 at the local 📖 📚 book fair this Easter 🐣 weekend and hustled 💰himself $88.90. He did all the baking, packaging and selling himself. He’s learning the value of working for his money. He also does a bit of dog 🐕 walking for income. He has his 3 jars (spend, save, and give) that he divides his money up into, and if he wants something I’m not prepared to pay for, he decides wether he wants it bad enough to pay 💵 for it himself. He also has his own bank account and for years now has saved all his birthday 🎁 and Christmas 🎄 money 💰 as well as his dog walking money. He has saved over $2000 and gets a kick out of logging in to see his interest accrue each month.
3 584 hours ago
If you are feeling kinda like, “hey! Maybe I should take a look at my finances” or “we’ve never had a budget” or maybe you aren’t even in debt but want to maximize the money you do have.... A good step one is to print off or transfer 30-60 days of bank statements into a spreadsheet. If you’re a color coding person or a chart person, use whatever works best for you to categorize your spending.
While apps like @mintapp do this, for your first run through it’s nice to be able to categorize things more than once and more specifically (for example, maybe something highlighted as “food” can be tallied as one total, but you can go back and color-code all the food that was unnecessary spending due to lack of meal prep or due to convenience.) Some spending that surprised me when I did this: restaurants, spending on small items from TJ maxx, coffee from coffee shops. For others, it’s subscription fees, holiday decorating, something related to their kids like a snack from drive thru after school)
Just seeing where your money is going every month is a good place to start. Then, you can start on the next step: figuring out what to scale back and learning/setting up an emergency fund.
✅ Baby step #3 : 3-6 months in savings (or 12 months and some change!)
A couple years ago, I suffered a horrible concussion that left me struggling for some odd years and in some small ways even to today. When it happened I took a year off from work to heal. Since then, I’ve saved up a full year’s worth of funds and so has my husband. Life happened and it sure did change our plans, but I can breathe a little better now knowing we are well prepared with our safety net. ⠀⠀⠀⠀⠀⠀⠀
Y’all probably noticed I skipped over Baby Step 2 and went straight to Baby Step 3. While working on Step 3, I still paid the minimum balance on my student loans but my priority was to build that safety net. Finance is such a personal matter and I believe you have to do what you’re most comfortable with and what’s right for your situation. Wouldn’t you agree? ⠀⠀⠀⠀⠀⠀⠀
I’m trying very hard to quit the habit of watching TV in my spare time and read or listen to audiobooks instead! #daveramsey#totalmoneymakeover . I encourage you to consume content that will get you closer to your financial goals.
0 318 hours ago
I’ve looked up Dave Ramsey’s baby steps so many times and read so many things about his books and listened to his radio show—-obviously made it past his first two steps—-without reading the book! Well, I finally read it today and I feel like I couldn’t have read it at a better time. I’ve been really really wanting to throw everything at our mortgage and reading the book gave me the right perspective to get some necessaries into place first—-emergency fund and more set retirement plans. I’m contributing up to employer match on my 401k, but need to add a Roth IRA to the game. My hubs and I are on the fence about college funds since we’ve both had to pay for our own schooling and have seen the value in working for it for ourselves, but we’ll see! #debtfreejourney#debtfreecommunity#daveramsey#totalmoneymakeover
I was just updating some numbers and realized something AWESOME...we’ve officially paid off just over 20K since starting our debt free journey at the end of Nov 2018! 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻 Honestly, if you had told us 5 months ago that we’d need to come up with $20,000 by today, I would have thought it was impossible!! Actually I probably would have cried. But it’s crazy what you can accomplish with a little focus, communication, and teamwork. 🤜🏻🤛🏽 To make things even more exciting, in that same time we have also increased our incomes, cash flowed about $9,000 in home repairs, and put about $8,000 in savings since we went into storm/stork mode at the end of February. 🤯
I don’t say any of this to brag, but lately hubby and I have been slipping a bit on the budget and feeling like we’re not making any progress.
But look at us, baby! We’re doing it!! 💏
Easter for The Dude. I don't remember exactly what I spent because I bought everything like in February, ha. I know it was more than $20 and less than $30. We have used the same basket for the last 2 years so that's no included in cost.
I considered just hitting up The Dollar Tree but am generally huge proponent of not buying crap that doesn't last. Quality > Quantity. I'd rather spend $10 on a big puzzle that will get a lot of play time than $10 on 10 little puzzles/toys that will break after a few days. The Dollar Tree is great, don't get me wrong, but just not for stuff that's going to stay in my house.
Growing up Easter was always like a second Christmas for us and I always thought it was silly. One year my brother's got Game Boys in their baskets. Soooo because I am apparently refusing to do anything like my parents did... (don't worry I'm in therapy 😂) we keep it simple.
5 3623 hours ago
It doesn't take much to make the Holidays special for the kiddos.
$1.25 from the dollar store and I'm going to have one excited kiddo tomorrow. That or she'll be terrified when she thinks about the fact that a giant freaking bunny was in her house ahahah either or🤣🐇🐰 Hope everyone has a Hoppy Easter full of love, family and chocolate. Sooo much chocolate.
2 2121 April, 2019
Payments towards debt are done for April! Anything else that comes in this month will be put into savings because I’m noticing a slight slow down in work and want to make sure we pad the budget for summer. I decided to calculate how much interest is accumulating every day. This is about what I spend if I grab lunch out during the work day, and it’s something I was never taught in school. Compound interest, and understanding how it can work for or against you can be a really motivating way to start on your debt free journey if you’re new to this.
I spent most of the last two and a half weeks traveling for work, and now I’m back in the city dogsitting for a colleague for a week. Even though it’s been a LOT of hard work, I’m thankful for the little moments I got like this one in Estes Park, CO. I’m also very thankful for the overtime (around 50 hours) and dogsitting fee ($450) I’ll get to put toward my debt. Hard work, but it’s worth it!
Our humans did a thing today and they screamed really loud and told us they could finally add treats back into the budget 💸💸💸💸💸💸💸💸💸 #abouttime
220 3,5255 March, 2019
WE'RE DEBT FREE!! I thought this day would never come. We've waited 24 months for it. $241,187 of debt is paid in full✨ If you've been following along on our journey through Instagram, you know that we've been gazelle intense on our @daveramsey plan to financial peace. First, I want to say we're not special. Anyone can do this 👊🏼 Budget, persistence, hard work (like really hard), saying no to things, but above all, lots and lots of prayer 🙏🏼 🎉 At one point, Josh had 4 jobs (1 FT, 3 PT) including his own pressure washing business
🎉 Had a strict budget and stuck to it thanks to the Everydollar App
🎉Sold both cars and bought 2 old cars
🎉 Cut cable and all subscriptions 🎉Sold extra furniture, rugs, clothes, instruments, electronics, etc.
🎉Cut up credit cards and closed the accounts. Haven't used them in 2 years and won't ever use them again🤗
I cried buckets of tears over these last two years, because I thought we'd never see this day. I thought we were too far gone to ever be debt free. We weren't sure if we wanted to publicly share our numbers, but we decided to so that other could see the gravity of our situation and be encouraged that anyone can do this! ANYONE. Student loans, credit cards, 401k loans, and a car payment weighed us down, but not today and not ever again. Thank you, Lord, for all the ways you moved to make this happen!! PS Our reward for paying off debt is MATCHING FAMILY PJS😍😍😍 #sorryjosh#simmonsjourneytofreedom .
304 2,5106 hours ago
The enormity of my debt still feels like this at times. You just have to remember to keep chipping at it everyday. Soon enough the debt will be a tiny pebble you kick down the road. 😁
Over the past 12 hours, I've been waiting for my insurance company to autodraft my monthly payment. Things got thrown off because the payment date was on the weekend. Plus, I’m 13 hours ahead of EST.
When I got the "External Withdrawal Notice" from @capitalone a few hours ago, the weight lifted off my shoulders. I'm literally super excited to see payments clear. It brings me closer to my goals. My, how things have changed since the beginning of my journey! There's such a mindset shift, a maturation.
Can you relate? How have you changed since the beginning of your journey?
BTW, I’m not saying everyone that’s new to the journey is like the person on the left. The graphic is mostly autobiographical.
I don't work as hard as I do just for the sake of earning money. I work so hard and am always looking to create multiple streams of income because the older I get, the more I have learned to understand and seen first hand what money brings.💵
✨Money brings OPTIONS
✨Money brings FREEDOM
✨Money brings POWER
✨Money brings CONTROL
The more money you have, the more OPTIONS & FREEDOM you create for yourself. And these options and freedom come from having power and control over the choices that you make the paths in life that you take. You use money to live the life you want to live, and the abundance of it allows you to make decisions where sure it might be a factor, but it's not the DECIDING FACTOR.💯
Think about it... How has money, and more specifically the lack of it, crafted the way your life looks today. Are you working a job that you hate but it pays well and you need the money? Do you have a desire to stay at home with your kids but know there's no way possible you can walk away from your income? Are you having to say no to experiences and opportunities you would love to be a part of? 🤔
Money will always be an important part of your life. Zig Ziglar says its like oxygen on the "gotta have it" scale. But it shouldn't RUN your life. And the more of it you have, the less control it has over you, and the more control YOU have over your LIFE. But that's my goal... to create abundant wealth for myself through multiple income streams that allow me to live a life where I have limitless OPTIONS, complete time FREEDOM, and absolute POWER and CONTROL over my path.🙌🏻
In your mind, what is it that money provides to you? 🤷🏼♀️🤷🏼♀️🤷🏼♀️