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Building an Emergency Fund During Difficult Times

June 1, 2020 By Deanna 8 Comments

Photo by Michael Longmire on Unsplash

 

Today’s post is a combination guest post from Good Nelly, who has written previous guest posts on my site with my commentary. Good Nelly always picks timely topics and I appreciate that.

My commentary is laced throughout the article in blue so you can see a few angles on the important topic of building an emergency fund in difficult times.

You may be feeling the negative effect of the coronavirus pandemic and wondering how you can possibly build an Emergency fund as described in Dave Ramsey’s Baby Step 1.

A personal financial crisis is unpredictable, and often you cannot know when it will strike. Unfortunately, with the coronavirus pandemic, there are a lot of people who have been negatively affected at the same time.

Typically, when a lot of folks experience financial hardship simultaneously it often results in a recession. A recession is defined as a temporary economic decline for two successive quarters. While we are not quite there yet, we definitely seem to be heading there. Professionals have been predicting that this downturn will be deep but perhaps short. Fingers crossed it is short.

Firstly, you may want to check out the COVID-19 resource guide before delving into this article further. This guide can answer questions about what you can do if you are out of work or if you’re looking for work.

The purpose of this article is to provide a few options on how you can build an emergency fund. It’s always advisable to have some savings even if it means you have less to spend. When you’re budgeting, you should always plan for the unseen expenses that can arise. For instance, you could lose your job, your car breaks down, or a friend you are renting a property with leaves abruptly.

The above are some examples of financial burdens, and they can vary in size and severity. The best solution is having an emergency fund because it will ensure that you’re covered in some capacity.

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50% Savings, 40% Spending, 10% Giving

September 9, 2019 By Deanna 5 Comments

Three is wonderful number. I do three basic things with my money – save, spend, give. I automatically save about 50% of my money that comes in. Additionally, I spend about 40% of my money on good ole living. Furthermore, I donate 10% of my money.

If this seems impossible to you, stay with me because it seemed impossible to me several years ago. I want to give you hope to know that with some focus and a plan, you can get to a better place with your money.

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The Benefits of Automation With Our Finances

March 18, 2019 By Deanna 8 Comments

My Dad gave me a great idea for a post and that is the benefit of automation. Automation is not only a time saver but can result in some reduced expenses and may even contribute to a higher savings rate.

Electronically Paying Your Bills

Most banks (or perhaps all banks) have an online portal to your account where you can set up bill pay. You are able to enter your different bills and pay them electronically each month. My bank even allows me to pay private individuals through this service and they will mail them a check at no cost to me.

Additionally, you can link certain accounts so that your bank will even notify you when bills are due.

You can essentially pay bills via this service one of two ways:

  1. Set up recurring automatic bills – this works well if the same amount is due every month.
  2. Manually log in and pay your bill when it’s due – this works well if the balance is different each month.

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What Can Race Car Driving Teach us About our Finances?

February 18, 2019 By Deanna 4 Comments

I want to share some valuable financial takeaways from an unlikely source – a fiction book. Typically, I read non-fiction; however, I started incorporating some fiction into my life. Firstly, I joined a book club and they typically pick fiction…until it’s my turn to pick and, of course, I’ll choose non-fiction.

Additionally, I went on vacation last week to ski in Utah (post coming up on how I hacked that trip) and took a fiction book with me. I thoroughly enjoyed reading it. Furthermore, some of my takeaways can be applied to our financial lives.

The Art of Racing in the Rain by Garth Stein

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About Me

My name is Deanna and I am happy to be on this redemptive path. I got sober from drug addiction/alcoholism in 2010 and returned to a faith in Christ. Additionally, I finished digging my way out of debt in 2017. Today, I’m learning to be a wise steward/investor of my resources while helping other women find their victories too. More about me.

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