Ever had one of those weeks where your car breaks down, your Wi-Fi goes on strike, and your fridge dies? 😱 Yup, life loves to throw curveballs when you least expect it! That’s why an emergency fund is your financial shield. 🛡️💡 What’s an Emergency Fund? It’s your “I’m not stressed, I’m financially prepared” fund. 💪 Think of it as your money’s equivalent of a superhero cape (no, it won’t fly, but it will save the day). 🦸♀️
If you are working to pay off debt, your goal is to have $1,000 set aside in an emergency fund.
If you are debt free - with exception of mortgage - your goal is to save 3 - 6 months of expenses for an emergency fund.
It is always wise to have savings for a rainy day. Proverbs 21:20 says, “The wise store up choice food and olive oil, but fools gulp theirs down.”
🛠️ How to Build Your Fund:
Start small – You don’t need to save for a yacht. Aim for $25/week and work your way up. 🚤
Set up automatic transfers – Make saving as easy as hitting “next episode” on Netflix. 🍿
Keep it separate – If it’s in your regular account, it might just vanish faster than your leftovers. 🍕
Track your progress – Celebrate the small wins. You’re one step closer to not stressing when the fridge decides to take a nap. 🥳
🔑 The moral of the story: Life will definitely throw some surprises your way. But with an emergency fund, you can face them like a pro. Or at least with a little less panic. 😂
❓What’s the craziest “emergency” you’ve had to deal with? Share your stories in the comments!
You can do hard things. Whether it’s creating a budget and sticking to it, or growing in your relationship with God and others, I hope my story inspires you today. #financefriday #moneycoaching
If you want to be successful with your money, here are 5 things you can do TODAY that you will not regret:
1 - Spend less than you earn. I know this is a “Duh!” moment… but it’s so easy to over spend. I have been guilty of this in my life. I had to stop using credit cards for daily purchases because it was too tempting to go beyond my budget. Using the bank debit card or cash forces me to stay within my means.
2 - Step up. Take responsibility for your life and your finances. Do not let a “victim mentality” dominate your thoughts. (I am guilty of this at times.) God has blessed you with your abilities, so make the most of it! Step up and make the necessary changes so you can start winning with your life and your money.
3 - Invest in yourself. Learn what you need to learn about managing money. There are many resources available to help you navigate your finances.
4 - Seek wise counsel. You do not have to navigate this financial journey on your own! Find a Financial Coach like me or another trusted financial advisor to encourage you on this path.
5 - Seek God first. I saved the best decision for last! The most important relationship in your life is your relationship with God. Ask God to help you be a wise and faithful manager of His money. After all, everything we have comes from Him!
This is the time of year when most of the people who made New Year’s Resolutions have already quit. They’ve thrown in the towel. They started strong, even signed up for a spinning class, but 6 weeks into the new routine, they have dropped out.
People drop out for many reasons… it’s hard to make a change and start exercising when you’re not used to it. It’s hard to say no to sugar. Especially when you don’t see any progress. After a few weeks I thought I’d be further along. I thought I would have the beach body instead of the dad bod. The results aren’t what they hoped for and they are ready to give it up.
Exercise experts say the thing to do is to push on through. A person who keeps going for a few more weeks will likely turn the corner and begin seeing genuine change.
The same is true for starting a budget and controlling your spending. The first few weeks (even months) are tough. You may feel like giving up. But if you can push through, you will soon see the results you hoped for. It won’t be easy, but you’ll be glad you did.
An Inc. Magazine article stated that 92% of all New Year’s goal setters will never achieve their goals. Which is kind of depressing. (Sad)
But what if you could be part of the 8% who do reach their goals?
What if your dreams become reality?
Accomplishing goals is an important part of living a faithful life. Whether it’s a financial goal or a personal goal or a spiritual goal, we all have dreams we want to see become reality.
It’s just that reaching these goals is not easy. And research backs this up when 92% of us do not make our New Year’s resolutions happen.
But what do the 8% do to actually reach them?
What can I do to be part of that 8% group?
Here are three elements for goal setting that will increase your odds in reaching your goals.
#1 - See the vision.
You have a clear understanding of what it is you want to achieve and why it is important to you.
I want to be financially secure so I can take care of my family and be generous to others.
I want to build this business so I can make a positive impact on my community.
I want to read through the Bible this year so I can grow in my faith and better understand God’s will for my life.
I can see the vision. This is what I want to do. This is why I want to do it.
#2 - Build the Stairway.
Once you see the vision, you then build the steps to make that vision a reality. This stairway is the plan to reach my goals. These are the steps I’m taking to accomplish this goal.
Sometimes it helps to reverse engineer your dream. Work backwards on what you would have to do to get from where you are to where you want to be.
#3 - Define your core values.
Your core values are the principles you live by that make you who you are as a person. When you can be authentic, combined with knowing your vision and your steps to make that vision a reality, that brings a focus to your life that will help you build something meaningful. You can make a huge impact when your vision lines up with your plans and they stay true to your core values.
So, I encourage you to embrace this dream you have. Pour yourself into achieving these goals. Don’t give up! Don’t throw in the towel! Do these three things…
See the vision.
Build the Stairway.
Define your core values.
And you will greatly increase your odds for success.
This is how we achieve the things that are important to us. And oh, by the way, this is how we also accomplish the goals that are important to God.
So, embrace these challenges and know that with God as your ultimate Guide, you can live a life that takes incredible steps of faith!
If you want to learn more about setting financial or spiritual goals, please reach out to me. I’m happy to help.
My budget loves February because it is a short month! Those longer months can be a struggle when you end up having too much month left at the end of the money. But the good news is you don’t have to stay seated on this struggle bus each month. You can build margin with your money!
1 -Make a budget. If you don’t have a plan for your money, you need one now. Having a budget doesn’t limit your money, it helps you make the most of your money. This monthly plan helps you decide ahead of time where you will put every dollar to work. Knowing where your money is going helps you spend less and save more.
2 - Build an emergency fund. An emergency fund is money you put back to cover any of life’s unexpected expenses. We all know life is going to happen… a car breaks down, a kid needs to go to the doctor, or your job cuts your hours. This emergency fund helps you handle the surprises life throws your way.
If you are working to pay off debt, we recommend a $1,000 starter emergency fund. If you are debt free, we recommend having 3-6 months of expenses in your emergency fund.
Your grandmother probably called her emergency fund a rainy day fund, and with good reason! It’s going to rain. And sometimes, it’ll flood. With an emergency fund, you’ll be ready.
3 - Cut out unnecessary expenses. Having a plan helps you determine your wants vs. your needs. Getting your morning coffee in the drive-thru may seem like a need, but there is a cheaper way to start your morning off right. Having Netflix may be convenient, but there are moves you can check out of your local library for free.
I know going to games and watching movies and eating out is good and fun to do, but they’re not necessary. Get rid of those unnecessary subscriptions. Amanda and I just cut a bunch of our unnecessary expenses last month and saved ourselves over $800 for the year!
These are 3 ways to have more money than month. Contact me to get more help on reaching your financial goals.
Don't be average. Stop thinking about the short term. Play the long game. (PS - This also applies to your spiritual life. Always play the long game.) 😃
