Many people really suffered during the last Federal Government shutdown. Could your family survive if you were not paid for a month or two?
Suppose your company shut down or you were laid off or you became injured and unable to work? What if your car broke down and needed a new transmission? How would your personal budget survive the stress?
Capital Budget Strategies, LLC, Austin’s best Money Coach, recommends everyone build an Emergency Fund (aka, “Survival Fund”). Emergency Funds should cover all your monthly “nondiscretionary expenses.” These are expenses you will still need to pay even though you are not working, such as rent or mortgage, food, utilities, minimum payment of your debts, transportation, taxes, childcare or tuition.
Hopefully, if you lost your job, you would cancel the gym membership (which you never use) or the Hulu and Netflix memberships (which you use too much).
Our Austin Money Coach recommends saving up five months’ worth of expenses. For instance, if your monthly nondiscretionary expenses cost $4,000, then try to save a total of $20,000 in a savings account. Just start out small and build it up over time.
Our Money Coach also recommends creating a monthly family budget and a Snowball Debt Repayment Plan to totally secure your finances.
Need help getting financially organized? Do you find that your decent paycheck is spent before the end of every month – and you have no idea what happened?
For only $149, our Austin Money Coach will sit down with you, your bank statements, your bills, your credit cards, and your pay stub and conduct a complete financial review. Then we help you set up everything you need.
We can meet you during the week, on weekends or in the evening. We can meet at your office, your home, our home office or any quiet place that has comfy chairs, coffee and a large table!
Give us approximately 4 hours and we will help protect your family from any fiscal crisis you may experience!
Question or Comment? Enter it below.