07 Money and Debt – Building Your Emergency Fund – Every Dollar Has a Job
While at Single Ma’s Fabulous Financials a reader shared this article in the middle of talking about building your emergency fund. It’s a great share. CNN Money has an online column called Millionaire in the Making – today’s article is about a 36 year old single mom on her own path to financial freedom, her name is Sherelle Derico. What struck me about this profile of a working mom paying off her debt while saving and investing for both her retirement and her daughter’s college fund is that she is in control of her money.
My impression is that she follows the “every dollar has a job” money philosophy. Anyone reading the article can see where she has done well with her money especially with her purchase of house that has built an amazing amount of equity quickly and her savings. She talks of how she doesn’t understand people that don’t “pay attention to money.”
Pay Attention to Money
Rather than let money slip through our fingers or moaning about the lack of money we have to pay for what we need or just plain want – we should take control of our money. I should take care of my own money. If the word BUDGET is a pain to even think (let alone say!) then let’s make money plans.
Speaking of plans – Single Ma has a great discussion going on about emergency funds – This is my first month sockin’ money away for my own emergency. My goal? 6 months expenses. It’s a long row to hoe but I’m motivated!
How about you? How long have you been putting money aside just in case you are out of work or have a life catastrophe that would require you getting your hands on money fast? Is it time you joined me and started your own.
Tammy
Tags: budget, cnn, debt, emergency fund, financial, goal, millionaire, money, plan, savings
