Secrets of Success

Have Both An Emergency Fund And An Annual Bill Fund

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MEMBERS SPARKED

While trying to live within your means works you need to also fund out of your cash flow an emergency fund and an annual costs fund. Once those are funded , everyday buffets don't make such an impact from needing a new washer to a long call to the plumber.

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The best change we accomplished was when we had an annual living expenses fund. That meant we could live without any money coming in for a year. For me, this fund was actually better than anything.

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Member Comments

  • Sometimes the Emergency Fund can get depleted before it gets fully funded. I am learning that to not sweat the small stuff and do without until I have to. emoticon - by WINNIE-POOH
  • Very important information, otherwise as soon as an unexpected bill arrives or an appliance or the car needs repairing, there goes the budget! - by CHRISTURTLE

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