Date Night Club (July 2019): Doing the Math
Don't let "math" scare you off! Let's start with an icebreaker question ...
In an ideal world, how much money would you need to make to feel financially secure and able to meet your financial goals?
MONTHLY BUDGET CHECK-IN
Did you stay on track this month?
Did any surprises come up - positive or negative?
Did the way you used your money align with your values?
If you got off track, what's 1-2 steps you can each take to get back on track again?
This month I'll be helping you total up exactly how much you'll need in long-term emergency savings ...
Starting at zero? Remember you'll want to have $500-1,000 saved up in your bank account to use as a short-term emergency fund. Don't have that yet? Make a plan to get that stashed away ASAP. Use this week's blog post to see how much $$ you'll need and this Thursday's video on Facebook and Instagram to help you find simple ways to save that money quickly.
Already have some $$ stashed away? Let's take a look at how much you might need over the long-term ...
Now it’s your turn …
Expenses: Refer back to your budget and total up the necessary expenses you'd have to cover in an emergency. Don't have a budget? Use the NerdWallet calculator to help you identify those expenses.
Months of Savings: Use the questions in the video to determine how many months you'll need to save for.
Do the Math: Expenses x Number of Months = Total Long-Term Emergency Savings
Does this feel like enough? Too much?
Where does saving for this goal fall in the order of priority?
What percentage of our income do we have available to put toward this goal?
See? That wasn't as hard as you thought!
Learn more about emergency funds in this week's blog article. Need help? Send me an email at: email@example.com.