Let's talk about savings!
The are six different kinds of savings. Too often we think about savings as a singular entity. Unfortunately, we don't often have a structure or an end goal as to what the savings should be...
Short term (inconsistent) expenses, let's say your car breaks down
Savings For Home
Kids College Education
Here are the six different types of savings accounts:
How Much Emergency Reserves Are Enough?
There is agreement amongst most in the financial services world that somewhere between three to six months of expenses is the right level of emergency reserves. What is the right number for you? That is a decision that is impacted by how much risk you’re comfortable with, the steadiness of your job or business, how large your household that relies on the reserve is, whether you are a home owner, or own any other asset that could require significant repairs or maintenance. As you can see, the list goes on.
"Many thanks to Stacey Powell and Finance Gym. Five years ago I was stuck in a job I hated, $23k in debt & barely able to make ends meet. I felt horrible. With the support and skills I learned at Finance Gym, I turned it all around. I'm SO much happier today -- on many levels. If finances are a problem, or you simply want to get better at planning financial accountability, and building toward your dream, please consider thefinancegym.com."