I would like to chat about an important section of the Cardinal Point Success Planner. To successfully launch yourself in an upward direction, it is really important to create an emergency fund this year.
You Probably Don’t Need Any Help Launching Yourself into the New Year
Maybe you do. But I’m here to help.
An emergency fund is an account used to set aside funds needed in the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major expense.
Why Might This Be Important to You?
Well, I have been in many situations in the past where an emergency fell upon me. All of a sudden the rush of fear and panic would overtake me. In the past, I tended to scramble around and try to find money to now pay for this emergency that came up unexpectedly. The way I used to manage my finances was, whenever I get paid I would first, I would immediately dump my money towards all my bills. I would then put money aside for food and gas. Whatever I had left over is what I would then use for fun but also for emergencies.
Not sure if this has happened to you but I found myself not having the money to pay for these emergencies at hand. The problem is I would have to fall back on a credit card and now get trapped in debt all because I didn’t launch an emergency fund into motion. Not fun, and not getting ahead in life. 🙁
Well if this is you I would encourage you to try the opposite approach to your finances this year. With the help of Cardinal Point planners, you now can track exactly how much money you are putting into your emergency fund as well as how much money is being spent daily with a monthly review of your finances. The secret is every month try putting money towards your emergency fund FIRST instead of last. When you do this first and log exactly how much money you want to add into your emergency fund at the end of the month, this will keep you ahead of any emergencies that might arise. Month after month, if you continue to dump money into your emergency fund first you will now always be ready for whatever the world throws at you. And since you launched that emergency fund into motion it becomes out of sight and out of mind. This will force you to not touch this money and Now be able to conqueror any issue at hand.