{"id":244,"date":"2016-08-03T09:00:16","date_gmt":"2016-08-03T09:00:16","guid":{"rendered":"http:\/\/www.bgrfinancialcoaching.com\/?p=244"},"modified":"2016-08-03T20:03:09","modified_gmt":"2016-08-03T20:03:09","slug":"6-tips-building-emergency-fund","status":"publish","type":"post","link":"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2016\/08\/03\/6-tips-building-emergency-fund\/","title":{"rendered":"6 Tips on Building an Emergency Fund"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-thumbnail wp-image-248\" src=\"http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/08\/Dollar-symbol-150x150.jpg\" alt=\"Dollar symbol\" width=\"150\" height=\"150\" srcset=\"http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/08\/Dollar-symbol-150x150.jpg 150w, http:\/\/www.bgrfinancialcoaching.com\/wp-content\/uploads\/2016\/08\/Dollar-symbol-45x45.jpg 45w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/>Everyone should have an emergency fund, a reserve of three to six months&#8217; worth of living expenses.\u00a0 Most Americans struggle to save when trying to cut debt and cover all of life&#8217;s other expenses.<\/p>\n<p>The best financial advice we give is to scrape together an emergency fund.\u00a0 If you don&#8217;t have any savings in the bank, you&#8217;re almost certain to end up in debt as a result of unexpected expenses.<\/p>\n<p>If you haven&#8217;t started saving, don&#8217;t panic.\u00a0 Let\u2019s get to this quickly.<\/p>\n<ol>\n<li><strong>Set a goal.<\/strong> Get $1000 into a savings account quickly, $1,000 is a reasonable start to an emergency fund, it you make less than $20,000 a year then start with $500.<\/li>\n<li><strong>Cut back on spending<\/strong>. Buy nothing other than essentials until you have the $1000 in an accessible savings account.<\/li>\n<li><strong>Sell some stuff. <\/strong>Look in your closets and get rid of the stuff you don\u2019t use or need.\u00a0 I guarantee you will find stuff to sell if you are intentional.<\/li>\n<li><strong>Make minimum payments.<\/strong>\u00a0Paying off credit cards is a great idea and makes sense but you must get the small emergency fund, at least $1,000, in place first. \u00a0An emergency savings in place keeps you from having to use your credit card for emergencies.<\/li>\n<li><strong>Automate savings.\u00a0 <\/strong>Set up an automatic transfer from your checking account, if you can save $25 or $50, each payday in addition to selling nonessential items you can get there fast.<\/li>\n<li><strong>Full emergency fund.<\/strong> Once you have paid off all debts, less your home. Calculate how much you spend each month on essentials such as rent or a mortgage, utilities, food, car payment and insurance. \u00a0Multiply this by 3 or 6 depending on the stability of your employment and income.\u00a0 This should be your desired goal once all debts are gone.<\/li>\n<\/ol>\n<p><strong>\u00a0Boris G. Robinson<\/strong> <em>is an entrepreneur, disabled veteran with 26 years of military service, financial Coach, and business coach with a passion for getting people out of debt and enjoying financial freedom.\u00a0 His background is in leadership development, coaching and financial education.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone should have an emergency fund, a reserve of three to six months&#8217; worth of living expenses.\u00a0 Most Americans struggle to save when trying to cut debt and cover all of life&#8217;s other expenses. The best financial advice we give<\/p>\n","protected":false},"author":1,"featured_media":248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_convertkit_post_meta":[],"footnotes":""},"categories":[2],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-life"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>6 Tips on Building an Emergency Fund - BGR Financial Coaching<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.bgrfinancialcoaching.com\/index.php\/2016\/08\/03\/6-tips-building-emergency-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Tips on Building an Emergency Fund - BGR Financial Coaching\" \/>\n<meta property=\"og:description\" content=\"Everyone should have an emergency fund, a reserve of three to six months&#8217; worth of living expenses.\u00a0 Most Americans struggle to save when trying to cut debt and cover all of life&#8217;s other expenses. 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