Avoid Bankruptcy Rule #3
December 30th, 2014
Third rule to live by in order to stay out of our office: Make a “rainy day” fund. Now that you’ve made a budget and are sticking to it (2nd rule), find a way to put a little extra money away each week into a special savings account that you access for emergencies only. Nothing derails the road to financial health like some type of emergency. Did you have to take a few unpaid days off work because your child was sick? Did your car break down resulting in costly repairs? Did a pipe burst in your basement and you have to find a way to pay your homeowner’s insurance deductible? Life happens and you need to be prepared. These already stressful situations can become more manageable if you have the cash reserves to absorb the financial stress involved with taking care of business.