Hey guys, it’s Friday! So I skipped a week last Friday, sorry about that! But I’m back today with the Friday Finance Series and bringing you Step 3!
So this next step comes after you’ve gotten that emergency savings fund of $1000 and most importantly paid off ALL of your debt, except for your mortgage. If you are at this step then congratulations!! I can’t speak a whole lot on it as we are in step 2 and building our debt snowball. BUT for those of you who may be ready or who just want to know what’s next here is a little description for you.
Step 3 is back to the savings again except on a bigger scale. What you want to do now is calculate what 3-6 months of expenses look like for you. I’m talking your monthly, keep a roof over your head, food in your belly and your lights on expenses. Once you’ve got that number start saving! If it’s scary then start at the 3 month figure and once you get there, change your goal to the 4 month, then 5 month, then 6 month figure.
Good news is, you are already $1000 into this so you KNOW it can be done! Same concept as before, every little extra you get put it in there!! Also, now that you’ve paid off all that debt what are you going to do with your monthly snowball amount?? Well put it in savings of course!
Before you know it you will have step 3 done so get to it! I hope you guys all have a great weekend, the weather here is supposed to be beautiful!
~Carla~
Arise and Glow 