Baby Savings
Before you start with anything else, you need your small emergency fund of $1000. To some of you this might seem like a lot, while others already have this or more in the bank. This is a vital step that is either the hardest or the easiest part of the journey. At this point in the game you NEED a small cushion between you and life. If you are trying to get out of debt the last thing you want is to turn to a credit card to 'save' you when an emergency arises. So here are a few ground rules. This money is only to be used in an emergency. It is not meant to support you if you lose your job, it's only temporary and my post will go into more detail. Failing to budget appropriately for something like clothing, car maintenance, or eating out is NOT an emergency.
Homework:
For now, your homework is to get that $1000 if you don't already have it. Use your tax return if you got one, have a garage sale, take an extra job. Do whatever it takes (legally and morally that is) to get the money. If you already have $1000 and then some, congratulations! I will deal with you in my post.
"Wealth can only be accumulated by the earnings of industry and the savings of frugality." John Tyler - 10th US President
"All days are not the same. Save for a rainy day. When you don't work, savings will work for you." M.K. Soni
"There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up." Proverbs 21:20
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