Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
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Monday Morning Money Minute

Recently I helped lead Dave Ramsey’s Financial Peace University.  We discussed how to build a strong financial house during a series of nine meetings.  I will share some of what I learned each Monday for the next several weeks. The foundation is setting up an emergency fund.  Many people are realizing how essential this is as they face cutbacks and layoffs. Dave Ramsey recommends starting with $1,000. I prefer $1,500 because it seems like often things happen in sets of three and that they cost $500 each.  Car repair cost?  $500.  Pet to the vet?  $500.  Plumbing issue?  $500.  The important thing is to start somewhere, $250, $500, $1000.  The idea is to have some money on hand so that you can avoid any additional debt.  If you have to use your emergency money, then don’t be upset.  Be thankful that you had the money available and replace it as soon as you can.