Money Monday Goals
Updated: May 26
Around 2012 or 2013, I discovered Dave Ramsey (learn more about him here https://www.daveramsey.com/careers/about-dave?snid=footer.company.about) via SiriusXM (listen free through May 31,2020 https://www.siriusxm.com/offers/free-listen) while listening to the Black Eagle (learn more about him here https://joemadison.com/bio/). Since then, I've gotten more serious/involved about my personal finances. Being intentional about my money has yielded many benefits and even now I stay on top of my budget and keep in tune with several sources of information about personal finance. Here's a few of my faves...
*NOTE: Please don't let this articles intimidate you. They are only here to serve as encouragement and guide to get you thinking about starting or rethinking your savings plan.
This coupled with thoughts of COVID-19,lay offs, high unemployment rates and money had me reevaluating my emergency savings. I spent the better part of the morning tallying up the expenses of my 4 walls (mortgage/rent, utilities, transportation and food). Then, multiplying these expenses by 3 and 6. The totals are the suggested amount I should have for 3 and 6 months. For kicks, I did the math for 12 months as well. My totals were $5,494, $10,989 and $21,225 for 3 months, 6 months and 12 months respectively. Your amounts maybe different and that's ok.
Currently, I have Dave Ramsey's recommended starter emergency fund of $1,000 in a high yield savings account with Goldman Sachs (check them out at https://www.marcus.com/us/en/savings/high-yield-savings). I also have a second high yield savings with Vio Bank (check them out here https://www.viobank.com/online-savings-account) to stash money for vacations. Keep in mind, interest rates are subject to change.
Before you get back to work, research what product would work best for you,your needs, and your finances. If you feel like you're not as financially savvy as your should be, consider following this financial gurus for more insight (https://www.nerdwallet.com/blog/finance/12-african-american-financial-gurus-to-follow-in-2019/).
Drop down in the comments to let me know if this info helped and what savings plans you have!