In this episode, we’re talking about why emergency funds do our head in. Not the actual emergency fund, because that’s a good thing. No! What ‘experts’ tell you about them.
It all started with a puddle in Julie’s car which a few years ago would have been financial meltdown. Instead it took 30 minutes of emotional reckoning.
This episode is to get you on the path to needing 30 minutes to process the emergency, rather than having sleepless nights and added stress.
We will talk about the 2 main factors influencing your ability to build a “puddle” fund – the practical stuff, and how your thinking might be getting in your way.
Three practical tips:
- Ignore the conventional wisdom of 3-6 months expenses
- Save a small weekly amount that feels comfortable and use roundups
- Then review what you’ve been saving after a few months, and if you can, increase it a little bit.
03.47 Why we needed to talk to you about emergency funds
05.52 What the ‘experts’ say and our issue with it
07.15 If you don’t have one, what you might be thinking (it’s what we thought)
08.37 The 2 things we want you know about building an emergency fund
09.33 Catherine has a soapbox moment about what you call it (hint, she doesn’t like the word emergency)
12.00 The practical steps to building financial resilience, our 3 tips, plus Catherine’s bonus one
20.06 The emotions that get in the way of us building financial resilience
25.45 Let’s figure out your REAL number, not the text book 3 – 6 months
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Catherine Thomas-Humphreys is an Award Wining Financial Coach, Qualified Financial Adviser and Family Will Writer. Catherine believes money is a force for good and when in the hands of good people can be used to do great things. She loves working with purpose-led parents who are ready to change their money habits & beliefs to achieve financial success for themselves and their family.
Julie Flynn is an experienced independent financial adviser and financial coach. Justice and equality drive Julie. Which is why she’s spent years studying and researching how stress affects our financial decision making.
Julie is best known for her work with women who have lost their partner and coaching financial services business who want to implement fair and transparent charges.
Disclaimer: The information provided in the Women and Money Café Podcast and Website does not constitute financial advice and nor should it be taken as such. They are thoughts and discussions in around money and possible options available to you. Whilst all attempts are made to provide accurate information at the time of publishing you should seek your own clarification . Should you require advice for your specific set of circumstances contact a qualified, authorised financial adviser directly.