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Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/09/19 at 10:05PM UTC

Money

Do you have an emergency fund?

One of the things that gives us flexibility in our careers is having the financial security to walk away or change jobs without being a slave to our bank account. I recently read that 8 of 10 Americans live paycheck to paycheck which means most of us have no freedom in our career choices. Many financial advisors recommend an emergency fund that represents 3-6 months of your typical expenses. Do you have a fund? How many months would it cover?

Join the conversation...

Anonymous

12/01/19 at 4:02AM UTC

What a great conversation! I'm inspired to save.

Amy Dalton

184

Experienced UX Designer in New Orleans.

10/19/19 at 12:28AM UTC

I went from $100,000 in credit card debit from my ex husband to 7 years later having $100,000 in my 401K plus 3 months of emergency fund. You can do it. It's discipline. It's not easy. 1. Chase let's you auto save a % of any deposit into your checking account. 2. Set up auto drafts to high-interest savings at another bank (I use CapitalOne360) so it takes a few days to get it back when you need it. No instance use capabilities.

Sarah Dougherty Johnston

I help high performers land amazing jobs

10/16/19 at 12:03AM UTC

Yes-- we have always chosen to live below our means which is one of the main reasons I've been able to have some flexibility in my career and even launch my own business. When we first got married almost 12-years ago, my husband was in graduate school. We lived on my salary the first few years. When we became a two-income household, we kept our expenses low as if we were still living on one income.

Francesca Vanderwall

610

10/15/19 at 6:22PM UTC

I'd never hire myself as a financial advisor if I didn't have an emergency fund. ;-) But in all seriousness, yes, we do have one. It covers 6 months of expenses. We also have a vacation fund, a home improvement fund, and money going toward retirement. We had these in place when I still worked in corporate America and it's been the only way we can feel like we're making financial progress...when we were paying down our debt, it was critical that we didn't take two steps backwards with a home or car repair.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/15/19 at 8:54PM UTC

Good to know you practice what you preach! All those other funds are important as well because without them, the emergency fund can be doing double duty for things that aren't true emergencies.

Lisa Mutchler

10/12/19 at 3:24AM UTC

I appreciate you asking this as it made me really think about how long our cash will last us. It’s actually about 2 months which isn’t great but not as bad as I thought! Our top financial priority is getting out of a mountain of student loan debt but I’m comforted to know we would be okay for a bit if we lost some income.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/15/19 at 8:52PM UTC

Yes, so many times, we don't take a step back to really think about this. Even an hour a month would put so many of us further down the road of planning and prioritizing.

Dawn S. Cross

1.12k

Goals should scare a little & excite a lot

10/12/19 at 12:36AM UTC

Great conversation. While I do have a fund, I also live paycheck to paycheck, in theory. I make sure that I pay myself first (savings), then any bills, making sure to keep any credit card debt to a minimum. This practice came in handy at the beginning of the year. I was laid off and while I did receive a severance, I continued the same practice. By the time I found a new position (I took my time to find the right fit) which was 4 months in, I still had a good portion of my severance available. I have sense used that to increase my savings. I would suggest to everyone.... make sure to pay yourself first, no matter what it is, it is for you and your future.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/15/19 at 8:51PM UTC

Great advice - and wonderful to know that it worked for you when you needed it!

Nabila12

336

10/11/19 at 7:29PM UTC

I can’t help but interject how universal healthcare and even universal basic income would help so much with freedom, creativity, risk-taking, innovation, and security. Yes, there are many, many issues that would need to be resolved before either of these ideas could be implemented, but I think it is worth mentioning, especially as it would impact women as mothers, caretakers, and the longer-lived of our species.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/15/19 at 8:51PM UTC

Agreed. It's also critical that healthcare be available in an affordable manner as so many careers move into a freelance and less permanent space.

Flossy

1.98k

Client Solutions Consultant

10/11/19 at 12:56PM UTC

Absolutely, and when my husband was laid off and struggled to find a position for a year... it mattered. Luckily, I make good money and we really didn’t touch it too much beyond retraining education. We scaled back our life style. We are considering a huge move for quality of life and downsizing the cost of living in a very expensive part of the country .. I personally have hated for the 15 years we have been here do to his position he loved. This may mean we both will be out of work, by choice. Because we saved all our lives, we can take this leap if we choose. Paying yourself first is critical starting at age 18-21. It allows you to be in the drivers seat. He didn’t choose to retire but that’s basically what’s happened. The position he was able to find is 1/2 the money and over an hour commute away. “What should have been capstone earning years” poof! As women, we are more likely to be left responsible as the sole financially responsible person in our lives. Money is your friend. Learn how to make it fund your dreams and goals.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/11/19 at 2:44PM UTC

All great advice. You are the perfect example of how your financial security gives you freedom.

BansheeBailey

918

Former law firm accountant, now retired.

10/11/19 at 11:19AM UTC

I guess I do. The bulk of my money (from an inheritance) is in CDs, and I really don’t want to touch it, because it’s got to last possibly another 20-odd years. But I think I could liquidate one of them early on if I had to.

Erika Parker Price

1.07k

Ready Pause Go Podcast Host for Career Pausers

10/11/19 at 2:42PM UTC

Knowing that you have this cushion must be comforting . I would just double-check the liquidity of them to be sure.

BansheeBailey

918

Former law firm accountant, now retired.

10/15/19 at 10:25PM UTC

I have them staggered as to maturity dates from a period of one through six years. The plan is just to keep rolling them over.

BansheeBailey

918

Former law firm accountant, now retired.

10/11/19 at 7:16PM UTC

I think there’s a penalty of 360 days’ simple interest. That’s not too bad, since the interest rate is not very high.

Anonymous

10/10/19 at 9:44PM UTC

Great post that gets your wheels spinning. I am currently working on this myself. Spending habits make a difference then becoming disciplined about saving will come easier!