Ready for anything?

Most of us have, at one point or another, relied on an emergency fund to get out of a jam. You might feel you could get by without one, but as a financial advisor, I insist that emergency funds are essential.

If you put together an emergency fund, the rule of thumb is to save three to six months of expenses – the more, the better.

Some of life’s unexpected expenses (like car repairs or a pipe in your basement that unexpectedly bursts) may not disrupt your income directly. However, they can still deal a heavy blow to your finances. Therefore, how much you should keep in your emergency fund depends on your circumstances.

If you own a home or a vehicle, remember to budget for maintenance and repairs. Homes may require >>1-4% of their value for upkeep<<, and car repairs could >>cost over $1,900 annually<<, depending on vehicle usage.

Balancing an emergency fund, retirement savings, and personal goals might seem challenging.

The solution lies in crafting a budget that works for you. The 50/30/20 rule can be great – 50% of income for necessities, 30% for wants, and 20% for savings – but those formulas you see are a suggestion. They won’t always work for everyone.

That’s precisely why financial advisors exist: to help you not only create that plan, but implement it, too!

We take a look at your finances as a whole, including your…

● income

● expenses

● goals

● wants and needs

…to come up with a customized strategy that works for you.

Want to see how it all works? Start by booking a 15-minute consultation – my office is just a call away (330 836 7800), or you can get a spot on >>my calendar here.<<