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MartinL_PFP3366_Asgmt2

MartinL_PFP3366_Asgmt2 - Leanne Martin PFP 3366-Managing...

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Leanne Martin PFP 3366-Managing Risk Prof. Benjamin Cummings 7 February 2011 Unit 2 Assignment Part I – Emergency Funds (roughly 4.5pts possible per bullet) Drawing from the readings this week, which idea(s) for building an emergency fund have you implemented? One idea I have already used is charting my expenses. My husband and I use an Excel spreadsheet to chart our income and expenditures. We rarely use cash and hate to use our debit card for small purchases because we know we will have to place it in our budget and check register. We make sure our budget, check register, and bank account matches daily. This helps us see trends like spending too much on groceries, eating out, and utilities. We know where the money goes and where our problem areas are. We also do a monthly savings deduction into a separate account we don’t see. (Don’t look, Don’t touch) We also put our tax refund directly into a savings account. If you haven’t yet started an emergency fund, what ideas are you most likely to try? There are some additional things I can do to make our fund bigger. I like the idea of making payments to yourself when you complete a loan note. Usually we increase our spending budget when we pay off a loan. We can put the payment into an automatic payment to ourselves.
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