The one thing you must do this week financially

If you don’t already have a buffer fund or an emergency fund, please get one this week. Few things have the power of an emergency fund, and this is a step you can take financially in minutes. Today, determine one thing you can give up this week – maybe you can rent a movie or borrow one from the library. Maybe for one week, you can avoid dining out, getting fast food, or entertainment costs. Put the money you save into your emergency fund.

Today, call your bank and find out how to establish a savings account. Look for a savings account that has a low monthly fee. Some banks offer online accounts which are less expensive than many traditional accounts. Ask your bank whether they offer you the option of rounding up purchases you make on your debt card purchases and depositing the difference in your savings account. If your bank offers this service, sign up for it. It’s a great way to build up your savings account without missing the money. While you’re talking to your bank, ask them about their interest. Look for the highest interest savings account you can. Now, commit to adding to your emergency or buffer fund each month, even if you can only contribute a small amount some months.…

Financial resources you need to have

Resources are tools that can help you keep track of your finances and can help you get out of financial problems fast. In addition to checking out our suggested resources, you will want to have these resources on hand:

Financial resources you need to have

1) An emergency fund. This is hands-down your most important financial resource. Having an emergency fund ensures that in case of an emergency you have the cash you need without turning to a cash loan or payday advance.

2) All your emergency documents in one place (a safe, preferably). The agreement you have signed with your bank, the deed (or lease) for your home, your insurance documents, your bank statements, your income tax returns, and other financial documents should be stored safely in your home in a safe or in a bank in a deposit box.

3) Financial emergency numbers. In your home and wallet, you should have a list of numbers you can call in an emergency. These should include the numbers you call in case your credit cards are stolen, someone you can call if you need an emergency personal loans, and other important numbers.

4) A written financial emergency plan. You should have a written financial plan, outlining step by step what you need to do in case you lose your job, are suddenly unable to work, or sustain a huge debt in some other way. A written plan lets you start taking the right steps at once.…