May 21, 2020
We know we need an emergency fund, but how can we do that in the middle of the coronavirus crisis? Today we’ll share the strategies you can use now to get a jumpstart on saving!
How to Save Money
Right now many states are opening up, but we’re still encouraged to stay home as much as possible.
And that’s most likely affected you on several levels, including your finances.
Last episode, we discussed steps you can take to shore up your budget and handle the bills when you’re dealing with a job loss or significantly reduced hours.
This week, we’re switching gears and digging into one of the fundamental things you need to have – savings.
We’ve heard it so many times, we need to have an emergency fund. Now it’s really both a necessity with routines, work schedules, and budgets being in flux for at least the next few months.
But can you save and build up your financial cushion during a time like this? How can you create a plan when you’ve been thrown into the middle of all this?
On the podcast, I have Jeff Anzalone from Debt Free Doc here to share how he and his wife got to that point.
As you just heard in the teaser, when he first started things, they looked like a mess. The job he had planned on taking fell through. So here he was dealing with a massive amount of debt, no job, and a wife and baby to take care of.
So in this interview, we’ll get into how they came up with a plan quickly. We’ll also get into not just the process he used to get out of debt, but what changes they had to make with their budget and more to start building savings and more.
We also have Joe Mecca from Coastal back on the podcast. He’s a natural saver so he is sharing tips on how to make the process easier and less stressful.
In this episode we’ll get into:
- Why and how much you need to save
- Creating a plan on the fly
- Ways you can build up that financial cushion ASAP
Let’s get started!
Resources to Easily Stay on Top of Your Money
Here are some resources we mentioned in the episode as well as some other handy articles to check out:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint, Honeyfi
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- Your Money: A Hub for Help During the Coronavirus Crisis via The NY Times
- COVID-19 Financial Relief Info for Those Impacted via @ I Heart Budgets
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
We’ve been Coastal members for a few years have been happy with their services.
If you’re a member and you’ve been financially affected by the coronavirus, Coastal has a member assistance program to ease the burden.
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Music Credit
Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere and Audiio.