Robert A. Imparato, Jr CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

Craig A. Hyldahl CFP®

CERTIFIED FINANCIAL PLANNER™ professional


R.I.C.H. Planning Group, LLC

90 Woodbridge Center Drive, Woodbridge, NJ 07095


Robert:  732-326-5240

Craig: 732-326-5240

Fax: 732-326-5331 


Robert: robert@richplanninggroup.com

Craig: craig@richplanninggroup.com

Website: www.richplanninggroup.com

September/October 2019

Building an Emergency Fund

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When the government partially shut down last January, we learned that many Americans didn’t have even one paycheck’s worth of savings to tide them over. Having an emergency fund is essential to help ensure funds are available when unexpected financial hardships occur.


Put It in Writing
For many people, writing it down makes saving money for an emergency fund real, not theoretical. Talk with your loved ones to discuss how much you need and solicit ways to find the extra dollars that can add up over time. Make a chart and track how much you’re able to save each month toward your goal.


Show Me the Money
Whether part-time gigging or selling unwanted items via the Internet or smartphone apps, you can potentially increase your disposable income — and your emergency funds — quickly. Same thing goes for raises and bonuses from work. Keep your car an extra year or two to go without monthly car payments. Keep your phone, too, with new smartphone prices soaring.


Make Small Sacrifices
Passing on one $5 designer latte, one $10 lunch and one $75 dinner every two weeks are other ways to help increase your funds quickly.


Make Bigger Sacrifices
Still looking for free money to increase your emergency funds? Maybe you need to free it up by first creating a budget that includes your income and itemized expenses. Little adjustments add up. Scour your phone and cable bills to eliminate unneeded services. Study your clothes and grocery bills to find additional savings. Write down every dime you spend to get the best idea of where your money goes.

GE-2441510a (04/19)(Exp. 04/21)


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Securities offered through AXA Advisors, LLC (212-314-4600), member FINRA/SIPC. Investment advisory products amd services offered through AXA Advisors, LLC, an investment advisor registered with the SEC. Annuity and insurance products offered through AXA Network, LLC and its insurance agency subsidiaries. AXA Network, LLC does business in California as AXA Network Insurance Agency of California, LLC and, in Utah, AXA Network Insurance Agency of Utah, LLC. AXA Advisors and its affiliates do not provide tax or legal advice. CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
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