How to Bulletproof Your Emergency Fund

The Rachel Cruze Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.8 • 3.6K Ratings

🗓️ 17 February 2020

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

This is the third episode in my series covering the Ramsey Baby Steps, and I’m going to be real with you: Baby Step 3 is hard. As you save up three to six months of expenses for your emergency fund, there aren’t any quick wins or milestones. But it’s your last big sprint before you finally get to build wealth and give like no one else, so I’m here to keep you motivated! In this episode of The Rachel Cruze Show, you’ll learn: 3 keys to having a bulletproof emergency fund How to find cold hard cash in your freezer A money tendency I used to be really immature about Sponsors pay the producer of this show, The Lampo Group, LLC, advertising fees for mentioning their services or products during programming. Advertising fees are not based upon or otherwise tied to any product sale or business transacted between any consumer or sponsor. The following sponsors have paid for the programming you are viewing: — Zander Insurance Resources (everything mentioned in this episode): Zander Insurance Financial Peace University

Transcript

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0:00.0	We had about close to $100,000 in debt.
0:04.6	When you take that mindset of knowing that you can spend within your limit,
0:08.4	then you can have the patience to really save money.
0:12.0	Once we started paying things off, then we can see a lie at the end of the tunnel.
0:16.0	What's your why? What keeps you doing this?
0:18.8	To see your savings account grow, it's such a secure feeling that knowing if something happens,
0:24.1	the cover.
0:25.7	Hey, everyone. Welcome to another episode of The Rachel Crew Show podcast.
0:29.9	I am so glad that you're here.
0:31.5	And I'm really excited about today's episode because today we are in part three of our series,
0:37.3	which is Baby Step Three. So what is Baby Step Three? Well, first, let's review one and two.
0:42.4	So Baby Step One is getting a $1,000 starter emergency fund saved in the bank.
0:47.9	Baby Step Two is getting completely out of debt, except for your house using the debt snowball.
0:53.3	And Baby Step Three is having three to six months of expenses in the bank.
0:57.1	And we want you to get to this point where you care more about savings than stuff.
1:02.0	So in today's episode, I'm going to tell you how to bullet proof your emergency funds,
1:06.0	and we're going to talk to a super motivating couple who is currently in the step
1:10.5	and staying the course because I want you to do that too. So here's today's episode.
1:17.4	Let's be honest, though. Baby Step Three, it's hard.
1:20.9	Yes, because when you're getting out of debt, you're getting all these quick wins,
1:23.6	you're hitting milestones, and you're like, yes, the celebration continues.
1:28.3	But building up your emergency fund can make you kind of feel like,
	...

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