The Amazing Race to Financial Security

The Amazing Race... TO Financial Security In today's economy, everyone should have a 6-month emergency fund saved up, but it can be tough if you're already on a tight budget or worse, living paycheck to paycheck. Here are several ways you can cut back to put you and your family on the path to financial peace of mind. The infographic is based on a family of four, with monthly take home pay of $5,000. You can take the slow and steady tortoise approach or sprint to the finish line like a hare. The goal is to get to an emergency fund of $18,000 to cover expenses for six months ($3,000 a month) without tapping into your retirement fund. Just remember, if you decide to go for speed, don't burn yourself out and not finish the race! Entertainment 401k Savings Mortgage/Rent* COST: $1800 Monthly Necessities/Utilities COST: $600 Food COST: $1000 COST: $400 COST: $600 COST: $600 Monthly Expenses Sell Stuff • Rent instead of going Reduce utilities usage • Eat out less • Cut back on coffee, to movies • Reduce shopping trips • Put off that vacation Bundle communications • Savings Employers usually match 3-6%, keep contributing Tortoise Pace (12-month savings plan) ice cream, etc. •Take advantage of restaurant promotions Total Monthly Savings: $1,500 services MONTHLY SAVINGS: $600 • Carpool • Don't worry, you can still keep your old toys 6-MONTH SAVINGS: $3600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Total 6-Month Savings: $9,000 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 • Refinance mortgage Rent out rooms • Find new apartment • Don't rent movies, use the library • Attend free events/parks • Family game night • Savings • Bundle insurance policies • Restructure debt • Don't eat out at all • Shop with coupons • Shop in bulk • Garage Sale • eBay Total Monthly Savings: $3.000 Hare Pace MONTHLY SAVINGS: $600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Keep contributing! payments • Cut luxuries (le. Cable TV) 6-MONTH SAVINGS: $3600 (6-month savings plan) MONTHLY SAVINGS: $100 MONTHLY SAVINGS: $1000 6-MONTH SAVINGS: $6000 Total 6-Month Savings: $18,000 MONTHLY SAVINGS: $400 MONTHLY SAVINGS: $400 6-MONTH SAVINGS: $2400 6-MONTH SAVINGS: $600 6-MONTH SAVINGS: $2400 *Rule of thumb: Home payments should not exceed 28% of your gross income SGoBankingRates.com The Amazing Race... TO Financial Security In today's economy, everyone should have a 6-month emergency fund saved up, but it can be tough if you're already on a tight budget or worse, living paycheck to paycheck. Here are several ways you can cut back to put you and your family on the path to financial peace of mind. The infographic is based on a family of four, with monthly take home pay of $5,000. You can take the slow and steady tortoise approach or sprint to the finish line like a hare. The goal is to get to an emergency fund of $18,000 to cover expenses for six months ($3,000 a month) without tapping into your retirement fund. Just remember, if you decide to go for speed, don't burn yourself out and not finish the race! Entertainment 401k Savings Mortgage/Rent* COST: $1800 Monthly Necessities/Utilities COST: $600 Food COST: $1000 COST: $400 COST: $600 COST: $600 Monthly Expenses Sell Stuff • Rent instead of going Reduce utilities usage • Eat out less • Cut back on coffee, to movies • Reduce shopping trips • Put off that vacation Bundle communications • Savings Employers usually match 3-6%, keep contributing Tortoise Pace (12-month savings plan) ice cream, etc. •Take advantage of restaurant promotions Total Monthly Savings: $1,500 services MONTHLY SAVINGS: $600 • Carpool • Don't worry, you can still keep your old toys 6-MONTH SAVINGS: $3600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Total 6-Month Savings: $9,000 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 • Refinance mortgage Rent out rooms • Find new apartment • Don't rent movies, use the library • Attend free events/parks • Family game night • Savings • Bundle insurance policies • Restructure debt • Don't eat out at all • Shop with coupons • Shop in bulk • Garage Sale • eBay Total Monthly Savings: $3.000 Hare Pace MONTHLY SAVINGS: $600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Keep contributing! payments • Cut luxuries (le. Cable TV) 6-MONTH SAVINGS: $3600 (6-month savings plan) MONTHLY SAVINGS: $100 MONTHLY SAVINGS: $1000 6-MONTH SAVINGS: $6000 Total 6-Month Savings: $18,000 MONTHLY SAVINGS: $400 MONTHLY SAVINGS: $400 6-MONTH SAVINGS: $2400 6-MONTH SAVINGS: $600 6-MONTH SAVINGS: $2400 *Rule of thumb: Home payments should not exceed 28% of your gross income SGoBankingRates.com The Amazing Race... TO Financial Security In today's economy, everyone should have a 6-month emergency fund saved up, but it can be tough if you're already on a tight budget or worse, living paycheck to paycheck. Here are several ways you can cut back to put you and your family on the path to financial peace of mind. The infographic is based on a family of four, with monthly take home pay of $5,000. You can take the slow and steady tortoise approach or sprint to the finish line like a hare. The goal is to get to an emergency fund of $18,000 to cover expenses for six months ($3,000 a month) without tapping into your retirement fund. Just remember, if you decide to go for speed, don't burn yourself out and not finish the race! Entertainment 401k Savings Mortgage/Rent* COST: $1800 Monthly Necessities/Utilities COST: $600 Food COST: $1000 COST: $400 COST: $600 COST: $600 Monthly Expenses Sell Stuff • Rent instead of going Reduce utilities usage • Eat out less • Cut back on coffee, to movies • Reduce shopping trips • Put off that vacation Bundle communications • Savings Employers usually match 3-6%, keep contributing Tortoise Pace (12-month savings plan) ice cream, etc. •Take advantage of restaurant promotions Total Monthly Savings: $1,500 services MONTHLY SAVINGS: $600 • Carpool • Don't worry, you can still keep your old toys 6-MONTH SAVINGS: $3600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Total 6-Month Savings: $9,000 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 • Refinance mortgage Rent out rooms • Find new apartment • Don't rent movies, use the library • Attend free events/parks • Family game night • Savings • Bundle insurance policies • Restructure debt • Don't eat out at all • Shop with coupons • Shop in bulk • Garage Sale • eBay Total Monthly Savings: $3.000 Hare Pace MONTHLY SAVINGS: $600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Keep contributing! payments • Cut luxuries (le. Cable TV) 6-MONTH SAVINGS: $3600 (6-month savings plan) MONTHLY SAVINGS: $100 MONTHLY SAVINGS: $1000 6-MONTH SAVINGS: $6000 Total 6-Month Savings: $18,000 MONTHLY SAVINGS: $400 MONTHLY SAVINGS: $400 6-MONTH SAVINGS: $2400 6-MONTH SAVINGS: $600 6-MONTH SAVINGS: $2400 *Rule of thumb: Home payments should not exceed 28% of your gross income SGoBankingRates.com The Amazing Race... TO Financial Security In today's economy, everyone should have a 6-month emergency fund saved up, but it can be tough if you're already on a tight budget or worse, living paycheck to paycheck. Here are several ways you can cut back to put you and your family on the path to financial peace of mind. The infographic is based on a family of four, with monthly take home pay of $5,000. You can take the slow and steady tortoise approach or sprint to the finish line like a hare. The goal is to get to an emergency fund of $18,000 to cover expenses for six months ($3,000 a month) without tapping into your retirement fund. Just remember, if you decide to go for speed, don't burn yourself out and not finish the race! Entertainment 401k Savings Mortgage/Rent* COST: $1800 Monthly Necessities/Utilities COST: $600 Food COST: $1000 COST: $400 COST: $600 COST: $600 Monthly Expenses Sell Stuff • Rent instead of going Reduce utilities usage • Eat out less • Cut back on coffee, to movies • Reduce shopping trips • Put off that vacation Bundle communications • Savings Employers usually match 3-6%, keep contributing Tortoise Pace (12-month savings plan) ice cream, etc. •Take advantage of restaurant promotions Total Monthly Savings: $1,500 services MONTHLY SAVINGS: $600 • Carpool • Don't worry, you can still keep your old toys 6-MONTH SAVINGS: $3600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Total 6-Month Savings: $9,000 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 MONTHLY SAVINGS: $200 6-MONTH SAVINGS: $1200 • Refinance mortgage Rent out rooms • Find new apartment • Don't rent movies, use the library • Attend free events/parks • Family game night • Savings • Bundle insurance policies • Restructure debt • Don't eat out at all • Shop with coupons • Shop in bulk • Garage Sale • eBay Total Monthly Savings: $3.000 Hare Pace MONTHLY SAVINGS: $600 MONTHLY SAVINGS: $500 6-MONTH SAVINGS: $3000 Keep contributing! payments • Cut luxuries (le. Cable TV) 6-MONTH SAVINGS: $3600 (6-month savings plan) MONTHLY SAVINGS: $100 MONTHLY SAVINGS: $1000 6-MONTH SAVINGS: $6000 Total 6-Month Savings: $18,000 MONTHLY SAVINGS: $400 MONTHLY SAVINGS: $400 6-MONTH SAVINGS: $2400 6-MONTH SAVINGS: $600 6-MONTH SAVINGS: $2400 *Rule of thumb: Home payments should not exceed 28% of your gross income SGoBankingRates.com