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Janesville financial planners can develop a plan for you to prepare yourself for an emergency in Janesville. Emergency funds are to be used for expenses that are unforeseen and are usually pretty expensive, like a broken water heater in your Wisconsin home. Without one, you could find yourself reaching for the credit cards to pay for an unexpected expense with negative effects on your financial health.

Starting an Emergency Fund

All planners can tell you that emergencies are never anticipated and thats exactly why they are called emergencies. Even though you don't see them coming, you still need to be prepared. Having a reserve of accessible cash can spell the difference between surviving an emergency or succumbing to one.

Unexpected events, like a losing your job in WI or a death in the family, can spell disaster if you aren't prepared. Many of life's unexpected twists, like a sudden move for a new job, even if its within the state of WI, come at a great financial expense. Your Janesville financial planner will encourage you to shore up some cash to prepare yourself for such an event.

Speak to a Janesville financial planner to determine a long term plan for your emergency fund. Take a look at your monthly expenses with your Wisconsin financial professional, both fixed, such as your mortgage, and fluid, like your utilities in Janesville. Financial planners will advise that your goal should be to eventually amass enough money to pay your expenses for six to eight months.

How much your emergency fund should contain is personal and based on a number of factors such as income, debt, monthly expenses and what's left over. Go over your debts, income and other contributing factors with your Janesville financial planner to figure out how much you should have saved. Start small and build up your reserves so that building your emergency fund doesn't cause its own emergency.

A good rule of thumb for starting an emergency fund is to start with a relatively small amount that is comfortable for you. Starting with $1,000 in your emergency fund will allow you a good cushion for unexpected expenses without throwing off your finances completely. If you have debt, barring the mortgage for your WI home, work to pay that off at the same time you are saving that initial $1,000.

Once you have your $1,000 fund established and your debt paid off, pay another visit to the Janesville financial planners. Its now time to refine your plan. Together with your Janesville financial planner, you can develop a plan to reach a savings of three to six months worth of expenses. From there, you can build up to a reserve of cash large enough to cover six to eight months worth of mortgage payments on your Janesville home and other monthly expenditures.

Where to Put It

When deciding where to keep your emergency fund, turn to your Janesville financial planner for advice. You want your emergency fund to be accessible but not too accessible. After all, this money is earmarked for emergencies and not for a new pair of shoes or a nice vacation. The Janesville financial planners that you consult may recommend you keep your fund in a money market account or in a separate savings account at your Janesville bank branch.

Some female financial planners in Janesville may advise you to create separate savings accounts for separate purposes. In addition to your emergency fund, you and the planners that you work with may want to create a savings account that is meant to be spent. Separating your finances into your checking account for everyday purchases, a savings account for spending on expenses that are necessary but can be planned for and an emergency fund for unexpected expenses can keep you from turning to credit cards.

Some expenses, like car repairs, vacations and clothing, are necessary but come with some warning. Saving for these expenditures separately will keep you from dipping into your emergency fund. Financial planners in Janesville can help you come up with a list of planned expenses and help you decided where to keep the different funds.

When deciding where to keep your separate savings accounts, ask planner for tips on accounts that earn interest but don't charge fees. Your money should be working for you. You should be able to get money when you need but not necessarily when you want it. Having the money to handle most anything life throws at you will give you peace of mind and will encourage you to keep on saving.

Financial planners in Wisconsin will always recommend that you have savings. Having multiple savings accounts for expenses both anticipated and not will help to keep you in the black. Janesville financial planners can help you get there.

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Financial Planners in Janesville

Matt Cuplin, CFP CERTIFIED FINANCIAL PLANNER™
Matt Cuplin, CFP CERTIFIED FINANCIAL PLANNER™
1806 Seminole Highway
Madison, WI 53711

Dean Hessler
Dean Hessler
2501 West Beltline Highway Suite 103
Madison, WI 53713

Todd Rendler
Todd Rendler
625 Water Street, Suite 105
Prairie Du Sac, WI 53597

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