More than half of Americans are not prepared for an income emergency. A sudden loss of income can turn us into a tail-spin if we are living from paycheck to paycheck. To get started, plan to have at least $1000 cash reserve in case of an emergency. To get started, take your income tax refund and place $1000 or more into your case reserve. Plan ahead by cutting your expenses such as credit card debt and refinance debt to make lower payments. Discipline is crucial to ensure you don’t risk loosing your home or apartment in the event of income loss. BE creative and try to live below your means and SAVE, SAVE, SAVE to create a buffer in the event of income loss.
http://www.moneytalksnews.com/how-prepare-for-and-deal-with-income-emergency/
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.