Latest news with #emergencyfund

How To Go From Zero To Client In Less Than 24 Hours

Forbes

6 hours ago

Business
Forbes

How To Go From Zero To Client In Less Than 24 Hours

We've all encountered those moments where a financial emergency strikes and we need a few hundred dollars immediately to cover an unexpected bill, medical fees, repair, or other urgent expense, like a loan or debt repayment. Whatever the reason, when a financial emergency calls, it's easy to get anxious and overwhelmed, especially if you're out of work or employed with a fixed salary by an employer who has no intentions of increasing your pay anytime soon. And to be frank, no doubt, your browser history is filled with multiple Google searches like 'how to make money quickly,' 'how to make money fast,' 'how to make $100 in a day,' etc. But as much as survey websites and mystery shopper sites and other quick money and scam sites may promise or guarantee your first $100 within a day, deep down, you know that isn't true. There's no legitimate way to make money overnight. Definitely not a few hundred dollars. Getting rich quick is a fable, and you know it. So, why is this article titled, How to Go from Zero to Client in Less Than 24 Hours? The reason is because although you can't make money overnight, you technically can if you already have the right systems in place. If you're the casualty of a round of layoffs, broke, or stuck in overthinking mode, you can quickly create a system which allows you to land a client fast at the times when you most need the money. By the term 'systems,' this means you need to have strong networking skills and an online presence. This doesn't necessarily mean that you have millions or even thousands of followers, but what it does mean is that you create a memorable brand that sticks online, and you've developed some reputation for caring genuinely about people and their needs, not just the business they can bring you. Having a system means that you have a solid, clear, undeniable offer statement in place, and a service or product with a quick turnaround in an in-demand area. These elements as your foundation will enable you to go from having zero in your bank account to having $100, $200, or several hundred dollars in your bank account within the next 24 hours. Let's break this down into steps: When deciding to launch a business, start freelancing, or grow a side hustle, we often overcomplicate things because we assume that we need something big and grand to get going. No, you do not. All you need is to use a simple skill that you already have to solve a highly specific problem that has a large enough audience for it to be in demand. Identify the one thing that you're naturally good at and connect it with a pain point in your target audience. It doesn't need to be your life's calling or something you do for the long term, but it can be something that you use to tie you over when finances are tight or in between jobs. To create your clear offer statement, you can say something like, I can help you achieve XXX so you don't have to struggle with XXX . The first part of this statement needs to be results-driven. Examples: resume revamp, video editing for Instagram and TikTok, email marketing sequences for solopreneurs in specific industries Why rewrite the script and start from scratch when you could use what already exists? Instead of making life harder, building a brand new website and expecting people to view it and buy your offer in 24 hours, utilize the sites where traffic already naturally flows. Go where there is a proven ecosystem, like Nextdoor, Upwork, Fiverr, Facebook groups, and LinkedIn Services. This enables you to start quickly and gather proof that your idea actually works, before committing to establishing a long-term platform. Instead of charging excessively at this point, your goal is to play modest with your offer's price, but overdeliver with the results. This is why it's essential to pick a very quick-and-easy-to-deliver service, because it allows you to complete relatively quickly, while giving you room to add more value and increase the quality of your output. When you overdeliver and surprise your client, especially within a short time-frame, this leads to them wanting to work with you again in the future. But more than this, you establish a portfolio rapidly, and they're more likely to give you a glowing testimonial or review at the end. This makes it ten times easier for you to secure your next client, because you have proof of work, and evidence that what you say you do, actually does as advertized. This is how you approach making money and boosting your salary in 2025. Not with sham sites that sound too good to be true or reward you with peanuts for hours of work, but with a simple skill, delivered exceptionally well, packaged in an unbeatable, concise offer, and promoted where your audience is already actively shopping for it.

Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund

Yahoo

a day ago

Business
Yahoo

Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund

For years, the personal finance rule of thumb has been to have an emergency fund replete with three to six months' worth of living expenses. This isn't a bad rule considering that it's savvy to keep your cash holdings low so that you can maximize investments, but often an emergency fund this size just isn't big enough. Find Out: Read Next: Some financial experts, including Suze Orman, Ramit Sethi and Elaine King of Family and Money Matters Institute, think you need a 12-month emergency fund. This may sound excessive, but consider the following reasons why, in 2025, this is a good amount to keep at the ready in a high-yield savings account (HYSA). Some industries are more volatile than others. The technology sector, for example, is shaping up to be increasingly unstable, with mass layoffs frequently sweeping the field. The automotive sector is also rocky, as is the travel sector. Competition for these jobs is getting fiercer as corporations cut costs. So, you may need a lot longer than three months to replace your job if you work in these fields. Explore More: If your family relies on you in full to keep them sheltered, clothed, fed and so on, you're all going to be in for an incredibly tough time should you lose even some of your income. An ample cushion in the form of a 12-month emergency fund could literally prevent you from falling into credit card debt as you work to get back on your feet. Every seasoned freelancer is familiar with those one or two clients who provide them a ton of work. Perhaps these clients have you on a monthly retainer, or maybe they pop up on a seasonal basis and flood you with the bulk of your annual income. And every seasoned freelancer also knows the impact of losing such a client. Nothing is forever, especially not in contract work. Freelancers don't get severances or access to Cobra health plans. They need a plush emergency fund in the likely event that their major payday falls through. When a recession strikes, all bets are off. Though the economy inevitably rebounds, there's no crystal ball that tells us when it will. There is always massive job loss and consequently weakened consumer spending which only leads to more job loss as companies struggle to stay afloat. If you're one of the many employment casualties, you'll want a plentiful emergency fund to ride out the storm. On average, people find a new job after five months of searching — but keep in mind, that's the average. There are many horror stories featuring people with strong resumes who've spent a year-plus job hunting after a layoff. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

CTV News

2 days ago

Business
CTV News

Tips on how to build an emergency fund

We give you the top 5 things you can do now to set up an emergency fund. Setting aside money for unexpected expenses is an important way to protect your financial stability and to have peace of mind. An emergency fund is a cash reserve that is specifically set aside for when unplanned or unexpected financial emergencies arise. Whether it be a broken cell phone, car accident or loss of income, setting up an emergency fund will help keep you stay comfortably afloat without having to go into debt. 'It's not if you need it, it's when,' said Ottawa financial advisor Mitch McLean. A 2024 Angus Reid survey found that the majority of Canadians under 55 can not handle an unexpected expense of more than $1,000, making financial literacy all the more important. While there are different strategies for how to get started, CTV Morning Live spoke with McLean to provide tips on where to begin. Set up a separate account from your chequing account McLean says you should begin by opening a separate bank account for your emergency fund from your day-to-day chequing acount. 'Keep it separate. A chequing account is for daily activities, like paying bills,' Mclean said. Having your emergency fund in a separate account will help you not be tempted to spend it on non-essential costs. Automate it Setting up automatic payments on a biweekly or monthly basis is a helpful way to save consistently overtime. Most banking institutions allow customers to set up recurring transfers through bank accounts to move money from chequing or savings accounts. 'If you can automate it, you can set it and forget it,' Mclean said. He adds that creating any savings account is created by 'good habits,' requiring consistent discipline to see it build overtime. Yes, only use it for emergencies While sometimes tempting to dip into your savings from day-to-day expenses, it's important to maintain discipline to see that fund grow, Mclean said. 'Once you dip into it, make sure to replenish it,' he said. Set minimums and maximums Mclean recommends knowing the lowest amount you want to see in the fund and to also know when to stop contributing. 'You should probably have two months of household bills. That would be your minimum,' he said. But contributing too much to your account can also become an opportunity cost, he said. Many financial advisors recommend keeping between three to six months of living expenses, though this can vary depending on individual circumstances.

Visitlex Highlights the Power of Daily Expense Tracking in Avoiding Financial Crises

Globe and Mail

3 days ago

Business
Globe and Mail

Visitlex Highlights the Power of Daily Expense Tracking in Avoiding Financial Crises

Imagine needing to fix your car or pay for a medical emergency and realizing you don't have the money. You're not alone. A U.S. News survey found that 42% of Americans don't have an emergency fund, and nearly 40% would struggle with a $1,000 unexpected expense. Even among high-income earners, financial stress is growing. Some Americans consider that just $250 could make the difference in paying groceries or utility bills. Many problems with money happen because people don't track their spending. Without knowing where your money is going, it's easy to overspend and leave yourself vulnerable to financial emergencies. Tracking your daily expenses helps you take control, reduce debt, and build financial security. Let's explore why it matters and how to do it effectively. Why is Tracking Your Expenses Throughout the Month Important? Keeping track of every monthly expense gives you a clear picture of where your money goes. You see your cash flow in real-time when you record each payment—your morning coffee, a streaming service fee you overlooked, or a $255 online cash advance you used for an unexpected medical bill. This detail shows which costs are necessary and which ones you can trim before they create overdraft charges or high credit card balances. Regular checks also highlight patterns soon enough to make changes. If you notice that your grocery spending is already three-quarters of the monthly limit by mid-month, you still have time to adjust your meal plan instead of overshooting the budget. Reviewing expenses against your planned amounts helps you set practical limits for areas like entertainment or transport. Reliable day-by-day data supports bigger goals, such as building savings, reducing debt, or increasing retirement contributions. You can only redirect money when you know exactly how you spend it. Tracking expenses each month is not busywork; it is a straightforward way to keep daily decisions in line with your long-term financial plans. What Will Tracking Expenses Help You Do? Even if you don't see the benefits in the short term, they show over time, and you'll find out how to: Identify Spending Patterns Many people underestimate how much they spend on small purchases. A few dollars here and there can quickly add up. By tracking your expenses, you can recognize patterns, such as spending on drinks at a local coffee shop, subscriptions, or impulse buys. Set Realistic Budgets Budgeting without knowing how much you spend is like dieting without checking what you eat. Tracking your money allows you to set a budget that reflects your real expenses rather than just rough estimates. Avoid Debt Overspending leads to credit card debt, personal loans, or payday loans. When you track expenses, you can identify problem areas and reduce your expenses before you get into financial trouble. Save More If you're wondering why you can't save money, tracking your expenses will reveal the answer. Once you see where your money goes, shifting some of that spending toward savings or investments is easier. Common Financial Pitfalls That Lead to Emergencies Many financial emergencies happen because of poor money management. Here are some common mistakes that cause stress: Impulse buying. Making unplanned purchases leads to unnecessary expenses. Living beyond your means. If your lifestyle is too expensive for your income, you'll eventually face problems. Ignoring small expenses. A $5 croissant daily adds up to over $1,800 a year. Not having an emergency fund. Without savings, even small setbacks can turn into financial crises. How to Track Your Spending Effectively Here are several tips on how you can monitor your budget and save money in the long term: Use Special Apps Many budgeting apps make expense tracking easy. Some of the best include: Mint – Connects to your bank accounts and categorizes spending automatically. YNAB – Helps you plan every dollar to avoid overspending. Personal Capital – Tracks both spending and investments. Keep a Spending Journal If you prefer a manual approach, write down everything you spend. This will make you more aware of your purchases and help you control unnecessary spending. Review Bank Statements Check your bank statements regularly to see patterns in your spending. Look for subscription services you forgot about, random charges, or trends that need adjusting. Set Alerts Banks and credit cards allow you to set up alerts for purchases or low balances. This can help prevent overdrafts and fees. Budgeting Methods to Stay on Track Choose the option that better fits your financial needs: 50/30/20 Rule This simple method divides your income into three categories: 50% for needs. Rent, groceries, utilities, insurance. 30% for wants. Dining out, entertainment, hobbies. 20% for savings and debt. Emergency fund, retirement, and paying off loans. Zero-Based Budgeting With this method, every dollar is assigned a purpose. Your income minus expenses should equal zero, ensuring that all money is spent wisely or saved. Envelope System Use cash-filled envelopes for different expense categories. When an envelope is empty, you can't spend more in that category. This is great for people who tend to overspend. Cutting Unnecessary Expenses Without Sacrificing Comfort Making small changes can free up extra cash without making life difficult. Cooking at home instead of dining out can lead to significant savings. Canceling unused subscriptions is another effective way to cut costs, as many people continue paying for services they rarely use. Coupons and cashback apps like Rakuten and Honey can help save money on everyday purchases. Shopping smarter by planning grocery trips and avoiding impulse buys can prevent unnecessary spending. Why Emergency Funds are Important for Your Financial Stability? An emergency fund is essential for preventing financial crises by covering unexpected expenses such as medical bills or car repairs. Having one ensures you don't rely on credit cards or loans in emergencies, reducing financial stress by providing a safety net. It also helps you stay on track with your budget. You should save enough to cover three to six months' living expenses. Start by setting aside small amounts and gradually build your fund over time. Build Long-Term Financial Security Through Smart Money Management If you want to avoid stress, make money management a habit. Here's how: Keep learning. Read books, take online courses, or listen to finance podcasts. Set financial goals. Short-term (pay off debt) and long-term (buy a house, retire comfortably). Review your budget regularly. Adjust it as needed based on changes in income or expenses. Automate savings. Set up automatic transfers to your emergency fund or retirement account. Bottom Line Keeping track of your daily expenses might seem small, but it can save you from big financial headaches. When you know where your money goes, you can spot problems early, cut unnecessary costs, and build a safety net for emergencies. It's not about giving up everything fun. It's about being smart with your cash. A simple habit like tracking your spending can help you stay in control, avoid debt, and reduce stress. So, grab a notebook, use an app, or check your bank statements regularly. A little effort today can keep your finances strong and secure for the future. Media Contact Company Name: Visitlex Contact Person: James Smith Email: Send Email City: New York Country: United States Website: