Wednesday, February 13, 2008

Create Your Own Emergency Fund...

For all you ladies out there, I recently saw something on Oprah that was a wake up call. This lady was in an abusive relationship, and her husband committed suicide. Three months before this, he cancelled his life insurance and quit paying on all their bills. She ended up with over $10,000 a month of bills, no income, as she hadn't had a job in 12 years, and 4 children under the age of 12. This included around $60,000 worth of credit card bills and $450,000 worth of mortgage and 'second line' of credit. Her husband refused to share the bills with her and that's how she ended up in that situation. Do you know how much credit card debt you have? Do you know how you would pay your bills in an emergency?

This lady had tried many times to 'get out' of the relationship, but couldn't because of her lack of an emergency savings fund.

Through the Oprah show, she received help from guru Suze Orman, and her book, which explains how to 'get out' if you should ever need to, is available until 7 pm PT on February 14th, 2008 free to download. It is available on Oprah.com.

Please consider downloading this and looking at it at some time in the near future. This is especially important for SAHM's, especially ones with large mortgages and credit card bills. This has nothing to do with your spouse, your love, or your relationship. It has to do with what would happen if, say suddenly you and your spouse were both out of work. Would you be able to pay your bills? Would you default on your mortgage?

I encourage you to give this matter some thought over the next 24 hours and download the book.

5 comments:

barnmouse said...

This is an excellent post. *thumbs up* (and Shadow gives four paws up)

Aoj & The Lurchers said...

Very good advice. You just never know when something will happen out of the blue.

Robinella said...

Great post. It's hard to think of just how this can happen, but I know it does everyday.

Joy T. said...

I was a fast learner growing up in the kind of home I did and I knew long ago to have a chequing account in my own name completely separate from my husband's and also credit cards in only my name completely separate from my husbands. He doesn't like it but it's been explained to him over and over again it's not about him. And I've taught my girls to do the same thing when the time comes and they get married. This is SO important, good for you for writing a post on it!

Beccy said...

Great point, I know about our bills because I pay them and keep an eye on our accounts as hubby has no interest in that side of things.