>>>
>>> IF
>>> IF THE PANDEMIC HAS TAUGHT US ANYTHING IS IF EVEN IF YOU
HAVE A STABLE JOB FINANCIAL
EMERGENCIES CAN STILL HAPPEN.
>> THAT'S WHEN HAVING A LITTLE
MONEY STASHED AWAY CAN REALLY
BE CRUCIAL.
BE CRUCIAL. IS THERE A RIGHT WAY TO START A
RAINY DAY FUND.
THAT'S WHY I TALKED TO
FINANCIAL COACH TORY DUNLAP TO
FIND OUT.
FIND OUT.
FIND OUT. >> IT'S A PRETTY GOOD
CONVERSATION EMERGENCY FUNDS
THAT PEOPLE I'M SURE WERE
HOPING THEY HAD A YEAR AGO.
BUT YOU'RE SAYING IT'S OKAY.
>> YEAH, THE THING ABOUT
EMERGENCY FUNDS IS THEY'RE
IMPORTANT WHEN YOU NEED THEM
AND IF YOU DONE HAVE THEM IT'S
OKAY IT'S NEVER A BAD TIME TO
START.
START.
START. SO
START. SO WE HEAR A LOT OF PERSONAL
FINANCE EXPERTS TELL US THAT
DEBT IS A PRIORITY.
I FEEL THAT YOU NEED TO HAVE A
SAVINGS , NEED TO HAVE A
EMERGENCY FUND BEFORE YOU START
PAYING DOWN DEBT.
>> WHEN DO YOU START SAVING
MONEY?
MONEY?
MONEY? >>
MONEY? >> AS SOON AS YOU GET A JOB.
WHEN I WAS IN COLLEGE THAT WAS
MY FIRST PRIORITY IS MAKING
SURE I HAD SOMETHING IN THE
BANK.
BANK.
BANK. WE
BANK. WE DO THIS FOR TWO REASONS.
THE FIRST IS TO MAKE SURE WE'RE
NOT GOING INTO MORE DEBT TRYING
TO PAY FOR AN EMERGENCY.
AND IT GIVES US PEACE OF MIND
THAT THERE'S SOMETHING IN THE
BANK SHOULD AN EMERGENCY
HAPPEN.
HAPPEN.
HAPPEN. >> EVERYBODY SAYS EMERGENCY
FUND WHAT DOES THAT MEAN?
WHAT'S AN EMERGENCY?
>> SO I LOVE FLIGHT DEALS AND
NEW SHOES NO MORE THAN ANYBODY
ELSE BUT THAT'S NOT AN
EMERGENCY.
EMERGENCY. EMERGENCIES IS GETTING A FLAT
TIRE, YOUR DOG GETS SICK, YOU
LOSE YOUR JOB, YOUR HOURS GET
CUT, YOUR BASEMENT FLOODS, THE
THINGS THAT HAPPEN IN LIFE.
WE WILL HAVE AN EMERGENCY
EVENTUALLY BUT IT'S NOT ALL THE
TIME.
TIME.
TIME. >>
TIME. >> IT'S NOT WHEN I DON'T WANT
TO MAKE DINNER AND JUST WANT TO
POSTMATE IT.
POSTMATE IT. >> IT'S NOT.
HOWEVER GO FOR IT WE'RE ALL
TRYING TO MAKE SURE WE'RE
SPENDING AND BALANCING THAT BUT
NO WE'RE NOT USING MONEY FROM
OUR SAVINGS ACCOUNT TO GET TAKE
OUT.
OUT.
OUT. >>
OUT. >> YOU'RE TALKING TO PEOPLE
ABOUT FINANCING, ABOUT THESE
EMERGENCY SAVINGS FUNDS.
TYPICALLY WHEN YOU SPEAK TO
PEOPLE WHAT DO YOU THINK THE
AVERAGE PERSON HAS SAVEED FROM
YOUR EXPERIENCE.
YOUR EXPERIENCE. >> I'M 26 YEARS OLD AND HALF OF
WOMEN MY AGE ARE LIVING
PAYCHECK TO PAYCHECK TO
PAYCHECK.
PAYCHECK.
PAYCHECK. WHICH ARE THINGS WE'RE NOT
TALKING ABOUT ENOUGH.
WE HAVE SO MANY MILLENNIALS WHO
ARE IN STUDENT DEBT WHO MAYBE
HAVE A FLUCTUATING JOB
SITUATION.
SITUATION. SO THERE'S QUITE A FEW PEOPLE
THAT EITHER DON'T HAVE A LARGE
ENOUGH EMERGENCY FUND MAYBE
THEY HAVE $1,000 BUT THAT WON'T
COVER THEM FOR A COUPLE OF
MONTHS OR THEY DON'T HAVE
EMERGENCY SAVINGS WHATSOEVER.
THAT'S WHY FOR ME AGAIN THE
NUMBER ONE PRIORITY IS IF YOU
CAN GET SOMETHING IN SAVINGS
JUST TO COVER YOURSELF FOR A
WHILE, ESPECIALLY IN THIS
CLIMATE WE'RE IN RIGHT NOW
THAT'S A REALLY GREAT FIRST
FINANCIAL STEP.
FINANCIAL STEP. >> SO, PEOPLE ARE SAYING BUT I
AM LIVING PAYCHECK TO PAYCHECK
THERE IS NO EXTRA MONEY.
WHERE DO I FIND MONEY TO PUT
INTO A SAVINGS ACCOUNT.
HOW DO I DO THAT?
>> ITS DOESN'T HAVE TO BE A TON
OF MONEY.
OF MONEY.
OF MONEY. IT DOESN'T HAVE TO BE HUNDREDS
OF DOLLARS.
OF DOLLARS. IF YOU HAVE 10 OR $20 YOU CAN
START AUTOMATIC THAT'S THE KEY.
AUTOMATING YOUR SAVINGS.
IT'S WHAT WE CALL PAY YOURSELF
FIRST.
FIRST.
FIRST. EVEN BEFORE YOU PAY RENT, YOU
ARE DOING THE HARD THING AND
YOU'RE AUTOMATIC IT SO YOU
DON'T HAVE TO THINK ABOUT IT.
IT DOESN'T HAVE TO BE THIS HUGE
SUM OF MONEY.
ANY WINDFALLS OF MONEY YOU GET.
IF YOU'RE DOING OVERTIME AT
JOBS OR EXTRA MONEY CAN ALSO GO
INTO YOUR SAVINGS ACCOUNT.
BUT SETTING UP THAT EASY HABIT
OF AUTOMATION CAN HELP YOU
START BUILDING YOUR SAVINGS
WITHOUT THINKING ANT IT.
>> SO RELYING ON THE MYSTERIOUS
OLD UNCLE THAT YOU NEVER KNEW
YOU HAD AND SUDDENLY LEFT
EVERYTHING TO YOU IS NOT THE
PLAN.
PLAN.
PLAN. >>
PLAN. >> IT'S NOT THE PLAN.
WE ALL WISH WE HAD THAT UNCLE
RIGHT.
RIGHT.
RIGHT. >>
RIGHT. >> YES, WHERE ARE YOU?
>> HE'S BEING VERY QUIET RIGHT
ABOUT NOW.
ABOUT NOW. >> RIGHT NOW HAS GOT TO BE THE
HARDEST TIME WE FACE IN MY
LIFETIME IN TERMS OF FINANCES.
>> EVEN THE PEOPLE WHO ARE
QUOTE UNQUOTE FINANCIAL EXPERTS
WE DON'T KNOW RIGHT.
THE BEST YOU CAN DO IS USE ANY
SAVINGS YOU HAVE, TAKE
ADVANTAGE OF GOVERNMENT
UNEMPLOYMENT BENEFITS.
UNEMPLOYMENT BENEFITS. AND ALSO JUST OFFER YOURSELF
SOME GRACE.
SOME GRACE. LIKE YOU WERE SAYING THIS IS
THE HARDEST TIME TO BE A HUMAN
RIGHT NOW.
RIGHT NOW. IT'S A REALLY DIFFICULT TIME
AND SO, IF YOU DIDN'T HAVE AN
EMERGENCY FUNDS, IF YOU'RE NOT
SURE HOW TO PAY BILLS LIKE YOUR
NEXT BEST OPTION IS A CREDIT
CARD THAT MAYBE IS AT 0%
INTEREST FOR A PERIOD OF TIME.
IF YOU DON'T HAVE ANY SAVINGS
THAT IS YOUR NEXT BEST
SOLUTION.
SOLUTION.
SOLUTION. SO OFFER YOURSELF SOME GRACE.
WE'VE NEVER SEEN A SITUATION
LIKE THIS.
LIKE THIS. AND EVEN PEOPLE WHO ARE
SUPPOSED TO HAVE ALL THE
ANSWERS WE DON'T EVEN.
SO KNOW YOU'RE NOT ALONE.
>> I THOUGHT THAT WAS REALLY
HELPFUL.
HELPFUL.
HELPFUL. YOU KNOW.
YOU KNOW.
YOU KNOW. IT'S GOT TO BE REALLY SCARY IF
YOU'RE OUT OF WORK RIGHT NOW
AND YOU'RE LIVING PAYCHECK TO
PAYCHECK HOW CAN YOU EVER MAKE
THAT EMERGENCY FUND HAPPEN.
BUT SHE'S SAYING YOU CAN.
>> YOU CAN, YOU DEFINITELY CAN.
I THINK IT'S REALLY IMPORTANT
FOR ALL OF US TO REALLY EXAMINE
OUR BUDGETS AND EXAMINE WHERE
WE'RE SPENDING MONEY.
BECOME WHAT I LIKE TO CALL
DOLLAR DETECTIVES AND FIND OUT
WHERE WE CAN SAVE SOME MONEY.
IT'S VERY IMPORTANT TO PAY
YOURSELF FIRST AND PAVE THE
ROAD TO FINANCIAL FREEDOM.
>> I LOVE DOLLAR DETECTIVES.
I LIKE THAT BECAUSE MY HUSBAND
KEEPS CALLING MY CHEAP.
THAT'S WHY I'M WASHING OUR ZIP
LOCK BAGS AND REUSING THEM.
>> THAT'S BEYOND CHEAP.
I GET IT YOU WANT TO SAVE YOUR
DOLLARS AND YOUR PENNYS BUT
REALLY, WHAT ARE SOME OTHER
WAYS YOU FOUND TO SAVE MONEY?
REALISTICALLY.
REALISTICALLY. >> REALISTICALLY.
>> REALISTICALLY. HONESTLY IT'S NEVER DOING THE
UPGRADES ON THINGS.
LIKE THEY ARE JUST ALWAYS
TRICKING YOU INTO SPENDING MORE
MONEY THAT WAY.
NEVER UPGRADE ANYTHING IN MY
OPINION.
OPINION.
OPINION. WHICH I DON'T KNOW IF TERRY IS
GOING TO AGREE WITH ME ON THIS
ONE.
ONE.
ONE. >>
ONE. >> WELL I HAVE A CAR THAT'S 12
YEARS OLD AND I PROBABLY SHOULD
HAVE GOT A NEW ONE PROBABLY 8
YEARS AGO SO THERE.
I HAVEN'T UPGRADED THERE.
>> YOU KNOW WHAT WARREN BUFFET
SAYS SAME CAR, SAME HOUSE, SAME
SPOUSE THAT'S THE WAY TO GET
WEALTHY.
WEALTHY.
WEALTHY. >> LET'S DO IT.
I'M WITH THAT.
>> I KNOW HEATHER IS GOOD WITH
IT TOO.
IT TOO.
IT TOO. >> IF I CAN GET HER TO START