Money will get out of debt, but it won’t keep you out of debt. I saw that up close for years. Give someone $1 million and don’t teach them how to budget, save, and invest.
You can’t save money for a new car or a new home, or a new family if you don’t know what life is costing you now. I promise you those NFL players who went bankrupt didn’t have a budget.
Those who don’t budget often tell me they don’t have the time. They must be very busy people because keeping a budget these days takes only a few minutes a day. You don’t use a pencil and paper. You use your phone or computer.
Whenever I tell people they need an emergency fund that can pay their bills for at least three months, they laugh and reply, “Every week, there’s an emergency in my life!” That might seem true.
If you really want to run up the lead on your emergency fund, ask your boss or your Human Resources Department if they’ll help you.