“How is it with your soul?”
Circuit riding preachers used to ask people with whom they crossed paths, “How is it with your soul?” They asked to get people to think and also they were constantly being asked the question by their superiors. The question to the laity might have been as much for the preachers as a reminder to themselves.
If you will excuse the jump, “How is it with your emergency fund?” We are finding many people extraordinarily frustrated with their emergency funds or lack of one. Money market funds and CD interest rates are at an all time low. Most people expect a low return for low risk but don’t really know what to think about rates so close to zero (we would have some suggestions).
JIC (Just in Case) money
1 to 3 months living expenses in a place where you can gain instant access to your money.
ICE (In Case of Emergency)
1 to 3 months living expenses in a place where you can gain access to your money within a week. The thought is that you are able to be a little more aggressive and get a better return on your money.
In our reviews, we bring up the subject but must confess it is not exciting to talk about. We are improving the way in which we keep track of such things. What is important is that you have a plan for your “liquid” money.
This easy to use Emergency Money Plan Worksheet is a great way to start.
Complete the Worksheet, including your name, phone, and address.
Return the form to Caledonian Financial: 708 N Main St Columbia, TN 38401 or fax to 931-388-2518.
Schedule an appointment to discuss your Emergency Money Plan or other financial needs. Call 931-388-7171.