Conduct a Financial Fire Drill to Assess Financial Health
We conduct fire drills to ensure fire warning systems are functional and that building occupants know what to do in the event of a fire-related emergency. Apply that same type of stress test to your money with a financial fire drill.
Photo by Steve Snodgrass.
Finance and frugality blog Frugal Dad urges us to take stock of our financial health by conducting a financial fire drill. Just like a real fire drill helps you run through a dangerous scenario without risk—"Who put the file cabinets in front of the fire exit?"—a financial fire drill shows you how effective your escape routes are and how big your safety net is.
You'll need to gather up all your bills, take stock of your savings and emergency fund, and head over the Frugal Dad to run through their financial fire drill checklist—which includes great tips like making a slash-and-burn list of non-essential services you can cancel the minute you get laid off or in other financial trouble.
If you die owing money, that means you won the game of life. But some folks harbor a silly fantasy of actually clawing their way out of the imploded Chilean mines of debt they've created for themselves. They put themselves on a budget, hope for job security and the eventual reinstatement of raises and map out exactly when they might taste the financial freedom all too few get to taste.
Personal Finance blogger Girl with the Red Balloon, who is chipping away at more than $16,000 of student loan debt on a $24,000 salary says she'll be out of debt June 1, 2013. She uses the far-off date as encouragement to stay focused on her frugality.
How much debt are you in, and if you plan on getting out of it one day, when do you hope that will be?
Debt Free Date [Girl with the Red Balloon]
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