Molly's Money | Tackling Debt and the Emergency Fund


  1. I found this post at a great time! I was finally able to set aside $1k for an emergency fund, and I wasn’t sure how to approach it after that point. Thanks so much for sharing your thoughts and the parameters you use for that emergency money!

  2. I am so glad you posted about this, I was just talking with my husband about fixing our budget and lowering our spending so we can get rid of our small amount of debt. I am going to look at all your money posts soon because I need all the help I can get. I am trying to become a stay at home mom (with small jobs I can do at home, blog, photography, and selling Juice Plus+) so re-working our budget, spending, and savings will really help. Can you give any tips on how to get your budget cut down to a specific number? We want to live off of just a certain amount of money and put the remainder in savings.

    1. Also, have you every done a post about blog designing tips or how-tos? I would rather design my own instead of pay for it so I wanted to see if you had any good information. Thanks!

      1. I haven’t… but that certainly gives me an idea for one… although I am definitely not an expert. It just really depends on what you’re looking to do / achieve. Are you on blogger or wordpress?

        1. I am on blogger. I am looking to expand my blog into more than just a timeline of things going on in my life. I want to be able to product reviews and such but I need a better laid out blog design to really achieve this.

    2. Thanks for reading, Megan!! There are a couple posts I’ve written before that might be helpful… this one is on setting and MAINTAINING a budget:

      and this one is about cutting spending when you don’t have money to spend:

      Hopefully those are helpful!! if not, let me know and I can write another post in the series to better address your question 🙂

  3. This is great! My husband and I did the 12 week Dave Ramsey class, while we didn’t have any debt (besides mortgage) at the time, we took all of the other lessons and really ran with it. Now 3.5 years later we’re still going strong with a modified DR plan. Totally agree with the emergency fund. And once you have your debt under control you can start saving up in “buckets” for the other things, like we put money away for house maintenance, car maintenance, vacations, etc. When we had a leak in our house and had to replace all of the pipes, we just went to our house maintenance fund and pulled from there and didn’t have to touch our emergency fund and we weren’t stressed or anything having to fix it because we had already saved the money! Gives you so much more peace of mind!

  4. I agree that no debt is good debt. Between my husband and I we have 5 college degrees. We have diligently been paying student loans for 20 years. We will soon have them paid off and a party should ensue. But we will most likely be working;) We are planning for our daughter’s college so she will not have that debt. Great post! Susan

  5. Great advice! I would add that where you start could also depend on the kind of debt. We have old tax debt (yikes) and a payment plan to the government that would be nullified if something ever happens to cause a missed payment. No debt is good (save possibly school/mortgage), but having The Man on our back has led to a lot more focus on paying off that debt rather than something else that might have a lower balance or be easier to snowball. (Also the IRS charges insane interest rates, so there’s that.)

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