If you still find yourself putting coins in a piggy bank, this episode of the Women’s Eye Podcast with Stacey Gualandi is speaking to you!
Financial planner Catherine Scrivano explains why it is so important to have a financial safety net, and on the flipside, an opportunity fund!
“It’s inevitable that there are going to be times when we have financial issues for which we need to either be prepared or suffer the consequences of lack of preparation. You and I are going to talk about ‘cash reserves’ from the perspective of an emergency, which is critical. However, I’d like us to also think about a positive potential for these dollars, too, what I call the ‘emergency and opportunity fund.’”
— Catherine Scrivano, Financial Planner
Available also on Apple Podcasts, Spotify and YouTube
Catherine is our financial expert and contributor to The Women’s Eye Podcast for our signature Building Money Power series.
In our conversation, she discusses how to get started; building your cash reserve; reviewing assets; where to put your cash; and how often to revisit your funds.
“It’s really how much do you need to keep the ship running until you replace your income. Three to six months is not a bad boilerplate idea. You could be thinking about a lot of things, though. For instance, do you have a mortgage that you’re going to need to continue to pay?”
Catherine says once you commit to a cash reserve, it will help you sleep better at night! She also offers additional advice on how to:
- Find an accountability partner
- Have a monthly money meeting
- Start today!
Catherine says it’s about treating yourself with as much respect you do creditors. Once you commit, review your progress; congratulate yourself when you succeed; forgive yourself when you fail, and just keep moving forward.
“I promise you that the meal that you missed as a result of doing this, that fancy dinner that you didn’t go out to, would be in the rearview mirror anyway by the time you started looking at your finances.”
Join us for practical financial advice you can use from Catherine Scrivano on this episode of The Women’s Eye podcast.
Check out more Building Money Power podcasts!
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