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3: Analyze Your Circumstances

Prepare for Expected (And Unexpected) Life Changes

Banana peelWhether you are a homeowner or a renter, unexpected events will test even the best-laid spending plans. In addition to life’s surprises, your housing needs might change in more predictable ways, for example, as children are born and move out, as parents age and as you prepare for your own retirement.

Build Up Your Emergency Fund

Having a monthly budget for your new place is one thing, but what happens when you suddenly need a new furnace or your car breaks down the week after you move?

Illness and employment can be equally unpredictable. If you were laid off or temporarily disabled, how long could you pay your bills without borrowing or relying on credit cards? Research shows that many Americans could not cover a $400 expense out of pocket.

Jeronna’s Story

Jeronna and son

Jeronna Bolden thought she had done everything right, until the job she had been promised fell through and she found herself homeless with her 6-year-old son. Read how she reinvented herself and started on a new path to financial success.

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