What about you?ย Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย We would love to hear!
Or maybe youโd rather talk to someone about how to do this instead of just reading a blog about it!
If that sounds like you โ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!
What about you?ย Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย We would love to hear!
Or maybe youโd rather talk to someone about how to do this instead of just reading a blog about it!
If that sounds like you โ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!
Do you have an โemergency savings fundโ for your business?ย
If you donโt, maybe you genuinely like the idea of having one โฆ but just donโt know where to start.
If thatโs where youโre at, then this post is for you.ย
(๐ญ) First, what is ( and isn’t) and “emergency” expense?
Thereโs a difference between an โemergencyโ expense and an โoverlookedโ expense.
Forgetting about your quarterly property tax bill, or your annual accountant invoice โ well, that doesnโt count as an emergency!ย Those are bills you can plan and budget for normally.
An โemergencyโ is something urgent and unpredictable, like a burst pipe in a building you own.
(๐ฎ) When to pull from your emergency fund (and when to hold off).
Before you pull from your emergency fund, ask these three questions:
Is this expense unexpected (and not just overlooked)?
Is it necessary? (A cracked iPhone screen, if the phone still works, doesnโt count!)
Is it urgent? (Will the problem worsen, or will a vital opportunity be lost?)
(๐ฏ) How to figure out how much to save every month (and other things you can do to protect your business).
The best way to start figuring out how much you need to save this year, is by looking back at last year.
Take an afternoon to sit down and review your expenses from last year.ย Total up all of the expenses that were ACTUALLY unexpected and divide that number by twelve as a starting point for what to set aside every month.
(Other ways you can prepare for emergencies are to purchase insurance policies relevant to your business, and/or to talk to your bank about obtaining a line of credit BEFORE you need the money)
By the way, if you want to do a deeper dive on this, we added a link to a helpful link below :
What about you?ย Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย We would love to hear!
Or maybe youโd rather talk to someone about how to do this instead of just reading a blog about it!
If that sounds like you โ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!
Do you have an โemergency savings fundโ for your business?ย
If you donโt, maybe you genuinely like the idea of having one โฆ but just donโt know where to start.
If thatโs where youโre at, then this post is for you.ย
(๐ญ) First, what is ( and isn’t) and “emergency” expense?
Thereโs a difference between an โemergencyโ expense and an โoverlookedโ expense.
Forgetting about your quarterly property tax bill, or your annual accountant invoice โ well, that doesnโt count as an emergency!ย Those are bills you can plan and budget for normally.
An โemergencyโ is something urgent and unpredictable, like a burst pipe in a building you own.
(๐ฎ) When to pull from your emergency fund (and when to hold off).
Before you pull from your emergency fund, ask these three questions:
Is this expense unexpected (and not just overlooked)?
Is it necessary? (A cracked iPhone screen, if the phone still works, doesnโt count!)
Is it urgent? (Will the problem worsen, or will a vital opportunity be lost?)
(๐ฏ) How to figure out how much to save every month (and other things you can do to protect your business).
The best way to start figuring out how much you need to save this year, is by looking back at last year.
Take an afternoon to sit down and review your expenses from last year.ย Total up all of the expenses that were ACTUALLY unexpected and divide that number by twelve as a starting point for what to set aside every month.
(Other ways you can prepare for emergencies are to purchase insurance policies relevant to your business, and/or to talk to your bank about obtaining a line of credit BEFORE you need the money)
By the way, if you want to do a deeper dive on this, we added a link to a helpful link below :
What about you?ย Do you have an emergency savings fund for your business? If so, how do you decide how much to put in there every month?ย We would love to hear!
Or maybe youโd rather talk to someone about how to do this instead of just reading a blog about it!
If that sounds like you โ no worries! Just reach out! ย We help our clients with budget strategies like this all the time, and we would love to help you too!
