Dorothy Kidd is our featured eCO Savings Race contestant this week. Kidd has many goals for her eCO Savings Race journey, including:
- creating a $1,000 emergency fund.
- selling an extra car
- finding an additional income source
- and establishing a savings account for her granddaughters.
During a recent meeting with her eCO Savings Race coaches, Kidd explained how an emergency fund would have been a big help after receiving an unexpected expense.
“I got this medical bill and it was $680, but that was not in my budget so of course, you know, there it goes,” said Kidd.
Kidd said she has learned that part of managing her money also means keeping it organized.
“I have a savings account here, a savings account there, itty bitty money here, itty bitty money there. And I’m like, ‘I can’t manage this.
I have to consolidate my money. I have to make it to where it is manageable for me,’” Kidd said. “I am, on purpose, identifying where my money is going to go, where it should go, in home, food, transportation… prioritizing where it needs to go.”
eCO Takeaway Tip:
Do you have an emergency fund? An emergency fund can help give you peace of mind when unexpected expenses come up and can even make many emergencies seem more like minor inconveniences. While getting out of debt, you should have at least $1,000 in an emergency fund, and once out of debt, you should fully fund it with 3-6 months of expenses. Keep it at eCO Credit Union, and you can watch it grow as you earn interest!
Follow all the teams and their progress at ecosavingsrace.org.