Step 8 «

Building Savings for Future Expenditures

Step 8 is two-fold. First, it is saving money for your Emergency Living Expense Fund (ELEF). This is different than a regular emergency fund that you might use for a flat tire or for the quick trip out of town to see a sick relative. This is the “I just got laid off and I need to survive for the next 4-8 months” emergency fund.

Secondly, it is saving for large expenditures such as a new roof, vehicle replacement, vacation, braces, remodeling, etc. Step 8 allows you to make necessary expenditures without the need to borrow money.

Step 8 – Building Savings for Future Expenditures

The DCC Financial Wellness Ministry is designed to provide education with regard to the subject matter covered. It is provided with the understanding that any staff, volunteer staff, guest speaker, or record materials, are not engaged in rendering legal, accounting, investing, or other professional advice. If legal advice or other expert professional assistance is required, the services of a competent professional person should be sought.