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Dave Says - Dave Ramsey

Utilities are part of your budget, too

Dear Dave,

I’m just starting my debt-free journey and trying to lay out a budget. What are your thoughts on budget billing for utilities?

– Ryan

Dear Ryan,

I think it’s wonderful. For a lot of folks, especially those in your situation, it helps smooth out utility payments and make them a little more manageable.

In most budget billing scenarios, they add up your utility bill for the last 12 months and divide that total by 12 to determine a fixed billing amount for the next 12 months.

– Dave

Emergency fund for business?

Dear Dave,

I have my own small business. My annual sales are just over $100,000, and I have a couple of months in administrative and general expenses set aside. Should I have an emergency fund for my company, too? If so, how much?

– Taylor

Dear Taylor

I like the idea of a small business having 6 months of expenses set aside in an emergency fund. A financial cushion like that provides peace of mind and options. Also, it eliminates the need for borrowing money. With that kind of cash sitting around, you basically become your own line of credit. An entrepreneur has enough to worry about on a day-to-day basis. Having a fully funded emergency fund for your business can turn a disaster into nothing more than a minor inconvenience.

– Dave

Follow Dave on Twitter (@DaveRamsey), or go to daveramsey.com.

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