How to Save an Emergency Fund and Change Your Life with Kate Dore
Kate Dore of CashvilleSkyline.com shares her story and how an emergency fund enabled her to take a much-needed career break that helped her find a new passion.
Kate Dore is the founder and blogger at CashvilleSkyline.com where she helps creatives manage their money and achieve their creative goals.
In this video interview, Kate shares her story that began when she moved from Boston to Nashville to pursue her dreams in the entertainment industry. After working countless hours and traveling all across the country, Kate realized she was spending all her money to comfort herself.
Kate was overworked, underpaid, and unfulfilled so she decided to make a financial decision to save money. She focused her attention on creating an emergency fund.
It took Kate an entire year to save six months of living expenses. She saved 50% of her income.
Having an emergency fund enabled Kate to quit her job after feeling career burn out. That break opened her life to new opportunities and a new path in life–helping others manage their money so they can live their best lives.
Tips for saving into an emergency fund
Kate’s three-step process: track all your expenses, cut out expenses, and reduce every bill.
She lowered her monthly expenses by doing the following six things:
- Lower insurance costs by increasing deductibles
- Cheaper cell phone plan
- Cut cable
- Cook meals at home
- Stop buying designer clothes
- No more large tabs at the bar and buying drinks for friends
She’s currently a candidate for a CFP® Certification. You can find more about Kate and visit www.cashvilleskyline.com and connect with her via Twitter @cashvillesky
After interview thoughts
I think many of us think of an emergency fund to only cover unexpected expenses or periods of unemployment.
They are for the most part but…
What if an emergency fund can be used for a life and career emergency? What if the answer to feeling better about life meant time away from the hustle and the grind? What if your mental, physical and emotional well-being depended on having time off?
Kate made big changes to save 50% of her salary in one year which meant she saved 6 months of living expenses. This enabled her to focus on other interests ultimately changing the trajectory of her life. She went from a career in the entertainment industry to a candidate for CFP certification. Kate is managing to serve other creatives and people in the entertainment industry plan out their financial lives.
Kayaking the Cumberland River in Nashville TN is a great metaphor for the path Kate has taken. She chose to no longer fight the current. Kate chose to plan and take action that’s enabling her to navigate towards her goals.
There were many moments that small waves would hit us after a speeding boat zipped by. Kate would comment about being scared.
I think back how scary it might have been for Kate to break from the traditional path. She fought through those fears and discovered there are moments in life you row, and moments you let the current take you downstream, and other times you let others help you row along the way.
What money challenges are you facing? What life are you creating?
