Two questions, actually.
Question the first: we’re all familiar with the counsel to build a financial reserve, sometimes specified as six months of income. In what form should one keep this? Do 401Ks count? Is it pennywiseandpoundfoolish to keep it in a checking account with its paltry interest rate?
Question the second: the Church’s provident living counsel always says to make and keep a budget. My husband and I have never done this because it has never been that difficult for us to live within our means because neither of us is a spender. Should we make a budget anyway? By which I mean: Are there benefits to keeping a budget if you don’t need it to avoid red ink?
Anything else you want to say about this topic?
(The Church’s page for family finances is here.)