For starting a 'What happens next?' Fund

Tess Vigeland: Our little blue plastic friend is heading to Milwaukee and the home of CarolynJoy Strongheart. What a name! CarolynJoy sent us a letter -- an actual, type-written letter -- Outlining her version of the emergency or Forget You Fund. So we asked her to tell us about it:

CarolynJoy Strongheart: You could call it the "what happens next?" fund. Now in my life, if my husband goes on strike this spring and it's his income that pays the mortgage, and my income can't pay all the other bills and the mortgage. Then the mortgage doesn't get paid, what happens next? Well, the worst case scenario is foreclosure. What happens after that? I don't have a place to live. That is not anything I want anywhere close to what I want. No way. So, what happens next? In order to prevent the worst case scenario, you've gotta have somethin' to fill the gap. It was a way for me to step-by-step see what could happen.

Vigeland: And then prepare for it.

Strongheart: Exactly.

Vigeland: Well, I love this idea and I think it could be very helpful for some of our listeners. And so I wanna give you a piggy. Thank you so much for sharing with us.

Strongheart: You're welcome. And I hope if it helps one person, then it shall have been enough.

About the author

Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money.
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Thank you for sharing this Carolyn. My husband died several years ago, leaving me with an enormous amount of taxes that I still have not finished paying. My mother came to live with me to help me keep a small 30 year old business afloat. I cared for her while I worked at home for the last seven years until her death from alzheimers this last year. Now I am faced (a 64 year old wideo) with being underwater in my house, and no one to depend except myself. I need to get out from under my mortgage but I have no safety fund. Any ideas on how to start? Should I stop paying my mortgage? I don't know who to talk to that I can trust. And I have been stuck in overwhelm. Thank you for beginning the discussion.

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