Saturday, July 11, 2009

thankful for emergency fund

In April my grandfather passed away. He lived in Ohio, so we needed to go there to say our good byes and be there for my grandmother. The trip cost about $800. This came from emergency money.

More recently I have experienced the passing of my older brother, Eric just 4 weeks ago actually. Well, since I am unable to get out of bed sometimes, the thought of going back to work seriously frightens me. Fortunately I still have an emergency fund in place so that I can just be but still can pay my bills. Even better I am able to help my younger brother who is also not going back to his main job yet (he had actually quit to take care of my grandmother which was so noble.)

If I was sinking in debt (we have none) or even living paycheck to paycheck these losses may have further brought me into despair if I could not take the time I need to grieve.

I can not stress enough how important an emergency fund is. I urge you to start today by thanking the Lord for a new day and finding TEN ways you can get $100 to open a savings account. Your goal is to have it at $1000, but start with $100. What can you sell on ebay, craigslist, etc. Any old gold you can sell? What can you cut from your budget? Do you have a jar with spare change? Cash it in. Call to see if you can get your car, house, life, etc. insurance policies decreased. Can you pick up a side job or even a temporary part time job (babysitting, house painting, etc?)

Every family needs at least $1,000 in an emergency fund at all times.
Paying off debt is important but just pay the minimum on all debt until you have at least $1,000 in a savings account (DO NOT KEEP THIS MONEY IN YOUR CHECKING ACCOUNT!)

This is my challenge to you. Please email me when you have figured out how to get $100 to start this emergency fund. I am praying you can have this by Fri. so you can open up a savings account!!!

I would be even worse off without my emergency fund. And of course the Lord, who loves us all so.

-Becky

3 comments:

Carlee said...

This is a great post and a good reminder of the value of being wise with money. We too have a growing emergency fund, and because of it my husband was able to do his last year of seminary only working very part time (as opposed to also being a full time pastor which is how he did his first 3 years) while I stayed home with the kids. No joke! Living frugally as you do and saving for emergencies and other things is a wonderful way to show God we trust Him with our needs and are willing to live within our means. Way to go Becky!

lvlc said...

I am sorry for your loss!

Emergency Funds are awesome! It happened to us too! and having it was a great mental support we needed at the moment. When struggling with any emergency the least you want to do is worry about money related stuff! Glad you could sort it out! :)

HS @ Our Debt Blog said...

Becky,

Sorry about your brother and your grandfather. I hope your healing is going better and you get back to work and life soon.