The past two months have been financially challenging. Two things are certain beyond doubt, the need for an emergency fund and clipping coupons are an absolute must. Had we not made & continue to make sacrifices to put money into the emergency fund, we’d be in a financial mess. I honestly do not know where I’d be without it, it’s not an exaggeration, it is proof positive with all the challenges we have faced since May, had we not had the fund, we’d have to consider bankruptcy.
I’m so grateful that my husband shares the same views when it comes to money. We both plan ahead with our budget and try our best to schedule our bills to be paid before their due to avoid late fees and/or interest. We make certain that our Tithe is paid, then the bills and what ever remains goes into the Emergency Fund. It’s not always easy to deny ourselves from going out to dinner or to the movies, but it has been worth every sacrifice to ensure financial stability.
I know I preach a lot about this subject and it gets old sometimes, but it’s so important. I hate to see anyone be stuck in a rut because an unexpected expense arose and they did not have the means to handle it. I never want to see my friends and family have to resort to a payday advance loan, or to have to pawn an item that is valuable to them to pay a bill. The interest rates on payday loans can exceed 500% since these programs are not regulated. It’s a very scary thought to be faced with that type of decision.
I started off with putting in $7 a week and adding any overtime or bonuses. Of course not everyone receives the benefit of a bonus or are allowed overtime. However, there is so much that can be done to cut costs. Any and every contribution, no matter how small is a means to build your fund. It does take sacrifice, and a true desire to implement the disciplines required to be successful in budgeting your bills and building an emergency fund.