Today we get to enjoy a guest post from Tshanina Peterson about how important having an emergency fund is!
You knew that day would come. That day when the car breaks down, the ice maker explodes, and the kids need extra money for school all at the same time. You’ve had similar days before but never one where everything happened at one time.
Aren’t those days so frustrating – it feels like nothing is going right and you just want to crawl in a corner and cry!
Even more frustrating than all the problems that occurred that day is the fact that you didn’t plan ahead. You just paid the bills for the week and there’s no extra money. How will you ever pay for those extra expenses?
You’d heard that “rainy days” would come but you never expected it would happen to you. What do you think? Should you plan ahead now?
Saving for a rainy day doesn’t mean you have to put $100 back a week. The truth is, most of us don’t have $100 to put back each week. Whether you put back $5 or $50 a week, put something back.
The secret to saving for a rainy day is to put your money in a place where you know you won’t spend it. For those of us that are spenders, if we see a little extra cash in our checking account we think it’s okay to spend. So, we need to put our emergency funds into a savings account where we don’t see it – in essence, out of site and out of mind!
It’s inevitable, that day will come again. However, knowing that you’ve put money back especially for that day should make you feel so much better and help you be able to breathe easier!
Where do you put your emergency fund?
Tshanina Peterson blogs at Thrifty T’s Treasures where you can follow her journey of living a thrifty lifestyle.