this post is by staff writer, Sierra black Sierra writes thrift, sustainable living and the first children to eat Kale in Childwild.com.
Last week, I mentioned that my cat just died. Not only was it passes heartbreaking, it is expensive. But as I said in this post, I was very happy to be able to write a check from my Emergency Fund and not worry about where the money will come from.
Since I am still paying off debt, this $ 800 check constitutes most of my meager emergency fund. It will be izgrada over the next few months, but in the meantime, I don't have much of a cash cushion. Must just hope there will be any subsequent emergency situations.
Lucky you are, is already available.
When it rains, it pours
Two weeks after my cat's death, developed a nerve problem that temporarily maiming hands. The reason is unclear, but my neurologist recommends certain changes to routine my work, while he runs tests search the root problem.
Suddenly I was faced with medical bills, expensive new equipment and software to enable them to work, plus significantly reduced load while I waited for hands to heal. How to cover this with only $ 200 left in my Emergency Fund? Especially the week before Christmas?
If I ever will reach the credit card again, this will seem like the right time to do it. But I do not. Instead, I buckled and follow the Katy Wolk-Stanley of excellent tip "do or do without".
Instead of buying new adjustable height desk, for example, my husband and Renovated antique writing Desk for me to turn the front drawer in the hidden keyboard tray for my new ergonomic keyboard. I borrowed this endearing dictation software from a friend, who had switched computer platforms and is no longer needed Mac version. Although my friends with RSI oath that Alexander technique, I could wait until my finances have been restored shortly.
Loan from yourself
I still had additional costs, though. Over the past few weeks I have seen a medical appointment, almost every day. Even my small $ 15 to $ 25 amount catch the large copays Bucks when I saw so many doctors. In addition, you had to pay for medicines and several pieces of equipment such as protective foam pads for my joints. That all quickly drained $ 200 left in my Emergency Fund.
rather than borrow additional funds I needed from a Bank, I borrowed them from myself I had the money, interest in the accounts intended for my taxes, my kids ' lessons and our family TRIPS. These are all priorities for me. Training fees are substantial, large costs. Could not simply money. But faced with a crisis in health and depleted Emergency Fund, I took a few hundreds of dollars by itself.
This month, I'll redirect part of my debt Snow to pay yourself. This resets my target free of long date, but it is higher, cannot handle the unexpected costs of all many-or were forced to take on a new commitment to do so.
Rethinking priorities
This is the first time I've had to make choices about what to do if my Emergency Fund runs dry. In the past before I made my finances, each month is a crisis. There was no emergency fund simply growing pile of debt, credit cards and dredging, sense of panic.
After starting to manage my money, I've been able to handle any unexpected costs with the money I had coming in this month. I've been lucky to have minor calamities such as car repairs and veterinarian accounts fairly far away. Having my Emergency Fund in the framework of the $ 1000 it seemed a reasonable choice is. Now it looks like a thin. That thousands of dollars is easy to spend quickly in several of the real emergency situations cropped in rapid succession.
Will I shifted gears and save more in my Emergency Fund? most likely a little. Still think debt Snow approach to cost-effective debt before building savings is financially sound. My loans are all the "low interest" now, but even low interest rates on the loan is in the interest of won several times for my account for savings on high-interest ". If I build up savings, while I'm still paying off those loans, I will pay for a premium for the privilege of money sitting in savings account
This is a privilege I may also wants to buy now. Having undergone a recent spate of emergencies, especially my beloved PET and much affected my own health is to my feelings somewhat fragile left. Money is not only about mathematics, as one is fond of reminding us; It is also — maybe even primarily — about the State of mind.
Adjustments
I'm working hard to manage my finances, because I firmly mindfully financial basis upon me, as I raise my family. Having only a small emergency fund feels a little less company for me now has not been a month ago. Will me a month or two to make it back to the level of the old and just can continue providing greater contribution to this Fund.
This may mean paying my debts a bit more slowly and ultimately pay more in interest for these loans. It may be useful for me for a stronger sense of financial security here and now, though.
Even more important than the money I spent on my crisis this month, I'm taking note of the money, I do not. I was raised in a household where throwing money at problems has something to do. This time, I managed to take a deep breath and stop spending Whirlwind before it even really going. My approach in its teapot Tempest keep, from the standpoint of potentially expensive set of accidents in manageable by them.
next time emergency crops will do more than my Emergency Fund to fall back will also have a knowledge which does not necessarily need to spend money to solve every problem, even in emergency situations.
This article is about choices, real-life savings
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