Remember when i spoke about emergency funds and how I was truly stuffed when i lost my job before i had saved one?
I read a great post from Middle Age Money Man about how his vehicle needed one repair after another which completely annihilated his emergency fund, and of course, by the Law of Murphy, this happened right before a family trip.
The huge takeaway from both my experience and his is that life happens! You could be coasting along quite happily, on your merry way when a boat load of Sod’s Law kicks you up the arse.
Financial preparation is seriously important. It only takes one unplanned event, one emergency that you can’t afford, to send you back down the spiral of debt that so many have worked their backsides off trying to get out of.
Some people suggest saving 6 months to a year’s worth of expenses into an emergency fund. Don’t worry about the numbers. A year’s worth of expenses sounds unimaginably daunting but you have to start somewhere.
Save something, Anything! Any little bit of saving for an emergency fund is better than nothing and those little somethings add up.
Those little somethings saved can be the difference from an emergency being crippling, to just being an inconvenience.
Make an emergency fund the priority, before any debt overpayments, any little ‘treats’. Trust me here, you don’t need a superhero, you can save yourselves!