An Emergency Fund is Not a Luxury, it is a Necessity

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In a previous post, I listed eight reasons for an emergency fund.

However, from my experiences over the last two weeks, I’d like to add some more.

  • When you have a leak in your roof and you have to make a hole in your wall to see where the leak is coming from.
  • When your truck battery is ruined when it touches against a belt in your truck.
  • When two days later you feel like an idiot because your new battery touched up against the belt again and ruined it
  • When the alignment is off on your truck and that requires repairs.
  • When the alignment is off on your truck and causes your tires to wear really quickly so you need to buy brand new tires.
  • When you have dry wood termites in all your kitchen cabinets and wardrobes in your house.
  • When you have to take your office roof apart to check for termites.
  • When your front porch rots out because of rain water and needs to be replaced.

As frustrating and annoying as it is when your truck and house are falling apart it would be 1,000,000,000,000,000,000 times more stressful if we didn’t have the money sitting in a bank to pay for repairs.

If you don’t have any type of an emergency fund, why not make that a priority?

By the way, repairs do have their benefits.  We have to be out of the house three days at the end of next week while our cabinets are fumigated.  We’ll be crashing with some friends for a night, and then heading out to a resort on one of the most beautiful tropical islands.

I guess I should stop feeling sorry for myself.

Articles I enjoyed reading this week:

Using Consumerism for Social Good – I’ve been thinking about something similar lately.  Using business for social good.  As I generate business, I can be a blessing to others.  Between household tasks and blog tasks, I currently hire just under ten people.  What if I could double those available hours?  That would be a way to bless others.

Borrowing Money is the Same As Buying Risk – I’ve had certain ideas I wanted to communicate, but I just can’t figure out how.  This is one of those ideas.

How I Manage My Budget

Do You Have A Debt Buddy? – Two are always better than one.

Now you can have a 7 year car loan. Outrageous!! – This is an old post, but still shocking!

How to Dispute Errors on Your Credit Report

Where To Find Cheap Fun Family Activities – 6 Places

Carnivals

Canadian Finance Carnival, Christian Finance Carnival, Carnival of Wealth, Carnival of Personal Finance,

Comments

  1. says

    One must have an emergency fund no matter how difficult it is to take out money for that, I have cerated one using Systematic Investment Plan. Every month a nominal amount is deducted from my salary account towards this SIP.

  2. wendy holwerda says

    An emergency fund not only helps you financially, but emotionally as well. If you know that you have no back-up funds for hardships that creates stress in your every day living…..making life more difficult around every turn.

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