Welcome to Week 17 of the 52 weeks to a better you journey.
Hello everyone! I am so glad to see you here for another baby step in our journey. The very fact that you are reading the post indicates that you have the desire to improve yourself. To be a better you.
I’m proud of you for taking these steps.
I’m proud of US for doing it! 🙂
Put $5 into an emergency fund this week.
Most of us do not like to think about it, but it doesn’t make that statement any less true.
I’m referring to financial emergencies here.
There are just going to be times when things happen that we don’t plan for and we have to pay out money that we were not expecting to pay out.
The point is that we should have some type of emergency fund for when those things happen. A safety net. Wouldn’t it make you feel better in an emergency to know that you have the money to take care of things? One less thing to stress about when emergencies do arise.
Many people do not have any money put aside for emergencies. Many do not even have money put aside in savings let alone funds put away for a rainy day. See Week Four post about the baby step for savings.
This is a big deal. Money is always a big deal. But we are dealing in baby steps here, so DO NOT panic. We are just going to put a small amount of money away every week as our emergency fund. Five dollars. If you can manage more per week, by all means, do not limit it to $5. Also, put the money where you can easily get to it when you need it, but not where you will be tempted to spend it on ‘non’ emergencies.
We need to be financial prepared for emergencies.
Baby step for this week: Put $5 away for emergencies this week.
Now, I am saying ‘this week’, but that also means keep it up every week. We can’t build an emergency fund without regular deposits.
If you already have a healthy emergency fund (experts recommend 6+ months of living expenses as a good emergency fund), give yourself a high five. I’ll bet that is a weight off of your shoulders. 🙂 If you have some money tucked away for a rainy day, but the fund is a little on the small side, put this baby step into action so that you can beef up that fund. If you do not have any money put away for emergencies, here are a few tips to help you do it:
- Skip a day of the fancy coffee – sorry Starbucks 🙁
- Skip going out to lunch and bring your lunch from home
- Sell something on websites like Craigslist or eBay
- Use coupons and put what you saved away
- Sign up for a rewards site like Swagbucks, Inbox Dollars, etc (see this post here on how I earned money to get a Digital Camera for FREE using those kinds of sites)
- Earn money providing goods and services on a website like Fiverr
- Places like Half Price Books will pay you cash for your books, movies, and music.
What about you?
Do you have a healthy emergency fund?
What things can you recommend to help others find money to add to their funds?
Share your journey with us!