Skip to main content

Be Prepared

When my kids were young, The Lion King was big in theaters. When it was released on VHS (dating myself again), they watched it quite often. Okay, I did too; it’s my favorite Disney movie. Well, there is a song in there that is sung by the villain of the story, Scar. It’s called “Be Prepared,” and it is a warning of what will surely be scary things to come. Scar was right–disaster was just around the corner. And many of the lion pride did not see it coming.
We, too, have unforeseen trials in our lives that might be lurking just ahead. While they might vary in size and type, one thing is for sure; most catastrophes affect our finances in one way or another. And while we might not know when one will hit us, it is wise to be financially prepared with an emergency fund.
While it is best to have an emergency fund that will cover your living expenses for six months.  I found that starting with $1,000 is a good number, and everybody needs to start somewhere. But it is critical to line it up ASAP (like, yesterday). In fact, you may already have $1,000 somewhere that you can set aside as your “Emergency Fund.” If not, how soon can you get it?  Since having an emergency fund is such a critical part of your financial plan, how quickly can you get there? Would a garage sale help you get there?  Do you have one or more items worth about $1,000 you don't need anymore?  What can you do this week to get yourself a little closer to that $1,000?
Having $1,000 in the bank that you don’t touch EXCEPT for a certified emergency also sends good vibes your way. But it won’t happen on its own–you need a plan. Creating and acting on that plan will move you one step closer to achieving the financial stability your family needs and deserves.

Comments

Post a Comment

Popular posts from this blog

One More–Christmas Experiences Part II

Christmas is just a week away. Hopefully you’ve checked everything off your to-do list and can spend some quality time “experiencing” Christmas gifts with your family. Because, after all, your loved ones will be far more touched by how you made them feel than they will be with what you gave them. This week, I want to share with you my sister, Carey’s, family Christmas experience. “One Christmas, when my boys, now 18, 23 and 28, were little, we gave them an experience that is still talked about now. And it’s something so easily replicated that any family can do it, and it’s not too late to do it for Christmas (even ON Christmas) this year. We drove around our neighborhood and looked at all the homes decorated for the holiday. We took note of the addresses as we numbered them. We talked about what made each ornamented yards stand out. And at the end of the night, we voted for our favorite. I had my sons help me make some of our favorite holiday desserts and, in addition to taking p...
Post a Comment
Read more

It Happens Like That

And, in what seems like the blink of an eye, Memorial Day is over, school is out (or almost out), and my favorite time of the year is here! I love summer. I love it when the sun comes up early and wakes me. I love flip flops and shorts. I like to be warm (ok, not HOT, but warm). This is when I thrive. And I think it’s an excellent time to take a vacation or road trip. That being said, I plan a long time in advance for a vacation because I won’t finance one–and I’ve taken some pretty amazing vacations! I don’t usually just take off on last-minute road trips, either, but I’m learning to be more flexible in my old age. So I have done that on occasion, too.  Now, this blog post isn’t about the last-minute drives I’ve engaged, cruises I’ve embarked, or the countries I’ve explored (being a debt-free, self-employed, budget-loving, young, empty-nester has its perks!). This post is about getting you to a point where you, too, can take vacations without stressing about paying for it late...
Post a Comment
Read more

Know Your Limits

When I was 17, I drove a 73 Nova. It used to be really easy to do things like changing taillights myself. That is no longer the case. If I tried that on my later-model vehicle (which is more like a computer than a car), I’d do more damage than good, because there are some thing you should just not do yourself. It will cost you more in the long run. That being said, there are probably some things that you usually pay someone else to do that are not getting done right now. My advice is to just be patient; depending on what it is and your skill level, it might end up costing you more to fix your mistakes. Let’s discuss some of those… Obviously, most if not all car repairs are just better done by a licensed, trained professional, including oil changes. They can also correctly dispose of used petroleum products. Depending on your tax filing status, a professional can help you avoid overpaying the IRS. I remember cutting my daughter’s hair when she was little, and I made a me...
Post a Comment
Read more