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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.

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