The Rainy Day is Coming-are you ready?

“If saving money is wrong, I don’t want to be right.” William Shatner

Do you have an emergency fund? According to a report from the Federal Reserve, 40% of adults could not come up with $400 in cash if they needed it in an emergency. They could whip out a credit card to cover it, but then when the bill comes they don’t have the cash to cover that, either. The economy has picked up since the recession and employment is off the charts up, so why can’t more people cover this seemingly small expense if they needed to? It’s all a matter of priorities.

Amazon Prime Day was held recently. Many of the social media groups I belong to (mostly crafting groups) had questions, pictures, and such from people asking, what did you buy? What kind of bargains did you get? How many times has the UPS/USPS guy been to YOUR house today? I’m left wondering how many of these same people would go into an absolute PANIC if suddenly their water heater started leaking, or if one of their home appliances suddenly quit working, or if their car broke down. What then? I’m happy to say I didn’t buy a single thing during Amazon Prime Day. I’ll admit to being tempted by a couple of things, but I just couldn’t see the point of spending money on something just because it was ON SALE. The one item I had my eye on was not discounted, so it’s still sitting on my Wish List waiting for a sale or a good discount code. There once was a time where I would’ve shopped with abandon and probably TOTALLY regretted it later. I’m glad that time has passed.

Two of my financial “mentors”, Dave Ramsey and Clark Howard, both emphasize the importance of saving an emergency fund for situations such as a job loss or some other sudden occurrence that involves an unplanned expense. Paying down debt is also a priority both of them stress in their writing and their media appearances. The less debt you carry, the more cash you’ll have on hand to cover any emergency that might crop up. Saving money is not easy, especially if you don’t make a lot, but as I said earlier, it’s a matter of priorities. It CAN be done. The links above offer some strategies for saving an emergency fund. For your financial well being, don’t put it off!

I hope I haven’t been too harsh, but I can’t stress enough the importance of having a rainy day fund. If you have one, feel secure that you’re covered in case of a sudden expense. If you don’t, it’s time to get busy!

Be well and God Bless-until we meet again…

Author: olderwisermoneymiser

I’m a 50-something wife, mom, and full time accounting administrator sharing my journey from work to retirement.

29 thoughts on “The Rainy Day is Coming-are you ready?”

  1. I guarantee the individuals without a rainy day fund also find money stressful enough to pretend they can ignore their finances too. I know because I used to do this too!
    I am also a proud non-purchaser of Amazon Prime Day. I was very tempted with the microphone I had my eye on went on sale (about 34% off original price) but the checkbooks said the timing was not right. I’ll pay full price for any item to not pull money out of our rainy day fund. There is no price worth paying when the peace of mind is at stake.

    Liked by 1 person

    1. I got an awesome mic for Christmas last year and instead of just buying stuff because I want it (like I used to do!), I’ll wait for a gift-giving occasion and put it on the list my son insists I make! Thanks, Stefanie.

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  2. I read this from somewhere before :’It’s not what you make, it’s what you save…’ that helps you reach financial security and financial independence. Visiting from #MLSTL

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  3. This is so important so thanks for putting the spotlight on savings, Kim. Last year, my daughter took the time to go through every cent they had spent over 12 months. She could tell where and how much she and her husband had spent on all areas of their lives. She was shocked at the wasteful spending in some areas, made a new budget and now has peace of mind with an emergency fund. Because of her savings they were able to complete an extension on their home before their second son was born (the day after the renos were finished!). It is lovely to have you join us at #MLSTL and have a beautiful week, Kim. I’ll be sharing on social media. xx

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  4. I’ve always been a saver and my goal (when we were young and poor) was to have $1000 in reserve for emergencies at all times. Now we have much more than that, but I also have a small wad of cash tucked away to access if there was ever a disaster and we needed to buy food, clothes etc – you see so many people caught out with nothing if they lose their credit cards or have to suddenly abandon their homes in a natural disaster – I don’t want to be without clean underwear!
    Thanks for linking up with us at #MLSTL and I’ve shared this on my SM 🙂

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  5. I agree that having an emergency or rainy day fund is so necessary. We do live in an overly consumerist society where the accent is on having more and more stuff, when having a small fund tucked away is actually so much more comforting. We’ve always been more on the saving side, but we’re by no means angelic!

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  6. Excellent advice! When we were young, we lived beyond our means and racked up a ton of credit card debt. The wakeup call came when we both lost our jobs in the same year and couldn’t pay it back. Never again!

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  7. I was just thanking husband yesterday for the “get out of debt” advice he gave me when we got together. I was many thousands in credit card debt 20 yrs ago and barely making the payments. Now we owe for nothing but our house and even in retirement, I can save money. I did buy some moisturizer during the Amazon sale days but it is something I use every day and I saved $10 on each.

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    1. Never pass up a deal on something you’re going to use! I used to buy stuff because I wanted it, rather than because I truly needed it. That was a tough habit to break but now that I have I’m not going back. Thanks for sharing your experience.

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  8. very important stuff. dave ramsey helped us about 10 years ago when the bottom was falling out. have taken a lot of his lessons to heart and at least we could come up with $400 in cash now! 😉

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  9. Thank you for your straight-forward no-mincing reminder. I am working on this along with paying down debt from the ‘perfect storm’ of the 2007 real estate crash and recession just as we moved across the country. Getting there slowly but surely! Thanks for both the reminder and the encouragement to get there.

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  10. Excellent post! I love Dave Ramsey too. I HAD a rainy day savings, but found out it wasn’t large enough when one major car repair wiped that out AND maxed out the credit cards. Now working on getting back to a good, safe point. (I love your blog title!)
    Sharing on SM for MLSTL

    Liked by 1 person

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