“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…

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