A SMALL Emergency Fund is Life-Changing
It’s not new news that we all need an emergency savings account, but the idea of saving 3 to 6 months’ salary seems like a mountain too high to climb – I mean, come on, that’s a lot of money to sock away! Who wants to do that? But what if we dial back the goal to something more manageable – say $500 to $1,000 to get you started? That’s all you really need to jumpstart your finances and protect your future. If you still need a little more convincing, here are 3 ways an emergency fund will change your life.
- It will help keep you out of credit card debt. Tell me something like this hasn’t happened to all of us: You’re truckin’ along and everything’s fine, and then you get a flat tire, and, oh by the way, you need to buy 2 tires at a time, and before you know it you’ve just put $500 on your credit card at 23% interest. Yikes! Down the slippery slope we go, into the hole of credit card debt. But not when you have your emergency fund ready to go…for just such an emergency. 😊
- Greater peace of mind. When I put my head on my pillow every night, the security of knowing I’m NOT living on a shoestring leads to better sleep. And better sleep means a more productive, happy human. And who doesn’t want to be that?
- Improved self-confidence. When that bank statement shows up each month, there is pride in saying “I had the self-discipline to save that”. “I own that…It’s all mine”. Small financial successes lead to larger financial successes. After all, a self-confident person isn’t going to allow themselves to live a life of less-than.
No excuses and no delays! Re-read my newsletter from last week on the power of automation and apply it to your emergency fund. You’ve got this – I believe in you…now get going!
This is who you will NOT be: Check out this Forbes article on how 4 out of 10 Americans cannot afford an unexpected $400 expense.
Scope out these high interest rate savings accounts and put your money to work for you.
"The secret to getting ahead is getting started." - Mark Twain
Wishing you wealth and success,
Yvonne ☺