Save It For A Rainy Day

Definitely almost forgot about my blog post of the week! See this thing happens when you're not being marked for it or paid to do it, it sort of gets put on the back burner.

The one thing I wanted to talk about this week was something that does get put on the back burner for a lot of people, and that is the Emergency Fund.

This is crucial to have once you become an adult, especially if you live on your own. Things come up like unexpected doctor or dentist appointments, car accidents, emergency trips, etc. All these things that you don't plan for but that you now have to all of a sudden pay for somehow. The easiest way to do this is obviously with a credit card, but do you know how fast those emergencies add up? Really quickly, because your 'wants' turn into 'emergencies'.

When I started looking into this jar thing, I figured I would make my emergency jar but I probably wouldn't really worry about it for a while. Then I realized that I could easily run into any emergency at any time so why not start it? A lot of people say you should start your emergency fund with $1000 and just put a set amount in there each month so when you need emergency cash you have it. Another way to fund it, which was the approach I took, was getting rid of stuff you have that you don't use anymore or better yet that you have never used and don't need. Kijiji and Facebook buy and sell groups have helped me slowly but surely get rid of a ton of stuff that I really don't need. Sure, you might not make as much money back as you paid for it, but when you put 25 items online and sell them for $20 each, you're making bank. 

If you can't afford to put $50 - $100 monthly into your emergency fund, consider finding a part time job to help with that. Better yet, find a job where you make tips and keep your tips in a jar. Now right now my tips fund my travel jar (yes I am human and want to do things) so I usually put $100 a month from my tips into the Emergency Fund and the rest in my travel fund. It all balances out, and I can save for two things that are important to me.

If you are looking for other ways to get your emergency fund started, I highly recommend checking out Dave Ramsey's tips. He's on Facebook and he also has several books and articles that he's written where he talks about the Emergency Fund. I know a lot of people think his advice is not the best, and to each their own but it's always a start. Like I always say, check out your bank. They offer free advice and from my experience, they're very happy to hear that you want to learn how to save better.