I shared with you the 7 Baby Steps towards financial freedom the other day and told you that, at the center of it all, was this mentality of becoming a Super Saver. With that in mind, our first step is exactly that, Baby Step 1: put $1000 in a beginner Emergency Fund. So what is an Emergency Fund? Exactly what it sounds like. Having some funds put aside just in case of an emergency. Things like a flat tire, an unexpected hospital bill, the dishwasher dying, you get it, right? Things that you may require to live your life that have broken down and you must replace them. What is not an emergency is that sale at your favorite shoe store! Again, emergencies…and to be honest, we can probably wait on that dishwasher too, but…again, you get what I am saying here, right? We need to save for that rainy day, just like Grandma used to say.
The truth is, this life is filled with unexpected events. Sooner or later, rain will come. That’s just life. And if we already have some money put away, we will not get all stressed out when that uninvited situation happens. Mr Ramsey talks about the state of the average American right before the 2008 crisis and says about most people, “They had no buffer between them and life.” (p9) We talked briefly about “margins” back in May, and this Emergency Fund is that financial margin, a cushion in our finances, that will give us a sense of peace if, and when, something comes up. It is simply Biblical wisdom to be prepared, in advance, for them, just in case they happen. This is not being negative. It is being realistic. The sense of peace knowing we can handle a small dilemma is priceless. Saving for an emergency, is an emergency, so it must be a basic element in our financial plan.
2023’s Got A Minute? Book Club
January: The First & Best Book Ever: The Bible
February: Love Is In the Air: “The 5 Love Languages: The Secret to Love That Lasts” by Gary Chapman
March: Spring Growth: “Secrets of the Vine” by Bruce Wilkinson
April: Living the Resurrected Life: “The Wonderful Spirit Filled Life” by Dr Charles Stanley
May: My Spiritual Mom: “Making Good Habits Breaking Bad Habits” by Joyce Meyer
June: Spiritual Dad: “It’s Not About Me- Rescue from the Life We Thought Would Make Us Happy” by Max Lucado
July: Financial Freedom “Complete Guide to Money” by Dave Ramsey
<>< Peace, Diane
