Beyond just common sense, I have had the need for an Emergency Fund pounded into my head over the past several years by Ryan over at TSLR. Although I had not built my Emergency Fund up to the level that I would have liked – it came in handy recently when I had several unexpected expenses come up. Without it those expenses would have been a much bigger deal.
Now it’s back to the drawing board and will start budgeting in putting back greenbacks like I do food and ammo. I know many in today’s economy scoff at the idea of an Emergency Fund – but it is doable even under some of the toughest conditions. Even the smallest amount money set aside adds up and is better than the pocket lint you may find when searching for some spare change.
A couple things that I plan to do to open up some funding for the Emergency Fund:
- Bring my lunch to work rather than go out every day
- Reduce the number of times I go to Crossfit during my lunch hour (less $$$ on gas). Rather – I will go on my way home from work.
- Better budgeting out of each check. Get back to an “envelope system” dividing available funds with each check – including savings.
- Get the wife to sell stuff we do not need anymore on Facebook and related sites.
- Sell my kids. OK – maybe I skip that one.
With persistence and a few changes I will get my Emergency Fund back up and feel much better knowing it is there.