Tomorrow is the first day of April which also starts the first day of National Financial Literacy Month. A key component to any solid Financial Plan is an Emergency Savings Fund! On April 9th we will start an Emergency Savings Challenge
Many of us have gotten out of the habit of saving. We know we are supposed to, but we’ve adopted lifestyles that have us living paycheck to paycheck. The result is that when things get a little difficult financially, we can lose everything.
Even minor financial setbacks can become major events, causing stress, unhappiness and financial loss. Having an emergency savings fund is what you’re supposed to do – it’s about taking good care of yourself and your family today, tomorrow and every day in your future.
Imagine being able to always afford life’s little emergencies. Here are just a few of the common little emergencies we face on a regular basis. Perhaps one or two of these resonate with you.
* When your car needs a repair
* When your hot water heater explodes
* When your computer crashes
* When your child breaks a bone
* When your dishwasher just up and dies
* When your child needs money for a school trip
* When you lose your job
These major and minor emergencies can feel devastating when you don’t have the cash in the bank to cover them. Yes, you can charge them, and many people do, but if you’re living paycheck to paycheck, paying the monthly credit card bill won’t be easy.
However, if you have an emergency savings funds, these “emergencies” are nearly as devastating as the could be. You can easily pull money out of your account to pay for the expense and go on with your life. You deserve the luxury of peace of mind, you deserve the freedom from stress and you deserve the financial confidence to know you can pay for the surprises life throws at you.
How Do Participate in the Challenge?
If you’re like many people, you’re living paycheck to paycheck and you’re not quite sure how you’re going to save anything. Well for this whole month post tips on how you can save. Some of these tips will be new, some you may have heard before but if you didn’t put it to use a reminder wont hurt. So, your mission is to put as many of them as you can to use. We will focus on 2 main key areas:
1. Spending Less
2. Making More
This Challenge will be exciting for you and us at Smart Money Chicks. So, Not only will you get amazing tips on savings we will also have some excellent giveaways.
Be sure to visit daily, comment and START SAVING!!!!!!!!!
Andrea is the Chief Chick of Smart Money Chicks. After filing BK twice (once because she panicked, second time because the pro messed the first time up), she realized that it all could have been avoided if she understood more about how her Finances worked and the options available. At that point, she wanted to help as many as she could never make the same mistakes again. Our Promise is that all the content you read on here is created or edited by Andrea
Bboy can I attest to when the car needs repair, even though my car is paid for there is over $1,000 worth of maintenance work to do. I’m looking forward to the challenge!