Why Don’t You Have An Emergency Fund Yet?

A single mom’s car breaks down and the repair is going to cost her $500 dollars. If she doesn’t have the money in an emergency fund then what choice does she have but to borrow the $500, as she can’t get to work without her car? Maybe she has good enough credit where she can get a loan from the bank at a fairly reasonable rate. Maybe she has a credit card with a high enough limit that she can get the cash off of the card (again, with a fairly reasonable rate). What if neither of these are an option though? What if a payday loan is her last and only option?

Finding yourself in an emergency situation requiring hundreds (or thousands) of dollars is never good. It’s made all the worse when you don’t have any money set aside for emergencies. If you don’t yet have an emergency fund then I have to ask… Why not?

A while back I read that saving the first $500 is the hardest. It’s absolutely true, but definitely possible. It doesn’t matter who you are and what your situation is there is no reason that you can’t start saving up for an emergency fund. Cut expenses somewhere, anywhere, if you have to. Better yet, earn more money than you make now.

Easier said than done, absolutely. It’s not impossible though. If you’re not saving an emergency fund already then stop making excuses and just do it.

I’d love to hear your successes, failures, stories, etc with regard to emergencies and emergency funds. Please leave your comments below.

I’ll end this with a bit of humor. Here’s a quote from the show 30 Rock (somehow I ran across this while doing research):

You wanna party? It’s $500 for kissing and $10,000 for snuggling; end of list. – Liz Lemon

I’ve got to ask Liz, with $500 kissing and $10,000 snuggling who exactly is your target audience?

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