If you are a tight rope walker you know how important a safety net is, but everyone needs a safety net, not just circus performers.
I’ve read time and again that everyone should have $500 in an emergency account. In the grand scheme of things $500 isn’t a lot of money, but when you are living paycheck to paycheck the amount may seem unreachable.
I’ve learned lately how important that $500 is and how much it’s saved me in the long run. First, my dog needed surgery, it was $800 but that $500 sitting in the savings account sure helped reduce the amount I had to put on a credit card and pay interest on. As soon as I got the account built back up, Hailey’s car broke down, $300 later I was once again grateful for my emergency fund.
I know how hard it is to save money and some of the tips you find are ridiculous, bring coffee from home instead of stopping at Starbucks everyday. If you are spending $5 on a cup of coffee a day and can’t make ends meet you have bigger problems.
I’m not much of a coupon user, the time and effort involved takes me away from things I would rather do. I have to get creative about money. The easiest way I’ve found to save money is to always carry cash. Pay cash for everything and all that change that accumulates will add up fairly painlessly. No, it’s not going to turn into $500 overnight, but it’s a start. When you empty your change at the end of the night, throw a few dollars in there, if you can. It will add up.
Another way I try to save money is by stretching my grocery budget as far as I can. I always try to make meals that will do double or even triple duty. If you buy a chicken or a roast you can make several meals out of it. Meatless Monday’s help too. I try to stay under my grocery budget and put whatever is left over into my change jar.
Five hundred dollars isn’t much, but it may save you when you are down to your last dollar and the kids need an emergency room visit, or the car breaks down, or the dryer goes up in the middle of winter.
Make it your goal, it may take a while to get there but the piece of mind once you have that little safety net in the bank is worth it.