Tax time means we typically become more aware of our financial situation. We look at our income and what we have spent over the past year. We come to the conclusion that we need to spend less and save more.
Cars break down, people get sick, houses needs immediate repairs, and people lose jobs. Emergencies happen. It is a fact of life. It is wise to be prepared. We need an emergency fund. Some people call it a rainy day fund. Whatever you call it, there is much wisdom in preparing for financial emergencies. We might as well go ahead and plan now so they will be less devastating. In Genesis chapter 41, Egypt is about to have seven years of abundance followed by seven years of famine. In verses 35-36 Joseph gives this wise counsel to Pharaoh; “They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine” (NIV).
We may not always receive a dream of when an emergency is coming like Pharaoh did, but sometimes you can foresee a coming expense. You know – when the car sounds like the motor is about to explode every time you stop at a traffic signal…. there may be an automobile repair in your near future. Go ahead and save up now… before the explosion!
Suggestions for saving up an emergency fund
Dave Ramsey suggests you save up a beginning emergency fund of $1,000 while you get out of any debt (other than your house). If you have no debt (other than your house) most financial coaches suggest saving up between 3 to 6 months of expenses in an emergency fund. My personal opinion is to save more towards the 6 months than the 3 months.
Pinterest is a great resource for tips on saving your emergency fund. Check it out!
What is something you’ve done or plan to do to save up for emergencies? Leave your suggestions in the comments below (find “comments” just below the red submit button)!
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