Hey guys! Today I did have planned to share with you more tips and tricks to save money in your everyday life, but something happened in May that I must share. This is a truth about having a budget I feel is overlooked.
At the beginning of this series, I told you I was getting my shit together too (both financially and mentally), and this series was also to keep me on track and form a community. Many people struggle financially and just with self-love and I don’t feel we should be ashamed to admit it.
So far in the series:
- Introduction: How I got here, the place I never thought I would be
- Timing is Everything: Doing a time and spending audit to get you started on the right track w/ free printable worksheet
- I Owe What: Figuring out what you owe and the why it is important to know Free Budget Work Sheet
- Want Vs. Needs: Understand the difference makes all the difference
- Top 3 Ways to Save Money and Time
I promised that I would be an open book, full disclosure, and the truth is I got more “in debt” in May.
The truth is that shit still happens when you are getting your shit together. Life events do not stop, tragedy does not stop, disaster does not stop, everything goes on just like it would if you have all your ducks in a row. That is just life.
The trick is to keep your head up and keep moving forward. You can’t let life events bring you down and knock you completely off track. If you do you will have more pieces to pick up when you decide enough is enough, and still you will have to deal with the obstacles. So DO NOT let life distract you from your goals.
In May, my dear Mollie pup got sick. We found a vet we trusted and took her in. At first, they said it was only diabetes but after a night stay and minimal improvement, she still refused to eat. They took x-rays and found masses in her pancreas and in her liver. She was so weak and frail and refused to eat (4 days straight), there wasn’t much we could do so we made the difficult choice to end her suffering.
My heart, as well as my families, was broken and I cried for days, still cry from time to time because I miss her snuggles and her playful spirit.
This was unexpected and not cheap, but necessary to get her the care she needed. Honestly, the cost was less then I expected. I still used my credit card because dealing with finances when I was so emotional wasn’t a great idea. Plus I was far from home and staying with family when all this went down.
David Ramsey says to have a $1,000 cushion for emergencies but to tell you the truth that wasn’t enough to cover even this vet bill.
When my husband and I were both unemployed I learned that $1,000 does not go far in emergencies. That is why I always recommend having $5,000+ in a savings account for emergencies. Then when you are stable having 6 months’ worth of expenses in a savings account in case the unexpected happens.
This goes against all financial expert advice I have ever been given but I would say build your savings account then start paying off your debts, because emergencies can land you in even more debt.
When I got home, I just transferred the money from savings back on to my card. That was money I was going to put toward another card pay off, but the point is I was ready financially for the emergency. Now for the next few months, it will be building back up the emergency fund.
Now, before I sign off for the day I want to go over another common scenario. A few days after everything happened with my Mollie pup, I joined a friend for a late dinner and a cocktail. We had a good talk about money. She stated even with a better paying position at her job she was wondering where the money was all going.
Then she talked about a household appliance taking a crap and having to buy new ones. She put it on an 18-month 0 interest payment plan and has planned to pay it off by the 18 months. Awesome right!! But that is where her money is going.
The point is shit is still going to happen. Whether it is a sick child, pet, or yourself, whether it is something wrong with the home. These things do not stop, but don’t let these things stop you from reaching your goals.
It is easy to get sucked into a retail therapy vortex when you just dropped hundreds of dollars on something and lose your focus. This is something you must train yourself not to do, and it is not easy, but it is doable.
Shit still happens when you are still getting your shit together. There is nothing you can do but to be ready for it. When shit happens, the goal is not to get farther in debt. Here are 3 options to consider.
- Ask for a payment plan (most Dr.’s and Vets have them)
- Have an emergency saving account with at least $5,000 in it (remember emergencies don’t happen all the time so even setting aside $25-$100 a month adds up and helps when needed)
- Get a line of credit with an introductory APR of 0 and pay it off before the 0 APR expires.
I hope you all have a great month and are working on the perfect budget for you! Remember these things take time and patience, don’t give up!!