2020 Stacker's Goal #2
Life happens... to everyone with no exception.
There are always unforeseen occurrences that require financial resources. It’s a reality. Unplanned circumstances happen and they can cause havoc to your finances.
Do you have cash that you can access quickly to cover for such eventualities?
For certain you've heard about it before...
You need an emergency fund!
An Emergency Fund is the most immediate and critical of savings objectives.
Saving for you Emergency Fund takes precedence over saving & stacking in precious metals.
Otherwise, you may find yourself liquidating part or all of your stack to cover an emergency need for funds.
Life happens and your emergency fund will help you to experience unforeseen circumstances without having to go into debt or access longer-term investments.
A common use for Emergency Funds is unexpected expenses such as major household repairs, car repairs and deductable for insurance car repairs, medical emergencies, sudden relocation, unexpected travel, and job loss.
Below is a table of how each age group responded to the survey question, “What situation or reason has made you use money from an emergency savings/fund?”
When Should You Use Your Emergency Fund?The purpose of an emergency fund is to prepare you for the unexpected, so you can never say with certainty when you will need to tap into those funds. However, your emergency fund is a last line of defense, and if you end up spending it on short-term expenses, you could find yourself facing financial obstacles when more severe emergencies occur.
That’s why it’s important to put serious thought into what you should address immediately and what you can pay for over time. If a repair doesn’t require immediate fixing, you might be able to adjust your monthly or weekly budget to find a solution rather than drain your emergency fund. Similarly, if taking public transportation to work means you can fold auto repairs into your normal budget rather than use your emergency savings, that might be a better option. It’s important you define “need” realistically. An enormous hole in your roof is precisely what your emergency fund is for — but remodeling your kitchen might not be. Soure Article: Survey Finds Most Common Reasons Americans Use Emergency Funds
Some statements in this article express a personal opinion and is not meant to be financial advice. I am not a financial adviser.
I hope you enjoyed viewing this article as much as I did in sharing with you. Thank you and I will see you again soon! @silversaver888
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Whatever is beautiful... whatever is meaningful... whatever brings you happiness... May it be yours this 2020.
🤗
Very well said, you have helped me a lot already!
I am in prime position to do all of this, and some
are already done or in progress. Did you see my
Dave Ramsey question in your last post? Even
your opinion is valued in this, if you do not
know what DR says about it... 🤩🤑👍
I think that to the greatest extent possible, everyone must make this a priority, even if one is currently inundated with revolving debt. It has been suggested that one must find ways and means to build their emergency fund and VERY FAST! Then add to it slowly every month. A way to do this is to sell everything that is not needed in the home, like all extra appliances, even clothes and shoes and bags... do a garage sale... everything helps... even selling a car that is not needed, returning a leased car and buy a clunker for less. I have not bought a brand new car, I always got myself pre-owned cars and paid next to nothing to the debt exposure of buying an expensive brand new vehicle. A great example of how to do this is what my sis @kerrislravenhil shared in her comment here.
BTW, I think that I did answer your question.
Take care my friend, @underground 🥰🌺🤙
You DID answer it, and very well, I was just hoping that you had a DR quote in your memory banks 🧠 You are definitely one of the smartest people I have ever had the pleasure of communicating with, in fact.
🤗🤗🤗
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I want to hear your personal goals not how to make goals bestie...... 🌹❤️🥰🤗
My stacking goals are simple this year... mostly to stay on track with my list of precious metals and be less distracted by other types of pieces that are not on my list. I do need to stay healthy-er, seeing that I have been sickly lately. I think that I overdose on Vitamins already, hehehe.
Take care, bestie and a ton of hugs 🤗🤗🤗
I also like the " Don't get poor " money! Before I got Married I never saved cash, and I remember selling my very first Krugerrand to pay for the Mrs Wedding dress....
I should have been saving cash but......😍😇😀
WOW... that is some expensive wedding dress... but so appropriate for your beautiful bride. So now I can imagine how precious her engagement and your wedding rings are! Thanks for sharing that detail!
Have a wonderful day, my friend @silvetop and take care 🥰🌺🤙 !tip
It was just a Krugerrand.😇....We were a blind date thirty nine years ago😍
Lol, now I have to be careful what I post on SSG .....There's another stacker in the house!! 😍😀
Buy the way I LOVE the Mojipop that you created of the Mrs!!!
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True @silversaver888 hope you are well. Have a lovely day ahead💖🥰😍
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Hello @clitadias. I have been sick, and just now trying to catch up with my responses to comments. My partiko still has not worked. I am glad that you are here now, and I can visit you later.
Take care, my lovely friend Hugs and Kisses 🤗💕💋!!! !tip
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Don't get poor money, I like that.
@alliedforces curate
I know, right! Sometimes, unexpected events can be devastating! Thanks for the curate, my friend @enginewitty! I appreciate it. Take care 🥰🌺🤙 !tip
Keep up the great work and join us in The Castle sometime!
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I like your idea about writing this series of articles. Very good for new and old stackers.
!trdo
Just sharing my first-hand experience and what has worked for me, @ronaldoavelino. And nothing is new, just following the examples set out by great people in the stacking community.
Take care, my friend 🥰🌺🤙 !tip
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VERY solid and sound advice! It's good to think on this type of thing and make sure you're on target. A perfect series for a new year. Have a wonderful night, my friend and take care!🤗💕🤗
I am pleased to know that you like this series, my lovely friend @elizabethbit! I shll continue with it when I am feeling a lot better.
Take care, my love 🥰🌺🤙, Hugs and Kisses 🤗💕💋!!! !tip
😘🤗🙌
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The Financial tip I can add is, don't bank on a lottery ticket or a knight in shining armor to pay your bills, only you can keep your castle in order. 🏯
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Hahaha... exactly, sis! But you and I are not damsels in distress that need a knight in shining armor. I would be a wonderful idea to marry someone who comes with a bag of money, as we already have our own. And you are absolutely right, women should keep their own castles in order... especially if they aspire to marry a prince... there is more to put in order then, hehehe. Occasionally, I purchase lottery tickets (win a Mercedes Benz type of tickets) from school and church fundraisers.
Take care, my beautiful stacking sis, @kerrislravenhill 🥰🌺🤙and a million Hugs and Kisses 🤗💕💋!!! !tip
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Don't get poor money fund.. haha
That's what kept me afloat for when I lost my job....
Now, have to work on saving it again :D
I think that many build their emergency fund primarily for job loss scenario, especially if one works for a company that will not provide for severance packages. Building up one's emergency fund when depleted or partially used is recommended by financial advisers (which I am not), which makes sense.
I am very happy to see you here, my friend @kaerpediem. I appreciate you stopping by and leaving a comment. Take care and keep saving🤗💕💋!!! !tip
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