I’ve been working for 10 years now and one thing I’ve tried and failed to create is an emergency fund. I have created a small business, earned a good amount, travelled several countries sometimes several times, bought my own (2nd hand, 3-year old) car (at 23) that depleted my savings then, rented my own bachelorette pad for a year and 6 months when I was still single shortly before I got married (which again, eventually, depleted most of my savings), got married (which again depleted most of my savings), acquired household appliances and furniture, and a lot of makeup along the way, but alas, building an emergency fund was neglected. I don’t want to regret being able to do (and maybe somehow, achieve) all those things, but having little savings is one sad and scary thought especially now that I’m married and starting a family.
Although I do have a small sum where R and I could probably survive at most is 5 months. Honestly, it’s not something I’m happy about. I know that for some, that is already a good amount. But it scares me because I don’t earn on a monthly basis, unlike most people. If I don’t work, I don’t earn. And even sometimes I work so hard, and yet I don’t earn which is why I cannot not have some form of security blanket – or else I will have to sell all my belongings (scary!). If not for the other expenses such as monthly rent, car payments, and the insurance (and investments) that we are currently paying, we could probably survive for a year with that amount of money. Sadly, that’s our current reality because those are part of our responsibilities.
So with the latter part of the year, creating an emergency fund is now on top of my to-do list. Saving is hard, same as with everyone else, but especially hard because I don’t have a monthly income. I earn in increments from business and that doesn’t always happen. We rarely eat out nowadays (the ones I post online are either family celebrations or treats to us) and our used to oft-looked-forward-to-spa visits have been rare. But hopefully in the future, I will be able to create an emergency fund that will manage to fend for us for 2 years – yes, that’s my goal. Although looking at it now, it seems unreachable given all the bills and obligations we have to pay.
And that, my friends, is the reason why I love reading financial blogs. Because if they can do it, I sure do hope that one day, I could too. I just have to have faith.