Why you need an emergency fund
ฝัง
- เผยแพร่เมื่อ 2 ก.ค. 2024
- #personalfinance #moneymanagement #budgeting
If you don’t have an emergency fund, you leave yourself open to financial problems should something unplanned for happen. In this video I share some examples from my life that show why you need an emergency fund of your own.
► SOCIAL MEDIA:
linktr.ee/jamesmurphy
► Join my Facebook Group:
/ thesandscratcher
► Business Inquiries ONLY - info@thesandscratcher.com
Sign up to Vid IQ for an exclusive discount: vidiq.com/r?code=ofVN9o
► DISCLAIMER:
Some of the links above are affiliate links, where I earn a small commission if you purchase an item. This comes at NO additional cost to you but helps support this channel and enables me to make free content. Thanks for watching and for your support.
► If you would like to support our videos:
Buy Me a Coffee: buymeacoffee.com/jclmurphy
Excellent topic. Took sometime but slowly saved an emergency fund. Sleep a lot better. Unfortunately, I think soon many people will have no choice but to live within their means. Thanks for the video.
You're welcome. It can take some time to put a fund together, but I think it's worth it.
Thanks again. I'm retired and the retirement benefits in Canada enable me to save. But I live where the rent is cheaper than almost anywhere else, which means I can't afford to move. I don't share the habits of my neighbors like travelling and eating in restaurants and such. About 15 years ago I bought a car and paid cash for it. Got rid of it some years later. I bought a bike last year so now I have two. My spending habits tend to be on the reserved side but I do like my ice cream and chocolate. I have a fairly healthy savings for emergencies. Yesterday was my first trip out of town on a shopping bus to Sudbury (not your Sudbury) in five years. There was a bit of unnecessary buying but it happens.
There is nothing wrong with unnecessary buying every now and again.
Sometimes it's good for the soul.
Thanks for sharing.
Hello I'm still with you, it's 5am, but I'll watch when I wake up, Cheers 😊
You need so e sleep my friend
Great advise. I started saving late in life. But I'm glad I started.
I didnt start early enough either. Better late than never!
Thank you for sharing. 👍
You're welcome.
Good video and points. Agree 100 percent.
Thank you.
balance is the key.
Indeed
Congratulations on your 4k subscriber milestone 🎉😅
Thank you!
Good advice. I’m not sure we ever really had an emergency fund, but we’ve always been pretty practical with our spending. Now that we’re retired, we probably are better off than we have been most of our married life. By downsizing to our little fixer upper, we’re debt free, and our expenses are minimal, our pensions should be sufficient. The proceeds from our previous home will cover anything extra. ~Mrs Coffee ☕️🇨🇦☕️
The words debt free sound lovely.
I'm also debt free but sadly not in the position of owning our home.
Which is why a safety net is so important to us.
When was a child my mum had a long tin that had a slot in each compartment. They were divided into Gas/Rates etc etc. She maintained this till the day she passed and a big spike that she put paid bills on. I think she got this from her mother who owned a sweet shop / tobacconists and she was on the ball with money. My mother was always frightened of debt as my father worked in the car trade and that was unpredictable in the 60s. Yes rainy day fund. If I asked my Dad if we could have something he always said " Oh when our boat comes in" lol .Great video.
That sounds oh so familiar to me! Thanks for sharing Jim.
And thanks for making me feel olde, I still use envelopes that way! LOL
I came from middle-middle class. We lived fine. My parents paid all the bills (no credit cards yet), we had food and a nice apartment. I was never taught to save. I was told by my dad to "pay all your bills first." Like you, I got rid of the credit cards I had and have none to this day. All I have is my SS/OAP and I just make it through each month. However, I do have what I call my emergency money...health insurance. It's a big chunk of money each month but with the gov't health, it pays every penny/pence of doctor visits and hospital stays and most of my meds. The peace of mind I get when the rent/insurance and internet is paid is worth everything to me. (Haven't watched TV since the beginning of Nov 2022.) I was homeless 2002-2003 and I never want to be there again. I live by my dad's advice.
My Dad's advice was different. He said pay yourself first. He said the first 10% of what you earned was yours and the rest paid the bills.
He never bought anything unless he had the spare money packed away.
He bought a house sized plot of land in the late 1960s and over 3 years paid for our house to be built as and when he had the money to get the work done.
It felt as though it took forever, but when it was finished, it was paid for.
I've not been homeless, but was within two days of it with a wife and 2 small children in 1992 and I wouldn't wish how I felt on anyone.
You are one strong lady.
@@JamesMurphyYT Thank you
@@missjoshemmett You're welcome x
The problem is, the first time you need the emergency fund, its gone...
I've had that happen. It's good that it was there. I just started again.
Never had an emergency fund. Budgets Restrict Your purchasing power. And my wealth is exploding. So no budget or emergency fund for me -:)
You're a braver man than me. If it works for you, that's great!
Could become an obsession this.
You must have a life too. Can't spend your whole time living on "what ifs".
I mean as the old saying goes "if ifs and buts were pots and pans they'd be no need for tinkers".
Few decent lifestyle choices at the outset would be a better solution.
Like owning a car. Do you really need to own a car? Really? Or is it a luxury.
Do you really need to own a place to live? Can't you rent from council?
Not having a car would remove many problems.
Renting from council will give the responsibility of "emergencies" to someone else.
It's this obsession within society that we must own a home, or to drive a car that's created this tight rope living situation.
Adopt a simple life. It's far more fun!
I've been on the council housing list for 14 years and am no closer to getting a house than I was when we went on it.
Where we live now, the rent has risen year on year and if we don't keep saving, it's just a matter of time before we won't be able to afford it.
Having been almost homeless before I'm not taking chances especially as we have an autistic son.
Sorry, I'm not leaving whether we've got a roof over our head to luck.
But I do get your point.
Could become an obsession this.
You must have a life too. Can't spend your whole time living on "what ifs".
I mean as the old saying goes "if ifs and buts were pots and pans they'd be no need for tinkers".
Few decent lifestyle choices at the outset would be a better solution.
Like owning a car. Do you really need to own a car? Really? Or is it a luxury.
Do you really need to own a place to live? Can't you rent from council?
Not having a car would remove many problems.
Renting from council will give the responsibility of "emergencies" to someone else.
It's this obsession within society that we must own a home, or to drive a car that's created this tight rope living situation.
Adopt a simple life. It's far more fun!
.