Why You Need an Emergency Fund and Why We Had to Use Ours

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Life can really throw some curveballs. The last few weeks have been emotional and stressful. I saw my grandma for the last time on July 7. I told her we’d be back soon to see her, thinking she had more time. She didn’t. She passed away on July 9. She had been battling cancer.

In a way, I’m glad she didn’t have to suffer very long, like my grandpa did, but I wish she was still here with us. It’s been very hard on all of us to have to let her go, but that’s life. Always be there for your family, tell them you love them, and please, don’t smoke.

The Leak That Gave us a New Living Room

On top of that, we had a mishap in our home that caused us to have to use pretty much all of our baby emergency fund. The ice maker in our fridge leaked. That doesn’t really sound like a big deal, but, um, yeah, it was a big deal.

The wall behind our fridge is the connecting wall to our living room where we have wood floors. The water leaked through the wall and ruined our floor. We had to take up all our flooring and replace a good chunk of it, and there was drywall damage that had to be replaced.

We want to sell our house in the near future, and in order to get it ready to sell, we need to paint basically every room in the house. So we decided together that if we were going to do that, now would be the perfect time to paint the living room because our flooring was taken out.

During that whole process, we realized that all the trim along the floor needed to be replaced too. One thing led to another, and we pretty much have a whole new living room now!

Funny how that works out sometimes. I thank God that he made my husband so handy. He did all the work himself and saved us a ton of money!

Why an Emergency Fund is Important

That brings me to the baby emergency fund, Step 1 of Dave Ramsey’s plan for financial peace. We weren’t financially ready to do a living room makeover, but this was an emergency, so we used our emergency fund.

It really stinks that we now have to pause our Baby Step 2, but there really is no feeling like being prepared. I know we’ll get that $1000 saved up again and be able to start where we left off in our debt situation, so I’m trying to not let it bother me too much. Easier said than done!

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Keep Murphy Away

Everyone should have an emergency fund. Everyone has those times when the unexpected happens, so why not be prepared for it? Most people use credit cards in the event of an emergency, but using cash will save you money because you won’t be relying on high-interest credit cards.

Having an emergency fund will help protect you when the unexpected happens. It means you can fall back on it if your car breaks down or if your A/C stops working or if you lose your job.

Obviously, the baby emergency fund won’t help you if you lose your job, but the fully funded emergency fund will. That step comes after debt is paid off.

If you haven’t started an emergency fund yet, start one now! Having a budget (a plan for your money, not a restriction) and an emergency fund of $1000 is the foundation of a great financial plan.

If you need help starting a budget or saving your baby emergency fund, read these posts:

You can find free budgeting printables in my resource library and a full Debt-Free Budget Binder in my shop. Please reach out to me if you have any questions!

Do you have an emergency fund? I’d love to hear from you in the comments below!

Mom for More. More wealth. More freedom. More peace.

I’m Kari, founder of Mom For More. Do you often lie awake at night dreaming about what it would be like if your family was debt-free? What if you could make that dream come true with a business that allowed you to stay home and be fully present with your babies? Mom for More teaches moms that they can start a home business, become debt-free, and gain more overall peace in motherhood. It equips moms with the tools they need to succeed in their finances, home businesses, and daily lives. You don't have to put your life on hold when you become a mother. It's okay to dream. It's okay to believe that you were made for more. I’d love for you to subscribe and follow along with me!