From Pinterest, of all places, I found a quote that made me think about how much I love my emergency fund:
How true is that? I know that my life feels like that sometimes. Sometimes it is the housework, sometimes it is work stuff, and sometimes it is the children. I especially hate it when several big money days attack me at once, like when I get a huge utility bill and a huge car repair bill at the same time. It can feel like the world is trying to gang up on you. What can you?
You know where I am going with this…
Days like these, I am glad to have a plan for these types of expenses. It might be designated savings or it might require dipping into my emergency fund. I might not be happy about buying a new catalytic converter for our car, and I am certainly not happy to be buying a third tank of heating oil during the same winter. No matter how frustrating it is to spend a lot of money on such boring purchases, savings make it easier. With savings, I don’t have to use a credit card to get by, and I don’t have to worry about not being able to afford groceries or gasoline.
Things like car repairs and utility bills are not emergencies, and so I wouldn’t recommend having your emergency fund be the first place you look to pay these expenses. However, sometimes even regular savings aren’t prepared for large expenses. Let’s say you’ve got $900 in your car repair fund, and you suddenly need $1200 worth of repairs. In this case, your planned savings can cover most of the expense and you can use your emergency fund to cover the rest. Just be sure to replace that money as soon as possible!
Just one more way that savings make my life better.