Generalizations are the worst. You may hate generalizations as much as me. “Moms like messy buns and yoga pants,” “Dads like cars and football.” Gross. So I hate that I’m generalizing when I say this, but I have found it to be true 9 times out of 10 when talking to clients who don’t have emergency funds.
The reason you don’t have an emergency fund is because you are waiting until you make more money to start one.
(if you are part of the 10% that this doesn’t apply to, feel free to skip this one. And please accept my apology for perpetuating a generalization)
Making more money isn’t the answer. Making more money could absolutely help when paired with the right mindset and strategy. But making more money alone will leave you feeling disappointed when you still find yourself in the same position you were before.
Think about the last time you got a raise. Did you start saving at that point? Probably not if you’re reading this. You probably started slowly increasing your spending as your income increased. And you’re not alone! Just do a quick google search of “Lifestyle creep” and you can see how many people experience the same thing.
So what can you do if you’re serious about starting or increasing your level of emergency savings?
First, stop waiting for your income to increase and decide you can get started right now with what you have.
Next, decide how much money you want to contribute to your emergency savings account each month and work backwards. Dive into your numbers and see if it’s doable with your current numbers. If not, this is the time you come up with a strategy to increase your income so the numbers work.
I have some good news if you know you need to do this but need support! I have a 7-day solution coming soon for you. A quick jump start to getting your emergency savings funded.
If that sounds like something that could support you, drop a comment below and I will send you details as soon as it’s available.
What has been your biggest hang up with your emergency savings?
Cheering you on to a fully funded savings account!