Monday Money Monologue: Do You Have an Emergency Fund

I discovered the #debtfreecommunity on Instagram at the beginning of 2018. Since then, my mentality on money has drastically changed for the better. Not only have I started to discuss money openly and unabashedly, I have discovered that I am not alone in my pursuit of a better financial life.

I've also discovered that I'm not the only adult that feels behind on the financial curve. A lot of the money tips that I have learned over the last year are things that I wish I would have learned at a young age. Honestly, most of what I have learned seems like common sense.

The majority of people that I have encountered over the last year follow the Dave Ramsey path to financial independence. There is no questioning that Dave is extremely well versed in this topic, but he just doesn’t speak to me. Maybe it’s because I’m a stubborn woman who doesn’t like men to tell me what to do. Or maybe it’s because I constantly have to learn things the hard way. The truth is probably somewhere in the middle of those two scenarios.

Regardless, the first step to Dave’s plan is that you need an emergency fund before you start paying extra on your debt. His idea is that you need to create an emergency fund of $1,000 for when times get tough. And times do get tough even when you meticulously plan for the future.

You may also like:

I’m still not following Dave’s plan religiously, but I am following it loosely. Afterall, why reinvent the wheel? I have already paid off almost half of my debt but now I am going back to the beginning and creating an emergency fund. My goal is to be debt free by December 2019.

What are your debt free goals? Do you have an emergency fund? Do you follow Dave’s plan?

Saving $1,000 may seem extremely easy or extremely difficult depending on your mindset. Below are some ideas on how to earn an extra $1,000 in 30 days:

  1. Sell your stuff:

    • Poshmark (You can read about  my journey selling on Poshmark here.)

    • eBay

    • Amazon

    • Facebook Marketplace

    • Garage Sales

    • Etc.

  2. Pick up an extra shift at work

  3. Get a second job

Those are very generic ways to earn extra money, but they are ways that work! I am putting all of my Poshmark earnings towards my emergency fund until I reach $1,000. Then those earnings will go back to paying off my debt. 

MONDAY MONEY MONOLOGUE: Do You Have an Emergency Fund?