We all need an emergency fund just in case something unexpected happens. Trust me, the unexpected will happen.
If you don’t have the funds saved up for a rainy day, you’ll be getting wet.
I’ll be starting a list of reasons why you need an emergency fund.
If you have ideas please send them to my Twitter @ontargetcoach
Why You Need an Emergency Fund Reason #1: Blown Tire
As I was driving to work recently on my morning commute, I felt my tire blow.
I kinda expected to have some sort of car trouble on our 97 Civic with 179K miles on it, especially since I’ve been putting 120 miles on a day.
Now, I’m an urban kinda guy, so I’ve never changed a tire by myself–Never.
I could have called AAA, but it would have taken them 30 minutes to get there and then I would have to be embarrassed to ask some other dude to change my tire and put on the spare.
This is Oklahoma after all where people still grow their own food and raise cows. You won’t hear an Okie saying they can’t do something.
Don’t say ‘can’t’ in the earshot of an Oklahoman–they’ll just angry at you for not figuring out how to MacGyver a way to do it.
My Blow Tire
I had a full sized spare [TIP: When you buy a new set of tires, keep the best of the old set and use it for your spare tire], so I didn’t have to worry.
After locating the cheap little jack and tools, I finally figured out a way to make the jack go up. It was difficult and I didn’t have room to turn the jack’s mechanism in a circle.
When I was done I figured out the two pieces went together to form a T in which I could jack the car up.
You knew how to do that already huh? Yeah, my first time-dumb.
After an hour the job was complete and spare tire on. I felt like a stud.
I changed a tire without help looking up how to do it on YouTube. I was a man. I was all grown up.
A State trooper slid up behind me.
“Shows over”, I said.
He saw my black covered hands and brought me an industrial wipe to clean my hands.
Emergency Funds and Car Repairs
Cars break. Especially if you drive them like a chuck wagon on a long journey across hard terrain.
My car crisis, could have turned into a budget crisis and caused much stress in our lives and marriage.
But I can buy a new tire, since I have an emergency fund. In fact, we even have a fund saved up for car repairs for when they happen.
Keep saving and drive safe.
Do you save for car repairs or have a plan for when your car breaks?