If you were to ask people why they do not have any savings, you would likely here a multitude of excuses. You say reasons, I say excuses, and here’s why. If saving money was important to you, and not just a feel good line to help cover up your lack of priorities, you could save an emergency fund! Sure there might be things that pop up and make it harder, but those things happen to everybody.
In Financial Peace University, Dave Ramsey uses an example to support the idea that if saving money was an emotional priority, you would in fact be able to save some. If you were told that one of your children was going to die in 6 months, that would be horrible. Suppose you were told that you could save your child if you saved $5,000. You would certainly be able to make that happen, would you not?
Saving money would have then become an emotional priority in your life right? That’s the key.
It has to be important to you! It has to be more important than that brand new car! It has to be more important than that expensive vacation! It has to be more important than a $1,000 wardrobe! It has to be more important than ALL OF YOUR WANTS!! Saving money has to become MORE IMPORTANT than spending it!!
Maybe saving money by itself, is not more important than saving your child, but it should be right up there with your basic priorities in life. Think about it like this. What if having an emergency fund in place kept you from having to experience that 6 months of panic to try and save your child? What if you could just hand over that $5,000 on the spot? Then perhaps you could spend that 6 months being their for your child, helping them get well, instead of running around at the last minute because you weren’t prepared for life.
That example may seem too extreme, but there’s a reason Dave Ramsey uses it. It’s because he knows that you love your child enough to make it happen. He knows that if saving money was truly important to you, you could do it. He knows that you do not have any money in savings right now, because it is not important to you. He also knows that it should be important to you!
Being prepared for life is the only way you will ever be prepared for life, so it should be a priority. Make sense?
Want proof? I lived most of my adult life without an emergency fund. I used most, if not all of the many excuses given for not having an emergency fund.
- I’ll save when I get a raise. (No you won’t)
- I’ll save when I pay my car off. (No you won’t)
- I’ll save when I get my tax return. (No you won’t)
- I’ll save tomorrow, today I am too busy living. (No you won’t)
- I’ll save when my kids move out. (No you won’t)
- I’ll save when I win the lottery. (No you won’t)
- I’ll save after I help my family. (No you won’t)
I no longer say those things and guess what? I have an emergency fund! In a little over two years I went from NEVER having an emergency fund EVER, to having one with $6,000 in it. Do you know how good it feels to have $6,000 in the bank in case an emergency happens? Refreshing! Absolutely wonderful! It is absolutely everything that you don’t think it will be, until you start saving it.
Stop lying to yourself! I did, and now I have an emergency fund in place, but it didn’t happen until I was sick and tired of being broke! Are you sick and tired of being broke? If so, then you are in a better position to make it happen. Where there is a will, there is a way, you just have to find it. If you truly want to, you will.