When Does an Emergency Not Feel Like an Emergency?

Whitney Sparks "A Fearless Heart"

When you actually have the money set aside to cover that particular “emergency”.

 

You need to stop and set aside money for a emergency fund or rainy day fund.  TODAY!  Don’t wait until the emergency actually happens before you begin saving.  That will cause you a lot more stress and you possibly won’t get the money that you need.

 

Which will then cause you take out a credit card or ask for a loan.  Ouch!  Don’t pay somebody else interest, when you could just be stockpiling that cash on your own interest FREE.

 

EMERGENCIES WILL HAPPEN

 

I was not prepared for the day when my son put six small aquarium rocks up his nose.  We were able to retrieve four of the rocks, but the other two were jammed up in there too far.

 

After seeking out an ENT, he told us to meet him at the surgery unit of our local hospital to remove the remaining rocks.  The rocks were successfully removed – we actually keep them in the container in our house as a reminder to our child about putting rocks up his nose.

 

Those two rocks (actually three – there were two stuck together) cost us around $3,000 out of pocket. That was AFTER the insurance took affect.

 

So, when this same child put a rock in his ear and the school calls to tells us – we were not surprised.  No biggie.  We went through the exact same procedure.

 

He was too upset for the ENT to take it out and wouldn’t let the guy touch him.  We took him to the local hospital, surgery unit only to find out that there was not just a rock.  There was also a popcorn kernel behind the rock.  The doctor’s comment, “It looks like it had been there for a while.”  Yuck!!

 

Did I already mention that EMERGENCIES HAPPEN!!!

 

By the way, we actually saved money on that trip.  The rock/popcorn kernel only cost us around $2,500 out of pocket.

 

WHAT TO DO WHEN AN EMERGENCY ARISES?

 

Don’t panic.  You have already set your money aside because I told you that an emergency will happen.

 

Just go draw out the money and pay for it in cash.  If it is a medical condition, I would let it ride for a few months to make sure that insurance has covered all their costs first.

 

One of these cases listed above even went to collections.  We had money saved, but not $3K.  Once it hit collections, we called and were able to save about $700 because we told them that we had the money in cash to pay the bill that day.

 

That was nice.  We had complete control of the situation.  It didn’t affect our credit, they didn’t come take our children – probably because they see how much our kids cost!!

 

If we didn’t have that money saved then our scenario would have looked completely different.

 

Think of your biggest emergency right now.  How much would that cost?

 

Set that money aside.  The top line item on our budget is GIVING and the next item is EMERGENCY FUND.  Maybe even have the money drafted out or your paycheck so that you don’t even see it.  I have a client that is doing that and it works great.

 

What costs have you encountered because of an emergency?  Does this article cause you to think that you need to start an emergency fund? 

 

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