Let me just tell you how happy I was that we have been so strict with our money in our marriage because the last three years tested our financial strength. It's impossible to tell you just how expensive it is to have a chronically ill/terminally ill family member, unless you've experienced it yourself. We were blessed to have so many people rally around us and help alleviate some of that burden but it's astounding how it starts to sink you financially (as well as emotionally). The funeral, plots (my husband and I made sure to purchase our plots alongside Jacob's), and headstone alone were over $10,000.
It is possible to prepare for an emergency before it hits. I know God prepared us well in advance to weather this storm, both emotionally and financially. The fact that we were able to get our finances in order just before Jacob became ill, the fact that we were used to living beneath our means, the fact that we knew how to cut corners. God also blessed us with people who helped us financially along the way.
Because of all this we will be okay, financially. It may take awhile to get back on track, but it is do-able.
One step is going back to saving money (which means I'll bring some money saving articles back to my blog) but also building the savings back up. I plan to start the savings chart in the new year.
The first step, whether you are deep in debt or financially comfortable, is to build up a savings for an emergency. Too many people feel that a small savings won't help them in a big situation such as this but small is better than nothing. You have to start somewhere. "Pay yourself" first is the key to being financially stable. Even if you are $15,000 in debt you need to have something to fall back on, without going further into debt.
Start adding to your savings account weekly, even if it is just $5 a week. Don't have an extra $5 a week? Look at your budget. Do you get take out? Do you get a drink once or twice a week? Have a big cell phone plan? Have cable? There are so many ways to cut costs in your life that you should be able to find an extra $5 a week. That adds up to $20 a month. $240 a year. It seems small, but it is a start.
By following the savings chart you could have $1,378.00 in savings by the end of 2014. That is a cushion. A start to financial freedom.
The time to start is now.