I bailed on one post Friday but wanted to make sure I made up for it today. To wrap up Financial Literacy Month we have one major topic to discuss. What to do when you have an emergency. This is a good one so grab your popcorn as a snack and a beverage and we’ll get started!
I’m in a Facebook Group devoted to people trying to get their financial sh*t together and there is one common theme: We all ended up with a big emergency along our financial journeys. For me, I’ve had several big emergencies as I’m never an exception to the rule. I’m going to tell you about what I did to get things back under control as well as some tips for yourself if you find yourself in this conundrum.
When I first started budgeting and paying off debt in January 2019, things were going smooth. Then disaster struck. I had an incident that caused me to have to take 2 loans out of my 401k in June 2019 for medical care. I was going to physical therapy 3 times a week and the chiropractor the other two. No one was open on Saturday and Sunday and it was all accomplished during my lunch break. Things started to even out a bit and I felt like I was gaining my footing, then 8/8/2019 my dad died.
The hard times didn’t stop there. I visited my family for Thanksgiving 2019 and had no idea, my nephews had the flu. I hadn’t had the flu since 2006 and I hoped I would be okay when the ER said my little dudes were sick. When I went home the next-day I felt a little tickle in my throat. That tickle turned into cold sweats and a fever by the next morning. I caught the freaking flu. Lucky me, I didn’t have any more PTO left and I was out for a week so I got absolutely nothing. It didn’t stop here either. Every single year had a challenge that I could go on about.
Situations out of your control that have a major financial impact are going to always be a part of the journey. How you handle them? There are a couple of options:
#1 – Cash-In Your Emergency Fund.
Building a solid emergency fund can help with an out-of-control financial situation. If you can start with a 3-6 month emergency fund that is more ideal for a costly emergency. Do remember to replenish what was lost and fight the urge to avoid using these funds during an emergency.
#2 – Revisit Your Budget & Available Funds.
If you can spare money from your budget, this is another option to take care of anything out of your control. This is usually coupled with what is in your emergency fund. If the amount is large enough, you may have to put off debt payment to get this under control. All hope isn’t lost.
#3 – Reorganize Your Debt Payoff Plan.
If you’re like me and started with little to nothing to cover an emergency, you can use credit of some sort to help with the emergency. When this happens, reorganizing your debt payoff plan may be required if the emergency costs enough. You’re not a failure when this happens. If you’ve saw my journey, I’ve done this more times than I care to admit.
The third example signifies my bout with TMJ that I’ve been mentioning since I started this blog. Care Credit saved my jaw even though the insurance company refused to work with me for the charges. I may not be 100% better but I couldn’t see myself getting better without the intervention I’ve received. No matter how much it cost. I regrouped and readjusted my plan.
We need to try our best to handle trouble without falling apart because trouble will always find you. You can’t stop it, but you can prepare or strategize as best as you can so you’re not drowning.
Pro-Makeup Artist Tip:
Let’s talk foundations. My absolute favorite foundation for myself and for clients, is Maybelline Fit Me. The coverage is buildable, the finish works for all skin types, and it comes in a variety of shades. Foundation is always a bit tricky because you never know what your skin tone is. The one thing I can definitely share is two are needed. One for the warmer months or post tan months, the other is for the cooler months when your tan has gone away. If you’re looking for a color match, go to the nearest Ulta or Sephora to get a solid match if you’re trying to find something that works for your skin.
This wraps up Financial Literacy Month! I have had a lot of fun putting together these posts whether short or long to help you all with your journey. I’m sad to see it go but I will continue to share my progress and tidbits that may prove to be helpful. Be sure to like, comment, and subscribe to be notified about future posts.
Until Next Time!
Photo by Jackson Simmer on Unsplash
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