A young lady very dear to me is in a financial crunch. Yesterday she replaced all four tires on her car. The next day she received a letter from the finance department at her school, informing her that she needs to pay $4,000.00 before she can start her final semester of college. I will change her name to protect - “myself” I will call this young lady Joan Doe. Joan works and attends school full time, she lives with a family member and pays about $700.00 a month to maintain her bills.
I suggested that she start an emergency fund for future car repairs and unexpected expenses that would surely pop up from time to time. Her response: “I really cannot afford to save money. I make just enough money to pay my monthly bills.”
Saving a Small Amount of $ Can/Will Add Up!
The Reality: Joan does not realize how much money she spends on miscellaneous items each month. She goes out to dinner at least 3 nights a week with friends, and because of her busy life, she also hits the fast food drive thru about 3 to 4 times a week. Like most young people she enjoys shopping and her monthly or biweekly pedicure, etc.,. Joan like many of us unknowingly spends much more money than she realizes. Money that could benefit her in an emergency.
Understanding were your money is going will uncover your available wealth. You Can Do It - Prepare for Unexpected Situations!
Lucille Tyler-Baldwin
author of "Sick and Tired of Being Broke"
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