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I joked yesterday that I will put on my next CV “able to travel and stay away from home for an extended period of time” as a skills because the travelling I have been doing lately is kind of insane. In my travel adventures, I missed  my niece and nephew that came to visit for school holiday. I allowed them to come as my cousin  will be there so she can look after then.

Anyhow, yesterday as I was waiting at the airport to board, I got a call from home that my nephew cut my growing pumpkin. For whatever reason he cut it, I do not know why but I can only think that maybe he thought that it was a watermelon and he was checking if its ready. I was furious, nothing I could do from distance so I am just patiently waiting to arrive home so that I can see what I can do.

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This came as a shock to me. I did not think in my wildest thought that he would think to do that. ( Maybe it’s curiosity because he is just 6 years old). But it reminded me of something very important, emergency. Just like my pumpkin was cut, a lot can happen in life in a blink of an eye. Most of the time we are not mentally nor finically prepared but unfortunately our urgent response will be required.

So what is an emergency savings and why do you need one? It’s that money that you should keep aside to help you in an unplanned event that will require money to resolve. A tire burst, a pipe leakage, a child illness that is not covered by medical aid , a death in a family as well  a loss of your job that enabled you to pay your bills.

There is a theory that you should have at least 3-6 months worth  of your living expenses in this account saved because that is how long it will take to get a new job on average. But this may be steep for many of us so having money aside even if it’s just one month is safer than nothing.

To begin,

  • Decide how much money you would like to keep aside as emergency savings
  • Decide on the saving vehicle to use. For this I advise a call account with minimal bank charges.
  • Decide how much you would like to keep aside every month so that you reach your goal in bullet 1.
  • Just do it. Do not delay

Unfortunately, there is nothing I can do with my cut pumpkin (please let me know if you know of some magic) but it also does not require money but next time it will not be a pumpkin. I for one does not have that much money in my emergency account but I am slowly building it. Remember baby steps, Rome was not built in a day.

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#Chicco – the Pumpkin cutter

 

Love

Dhalondoka

3 thoughts on “Emergency savings

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