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My husband and I just took a large portion of our emergency savings to pay for some automobile repairs. A car payment for a new car is out of the question. We decided that the best thing to do was pay for the repairs with our emergency money. After all, that’s what the savings account is for - emergencies.
It was difficult for me to let go of that money, though. Seeing that hefty balance in our savings account made me feel secure and happy. Watching the account being depleted by about half made me nervous. What if we need that money for something else?
After a conversation about this, I found out that my husband felt the same way. We still have the old fears that developed when we managed our money so poorly. Even though we have come a long way, we’re afraid that we’ll fall back into the same patterns.
We decided that if we could build an emergency savings account once, we could do it again. The first time around, we saved money without really knowing what we were doing. This time, we know what works and what doesn’t, and it will be easier. We’re still both a little nervous about not having a full emergency fund, but we’re optimistic that we can rebuild it because of everything we’ve learned on our financial journey.
My suggestion for you:
Keep your fears under control when you have a setback. Take a few minutes to remember what you’ve learned and apply it to the situation.
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