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Please Don’t Make Me Download Another App | Our phones are being overrun
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this post was submitted on 03 Oct 2024
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I have a rule of thumb for financial stability.
Level 1 - just buy groceries and pay for them without stressing
Level 2 - don't worry about when payday hits
Level 3 - don't worry about getting laid off
That makes a ton of sense. To add some numbers to it:
Getting to step 1 can be very difficult, especially for the lower class, but $10 or $20 at a time can get there. But it needs to be intentional, and that's really hard when working two (or three) jobs, so many just don't put in the consistent effort needed to get there. But once that first buffer is there, the rest becomes a lot easier since you're no longer getting pushed backwards.
And it fucking SUCKS in the beginning, because for a very long time it keeps getting wiped out by emergencies. But the more emergencies you weather, eventually the fewer you'll have, and your buffer will grow.
Emergency funds are the most important tool for financial stability (after securing a living wage).
Exactly. Just take solace in knowing that each emergency that wipes out your e-fund could have been devastating debt, and the e-fund is doing its job.