I blog about my finances. Why? Because I hope to help empower other people and myself in regards to dealing with money and finances. In earlier posts I wrote about the fact that I am having a difficult time creating a substantial emergency fund. Basically, my freakin’ debts have created an imbalance in my budget. So, a large percentage of my money is going to debt repayment. Because of this, I am working to blast away my bills so that I can save money and pay myself instead of paying other people. S$&T happens as we all just saw with Hurricane Sandy. What will you do when the stuff hits the fan? I do have money resources available to me in the event of an emergency, but having a well maintained and substantial savings account would be so empowering. Right now I feel like I’ve let the balance of power in my financial life shift to my debts. There is a powerlessness that I feel when I think about this situation. I used to be able to save so easily when I was younger. Now, it feels like there is an unspoken emotional resistance to the process. What are the issues that are getting in your way when it comes to savings? Are you dealing with issues such as: not making enough money, sickness, disorganization, lack of mental or physical energy to deal with this, too much debt, or do you just find it overwhelming? For me it was everything listed above except for sickness (thank goodness!) So, I have begun to peel the layers of my resistance back. I used to believe I could do anything I put my mind to. I wanted to go to college, I did and finished in 4 years. I wanted to go to Europe, so I worked 70 hours a week for 9 months and then went to Europe. I had a very long list of different goals and dreams that I set for myself and achieved when I was younger. Then, as time moved on and the disappointments grew: job frustrations, gained weight, dating was difficult, the debt grew, it became more and more difficult to expend the energy (physical and mental) to save. When you look at the problems listed above you realize that these are all interconnected. So, I have begun working on small goals that will eliminate the road blocks that I perceive to be in my way. When I tried to take care of everything at the same time I was overwhelmed and would quit, so instead I set small goals and have found that I have been much more successful this time around. I am finally about to pay of several bills in succession and then that will free up a fairly substantial amount of money towards saving and investing. If you find yourself in a similar situation know that you’re not alone! Consumption habits, marketing, and our busy American lifestyle is set up to make this a really difficult process. SavingAdvice is running a Rafflecopter giveaway this week! Sign up and hopefully you will win $100 to either start or add to your savings account! How wonderful is that. If you need additional inspiration on how to save, check out the other blogs writing on this subject this week. Click on the following link and read more! Emergency Funds!
Some Advice:
1.) Try, try, try again. This is my zillionth time trying to save a substantial emergency fund. I will continue trying until I do. Hopefully, I will be able to do that sooner than later
2.)Write down the issues that you feel are keeping you from succeeding at saving
3.)Think about ways to slowly eliminate the obstacles in your way
4.) Have a clear goal in mind. Mine is to pay off my debts, then have 3 months of savings by December 2013
5.) Believe you can do it
6.) Start today
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I think my biggest inconsistency is that my income varies so much as a freelancer. It’s been hard to save consistently. I’m doing my best though. It’s important for me to have an emergency fund for that very reason!
I get paid the same amount every month, so it’s ridiculous that I am having this problem. Am super annoyed with myself! But, the debts are the big issue-so, I am working hard to get rid of them. Hopefully, next year we will be having a totally different discussion 🙂
When my husband and I were paying down credit card debt, everything went towards debt except “free money”. So if I opened a credit card and got a bonus or did a survey, that money was put aside for emergencies. That did not allow us get a large emergency fund, but it gave us enough to deal with emergencies until the credit card debt was gone.
Strangely enough, I have just been told of some “surprise” money and will be putting that towards my bills. This doesn’t happen often enough for me, but I am always thankful when it does! Am finally getting closer to paying off a couple of bills. Can finally see the light at the end of the tunnel!