I’m still currently saving up for my emergency fund. I’m not even half way there, but it’s getting there.
Along this journey I’ve realized that saving for an emergency fund is a lot like delayed gratification. Once I save up for the EF I’ll finally have the end result, which is security. But along the way I’m learning about delayed gratification. It teaches you that it doesn’t kill you to wait until you save up to have enough money. With an EF you can’t cheat your way with a credit card, so it is forced delayed gratification.
But as you go through this financial journey you can actually think about how you feel about waiting, and can cope with those feelings. You’ll realize that if you take your focus off of that object (EF, TV, Car, Whatever you want to buy without saving) you don’t miss it. That’s why waiting a couple of days before you make a big purchase ($50 for me) helps make you think about if you really need it or not.
I’m also learning that it’s hard to get what you want and there are bumps along the way. Things keep popping up (Fixing my truck) that prevent me from contributing to it, but I know in the end it’s well worth the wait. And there are always payday loans online.
I know that once my EF is full I’ll be excited and know that I earned that security and my money isn’t being wasted on it.
Have you learned any lessons from your emergency fund?