Emergency Funds = Breathing Room in Life
Today, we wrap up the series that was inspired by a Netflix show called "How to Get Rich." The concept today is emergency funds. It sounds alarming, but it's quite a calming force when you have it. Let's jump into it.
So, the idea of having an emergency fund is, if there's an emergency, you already have money set aside to pay for it. You intentionally set aside the money and keep it in an account where you can access that money easily. In a 2023 Bankrate survey, only 43 percent of Americans could cover a $1,000 emergency. It's shocking and saddening to hear because $1,000 really doesn't cover much in terms of emergencies. Your car breaks down, or you need to go to the hospital could easily run you that amount. Heck, let's say you spill water on your laptop, a new one will run you at least a few hundred bucks.
Ideally, you have a number of months, let's say, 3-6 months of your living expenses saved. Let's say you get laid off from your job; you'll be ok for the next few months while finding your next job. Phew.
So, as I do, I started asking myself, I wonder if people are like this in other aspects of their lives. For example, are people short on time? Do they rush from thing to thing? Do they budget extra time to account for unforeseen circumstances (read as: daily Bay Area traffic)?
I used to have a lot of stress around getting things completed. By nature, I'm a great starter but not a great finisher. I was also a bit of a procrastinator. I used to think that stress was my answer to getting things done. In a sense, it still is because when I'm under stress, I have to perform. However, that continued stress wears down the body, mind, and soul. As I've tinkered with different ways of doing things, I realized that if I give myself a little more time to do things, I can get it done without as much stress. I also realized that was true with spending time with people. If I mentally told myself that I would commit and be present with the person in front of me and not think or worry about other things, that thought would give me enough buffer to truly enjoy the person in front of me. My son was my first teacher in this respect. It's also allowed me to be more present with my clients, friends, and family.
Once I tasted that level of freedom, I started looking at my day and how I schedule things. You see, I used to think having my calendar full of meetings meant that I must have been successful. However, that was the exact recipe for me to start hating life. So now, I identify the most important things for the day, make sure those things are scheduled, then the rest of the day is free-flowing. There's lots of buffer room in between the important things so that I can be good at the important things. This also means that when I get requests to meet at a certain time, I'm factoring in whether I have enough buffer room to show up for my next thing in my best form.
So where can you use some buffer room? Is it literally by having an emergency fund? Is it scheduling in an extra 15-20 minutes in your drive time so you're not so rushed? Maybe it's making sure you sleep late a couple of nights a week. Is it taking one less meeting in the day so you have an hour to meditate or recharge?
Speaking of meditating, I'm hosting a time for people to gather and meditate together on Tuesday mornings at 7 am. Connect with me on Instagram or Facebook for more details.
Anyways, as always, let me know your answers. If you'd like some support, send me an email, and I'd love to help out.
Coach Kev helps people find calm, clarity, and confidence in their life while creating some buffer in his life. Contact him at kevinkoocoaching@gmail.com, or follow on IG and YouTube @kevinkoocoaching
