A big side benefit of my husband working in home remodel and construction business, is being the benefactors of items others throw away – sinks, dishwashers, etc. Mind you, these things are not thrown away because they don’t work, or are old, but because they don’t fit the new décor.
We (Gary and I) are okay with old décor; family members – not so much. One of our sons asked, “can’t we ever buy something new?” The answer? “Apparently not”, but I digress…
This is our current dishwasher – new to us about ten years ago, and it is time for a new one. As you can tell, some of the rack’s plastic coating is disappearing, as well as separating parts have broken off. It still washes the dishes.
But…a dishwasher is not an emergency. I want it to be, but it is not. This dishwasher works, and even if it didn’t, I could wash dishes by hand.
The bottom line – an emergency should be defined before an emergency occurs. A clear definition guides decisions and helps keep emergency funds in tact – for emergencies.
Here are four things to help you define a REAL emergency:
- My living conditions have changed and/or are unsafe for me and my family. If your living space has been altered in some way – windows broken, flood, no heat in zero-degree weather…. you need to find a temporary living space.
- This is a need, not a want. My example above – is a want, not a need. A need would be a mode of transportation to get to and from work when there is no other viable mode of transportation.
- You have exhausted all other creative solutions for resolving this money emergency. If you lost your job, and rent is due, there probably isn’t a creative solution. But there may be a creative solution when the air conditioning goes out.
- The four walls for financial security are not secured – housing, transportation, clothing if needed, and food.
I am not getting a new dishwasher – I will save the money for it in my contingency fund. Before an emergency happens, because it will, have a family discussion – that way no one will be surprised, and emotion can be put aside to make good decisions to follow your financial plan.
For the love of family,
Kristin
