Earlier this year I replaced a dishwasher. That went well, but then three days later, I found I had water on the basement floor. In this case, Murphy’s Law meant there was need of a plumber to repair a leaky pipe. Just when you think everything is under control, something will happen.

Emergency saving is a constant work in progress.

One way to be ready for Murphy’s Law is to have an emergency savings fund. I had a friend that called it the “inevitable fund” –  you don’t know exactly how the money will be used when you start saving, but you know it is inevitable that some need will arise.

One easy way to save is to collect your change weekly for the fund.

Another way is to Pay Yourself First – just like the bills you are paying, make an automatic “bill” to pay to a savings account from your checking account. You may want to have the savings account in a different bank – and watch it grow.

Things will happen, and your emergency saving will take a hit, so don’t stop saving! There will be another Murphy’s Law in your future.
-Susan

Susan Taylor

Resources are important whether you are looking to rent your first apartment, pay your bills, buy your first home or send your child to college. There are many ways to save money to reach your goals, and hopefully ISU Money Tip$ will be one of them. I enjoy traveling, needlework and am a novice gardener.

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