4 Reasons Your Family Needs an Emergency Savings Fund

Having a good amount of money put to the side is important for your family.  When something occurs which requires a lot of cash, some people turn towards credit cards or borrowing from a family member.

However, putting yourself into debt isn’t necessary when you properly prepare yourself.  Putting aside a small amount of savings regularly may seem like it won’t make a big difference, however, it starts to add up.  By consistently contributing to your savings fund, you’ll have the peace of mind knowing that you put in the work to be prepared for whatever comes your way.  

When it comes to some of the most common reasons why you may need an emergency savings fund for your family, here are the ones that stand out most.

Making Home Repairs

You never know when disasters can strike and cause damage to your home. Whether a tree needs to be removed, a pipe bursts or even something as serious as a fire occurs, having the funds to be able to make sure it’s taken care of is important.

Regardless of how much you try to avoid issues and take care of your home, things come up whether you like it or not.  So rather than being one of the millions of people who believe it could never happen to them, take the route of being prepared with an emergency fund on hand.

Losing Your Job

Losing your job can be incredibly stressful.  When your source of income is suddenly pulled out from under you, you can start to feel your head spin as you wonder how you’ll be able to take care of your family.

While you start looking for other options, it’s important to have a backup plan to keep you afloat.  Having a savings account which will provide you enough money to be without work and still pay your rent and put food on the table is priceless.

As a parent, the biggest fear we can have is our children going without.  Therefore, providing them with security in situations like these is essential.

Medical Emergencies

Sometimes medical conditions aren’t anticipated.  When things go wrong medically and you need to act fast, the last thing on your mind should be that you can’t afford it.  

Having enough money to be able to make sure that your family is taken care of is crucial.  Without it, you’ll waste your time worrying about the problem rather than spending your energy on the solution.

Last Minute Travel

Whether it’s a death in the family, or an emergency at work, last minute travel can come up when we least expect it.

Traveling at the last minute is much more expensive than booking something ahead of time.

Therefore, having money on hand to be able to make it anywhere you need at any time is a huge stress reliever.

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Divorce and Separation: Keeping Relationship Amicable

Divorce and separation happen. People who have joined their lives together sometimes find out that it isn’t the best way for them to be. And when the legal system is in play, there are lots of different details to consider. Ultimately though, there should be a goal somewhere in there that regardless if divorce and separation do occur, relationships should at least be amicable from a legal standpoint.

There are matters of spousal maintenance, family therapy, open lines of communication with children, and questions about dividing property. Amicable relationships have to work their way through the full spectrum of emotional, practical, and legal issues.

Spousal Maintenance

Most people have heard of alimony payments, but the concept of spousal maintenance may not be as familiar. In certain states in the country, rather than alimony, lawyers work with divorced couples to figure out spousal maintenance numbers and values. Essentially, just because people separate doesn’t mean that standard of living has to go down. Depending on who makes more money in the relationship, there is a social and legal obligation to figure out how to continue payments to them at least until lifestyle matters are balanced out.

Family Therapy

Many times, there will be tension, anxiety, and even anger left over when people separate. However, there are ways to keep relationships moving forward at least on a neutral level. In one way to do that is to consider going to couples therapy or going to family therapy. It can be challenging to approach topics if you’re emotionally involved with them, which is why having a licensed therapist bring up questions can be such a positive experience for everyone involved. Family therapy doesn’t work instantly though, so it does take some time to work through issues.

Keeping Communication Open with Kids

If there are children involved in a divorce, things can get more emotionally dicey. Depending on the relationship each parent has with the child, the kid may not know how to behave, or may not understand why his family is changing. Keeping open lines of communication will make sure that a child has a chance to express what’s on their mind and gives adults an opportunity to speak openly to them as well.

How To Divide Property

Another matter that involves emotions, practicality, and legality is how to divide property among divorced individuals. Depending on who made more money, who owned specific property before the marriage, and who maintained certain pieces of property, legal requirements and social norms may require a lot of detailed contractual obligations. Especially if there is some piece of property or item that has high value to both parties, there can be a lot of discussions that have to go into the fairest way to divvy things up.

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Freeze your spending. Change your Life #31daysLSWZ

Could you go 31 days spending zero? Of course you still have to pay your mortgage and other bills.

If you are up for a challenge you can sign up for 31 Days of Living Well and Spending Zero by Ruth Soukup from LivingWellSpending Less.com

It starts October 1st and you will get daily emails to help you through the challenge. You will also get a preparation guide that will answer more questions.

You can budget money out for food and other expenses(Halloween costumes, etc)

She suggests not stocking up it is meant to help you realize wants versus needs.

I am super nervous about this challenge, I am worried I am going to fail. I love to shop a lot. But I do think this is going to be a great challenge for me to rethink my spending.

I would love for you to do this challenge along with me.


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Moonjar Review & Giveaway-teach your child about saving, sharing and spending

I have been trying to teach my son to save money but as soon as he gets some money he just wants to spend it not save it for something bigger.

I found about Moonjar and thought this would be a great tool to teach him to save, share & spend.

Moonjar was established in 2001 to inspire and incorporate strong financial values and practices in everyday life. The word Moonjar comes from idea shooting from the moon, creating big dreams along with the ancient custom of placing hope and dreams into a jar.

I received the Classic Moonjar. It is a 3 part moneybox made out of tin with removable lids made out of plastic. It also comes with a family guide for goal setting, discussion and a passbook where you can track your change.  There is also a lesson plan that is a 45 minute activity book for children for grades K-3. This also be used in a school or other program. The lesson plans explains how to teach the lesson, ask the children questions and even have some activities to do with your child/children.

There is also a box called Conversation to Go. It is full of slips of paper for you to go through with your child. Here is a sample of some of the questions:

If you never had to worry about money what job would you want?

What does sharing mean to you? What does it look like?

What does gratitude look like?

What do you want more of in your life besides money?

Connect with Moonjar on Facebook and Pinterest


My son absolutely loves the Moonjar. He is having fun splitting up his money between spend, share and save. He usually just spends his money as fast as he can get it. It is really neat that you can take it apart, the band holds them together. The Conversations to Go is such a great idea, we have so much fun picking out questions and answering them it also leads to further conversations. We also went through the lesson plan and did the activities. The Moonjar is such a great learning tool, kids need to learn about sharing and saving money and how important it is.

Do you want a Moonjar for your child? Well your in luck enter to win a Classic Moonjar below

Disclosure: I received the Moonjar for free in exchange for the review. All opinions are my own. I choose products that I think my readers will like. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.




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