Single and Settling In

Single life has its own unique challenges, personally and financially. Hear how these bloggers are making the single life work for them.

How to Deal With Unforeseen Events

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When it rains, it pours.  I have lived without credit cards (my previous security blanket) for over a year now.  I have followed my CareOne program religiously and have reaped the benefits from it.  I have watched balances drop and my financial freedom is getting closer and closer.  So what’s the problem?  The last couple of weeks are the problem.  I had to buy 4 tires for my car, which I budgeted for, what I didn’t budget for is the break job the car also needed, the 3 vet trips to figure out why my dog was vomiting continuously, the water damage to my back door that has showed itself through the mold and mushrooms (yes, mushrooms) growing up the side of it, not to mention the electric bill that was way more than I expected only to find out I seemed to have left the air conditioning on a nice cool level while out of town on vacation for the week.  Nice.

These are the unforeseen frustrations that I fear every day while working on my debt.  In my former life, with my high credit limits, I would charge the problem away and move on about my business, not so much now.  So what do you do?  It happens, it will happen again as I continue this process, but with each instance I learn and try to make a plan to prepare for “next time”.  So, as I whittle away at the must fix now and can wait for a couple more pay-checks, I call my bank and find out I am eligible for some more accounts.  I have my main checking and my main savings.  I now open another checking and another savings.  I finally get the true meaning of my father’s words:  “I don’t care how much it is $1.00 or $100.00 always put something away for a rainy day.”  So, that is what I do now.  When my paycheck comes in and all the bills are paid and a little goes into the “untouchable” savings account and I know what I have left over, I put as little or as much as I can into the “other savings account” or my emergency account.  It is small in its balance, but it continues to grow and give me a little bit more of a comfort that if something goes wrong I don’t have to completely deplete my savings. 

The other checking account I have reserved as a project account – if there is really something I want to do to the house or buy, I put a little away until there is enough in that account to cover it.  I find if I put money away in my “extra” accounts and view them as untouchable, the main focus is my primary checking account – that is where I budget from for day to day living and expenses and when that is gone, there is no borrowing from the others.  It takes discipline, but like this last month has shown me, when you least expect it anything and everything will go wrong, but the question is – how will you handle it next time?  Because, you know there will be a next time!

  • Great information!

  • Great article.  The "every now and again" things like tires always seem overly problematic until one considers the alternative.  The alternative (when referring to tires) can be a blow-out on a highway, as well as the costs of a tow, new tires, replacement of the front end of your vehicle, and a bill from the county for the telephone pole you took out.  OK, that was overly dramatic, but nevertheless, there are real consequences to avoiding things like brakes and tires.  And many of those are far more expensive.  Again, good article! :)

  • Thanks - and I love the overly dramatic...that's how I live my life!  :)  

  • Thanks - and I love the overly dramatic...that's how I live my life!  :)  

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