When it comes to money, do you fear not having enough? Do you fear that if an emergency happens you won’t be able to afford it? What causes that fear? Why do you feel afraid? I have always joked that I needed an emergency fund for my emergency fund. Not funny but kind of true.
Looking back I realize that the fear of not having enough had to do with how I was raised and the mindset that we “couldn’t afford it.” Even if there was an emergency, we made ends meet, but barely.
These days, my husband and I are in an entirely different financial situation than my parents were at this point in their lives. My husbands job is well paying and we have little debt. We are, for the most part, doing well.
But savings is hard for us. I admit, it’s not something we do well. In fact, we have a hard time sacrificing and working toward that 3-6 month emergency fund goal. We have a credit card. We pay it off every month but we do still need to pay it off every month. We eat out more than we should, buy things without consulting the budget and often don’t think long term.
I know my husband and I are not alone in this. We do try to live within our means but we struggle with the day to day and often get frustrated when things go slower than they should or when we can’t see progress being made. We are pretty average in this.
One of the reasons I wanted to start Credit Savvy Diva was to help keep myself accountable. My husband and I budget and it’s a concept I teach others, but we do struggle to stay on budget and to use that budget to our advantage. We often feel as though we aren’t getting anywhere. We have ideas of how we want to spend our money and on long term goals but it is difficult to meet those goals and we often feel as though we are not getting anywhere.
So how much is too much? Can you have too much savings?
It comes down to you. What you think is important. What you decide to put away is truly up to you. 3-6 months of expenses is a good number to work toward. It’s going to take time. It may take sacrifice. It will take more than a few months to reach this goal.
Give yourself grace. And remember that it’s not a race. Work hard and persevere.