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Murphy’s Law and Emergency Savings

Written by Guest Blogger · 23 May 2012

The following post comes from the Military Saves Blog. Follow then on Facebook and Twitter.

By Adrianna Domingos-Lupher, AFC®

Owner, Military Money Chica, Personal Finance Blog

I’m sure you’ve all met my friend, Mr. Murphy.  He’s a frequent visitor to our home and is notorious for showing up when we least expect it.  Mr. Murphy can be quite an expensive houseguest with little regards as to how his actions will impact your finances.

Murphy’s Law Hits Home

Mr. Murphy’s most infamous visit to our home took place just as we bought our brand new front-loading washer and dryer.  As we basked in the glow of our newly purchased and installed clean machines, Mr. Murphy dropped by.  Unannounced.  As usual.  And when he visited, he really settled in.  Within a month of our large-scale washer/dryer purchase our sprinkler system pump broke AND our air conditioning compressor bit the dust.  Thanks a lot, Murphy.  Thanks. A. Lot.

The total damage of the trifecta: $1200 washer and dryer (planned purchase), $600 water pump (unplanned), $600 A/C compressor (unplanned).  

How on earth were we going to pay for all of this?  Granted, we’d set aside money to cover our washer and dryer, but we still had a bit of sticker shock.  It was no small purchase.  When the water pump and AC went, it just felt like a bad dream.  

I don’t know about you, but I hate spending money I didn’t plan to spend.  It just hits me in the pit of my stomach.  

Fortunately, I was one step ahead of Mr. Murphy.

Emergency Savings: Your Best Defense Against Murphy’s Law

Banking to Save for College

Written by Super User · 22 May 2012

May 22, 2012

Kayla Carr, Illinois High School Student, Young Illinois Saves Leader

My savings goal is to save for college, and I’m still saving for it today.

I want to save for college because I know the college I want to go to will cost a lot. So, I am saving up now during my four years of high school. By the time it's 2015 and I graduate, I will have money to get me to college.

I told my aunt about my goal and she gives me money, $10 every week, even if I have a job as well. It’s hard for me to save this money because I do get a sweet tooth from time to time. I used to tell my cousin to hide my money so I wouldn’t spend it on candy and food.

Now, when I got my bank account, I put my $10 in the bank to save.

Other people need to have their own saving tactics as well. Set your mind to your goal, and you can do anything. Just don’t think about candy that much! So go for it, and your money will stack up.

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Tip of the Day

  • Written by Administrator2 | January 11, 2014

    Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund. http://ow.ly/sj972 

Saver Tips and Stories View all »

Starting and Continuing a Personal Finance Journey

Written by Sara Cooper | December 23, 2013

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

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Live Like a College Student

Written by Guest Blogger | April 19, 2019

Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at Chicago. She remembers attending a University of Illinois Saves event where she decorated a piggy bank and took the Pledge, but college life made her put the thought of saving at the back of her mind. Those thrifty thoughts resurfaced when she graduated with a degree in public health.

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Saving for a Bright Future

Written by Guest Blogger | April 15, 2019

Kristin Hendricks, a single mother from Texas, understands the importance of saving money and following a tight budget. She decided to make saving money a priority when she gave birth to her son.

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