Tips, advice, and the latest news from the savings world.
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
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.