How Can I Create an Emergency Fund?

By:  Felix A. Montelara

Author of Bulletproof Fiances

Cash Emergency Fund
Cash Emergency Fund

I will discuss the importance of  creating and having an emergency fund, which is a separate savings account that is only used for emergencies.

law enforcement officers can greatly reduce stress, minimize  ethical matters, obtain security clearances, by creating an emergency fund.  It is reported that  the national salary estimate of police and sheriff’s officer is $58,720.  this is a gross estimate and those not include automatic deductions like, taxes, and health insurance costs.

Having an Emergency makes good personal financial sense specially if you have a family that depends on you.  It advise that is found in the Bible  as well.  Proverbs 13:11 states “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.”  This passage deals with two aspects of money management: how you earn your money and how you save it.

First, how is your money earned?  Do you work an extra part time job or several part time jobs?  lra logo  blueYou must know that when you do this you are trading your time for money. The trade may not be a bad choice f you balance it.  Times is one thing in this world you can’t get back.  Treading your time for money is a means of paying for material things: utilities, homes, clothing, etc.  It will not make a person happy by itself and can affect your life forever. Especially if you are missing out on lifetime events.

Creating an emergency fund can  be interpreted as working and saving a portion of your income more diligently, or it could mean carefully making a budget so you can stop wasting your money on unnecessary things.

Many families with money problems actually earn enough- they are just unaware of how they are wasting their money.  For example, do you know how much you spend on coffee, vending machine snacks, or personal appearance products each month?  Could some of that money be saved instead? And you can participate of the lifetime events you would have missed.   You would be surprised how much money you waste.  This is why it is so important to make an honest budget and to really be aware of all of your expenditures each month.  It is likely help you create an emergency fund and you could end richer each month if we chose to save rather than waste.

As Proverbs tells us- those who strive to use money carefully and wisely will be rewarded.

Felix Montelara Lifetime In Event
Felix Montelara at Lifetime In Event with Daughter and Father.

The reward for the careful gatherer of money is that it will grow.  When you begin your savings account, it may seem painfully small.  But the Bible encourages us to keep working at it.  With time, the savings will grow.  God may reward your diligence and care with other positive outcomes as well- but you will never reap those benefits unless you begin the correct way.

I encourage every law enforcement  officer to take a look at how you earn your money and how you save it.  You can’t begin an emergency fund or savings account until you understand where your money comes from and where it goes.

Keep in mind that as Proverbs says, “whoever gathers money little by little makes it grow.”  There is no shame in saving a dollar here or there, if that is all you can afford.  Be proud of yourself for gathering that dollar, caring for it, and storing it away.  This is how your money will grow, and this is how Scripture instructs us to act.

I have spent my share of money on “STUFF,”

My POV 1974 Scamp
My POV 1974 Scamp, Stuff , I still own.

I did not need but rather really wanted. Yes I needed some “R&R” and a reward once in while but you can go to far wasting money that you can save for your emergency fund that will reduce your stress and provide you with peace of mind.

Please leave me your comments and tell me that you how you are not wasting your time…

HOW TO CREATE AN EMERGENCY FUND?

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Police Salaries 80th to 90th percentile Income Paying Jobs

 The Most Common Jobs For The Rich, Middle Class And Poor

Comments by Felix A. Montelara:

Police work averages in the 20% of higher paying jobs, surpassed by Doctors, Lawyer, and Executives.cropped-lra-logo-blue.jpg Should we consider that being part of the middle class or among the rich.  Read the NPR article below and let know your opinion in the in the comment box.

Continue reading Police Salaries 80th to 90th percentile Income Paying Jobs

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