A Simple Plan to Save for Emergencies

money challenge chart

I have been seeing this on Facebook and I thought it was a great idea to save money to go toward food storage and disaster supplies, or just for emergency savings.

In fact, it would be awesome to do this along with our Baby Steps series. You will get a step by step guide to create an emergency kit and also save up some money to expand your emergency supplies at the same time.

With the Baby Steps series, you will have a basic emergency kit in 5 months. With the Money Challenge Plan, you will have $1378 by the end of the year. Now, we are in the second week of the year, so you may want to start with two weeks at once, but that is easy. It’s just one more dollar. (And I made a PDF of the chart in the Money Challenge Plan link above so you can print a copy of it)

If you follow Dave Ramsey, you may know that he has some baby steps as well. These are baby steps to financial security. Baby step #1 is to have $1000 saved as a starter emergency fund. He recommends that everyone do this, but it especially makes sense if you are a prepper because being prepared for an emergency is what we are all about!

An emergency can be anything from your water heater going out to a car accident that now requires you to pay a deductible. That is money we should have put aside for ‘just in case’. If you have a tough time saving, this Money Challenge (originally created by Kassondra Perry-Moreland) will help you build momentum gradually.

Grab a jar, envelope or box and nominate that as your Money Challenge jar. I like the idea of a jar because you can see into it and watch your money grow, which is very motivating. Each week, put your money in it and watch it grow. You can even make it better by adding all of your spare change to the jar each day and see how much you have at the end of the year.

money challenge jarAt the end of the year, you can either choose to keep building that financial cushion, or use it to get the freeze dried food and other disaster supplies you have been wanting to purchase. Of course, if you spend it, you may want to start over so you still have a financial cushion, because that is really just as essential as building your food storage. Both are disaster insurance for your family.

Think you can’t do it? Consider areas where you can cut back. Do you need to go out to lunch every day or can you brown bag it? Is that sale really something you can’t pass up? Can you sell some items that you never use? Do you have to spend that money, or can you do without those little luxuries and strive to meet an important goal – creating a safety net for your family?

As preppers, we want to have all of our bases covered. A plan for savings, and gradually building an emergency kit will make you feel like you are doing your best to provide for your family’s needs, even if you have to skip a few wants temporarily.

I added $3 to my jar ($1 for week 1; $2 for week 2) as well as all of the change I found all over the house. My jar now has $16.78.

Are you up for the challenge?

2 thoughts on “A Simple Plan to Save for Emergencies

  1. Prepping can really take a toll financially, but looking beyond the present, being prepared financially – even if it is just by taking small steps – can make a big difference in the event when we need it the most. One can feel more at ease when you have something set aside for emergencies.

  2. I agree, Jonny. I think this plan, even if it is modified a bit, can help people purchase supplies or have an emergency fund. Both of which are essential for everyone. It will be fun to see how everyone does. 🙂

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