Sweet cash kitty
We learned a lot from our own cycles of incur-credit-debt-yet-not-build-savings. We still have credit card debt (from mis-calculating last year’s tax payment); yet we’ve for the first time built a cash kitty, four months of expenses, with plans to secure one year’s worth since we function on a single steady income.
It’s tough changing one’s perception of what is or is not a valuable financial habit or philosophy. I heard throughout life about debt-is-bad-pay-it-off but not as much insistence on building cash reserves aka rainy day protection. I realize saving philosophies have certainly been around for ages; cash reserves (and truly reserving them for emergencies vs a Mets game…) — just weren’t emphasized as much in my personal community.
After six years of marriage, four cats, and $6k in pet surgeries it became clear viewing a credit card as an emergency cash plan lacked….prudence. Emotionally we couldn’t afford to lose the various cats & financially, we decided we couldn’t afford to personally finance continual debt cycles.
Thus dedication to building cash reserves began as did researching pet insurance(!).