Save or Spend? (#25)
So if you are working toward stocking a pantry and picking up extra things for emergencies, money eventually becomes an issue for most people. This especially becomes a big question for people of limited means.
Do you save your money for a rainy day or do you spend it on creating a pantry and starting to prepare for potential future concerns?
In most cases, the answer is going to be “yes.”
You do both.
The tricky part is finding the balance.
If you have absolutely no savings to speak of, then it makes sense to put at least some money in the bank. If you subscribe to Dave Ramsey’s way of doing things, then you know he would say to build up an emergency fund of $1,000. This is a good start although I regret to point out that $1,000 barely covers most emergencies nowadays. But even though $1,000 won't go far, it's better than having nothing.
On the other hand, you can’t eat money. And you can’t buy supplies with the money you have on hand if there are no supplies to be had or you can’t get to them.
So from that standpoint, real goods in your home can also be worth a great deal more than money.
As you think through what you have to spend and what you need, try to develop a plan that works toward both goals. You can even trade off. If you have an extra $200 a month, put it in stocking your pantry one month and the next month put it in savings. Or split it between the two each month. Decide what is most crucial for your situation and prioritize that.
Thankful wife of David for 22 years and momma to Caroline for 13 years - Relaxed/Unschoolerish - Lover of books - Seeker of wisdom - Drinker of too many coconut milk mochas from Starbucks