What would you do if you lost your job? Do you have enough savings? Where would you cut back? What if you were out of work because you were recovering from surgery or an illness? What if you went through a divorce and the lawyer fees were astronomical? What would you do? I’m not asking these questions to freak you out, I’m asking them to get you to think about your worst-case scenario and how to be prepared for it. In other words you need Frugal Fitness for Emergencies.
I was listening to Tim Ferris the other day and he was talking about “reducing your fear by facing poverty.” Now you might be thinking “What does a Greek philsopher reference have to do with me losing my job?” Hear me out. It’s about being mentally prepared. That’s why in the military, soldiers train over and over again so that they will be able to make calm, rational decisions in situations that the rest of us might panic in.
That’s what #NoBuyMonth basically is. Training.
Training for a financial emergency. Knowing how to multitask your products so you’re not constantly running to the store. Coming up with low-cost recipes that last more than one day. For some of you, living paycheck to paycheck is a way of life and you’re so jaded that you don’t panic anymore. Others of you might be more risk averse, because of responsibilities at home or job insecurity. Then there are the few who might be reading this who are gainfully employed making close to 6 figures, but behind-the-scenes are dealing with mounting debt and out-of-control spending.
What would you do if you got your last paycheck yesterday?
I work as a freelancer and although I definitely think my debt tolerance is higher than many of my salaried friends, I’ve realized that hoarding everything away “just in case” something happens can be just as stressful. Frugal Fitness is not about being emotional about your spedning, it’s about practical applications of how to cut back and save money. I invite you to take a look at the series of links below and then think about how or when you would apply some of those techniques in your own life. In fact, you should start practicing some of these money-saving techniques right now.
Because you never know what might happen.
For one month do three of the following:
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