An Entrepreneurs Financial Emergency Survival Box
An entrepreneurs financial emergency survivor box isn’t for a natural disaster or if the computers across the world shut down, it is about financial emergencies. They can be a big or small emergency, but when there is no money it is easy to fall into a hole real quick and it can be a very slow process to climb back out.
Reasons to have an financial emergency survivor box:
- Payments for work can be delayed
- Inconsistent income
- Free up money for a time sensitive purchase
- Unplanned expense
Why create an financial emergency box?
It keeps you from doing things like overdraft an account and paying overdraft fees. It also keeps you from making payments and paying late fees. If a great deal comes up and you don’t have the money, you won’t miss out.
A financial emergency box will have everything you need to survive a week without money. If you are struggling to make it day to day, this may seem like an impossible task. Start with everything you need to make it one day without money or pick one thing to add at a time (like a gift card for a week of gas).
FINANCIAL EMERGENCY SURVIVAL BOX
- One week of food (non-perishable)
- Grocery gift card for one week of perishable foods (milk, bread, meat, etc)
- One week of toiletries (pick the small containers)
- One week of cleaning supplies (pick the small containers)
- Gift card for gas station for one week of gas
- $10 cash for miscellaneous stuff
- Gift card for fast food for two meals (if you can’t get home to eat a meal)
Fill your box with inexpensive items and go to the local dollar store. Chances are if you were broke, you’d buy the off brands anyways. No need to tie up any more money than necessary.
Most utility companies will allow you to postpone a payment for a week until you get more money coming in. To take this a step further, either pay your utility bills one month in advance or IF you have the willpower, open a savings account to put in one month payment for each utility and even one month rent or mortgage payment if you can. If you do work on the internet your priority should be your electric bill and then your internet connection bill. If your mobile phone is essential to your work or is your only phone, add a gift card for one month payment.
Every month check your box for anything that may expire, then use it, and replace it.
For true financial security, the goal should be having enough in savings that you could live with no income for 3 months and cover ALL your expenses. That is a good goal for the future, but for now…be able to live for a week without money in an emergency.