A Sad Wheel
The other day I was walking around campus, and saw a lone bicycle wheel. The metal sat flat against the concrete, locked on a bike rack – the rest of the frame was gone. The problem was that this (former) bike owner only locked the front wheel – not the frame – to the rack. Now, they were likely out $100-200. Over a large enough period of time, you’re going to slip up. You’re human. Humans make mistakes. Sometimes it can be difficult to find the self-compassion to get over these events. At times, I’ve beaten myself up over the woulda coulda shouldas. But at the heart of this article is a different question: Are you budgeting for mistakes?
What A Parking Spot
When I was an undergraduate student in college, I was driving my ex-girlfriend’s car to one of my favorite unhealthy chain restaurants: IHOP. As I pulled into the parking lot, I confidently turned into an open space. Just when I was about to turn the wheel back to center, I scraped the entire side of the neighboring car. Suddenly, I was unprepared and only had a few hundred dollars in my bank account. I panicked. What could I do? I was unprepared. I trip, fall, drop, and spill frequently. I know I’m accident prone. By admitting that I make mistakes and beginning to budget for such events, I’m getting ahead of it. Instead of being a reactionary mess, I’m looking to become preventative and protective. By choosing the latter route, it’s an admission of my humanity. But up until now, I haven’t wanted to partition a group of funds to protect against this unfortunate scenario.
We Are Fallible
Whether you call it a rainy day or emergency fund, saving a portion of your income for poorer times is a must. Paying off your debt, investing, and balancing your budget are all great steps to a healthy financial life, but unless you are budgeting for mistakes, you’re not going to be prepared or realistic. It’s time for you to create an emergency, mistake fund, and here are three terrific resources/websites to do just that: