Practically every financial planning and personal finance book you'll ever read advises you to start an emergency savings fund, or rainy day fund as some call it, to meet unexpected financial emergencies, as one of the first steps you should take to build wealth.
Some advise a fixed dollar amount, such as $500 or $1,000, be set aside for financial emergencies. I've seen recommendations ranging from $500 to $12,000.
Others recommend saving a certain number of month's income for financial emergencies, such as three month's income, six month's income, or as much as twelve month's income.
Still others suggest setting aside a certain number of month's living expenses, such as three month's living expenses, six month's living expenses, or even twelve month's living expenses, to meet unexpected financial emergencies.
So...
With all this conflicting financial advice...
How much money should you save for financial emergencies?
Well...
According to Wallace D. Wattles, author of "The Science of Getting Rich"...
If you truly want to be wealthy...
None.
That's right...
Absolutely none!
In an article titled "The Constructive Attitude", Wallace D. Wattles wrote:
"... do not lay up for a rainy day. If you live right, think right, and work right, there will never be a rainy day for you. If you lay up for a rainy day, you will impress the sub-conscious with the fear of a rainy day; with the idea of weakness and incompetence, and so you will cause the rainy day to come."
If you stop and think about it...
He's absolutely right!
I don't know about you, but every single time in my life I attempted to build up an emergency savings fund, guess what happened?
That's right...
A financial emergency would pop up out of nowhere and wipe out my emergency savings fund leaving me right back where I started...
Broke!
Sound familiar?
Until I read those words by Wallace D. Wattles, it never dawned on me that, by my own thoughts and actions, I might be creating the very thing I was most trying to avoid.
Now...
Does this mean you shouldn't keep any extra money at all?
Not at all...
In the same article, Wallace D. Wattles wrote:
"... provide a surplus, so that you may take advantage of any new opportunity..."
Once I began to build up a surplus to take advantage of new financial opportunities, instead of saving for financial emergencies, guess what happened then?
That's right...
Lo and behold...
New financial opportunities started popping up all over the place...
And...
Interestingly enough...
The financial emergencies disappeared!
You see...
There's a Creative Power within you that makes your life into the exact image of that to which you focus your attention.
If you focus your attention on financial emergencies, by thinking about them, by preparing for them, by saving for them, that's exactly what you'll have in your life...
Financial emergencies.
On the other hand...
If you focus your attention on financial opportunities, by thinking about them, by preparing for them, by providing for them, that's exactly what you'll have in your life...
Financial opportunities!
When shopping online, it can be such a lifesaver to use online coupons. Online coupons can help you get great deals at many of your favorite "big box" stores. Many smaller stores also offer special online coupon deals. The savvy online shopper knows to look for these coupons. Before you actually buy an item, it can truly pay to do an Internet search for the name of the store plus the search term "online coupon." Sometimes the store has the online coupon hidden away on a special website page that you just haven't seen yet.
There are also a number of websites that actually collect coupon codes. Doing an Internet search for "online coupon" will instantly bring up the best websites that contain online coupons for the store you intend to shop at.
When using online coupons you are guaranteed to save money on your purchase. However, very often the shopper simply winds up spending more money. After all, they did save money so they feel they have more to spend. This puts even more money in the retailer's pocket. This type of thinking is exactly what the online retailer is hoping for. It is a very smart tactic and is a popular tool used by many stores of all types.
Using online coupons typically gives the shopper a percentage off their purchase. Sometimes it offers them free shipping. Other times it offers them another special offer, such as a percentage off particular merchandise. A shoe store may offer twenty percent off on their sneakers. A children's store might offer thirty percent off on their clearance items.
One of the challenges with online coupons is that they typically have expiration dates. It is critical to pay attention to when these online coupons are expected to expire. Sometimes you can miss out on a really great deal by only days. Fortunately, some well-known stores offer online coupons on a very regular basis, so you can frequently get some type of special bargain.
Online retailers use these coupons to entice shoppers to shop at their stores. This is an ideal way to encourage people to shop at their store instead of with a competitor. It is also an ideal way to reward customer loyalty. Often online coupons are e-mailed out to loyal customers to encourage them to shop for the upcoming season. Retailers know that most shoppers will buy items for the holidays or perhaps for the summer and they want to be sure to capture your repeat business.
One of the best benefits about online coupons is that they can be "stackable" at some stores. This means you can use not only one online coupon, rather actually use two or even more online coupons. Your purchase can have a percentage off, free shipping and a free gift all within one transaction. This is a very tempting deal that literally no shopper can think of resisting. The savvy shoppers also learn exactly which stores offer these great "stackable" online coupons so they can get the very best deals and try to wait to do their shopping until they have the best online coupons available.
Online shopping has become more and more popular over the years. With the price of gas increasing many customers are foregoing their trips to the mall and instead spending time at home with their computer mouse. The online coupon is an excellent way for online retailers to develop strong relationships with these shoppers they know will use their stores repeatedly.
Both Tony Mase & Daniel Millions are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tony Mase has sinced written about articles on various topics from Kids and Teens, self improvement and motivation and Finances. Tony Mase is a serious student of the works of Wallace D. Wattles and the publisher of the "The Personal Power Course: Ten Lessons in Constructive Science, Teaching You How to Use Your Own Subconscious Energies for Health, Prosperity and Personal Achievem. Tony Mase's top article generates over 135000 views. to your Favourites.
Daniel Millions has sinced written about articles on various topics from Lose Weight, Cars and Writing. If you are a bargain hunter check out our when you will find. Daniel Millions's top article generates over 301000 views. to your Favourites.