She Strengthens

Rebuilding My Safety Net: Lessons Learned from a Rocky Start to the Year

After a tumultuous beginning to 2021, I’m grateful to have had an emergency fund to fall back on. However, replenishing it has become a top priority. Here’s how I’m getting back on track.

The Perfect Storm of Expenses

A mandatory construction project forced me to relocate from my apartment earlier than expected, resulting in unexpected moving fees and a hefty lawyer’s bill to break my lease. To make matters worse, I took a 55% pay cut to pursue a new career path and escape a toxic work environment. These unforeseen expenses quickly depleted my emergency fund, leaving me scrambling to rebuild.

Prioritizing Self-Care in Uncertain Times

Last year, I sacrificed my mental health to save money during the pandemic. This year, I’m committed to prioritizing my well-being, even if it means spending more on pandemic-related care. It’s essential to acknowledge that we’re living through extraordinary circumstances and that self-compassion is crucial.

Three Strategies to Replenish My Emergency Fund

1. Maximizing Insurance Reimbursement for Therapy

As a cultural taboo, discussing mental health with my family is challenging. However, I’ve found ways to afford out-of-network therapy sessions. By re-evaluating my insurance benefits, I’m now receiving 50% reimbursement for my therapy fees, which has helped pad my new emergency savings account by nearly $750.

2. Leveraging Meal Kit Discounts and Grocery Delivery Perks

I’ve discovered that meal delivery services like Hello Fresh and Blue Apron offer discount codes for new users. Similarly, grocery delivery services like Imperfect Foods and Instacart provide free delivery and discounts for first-time users. By taking advantage of these offers, I’ve saved at least $25 a week on food expenses.

3. Unlocking Credit Card Perks

I’ve made it a point to thoroughly research my credit card benefits to maximize my savings. By using my points to offset my credit card bill, I’ve saved an additional $50 a month. I’m also making sure to use my credit card for everyday expenses, like paying utilities and rent, to earn more points.

The Importance of Emergency Savings

Rebuilding my emergency fund is a privilege, and I’m committed to prioritizing it. Finding ways to cut expenses without compromising on needs (and wants) is a challenge, but it’s essential to maintain financial stability. I hope my experiences inspire you to review your own emergency savings strategy and prioritize your well-being in these uncertain times.