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Jour 93: Why you need an emergency fund BEFORE an emergency occurs

Up until recently, I thought I was doing OK with my money plan, which goes like this:

1) Pay rent & bills
2) Buy groceries
3) Automatic payments onto my credit card debt
4) Lather, rinse, repeat

It was going TOTALLY FINE. My plan was to first pay off my debt, then start saving up for an RRSP and somewhere in there amass some sort of emergency fund.

... But that's the thing about emergencies, isn't it? By definition, they come up when you least expect. Surprise! My cat needs hundreds dollars worth of dental surgery! (Read up on the saga here)

So, the new plan is to:

1) Pay rent & bills
2) Buy groceries
3) Automatic payments onto my credit card debt AND a small ($50) deposit to my emergency fund
4) Lather, rinse, repeat

Do you guys have an emergency fund? Or are you waiting for an emergency to crop up to think about that?

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