"My card declined at the supermarket"

[Image credit: Max Pixel]

Over the last two weeks have we have been focusing on Emergencies. We have Plugged the Leak in Your Emergency Fund and Set Defined Boundaries.

This week we are going to add a final cherry on the top for Emergency Success!!

I'd just started working with a client a few months ago, who I will call “Jen”. Jen phoned me from a self-serve checkout where her card had declined and was understandably distressed. “Erika, I don’t know what happened! I should have thousands in there, but my card says Insufficient Funds. I can’t believe I have spent my entire Emergency Fund!!” Now Jen was only in the first couple of stages working with me, so she hadn’t set up ….her BOUNDARIES. Boundaries are super-important. They're what prevents you from spending money you need for other things, such as emergencies. The easiest way to implement boundaries is to open up a new bank account (or more) and don't touch that money for any reason other than its purpose. When you open up the new bank account (some banks allow you to do this online yourself) make sure there is no card attached to it. If you need to spend from it (eg. blocked plumbing) you need to consciously transfer it over to use it. That way you don't lose track, and you don't create an emergency!

Have a wonderful week,

Erika Gilbert

The Income Organisers

P.S. If your bank charges you account fees for each of your accounts, you have the right to shop around and find a bank (or credit union) that doesn't.

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