Emergency Fund Archives — Beating Broke

What to Keep in Your Pantry?

October 25, 2021 By MelissaB Leave a Comment

Since the pandemic, many of us now realize that having a full pantry is a necessity. Of course, this is different than hoarding and having so many items in your pantry that you’ll never be able to use them. Instead, your pantry should have enough to be able to feed you and your family for a month to three months. How much you need depends on a variety of variables.

Why Keep a Fully Stocked Pantry?

Keeping a fully stocked pantry is necessary for a few reasons:

You May Get Sick

If you get sick, you may not want to or be able to go to the grocery store. In such a situation, you can find items in your pantry to prepare for meals.

You May Have a Weather Event

In many parts of the country, having a fully stocked pantry is essential because weather events may prevent you from getting to the store. You may have hurricanes in the South. In the Midwest and East Coast, blizzards may keep you from the store.

You Want to Save Money

If you build your pantry slowly, you can stock up on items when they go on sale. For instance, maybe canned beans are $1.29 a can, but you buy them on sale for $0.99 a can. If you buy 20 cans, you have saved $6.

In addition, if you have a fully stocked pantry, preparing meals is a snap because you likely have all of the ingredients you need. If you decide one night that you’d like to make chicken noodle soup, you probably have everything in the pantry, so you can easily make the meal. When everything is at your fingertips, cooking can be quicker than ordering take-out and waiting for the meal to arrive.

Supply Chains May Be Interrupted

In the United States, we are spoiled. Before the pandemic, most people never had experienced empty store shelves. If you, like me, thought that after 2020, empty store shelves were a thing of the past, you likely now know that thanks to supply chain issues, our days of items being unavailable are not over. We may be facing this situation through next year. If you keep a fully stocked pantry, you’ll be less affected by the market turmoil.

What to Keep in Your Pantry?

So, you’ve decided having a fully stocked pantry is necessary, but what does that mean exactly? What should you include in your pantry? Here are some ideas.

Baking & Cooking Supplies

You’ll want to include ingredients for basic baking and cooking recipes:

Baking soda,
Baking powder,
Flour,
Sugar,
Cocoa
Salt,
Pepper,
Onion,
Garlic,
Seasonings

Ingredients for Simple Meals

You’ll also want to include ingredients for simple meals you can make fully from the pantry. If you like spaghetti, include noodles and spaghetti sauce. If you like taco soup, make sure to have taco seasoning, beans, tomatoes, and nacho chips. You may also want to have some canned soups. Just open, heat, and eat.

Vegetables and Fruits

If you don’t mind eating canned vegetables and fruits, make sure to have those. If you’re without power due to a hurricane, for instance, you could always eat those without needing a stovetop.

Toiletries

Before 2020, I don’t think most of us realized just how much we take having toilet paper for granted! Toilet paper is just one of the toiletries you’ll want to have stocked in your pantry. You’ll also benefit from having the following:

Toothpaste,
Deodorant,
Dental floss,
Shampoo,
Soap,
Band-aids

What Should Be in the Freezer?

If you can afford a freezer chest, I highly recommend buying one. My husband and I have had one for almost as long as we’ve been married, and it’s paid for itself over and over again. If you want to have a well-balanced diet even if you can’t get to the store, a freezer is essential. Consider stocking these items:

Meat

If you’re an omnivore, consider stocking a variety of meat. We usually have beef, pork, chicken, and a variety of fish. A deep freezer pays off if you can stock your freezer with meat you found on sale or if you can buy a quarter side of beef direct from the farmer.

Vegetables

Keep a variety of frozen vegetables. Once your fresh vegetables run out, you can turn to frozen for nutrition. You may want to include

Peas,
Corn,
Mixed vegetables,
Greens like spinach and kale,
Cauliflower,
Broccoli,
Lima beans

Fruit

You’ll also want to include frozen fruit for the same reason. We frequently make smoothies with our frozen fruit, but you can also eat it plain or mixed into items like yogurt. We keep the following in the freezer:

Blueberries,
Strawberries,
Mango,
Pineapple,
Bananas
Smoothie mixes (I bought a bag from Costco that has berries as well as some greens like spinach. The kids said it tasted less sweet than a regular smoothie, but they drank it down.)

How Should You Build a Pantry?

Most of us can’t afford to fully stock a pantry in one swoop. Instead, buy items little by little as they go on sale. For instance, spaghetti is a great pantry meal. Recently, there was a coupon for our preferred jars of spaghetti sauce. Instead of being $2.49 a jar, they were on sale for .99 a jar. I bought the maximum limit of 5. If you do this week after week, you’ll soon have a full pantry with items bought at a lower price than if you just went to the store weekly to pick up what you need.

How to Maintain a Pantry

Once your pantry is full, keep a running list of items that are low or that you’re out of. Then, buy those items again to refill your pantry.

Don’t forget to put the items that expire soonest at the front of the pantry so you’ll use them up first. Put the replenished items with a later expiration date in the back.

Final Thoughts

If you haven’t already, now is the time to create a fully stocked pantry. Hopefully, you now have some ideas of what to keep in your pantry and can start building it with items you find on sale each week at the grocery store. Even if you don’t have an emergency, you’ll be glad to have a fully stocked pantry because it makes meal prep so much easier!

Why I’ll Always Keep a Full Pantry Now

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Why We’ve Decided Not to Throw Extra Money at Our Debt Now

May 11, 2020 By MelissaB 1 Comment

Going into debt is a bit like gaining weight. It’s much easier to go into debt than to get out. But, when you’ve finally decided you want to break the debt cycle and live debt free, it takes a lot of time and effort, much more effort than it took to go into debt. Likewise, when you decide you want to be fit and healthy, you have to work much harder than you did to gain weight. With either situation, when you decide you want to make a healthier change, you want it to happen.right.now! That’s why so many people who want to be debt free decide to save only a $1,000 emergency fund and put the rest of their money on debt. We’ve tried that before, but there are several reasons why we’ve decided not to throw extra money at our debt now.

Get Off the Debt Repayment Roller Coaster

Why We've Decided Not to Throw Our Extra Money at Debt Now — Photo by Matt Bowden on Unsplash

With COVID-19, we’re living in unstable times. But honestly, even before the virus, a $1,000 emergency fund was never enough. My husband and I have been in debt most of our lives.

When we were first married, we had student loan debt, car loan debt, and credit card debt from our time in college. We followed financial gurus who said have a $1,000 emergency fund and put the rest of the money on debt.

Some months, we had phenomenal success and paid down a significant amount of our debt. But other months, because we were living so close to the edge with only a $1,000 emergency fund, we’d have the unexpected happen such as a $2,500 car repair. Our emergency fund would be wiped out, plus we’d go back into debt to finish paying for the unexpected.

Going back into debt a few thousand dollars when we were trying to pay down debt was depressing. Plus, we’d have to pause our debt repayment and start back over to rebuild the emergency fund.

We paid off the credit cards eventually, but a few years ago, we went back into credit card debt when three things happened one summer—our HVAC system died, our house had mold and had to be remediated, and our child had a medical issue that wasn’t completely covered by insurance.

Since then, we’ve been working to build a more substantial emergency fund AND pay down debt. No more debt repayment roller coaster for me. This time I vowed when we paid down our debt, it would stay gone. But for that to happen, we needed a bigger emergency fund.

The Economy Is Too Uncertain

Now that COVID-19 has hit, we’re not paying any extra on our debt. We’re funneling all of our extra money to our emergency fund with the goal of hitting a 6-month emergency fund.

Why?

No one knows for sure what the economic impact of this virus will be. I want to make sure my family has enough cushion to survive. That means creating an ample emergency fund.

Prepare for Potential Job Loss

We’ve been lucky that my husband hasn’t lost his job. He’s in the higher education field, which is being hit especially hard by this pandemic. He has to furlough for 39 days this upcoming year, which means we will essentially be losing two months of pay in the next 12 months. However, we’re grateful that he still has a job.

But what will happen next year?

There is a very real possibility his job could be in jeopardy next year, depending on how badly this year goes. We want to be prepared. Sure, it would be nice if we could get our debt load down, but right now, we’re just focusing on piling cash in the bank. We want an ample security net.

Much of the country is in the same predicament. If you work for or own a small business, how long can the business hold out? We’re already seeing some small businesses closing permanently, which means all of those employees will be looking for jobs.

I don’t want to advocate irresponsibility, but if you’ve lost your job and aren’t able to get a new one, you can always negotiate with your creditors or worst-case scenario, not pay your bills. However, if you don’t have money in the bank, you’re left without resources. Having a savings account in this situation always comes first.

Only Pay Down Debt After a 6 Month Emergency Fund Is Established

If you pause paying down your debt and only pay your minimum payments due, you can always change your plan later and pay more on your debts in a few months. That’s one of the major reasons why we’ve decided not to throw extra money at our debt now.

We’re going to save, and save, and save. If we, as a country, as a world, ride out this virus and it is no longer a threat, things can change. Let’s say my husband and I do save a six-month emergency fund. If, in another year or two, his job is stable, and the world is back to normal, we can change gears. Maybe we take three months’ worth of our emergency fund and throw it on our debt to pay it off. We can do that.

Final Thoughts

Though you may want to be debt free or carry a lower debt load, there are several good reasons to pause that goal. The main reason why we’ve decided not to throw extra money at our debt now is because having money in the bank is priceless, especially in the age of a pandemic.

We can later decide to take some of that large emergency fund and put the money on our debt. However, if we pay down our debt and stay with a $1,000 emergency fund, we’re extremely vulnerable financially to what may happen in the upcoming months. We intend to protect ourselves as well as we can from economic instability by saving as much as we can. There will be time later to aggressively pay down debt. We don’t believe now is that time.

5 Benefits and Drawbacks of Keeping a Change Jar

November 28, 2019 By MelissaB 1 Comment

Do you keep a change jar? My mom keeps all of her change and has been saving it for the last two years for a vacation. She is not alone as many people hoard their change as a way to save money, especially if they feel they’d otherwise be unable to. However, just as many (or more) argue that keeping change is a waste of time and space. Both sides have valid points; I find there are 5 benefits and drawbacks of keeping a change jar.

Benefits to Keeping a Change Jar

There are benefits to keeping a change jar, which is why so many people do so, even in this age of prevalent credit card usage.

Save for Something Special

5 Benefits and Drawbacks of Keeping a Change Jar — Photo by Deanna Ritchie on Unsplash

Have you ever seen the big five-gallon jugs that people use to collect their change? One man saved for 10 years, and when he cashed it in, he had over $3,000, which he used for a trip to Europe. Would he have saved that money without keeping his change? He says no. If you don’t have the discipline to save, keeping your change is a good, mindless way to save.

Cash Emergency Fund

Another woman saves her change for a rainy day. She and her husband had an expensive car repair that they hadn’t planned for, and they robbed all of their budget categories to pay in cash for the expense. That left her with no grocery money for her family of four for the month, so she raided her change jar. She had $224 in there, which she used to feed her family. It was still a tight month, but she didn’t go into debt, and her family didn’t go hungry.

Drawbacks to Keeping a Change Jar

Unfortunately, there are risks and expenses with saving this way.

Could Earn Interest

One of the major drawbacks to keeping all of your change in a jar for years is that you miss out on the interest you could be receiving. Take the man who had $3,000 in change. He could have invested his money as he saved and been earning interest. He would have made more money than he did just leaving it in his closet.

May Lose It All

An even bigger drawback is that you have the potential to lose all of the change. A friend of mine had about $120 in change she’d been saving, and, unfortunately, her house was robbed. All of that money was gone. Even if your house isn’t broken into, you could lose the money if you have a fire. Even teens have been known to dig into their parents’ change jar for a little extra money.

You May Pay a Fee

A select few banks still offer coin counting machines for free, but many won’t take coin rolls. If you have to rely on CoinStar, you’ll pay an 11.9% fee, so if you turn in $300 in change, you’ll pay $36 in processing fees. If you need to pay a fee this high, is it still worthwhile to save your change?

Saving change has been a fun way to save money, but as these 5 benefits and drawbacks of keeping a change jar demonstrate, it’s becoming increasingly costly. If you can have enough self-discipline to save the money on your own in a bank or invest it, that is the better way to save.

Do you save your change? What benefits and drawbacks do you see?