This One Move Makes Money Stress Easier To Handle, According to People on Reddit
Stress about money can feel like a ghost hovering over every decision you make, from getting a morning coffee on the go to purchasing a new car. You're far from the only one feeling haunted by money stress: Many people are taking to online forums like Reddit to talk about money woes.
Fortunately, they also share tips on solving those problems.
One Redditor in the r/povertyfinance subreddit shared a surprisingly simple solution for soothing their money fears. "Nobody told me that having a small emergency fund would change how my entire nervous system responds to daily life," they wrote.
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Here's why other Redditors were onboard with this suggestion — and why you might find relief in an emergency fund, too.
The Psychological Effect of Saving Matters
In their original post, the Redditor was clear that they were by no means flush financially, describing themselves as "living pretty close to the edge."
Still, when they decided to set aside even a small amount in an emergency fund, with the rule that they weren't allowed to touch it except in a true emergency, they were surprised by how relieved they felt.
"I don't wake up at 3 a.m. doing the math in my head as often as I used to," they wrote. "There is a difference between having nothing and having a little, and it is not a proportional difference."
The Redditor described a reduction in the physical symptoms associated with stress as well. When their coworker mentioned getting brake work on their car, the Redditor was surprised they didn’t feel a vicarious sense of panic about being in a similar situation.
"I didn't immediately feel it in my chest because I wasn't thinking about my own car and imagining that scenario happening to me with nothing behind it," they wrote.
Another Redditor articulated why the original poster experienced such emotional and physical relief: "It feels like safety," they wrote.
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You Don't Need To Save a Lot of Money To Feel a Difference
There's a lot of advice about the proper amount for an emergency fund. Some sources say it should cover three to six months of living expenses. Others insist it should include six to 12 months of living expenses. If that seems like a daunting amount of money to save, Redditors have some encouraging words for you: You don't have to save that much for your emergency fund to matter.
One Redditor with the apt moniker ChampionshipFront284 said that while they didn't have a massive emergency fund, they did have enough to cover small emergencies — and this made a huge difference in their peace of mind.
"It's night and day the difference," ChampionshipFront284 wrote. "If our power goes out, I can afford new food to replace the stuff that's gone bad. It really just changes any decision-making when you have cash on hand."
Still, the original poster indicated some frustration that their emergency fund was only $600. This self-doubt was met with support from their peers in the community — something that doesn't always happen on Reddit, to say the least.
"Don't downplay your accomplishment," another Redditor wrote. "Before you had that emergency fund, any emergency could sink your ship and therefore it was a catastrophe. Now, anything $599 or less is survivable. It'll hurt, but it's survivable."
Even a Small Emergency Fund Can Be a Catalyst for Other Financial Goals
For other Redditors in the thread, the very act of saving for an emergency fund prompted them to take stock of other financial goals, whether that meant increasing their savings overall or reducing debt.
As Redditor this_is_so_fetch explained, even a modest emergency fund could prevent you from accruing credit card debt.
"If you have a flat tire, instead of putting it on a credit card and having to pay interest, you have the money," they wrote. "Even a small emergency fund makes a difference. It means that a small emergency won't be digging you deeper into debt."
Another Redditor shared that they and their spouse treated their emergency fund as the centerpiece of an overall personal finance strategy. They followed Dave Ramsey's advice to set aside $1,000 in an emergency fund.
"Once we got that in place, it was like a weight had been lifted," the Redditor wrote. "We got serious about our spending and finances, made a budget, got out of debt, and made a long-term plan."
The Bottom Line
Establishing even a modest emergency fund can help you get to a better place financially and emotionally. Doing what you can is better than doing nothing at all.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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