What can you do when you have 6 people over for dessert and two uninvited guest arrive just as you cut into your favorite pie? This is exactly what happens to your monthly budget when you need to repair the transmission on your minivan. And in addition, you find out, your spouse must unexpectedly travel across the country to visit their Mother who is having surgery.
Let us take a moment and consider what options we have. We should only consider options where everyone that wanted a slice of pie got one. To do this we might select one of the following:
- Slice the pie into smaller pieces
- Hope someone is on a diet
- Immediately start baking another pie
If you slice the pie into smaller pieces, sure, everyone gets some pie. However, it will probably leave most feeling a little unsatisfied. The same would be true, with your monthly budget if you decided to pay only part of your mortgage, part of your water bill and so on.
You could hope that someone is on a diet and therefore not want any pie. You might get lucky and have this happen. But, the people I know and hang around are not going to turn down pie! This is probably the case with your monthly budget too. I cannot remember a time the electric company decided they did not want me to pay my bill for the month.
Another idea would be to start immediately baking another pie. This could work if you have all the ingredients handy and do not have to go to the market to purchase more sugar. To boot, your guest will probably not be interested in waiting around for you to cook another pie. They are busy people with things to do and places to go.
A solution that would work for both the uninvited guests and your budget woe is an emergency fund. For your guest desiring dessert, you could offer them some of the butter pecan ice cream you were saving for a rainy afternoon. You were stashing the ice cream for when you had the entire house to yourself (just you, the couch, and an old movie). As for your budget, this is a good time to break out the ole emergency fund. Your emergency fund should be 3 to 6 months of after tax living expenses. You can even use a money market account to store these funds. If you are self-employed, your emergency fund should be 6 to 9 months of expenses.
My wife makes this wonderful pie she calls Carolina Dark Pecan. One taste of it and you will see why it is my favorite dessert.Here is the recipe:
1 cup dark corn syrup
½ cup butter (melted)
½ cup whole or chopped pecans
½ cup sugar
3 eggs
½ tsp. vanilla
Brush melted butter on piecrust. Arrange pecans in desired pattern in bottom of pie shell. In a separte bowl beat eggs until foamy. Add sugar, syrup, remaining melted butter and vanilla. Beat until mixture thickens. Pour into unbaked pie shell, and bake 8-10 minutes at 450. Reduce heat to 325 and bake until filling is firm (about 35 minutes).
Until next time, and remember at Stalwart Financial Planning you do not have to have a fortune to start creating one!
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Author
Isaac is a Fee-Only (no products sold) Certified Financial Planner® Practitioner. Isaac founded Stalwart Financial Planning with offices in Fayetteville NC and Durham NC. Isaac provides comprehensive planning and investment management services to individuals from all walks of life. Isaac can be reached by phone at 910-867-8464, or by email (iallen@StalwartPlanning.com). Visit him at Stawart Financial Planning www.StalwartPlanning.com.