The First Step is Always the Hardest

Richard: My wife and I just started that Financial Peace class.

Narrator: Cool. What do you think of it so far?

Richard: We've had just the first week. I'm not sure. I agree with a lot of what he says. I'm just not sure how practical it is. The first step is $1,000 in the bank. Where am I going to get $1,000? There's five of us that have to eat. With our other expenses, we just make ends meet. How in the world can I save $1,000?

Narrator: Well, I agree. The first lesson by itself is not very useful. The entire plan takes shape over the next couple of weeks as Dave walks you through what to do next. Yes, the next two or three lessons talk about real, practical things you can do tomorrow to get started. This first lesson set the finish line. The next lessons shoot the starter pistol.

And it is tempting to skip that first baby step. After staring financial ruin in the face, running away very fast seems like a really good idea - until you trip over your own shoelaces.

Because of school schedules, my wife took the class once and then we both went through it together. She made me hang onto our tax refund that year. So the $1,000 was quick and easy. It also left just as easily. The car broke - for $470. A water bed leak spread mold all over the mattress. Replacing those set us back $600. As you can see, the $1,000 disappeared while we were still in the class!

So the debt snowball went on hold. And we built the baby emergency fund back up. Then the dryer broke. A strange thing happened. My wife e-mailed me. She was a little upset because Murphy just would not leave us alone. Honestly, my first thought ran along those lines too. These crises usually elicit some type of frustrated prayer: why me? and what are you going to do about it, God?.

God's comeback: what's the worst that can happen? Well, let me see. I guess the worst is that we replace the dryer. A used dryer can run $100 to $200 delivered. We have $1,000. $100 to $200 is no problem.

Okay, what if I take a look at the dryer first? Spend one day on the problem. If I get nowhere, then we replace it. Again, the worst outcome is that I break something. It's already broken. I'm resigned to spending $200. What have we got to lose?

The story ends with a $15 belt. I saved $185 and never touched the emergency fund.

The emergency fund - even the baby emergency fund - provides a safety net. It takes the emotion out of emergencies. When you're fighting your way through the debt snowball, that $1,000 reduces your fear. It gives you the wiggle room for maneuvering into a solution, not just a band aid. You will take some more risks. And discover that it often works in your favor. Why? Because even the failures won't kill you.

Without the fear, your mind looks at the situation objectively. You pick the risks that have the greatest chance for success. You will find yourself succeeding because you put yourself there. God's blessing is not that we win the lottery. He doesn't make money appear in our pocket. He protects us. He gave us the will, intelligence, and creativity that turns risk into success. He removes the roadblocks and stops the trucks from running us over. And He expects us to run the race.

The $1,000 baby emergency fund is like tying your shoelaces. Not glamorous. Annoying because we have to pause before starting to run. And without it, you'll fall flat on your face. Run like a champ. Tie your shoes. Start strong. And finish even stronger!