When it Rains, It Pours

Day 307 of my Financial Freedom Countdown.

The other day I discussed how the Lord giveth and the creditor taketh away, but unexpected expenses can take away as well.

We received a text from our renter this morning letting us know the hot water heater was out. My first impression was of water leaking everywhere and there being just a huge mess. Not only a mess, but I was also thinking there goes the budget this month and we are just not going to ever pay extra towards our credit card debt. However, things were not that bad after all.

I have never had a hot water heater go out, but everyone I know who has, had a major leak. In our case it wasn't a leak, but the pilot light just went out and wouldn't re-light. It did need a part replaced however. The good news is the water heater was still under warranty and all we had to pay was labor. The bad news was we had to pay $165.00 for the labor.

Lucky for us we have our $1,000 emergency fund in place. Not only an emergency fund personally, but an emergency fund for our investment property. If your water heater went out out, would you have the money to fix? If not, you can always take cold showers. Those feel real good with winter coming up.  If you don't have your $1,000 emergency fund established, get on it.

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