I used to work from home previously for eight years and three months. Back then, I was working as an Independent Contractor for a company in Ireland. My contract was an open-ended contract and it offered me no benefits. It was a no work no pay contract. But I was paid on an hourly basis and charged if I was called during my on-call schedule.
I realized that I needed to learn to be wise with money. I saved for a lot of goals as I wanted to maximize my earnings that time. I saved for emergency fund, personal retirement fund, and college fund. I even zeroed out my consumer debt. By the time my house was fully paid, I adjusted my emergency fund to the reduced monthly expenses that I had.
In 2015, I decided to go back to the office. I needed benefits like leaves. It took one year for me to be hired. And I was really excited!!!
There were a lot of projects going on when I was hired. I also had to work overtime and some weekends. On my third month at work, I felt some chest pains. I went to the outpatient department in the hospital near my house for consultation. Since there was no doctor that time, I was told to go to the ER. And then, I was confined for four days. After that, the doctor instructed me to be on bed rest for a week.
I was not a regular employee yet that time. The time that I was confined and on bed rest, I knew that I will not be receiving any pay. Thankfully, for the first time in my life, I did not panic. Why? I have an emergency fund. And I was ready to use it to cover the expenses for two weeks.
I also had 65 hours of overtime and I don’t have overtime pay because of my position.
Can you guess what happened?
My boss allowed me to use my 65 hours of overtime and convert it to lieu day. This is actually a policy in our company, that we can convert our overtime hours into lieu days and it should be taken within three months.
I was very thankful for that.
I was also thankful to myself because I did not have to worry should I touch my emergency fund to cover the two weeks expenses.
Emergencies are real. They can happen anytime. We should be prepared when emergencies happen. What about you? Have you had any emergency?
For single parents, the emergency fund is our best line of defense. I hope you learn something from my story.