Fat in the budget. A buffer. An emergency account. Margin. Putting money aside for a ‘rainy day’, or your ‘mojo bucket’ as The Barefoot Investor calls it. However you frame it, spare money is great!
If the washing machine suddenly shudders to a halt, it’s far less painful knowing you have some money available to pay the appliance repair guys. While we may not be the wisest or most disciplined at keeping money aside for a rainy day, we know we feel more relaxed and able to roll with the punches that life throws at us if we do have this buffer. Many of us are all-too-familiar with how stressful it is to not have any spare money.
There is another scarce resource in family life, one that also needs some good old-fashioned arithmetic applied to it. TIME.
While we talk a lot about money management in our culture, we are far less savvy about time management. I would like to suggest that we need to have spare time in our lives, every bit as much as we need to have spare money.