💡 It's worth giving our money some "padding" too - except when it comes to money, we can't really "cushion" it, and we still need to think about the "soft landing" for when we fall, so we don't get hurt at all, or get hurt less.
We learned that padding in advance means preparing soft protection before something hard happens, not after.
That's exactly what an emergency fund is!
An emergency fund is "padding" for money. It's there, ready, even if nothing bad has happened yet.
What will happen if one day something unexpected happens and there's no padding under you?
3 months of expenses in savings = peace of mind 😌 - an amount kept aside in case something unexpected happens, just like the safety net under a trampoline.
For example:
If something we own breaks and we have to buy it again, or if there's a sudden expense - it's better to already have "padded" money set aside for it, instead of being caught completely by surprise.
When we have financial padding, unpleasant surprises stop being scary.
Ready for a challenge? We've prepared some extra challenges for you to tryNow it's your turn to invent. Plan your own imaginary padding for something that scares you to try, and tell us how it would protect you.
Easy1. Find another object at home that has padding to protect it, and check together how it works.
2. Ask your child what they're most afraid of falling or getting wrong, and what padding would help them there.
A bit of a stretch3. Choose a small amount together that will always stay aside for emergencies, and give it your own name, like the Surprises Fund.
4. Check together what feels different when you know there's a safety net, compared to trying something new with no padding at all.
Challenge for champions5. Ask your child to design a new helmet or guard for something that still has no protection, like a school bag or a scooter.
6. Try thinking together about an emotional situation, like excitement before a test, and plan emotional padding that would help you handle it in advance.