I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
Inflation is certainly making us living the hard way that's why if we don't create initiatives on how to save or find some means to back up our finances, then we will surely struggle for real. That's where side hustles start to emerge and take advantage of it using our own skills and knowledge. However, for the mean time, you can spend some portion of your emergency funds to make some ends meet, but make sure to fill in the amount you have spent so you can still benefit your growing emergency funds for your future use. 
Topic: Should I Use Emergency funds or Sell my Assets ? - page 9. (Read 1462 times)
Keeping track of expenses and income is a good way. Apart from that, one need to be very careful handling the funds. Due to the inflation the increase in price have its direct impact over the family budget. Rather than making yourself comfort using the emergency funds it is good to find a way to cut the unwanted expenses out of your budget. Unwanted doesn't mean which is completely not needed, it means even without those things it is possible to lead the life with less comfort. Maybe this can be followed for few months until the budget gets back into track.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
It is wise if you to have realized you lose and understand how to track your expenses without much stress. I was once a victim of excess spending but I had to retrace the way I spend money and that helps me a lot. I will advise you to revisit your portfolio to know how much you have to spend for a particular budget and cut down the expenses buy reducing the quantities you might need to buy. This is one of the 2ays I was able to help myself to reduce expense by cutting down the amount of product I needed to get some things done. 
as some members have already said, the most sensible thing in these cases is to use the emergency fund, but this will not solve your problem in the long run, after you use the emergency fund you will have to resort to having to sell all your assets because what is happening to you is that you are having a lot of expenses in relation to the amount of money that comes in, so you are being forced to resort to other sources to cover these expenses, it turns out that inflation in your country is not going to decrease so soon, being so you should start thinking about a business that will give you profits to be able to pay your bills
when more money comes in and covers all your expenses then you will already have money left over for the emergency fund, this is the only good long-term solution, now one of the big problems will be how you will be able to do a business in times of very high inflation high, for that you need to think about a business in which there will be demand every day, in times of crisis many people resort to doing business with food and selling clothes because they are things that everyone needs, but it turns out that with that the sales market clothes and food is saturated, in the end you will need to research the business yourself
when more money comes in and covers all your expenses then you will already have money left over for the emergency fund, this is the only good long-term solution, now one of the big problems will be how you will be able to do a business in times of very high inflation high, for that you need to think about a business in which there will be demand every day, in times of crisis many people resort to doing business with food and selling clothes because they are things that everyone needs, but it turns out that with that the sales market clothes and food is saturated, in the end you will need to research the business yourself
Don't sell anything from your assets as this will help you to survive, instead get some portion of your emergency funds. Might this is not good advice but I was thinking that our assets would be our sources of income and once we cut them or sell them, it means that we are cutting one of the resources which in fact, we need to multiply them.
I can guess that the OP's financial condition is very urgent, he must determine which one of the funds must be used both from emergency funds and asset investments, the right advice for him is to use emergency funds instead of selling assets because assets become resources that can improve finances in the future. We don't know how inflation will affect his country but he must reduce high spending until economic conditions have recovered from the impact of inflation.Quote
I've got also to that point and I think deeply and talk with some friends. You can also do this and then decide what is best for you.
We can discuss this issue with some friends but I think they will give the same advice for using an emergency fund when the effects of inflation are crazy, unless your friend is a company owner or entrepreneur can offer you a job to cover your current financial crisis. 
emergency funds as the name implies is for emergency and this time around where the economy isn't that great is exactly the right time for you to get that share of emergency funds to fix your current economy conditions.
never sell any assets that could gain value overtime, it's some form of investments, but instead use your emergency funds that gonna gets eaten by inflation overtime.
you're doing yourself a favor for the long term this way so that your assets is still intact.
with emergency funds at least you could slowly save some money in the future to make your emergency funds back in its former state again.
never sell any assets that could gain value overtime, it's some form of investments, but instead use your emergency funds that gonna gets eaten by inflation overtime.
you're doing yourself a favor for the long term this way so that your assets is still intact.
with emergency funds at least you could slowly save some money in the future to make your emergency funds back in its former state again.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
Don't sell anything from your assets as this will help you to survive, instead get some portion of your emergency funds. Might this is not good advice but I was thinking that our assets would be our sources of income and once we cut them or sell them, it means that we are cutting one of the resources which in fact, we need to multiply them. I've got also to that point and I think deeply and talk with some friends. You can also do this and then decide what is best for you.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
I don’t think that is a good advice. You might only regret it in the future doing that while you are still very able to create additional profits by going out from your comfort zone. Don’t just focus on your day job but explore online jobs as well. There are a lot of side hustles that give good compensation and you might land one of them so try to extend yourself as well. That way, you could earn more and save more as long as you also manage your lifestyle away from unnecessary expenses and all of that.really be that wise or really that mindful when it comes to your spendings because if not then time will come that you would really be finding yourself into having no investment or being on huge deep debts which is something that we do mainly be avoiding if we dont really like to mess up our lives. Never ever make yourself that too easy on selling your assets just because you do tend to dive in into other investment
such as crypto or Bitcoin itself.
As much as possible, if you do have other source of income, you could always consider on investing into those on using up those profits.Its not really that needing to sell something for that purpose.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
I don’t think that is a good advice. You might only regret it in the future doing that while you are still very able to create additional profits by going out from your comfort zone. Don’t just focus on your day job but explore online jobs as well. There are a lot of side hustles that give good compensation and you might land one of them so try to extend yourself as well. That way, you could earn more and save more as long as you also manage your lifestyle away from unnecessary expenses and all of that. 
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
You'll be doing wrong selling your investment before they're due, make use of your emergency funds that's why they're been kept for the exact reason you're in right now. Emergency funds are for when you have an emergency and right now you have a financial emergency because you're running out of cash. If you're financially strong you can always replace that emergency funds and you won't notice it wasn't there.
But when you sell your assets, you're throwing away an opportunity to make more money in the future because many people don't buyback assets that they sold. Also you become used to selling your investment prematurely and that's not a good habits to start developing now.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
What’s the reason with this? Are you in debt or don’t have any resources to deal with your daily expenses? Use your emergency funds if you really need to, or you can just sell non performing asset if there’s a valid reason for that. If there’s a crisis, better to lower your cost of living but again if you are planning to invest with crypto using those funds, I don’t suggest this one.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
By creating a budget means you have to gain extra job that will create additional source of income, by not risking the option to use your emergency funds nor sell your assets as they might be highly needed in the future. Also, learn to manage your expenses and get rid of those that are unnecessary. If you can stick to what is highly important and much needed in your life, then you will lessen the chances to spend high and spend on wrong necessities. 
If your emergency fund is enough to take care of your expenses for 6 months then it's a good choice to hold on to to it and spend it carefully, while looking for other opportunities to argument your budget. Selling your assets isn't advisable yet. Unless you'll invest the money into a more profitable business that can change your financial status, no need giving out the asset for fiat that'll get to finish and you'll be left with nothing. You can hire the asset out, and make money from it, as it seems the asset is not yielding you enough money.
An emergency fund can be a huge money because we might be saving it for a long time already but depending on it for 6 months seems a long time as well. It would be better to find a profitable source while we start to use our emergency fund and depend on those sources ASAP, so that we still have something left on our emergency fund which we can be used again the next time we will having a trouble.In between emergency fund and asset, I think I will go with the asset first, in which I will sell them to have a money on hand. It's okay if I will use all the money as long as I know that I spend it in those things which I think very important.
That after a couple of days and a couple of pages of thread, the OP has not given any response gives me the feeling that he wrote more to meet his post quota than out of an honest intention to debate the issue. It pisses me off because the topic of personal finance, and the emergency fund discussed here is of special interest to me, and the OP should have some interaction with the responses, although seeing the banality of the question he posed, I'm not really surprised either.
It'd be best if the OP replied after reading an abundance of replies with what he actually proceeded to do or what he's considering, at least. I understand, however, that you're often lost in the replies after receiving a huge number of them and can't easily summarize them. Anyway, personally, I'd use my emergency fund instead of my assets, but that also depends on the occasion. If there was a market crash and I had the option to use fiat in an emergency, I certainly wouldn't use my bitcoin; I'd possibly consider it only if I was at a great gain, and even then, I'd do it in the event of an extreme need. hero member
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first of all, I don't think emergency funds are only saved and once until you used it up before you can decide to start saving from a fresh, from what I know about these whole emergency funds stuff, you always keep some portion of your monthly, weekly or daily earning, every month or even if not every months but you don't skip more than two months without savings a little in that emergency funds wallet, and now that you talk of the inflation messing with your budget, then for me I think you should rather collect money from your emergency funds rather than selling your asset, because if you take out the money from your emergency funds, you can still replace it after some times, because definitely you will need to add up to it so that in case of other emergency, you will still have something to run back to and by the way, which of your asset do you want to sell? Is it Bitcoin, a car, land, or a house? What do you really want to sell? Although I would say you should use your emergency fund instead, If you also decide to sell your asset, it should be something you are ready to buy back, knowing that it can generate more value for you in the future.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
...I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
So what do you think about the fund you created that? I don't know if I'm understanding what you started with, but try to think about what's happening as a general condition, it's not just influenced by a certain object, this life needs to be enjoyed. When I doubt that change, I sometimes jokingly say it is purification and who is strong enough will overcome anything. Regarding your personal financial situation, I can't give specific advice on what you should do, but I think you should act which will be less risky for your current life, don't think too far about life but see what things need to be solved, you are short of money or regret what is going on, it is easy as you mentioned that the reserve fund is used for the things that you are struggling with right now. 
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
You should not hesitate if it will be good for your daily life. Because I think you lack knowledge of financial management, that's probably what you're going through right now.
Especially in today's time when the inflation is still quite high so often we don't know how to fit our expenses because we also need it. Maybe to avoid confusion, first avoid spending on unnecessary things that are not a priority of your expenses, and tighten your belt a little when it comes to your tight budget at the moment.
That after a couple of days and a couple of pages of thread, the OP has not given any response gives me the feeling that he wrote more to meet his post quota than out of an honest intention to debate the issue. It pisses me off because the topic of personal finance, and the emergency fund discussed here is of special interest to me, and the OP should have some interaction with the responses, although seeing the banality of the question he posed, I'm not really surprised either.
But at least with the OP creating this thread then we can learn from seeing and reading the many different responses and suggestions. So I still thank the OP for creating a thread like this. although the majority of responses seem to have something in common. Which indicates that the majority of users here understand very well what reserve funds are collected for. which means that users here are increasingly familiar with good financial management.Some time ago (last night) I watched economic news which presented several sources who were economists. And the things discussed are not far from inflation, recession, savings, investment and emergency/reserve funds. I was quite surprised by their response from the experts. because it turns out that the suggestions they put forth in financial management are not much different from the suggestions we often read in this forum. especially on the Economy board. I think many users here are knowledgeable about the economy. or it could be that their insights have increased without them realizing it because they interact a lot in the discussions here.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
If you have emergency money, it's better to use emergency money first. Hopefully your economic condition will recover soon so you don't have to sell your assets to cover your living needs. I think it's times like this that emergency money is used. You're still lucky if in a bad economic condition you still have emergency money, most people don't have it
You're better off thinking of other ways to survive the bad economy, such as trying to start a new business or find a second job. If your emergency money runs out then you have extra income and it will improve your economic condition
selling assets for me is the last option which needs to be considered first,
I think your advice is good too and most importantly adjust it to each condition.
I reluctantly followed the counsel of a financial advisor to fix my finances in order by creating a budget and tracking my expenses, inflow and outflow of cash using an excel sheet. The economy has been crazy in my country so I needed to do something urgently. My greatest realization after this is that inflation all round is destroying my budget. It's been five months now. I am torn between using my emergency funds or selling some of my assets to cushion the effect of this economic situation. What do you suggest I do?
If you have emergency money, it's better to use emergency money first. Hopefully your economic condition will recover soon so you don't have to sell your assets to cover your living needs. I think it's times like this that emergency money is used. You're still lucky if in a bad economic condition you still have emergency money, most people don't have it
You're better off thinking of other ways to survive the bad economy, such as trying to start a new business or find a second job. If your emergency money runs out then you have extra income and it will improve your economic condition
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