Should I Use Emergency funds or Sell my Assets ?

[freedomgo]

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.

[dunfida]

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.

Fund or money management would really be crucial because usually people do really end up on unwise spendings on the time that they would really be upgrading when it comes to their earnings and this is why you should

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.

[Questat]

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.

[shinratensei_]

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.

[erep]

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.

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.

[Slow death]

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

[Wakate]

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.

[Vaskiy]

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.

[mirakal]

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.

[judaspriest]

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.

That is why we need to be aware that saving is very important because when there is an emergency and the economy is not doing well, the savings are really very useful,
We never know what will happen in the future, so we need proper anticipation,
I hope more and more people are aware to do that.

[bitzizzix]

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.

Inflation can attack anyone and requires us to fight it by fixing expenses and also minimizing expenses so that we are fine. Looking for income or a side job is an action that must be taken so as not to undermine the savings or investments we have for the future, and side jobs to support our finances because currently there are many side jobs that take advantage of technological developments. And it can also be done at home which in my opinion is a must-have skill and there are also many ways or tutorials that can help
and in the current situation we are required to be smart so that our needs are met and we can also save or invest starting from being smart to find additional income and managing finances so that everything is fulfilled and also still being able to set aside a little money for savings and investment.

[Swordsoffreedom]

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.

That is why we need to be aware that saving is very important because when there is an emergency and the economy is not doing well, the savings are really very useful,
We never know what will happen in the future, so we need proper anticipation,
I hope more and more people are aware to do that.

That's right, I value saving more than any fund or investment because life is full of surprises, and we never know what will happen. But I find that many people still do not realize the importance of saving, instead, they consider investing more than anything. Because they believe that investment will give them a return, generating larger amounts of money instead of saving money, saving money to them is like dead money. They were too subjective and forgot that investing is not always profitable and its short-term volatility.
Many people have fallen into the dilemma of investing all their savings, and now they have to borrow to get through the economic crisis because their investments are also losing money.

[Silberman]

That's right, I value saving more than any fund or investment because life is full of surprises, and we never know what will happen. But I find that many people still do not realize the importance of saving, instead, they consider investing more than anything. Because they believe that investment will give them a return, generating larger amounts of money instead of saving money, saving money to them is like dead money. They were too subjective and forgot that investing is not always profitable and its short-term volatility.
Many people have fallen into the dilemma of investing all their savings, and now they have to borrow to get through the economic crisis because their investments are also losing money.

Like most of the time people have it backwards, no one should think about investing unless they have an emergency fund which can help them solve most problems they may suffer, only then they may consider investing, however this is not a popular option, as most people do not save at all and have a lot of debts, while the few which save some of their money try to invest it all and keep almost no capital on them, as they understand the nature of fiat and how it devalues at an impressive speed.

[KiaKia]

Emergency funds are for things like this I don't understand why you are asking this question, what do you expect to use your emergency funds for? Unless you have other plans for your emergency funds if not, I don't see why you are hesitating and asking this question.

If I am in your shoe I would rather use the emergency funds to solve this problem and not touch any assets, this present market situation won't last long and many people will miss the boat, you have to avoid getting tempt by your assets.

Find other means to solve your problem, only the strong will laugh at last.

[Pamadar]

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.

Yes indeed, by using your emergency fund to survive, just keep on trying to find ways in saving back.

Side hustle is something that will carry the load, if you have good skills, and you are willing to go out of your comfort zone
it will help a lot to survive and still live a life with a much decent style.

Your view point is very important in doing the decision if what will be the things that you'll going to sacrifice, with
a good judge you will be able to figure it out on your own interpretation.

[Ayers]

Emergency funds are for things like this I don't understand why you are asking this question, what do you expect to use your emergency funds for? Unless you have other plans for your emergency funds if not, I don't see why you are hesitating and asking this question.

If I am in your shoe I would rather use the emergency funds to solve this problem and not touch any assets, this present market situation won't last long and many people will miss the boat, you have to avoid getting tempt by your assets.

Find other means to solve your problem, only the strong will laugh at last.

He didn't mention to us that that emergency fund is dedicated to any other urgent matter, so it's hard to give exact advice. But if we have to choose between the two, using the emergency fund is a sure thing because selling the asset will lead to many problems, like we may have to sell at a loss or have difficulty buying back if their value suddenly increases...Selling property to cover a difficult life should only be considered when there is no other solution.

[chrisculanag]

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?

For me, it's better to use your emergency fund, that's why it's called an emergency fund because when you need it, you can use it. Don't trade or sell the assets that you hold because they are more valuable and you will benefit from them for life.

But if you are more enlightened by the financial advisor who gave advice, it is better to follow him, with the amount of experience he has, he will definitely give good advice and you will definitely improve that. However, the decision is still up to you mate.

[Velemir Sava]

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.

Admittedly, taking advantage of opportunities in life requires some risks. Using an emergency fund I think it's also good if it's done, where when someone is in a state of urgency, it calms the mind even if only for a moment. But here's the thing, One has to do everything and risk everything and sometimes it's not fair.

[Bananington]

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 really making many terrible financial experience and forcing financial decisions. Do not sell off assets, they are meant to bring you money. Instead use up some emergency funds to find balance because the situation you are in is close to an emergency. Reduce the money you set aside for emergencies for the time being so you can have enough spare cash to fix into other budgets that inflation has raised the price of. If you sell assets, it is not a permanent solution to this challenge.

[ElmedoRator]

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 think some are general suggestions and you should tailor them to your financial situation and do your research before making any decisions. Since everyone's personal financial situation is different, there is no single solution that works for everyone. Use that reserve fund first and reset the problems that appear and find solutions. But if you have assets that you don't need and can sell, you might consider selling them to create a backup source of cash. And try seeking advice from a financial professional to get the right solution for your financial situation.