Operation Safety Net, (from here on referred to as OSN) is my Emergency / Contingency / Disaster Fund. These days, I am my own safety net (literally). As I’ve graduated from law school and I work full-time, it would be crazy for me to expect someone else to support and/or bail me out if I got myself into trouble. If that was my thinking, then all my years in school and all the countless talks on “responsibility” and “becoming an adult” that I listened to, were a waste of both my time and the time of the person who delivered the message.
Given my current circumstances, and following the principles laid down by Single Ma, I realize that in order to have an adequate buffer, I need to be able to survive (keyword here is survive) and meet all my financial obligations were I to lose my job / become unable to work. That’s when OSN comes in – to catch me in case of the worst and ensure I am able to subsist for four months at my current standard of living (after letting the non-essentials go) at a moment’s notice. That works out as:
Necessities (utilities/food/transport): £100+£100+£50 = 250
Rent: 430
Misc: 50
Total: 730
£730 * 4 = £2920
Ideally, I would like to have enough to maintain my current standard of living (without skimping or resorting to Tesco Value) for 12 months, but I know I have to crawl before I can walk. So, I will settle for being able to maintain the necessities [food, shelter, transport] for 4 months – for now.
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