The wrong refuge

Financial advisor Dave Ramsey recommends taking a two-step approach to building an “Emergency Fund.”  First, save up $1,000.  Then, after you pay off all debt (except your house), your next Emergency Fund target is 3x-6x your monthly expenses.  When my wife and I first learned about this approach, it didn’t take much effort to reach the first step – we paused eating out, rearranged some spending habits, and probably sold a thing or two we weren’t using.  Paying off all consumer debt took a while, but when we finally made it, we stumbled hard on the saving up for 3x-6x our monthly expenses.

Admittedly, we lost momentum…and it was our fault.  We had freed up a lot of space in the monthly budget by getting out of debt, which gave us the flexibility to do more things than we had previously.  Haphazard saving would bring us up a little bit – then life would happen, the Emergency Fund would take a hit, and we’d start building again.  Eventually, years later, we finally hit 100% of the 3x goal.  And let me tell you – it felt great!  It was so nice to know we were very prepared for potentially sizeable emergencies. 

And then…as it always does…life happened.  Our 3x goal wasn’t 100% funded anymore.  We were sitting maybe 50-60%.  While I was grateful that we could handle the situation without going into debt, I began to notice that I was feeling “less ok” about our financial situation.  My thoughts went along these lines: I’m glad we were prepared to take a 50% hit, but it’s going to take some time to build that back up.  Another 50% size hit (or bigger) would be devastating.  And I began to feel anxious about what to do next, and my mind swirled for days around how quickly we could recover.

I hadn’t realized that while we were building up the Emergency Fund, I was slowly becoming dependent upon the amount in the Emergency Fund as validation of our (my) ability to take care of our (my) family.  It wasn’t until after the Emergency Fund took a sizable hit that I discovered how much I viewed it as our rescue in tough times.  As I thought through these feelings, I also remembered the times when I was doing the budget, I’d look at the Emergency Fund with a small amount of pride: Yeah, that amount looks good.  Look how much we (I) have prepared us for any unforeseen issues.  While I wouldn’t brag about it to others, I certainly gave myself a mental pat on the back for the on-going achievement status.

But let’s be honest and think about this realistically…God got us through plenty of other times when our Emergency Fund was much less than the 50% it was at that moment.  That’s not a reason to avoid setting aside 3x-6x of our monthly expenses for emergencies, but there’s always the possibility that an emergency will come along that has a greater price tag than any amount we could save.  My faulty thinking was that the Emergency Fund was our (my) salvation and our (my) glory.  Our rescue and proof of success shouldn’t have been tied up in how much money we had in the bank.  The whole situation really wasn’t a money issue…instead, the money revealed a heart issue that needed to be dealt with.

As we’ve progressed through Psalm 62, David and Jeduthun have pointed out the evil that others can do against us.  In these next verses, they continue to point us toward the right response:

Psalm 62:7-8
My salvation and glory depend on God, my strong rock.
My refuge is in God.
Trust in Him at all times, you people;
pour out your hearts before Him.
God is our refuge.
                                           Selah

God is the only one who is stable and secure.  When I trust Him with my present and future circumstances, then my soul finds rest and refuge from whatever difficult circumstances or trying people come my way.  No other person, place, or thing will satisfy my need for refuge – because there’s always the possibility that the situation could be larger than I can prepare for.  But with God as my focus and my trusted rescue, I know I am secure.

Let’s not forget that the Israelites used the psalms during the temple worship service – for singing, praying, and meditating.  That’s something for us to consider doing as well:

Has what we’ve been singing lately sounded anything like these verses?
Have our recent prayers recognized our dependency on God?

If we answered “no” to one or both of these questions…perhaps we should consider meditating on how much we need to depend on God.

While you’re meditating, pour out your heart to God.  All of it.  He can handle it. 

We find rest and refuge in Him when we do.

Keep Pressing,
Ken