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Emergency Funds

Last post 11-27-2012 11:55 PM by roberthenry. 9 replies.
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  • 01-25-2012 10:47 AM

    • Brandy
    • Top 10 Contributor
    • Joined on 03-28-2007
    • Saving in South Mississippi
    • Posts 25,145

    Emergency Funds

    Have you started off the new year with some emergency funds available to you?

    No?

    Now is the time to start. Don't wait until you have a little cash or this thing or that is handled. Make a plan now, start saving now. If you wait, something else will come up and you will be starting later and later and later and...

    So let's get started! What is your first step? If you aren't sure or need motivation, please ask...we have members who are happy to help a fellow dollar stretcher to get control of their money and lives.

    The Dollar Stretcher Community Manager



  • 01-25-2012 11:36 AM In reply to

    Re: Emergency Funds

    I have my emergency fund started and add to it every paycheck. We are really trying to live within our budget and payoff the credit cards asap. We had a lot of car repairs, medical bills and family emergencies last year that drained the emergency fund and had to be put on credit. Now we are working on getting everything paid off.
    Riley
  • 01-25-2012 12:12 PM In reply to

    Re: Emergency Funds

    We have an emergency fund and add to it with every paycheck also. DH's account is more for true emergencies but mine has been used in a pinch (more of a savings account for non-emergency, one-time purchases or holiday gifts). But we have a certain amount of cash readily available in case our washer quits, car blows up, etc.

    We have also been in the boat of draining the Efund with auto repairs and medical bills and have had costs add up to more than we had on hand. It takes work to dig out from the debt and then add back to the Efund to build it up.

    If we all knew what life had in store for us, we would always be 100% prepared. But at least, with an Efund, there is a bit of peace of mind.

    Erika
  • 01-25-2012 12:33 PM In reply to

    • grame
    • Top 50 Contributor
      Female
    • Joined on 02-22-2011
    • Kingdom of Callaway
    • Posts 1,950

    Re: Emergency Funds

    mamasjob:
    We have also been in the boat of draining the Efund with auto repairs and medical bills and have had costs add up to more than we had on hand. It takes work to dig out from the debt and then add back to the Efund to build it up.
     

     

    Us to.  Just keep chipping away at it.

    I declare to you that woman must not depend upon the protection of man, but must be taught to protect herself, and there I take my stand. ~Susan B. Anthony
  • 01-26-2012 11:57 AM In reply to

    Re: Emergency Funds

    Emergency Fund always gets funded here because I make it like another bill to pay. I make a joke, that I stay broke, because I'm always putting the tax $, the business expense $, and the Emergency Fund $ back, before I actually pay myself something. Being self employed (Never knowing what I'll make) and single, I need that emergency fund like the air I breathe. However, I'm always tapping into it, car repairs, home repairs, vet visits and my own heath care. I tap into it and then make a plan putting it back, as I go. It's a never ending cycle with the Emergency Fund, but certainly glad I keep one in tact.

    Truth is the most valuable thing we have.
    Let us economize it.
    "Mark Twain"
  • 01-26-2012 10:24 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on 12-17-2007
    • WV eastern panhandle
    • Posts 1,399

    Re: Emergency Funds

    We've always kept some immediately-available cash in savings for those inevitable but unpredictable expenses that never come at a convenient time. The idea was at a minimum to keep enough to replace the car transmission, furnace, and roof all in the same month without having to tap credit.

    One knows that such expenses are someday inevitable, but one cannot predict years away exactly when they will happen. But happen they will, eventually, just as sure as tomorrow's sunrise but hopefully not quite that soon. So when they did we could just tap into the savings set aside for that purpose and write a check to make the problem go away.

    It never stops either. Just last week the 10-year-old microwave oven quit working and without having it diagnosed I can tell from the sound it's the magnetron, the expensive "heart" of the appliance. So we've ordered a new microwave, paying for it from that fund. No muss, no fuss, and life goes on.

    Officially Recognized Stretchpert in Money Management
  • 01-26-2012 10:34 PM In reply to

    Re: Emergency Funds

     I gave up convienant foods and cooking my own and not shop like crazy like I did in the first part of last year now I got up to 400.00 in savings doing this so I can have a saftey net from now on no more depending on people for help on this one cindy has 200.00 in savings for emergancy funds she has cut down on smoking abit only 2 packs a week no more then that and trying hard to cut soda there she go nuts on that her goal is 200.00 more just in case fund.

    chrissanne
  • 01-26-2012 11:16 PM In reply to

    Re: Emergency Funds

    I sold my scooter in December and have already spent half of the proceeds and need to keep the other half for an emergency fund.  I have now cut off giving funds to the room mate until he pays me back what he owes me.  He was hoping to get workers compensation but they have declined his claim and  now he will not get the funds.  I had lent him over $500 thinking I was going to get it back.  No more, I have to be hard hearted and just learn to say No.  If I have to I can sell my car but hope not to have to do that.  Sally.
  • 01-26-2012 11:49 PM In reply to

    • gayla50
    • Top 10 Contributor
      Female
    • Joined on 09-24-2007
    • Western North Carolina
    • Posts 8,491

    Re: Emergency Funds

    We keep our emergency fund well stocked .. After we paid off the house I still put that amount in the bank  we used it to update the heat and air  when we build two more bedroom suite s

    Gayla

    Officially Recognized Stretchpert in Frugal Food and Cooking and in Slow Cooker Foods



    Purpose is what gives life a meaning
  • 11-27-2012 11:55 PM In reply to

    Re: Emergency Funds

    It is always good practice to be ready at all times, what every they call it, it is better that we have something in case of emergencies.

    Cheers,
    Robert Henry of, Malman Law personal injury attorney group.
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