The emergency fund
By summer218
@summer218 (197)
United States
November 27, 2007 6:36pm CST
My family and friends seem to be having emergency upon emergency when it comes to money. One's car broke down, one's refrigerator gave out, and one's hours were cut. Do you have an emergency fund? how much do you put away on a regular bases for those what now moments?
2 people like this
4 responses
@summer218 (197)
• United States
28 Nov 07
I bet if you were to write down all of your expenses including outside coffees and such, you'd figure out a way to put that away instead. The economy is going to take a while to turn back around, in the meantime, gas prices are still going to go up and everything associated with gas, which is alot more than we realize :(
@talisman (1300)
• United States
28 Nov 07
No, we don't have an emergency fund. I know we need one, though, and am planning on doing it (I can already hear myself procrastinating, lol!). We recently had our car break down, but thankfully, we had been saving up money to move and we're able to use that to get a new car. A good emergency fund is supposed to have at least 3-6 months worth of expenses. That can be quite a lot.
@summer218 (197)
• United States
28 Nov 07
Yes, I've heard 3-6 months is recommended. The motto "just do it" really applies here. It'll become fun once it gets started. You'll also be surprised at all the wasteful ways money is spent in your household. I wish you luck. :)
@musicman6 (2407)
• United States
25 Dec 07
You guys don't realize how important and helpful an emergency fund is!
Everyone should have 4 to 6 mos salary saved in a fund to help themselves for emergencies!
And a good way to do it is put at least 10% of every paycheck in a fund (preferably one that earns interest)without hesitation, and no matter if you make 100 dollars a week or 1000 dollars a week! What's important is that you make it a habit! Pay yourself first, then live on the 90% that is left,that is the wisest thing to do!
@computershack41143 (71)
• United States
28 Nov 07
i don't have a clue but if you find out please let me know, cause im in the same boat.
@summer218 (197)
• United States
28 Nov 07
you really should start one. It's really very simple, get an envelope or a empty jar and start stashing change and any extra money you come across. It's very important these days to offset those unexpected emergencies :)
