For the little emergencies in life....
By taface412
@taface412 (3175)
United States
May 23, 2008 8:47am CST
Everyone knows it is best to have an Emergency fund, but do you have one? Is it hard for you to save money, especially with the cost of everything rising right now?
I always knew that having an Emergency fund was a good idea, but was never able to start one because of the cost of living, student loans, etc. But a few months back it sure would have helped a lot. Because of a flooding on our property I had to miss work and had to shell out some money just to stay in a hotel, due to the fact our property was inaccessible for several days. I never encounterd anything like this before because I had alwyas lived in the city and it only floods like that in our area (rural area) every ten years or so. But I learned my lesson and plan to get on that Emergency fund as soon as possible.
SO do you have an Emergency fund? Has anything ever happened to you where you realize it is very important? How did you start your fund when you had little money to put in it?
4 responses
@gemini_rose (16264)
•
28 Jun 08
I never bothered with an emergency fund until the emergencies came up, then I realised that really I needed to have one. I use a jar for my change and I also make a point out of putting any spare money I get away. Even if it is only a tiny amount. I put it all away into a high interest savings account so that I get interest out of whatever is in there no matter how small the amount is.
@taface412 (3175)
• United States
29 Jun 08
That is a good idea. I always try to save change, but then when I work a double at work I dip into it to graze off the snack machine, etc. the only change I seem to be able to save and keep saving is pennies. LOL
But I have to say I am getting better...I actually held onto the money (cash form) I put back for my ticket to an amusement park for a whole week....now that says a lot for me. SO maybe I have hope. I might use my Mylot earnings to add to a little savings account soon.
And you are right no matter how small the amount is it all adds up doesn't it?
@gemini_rose (16264)
•
29 Jun 08
It does all add up, and I found that I wanted to put more away and so I started to look at my outgoings to see where I could make more cuts. I was buying lunch quite a lot, when I went shopping I would buy a sandwich or a snack. I stopped doing that and put the money into a jar instead, and then that was a bit more I was saving.
@taface412 (3175)
• United States
29 Jun 08
Well, next month I plan to quick smoking again and when I am through with paying for the patches, which ironically equals if not a little cheaper than the smokes, then I am putting that money away. I quit last novemeber for about three months then like a dummy I picked it up again. UGH and now the costs of everything is really making me motivated to quit as well as for my health.
Maybe that money I will sock away into a savings account. Oh and I know what you mean about the encouraging you to save more, well ever since I upped my 401k and saw how fast that little amount adds up....well it is definitely motivating I call the info number every month or so just to make me feel better.
@puccagirl (7294)
• Israel
22 Oct 10
Yes, I have one, or actually: two! One is very easily accessible and is supposed to help me out in smaller emergencies. That fund is always $1000. Besides that, I am also trying to have of 6 months of salaries in another savings account for bigger emergencies. I am not quite there yet, but hopefully I will reach that goal soon (by my calculations I should be able to do so in December, if nothing surprising happens).
@Martick (10)
• United States
23 May 08
Everytime we start saving to build up an emergency fund, we have an emergency -- so it is an ongoing process! Right now it is difficult with me being laid off, but we plan on paying ourselves out of every paycheck the amount of 1 hour's labor. That is how we get started. Everytime we get some increase or unexpected funds, we attempt to put some away -- maybe 10% or at least 1% of it. We have also found that when we don't have an emergency fund and an emergency occurs that God finds a way to provide for us. Glory be to God Almighty.
