Tag Archives: Emergency Fund

Save Me Sink Fund

If it wasn’t for our sink fund, we would be in a lot of trouble this week. In fact, even with the sink fund, things are looking a little shaky. This week alone, we lost our water to our house faced with a major repair costing a few thousand dollars to a truck we just bought, after already sinking $500 into this same truck.  Sigh. It has not been a good few days financially. We’ve only owned the truck for about four weeks, did all of our homework, bought it from a relative, and did everything we could have to … Continue reading →

Seven Ways to Save $1,000 for Your Emergency Fund

Dave Ramsey, financial guru who has helped so many families get out of debt, recommends that most of us start on the path to financial solvency by first saving up $1,000 toward an emergency fund. By having a solid emergency fund, we are less likely to go into debt, should the unexpected happen, such as the home furnace needing to be replaced, the car needing to be repaired, or the experience of a medical crisis. Saving that $1,000 is the first step of Ramsey’s overall get-out-of-debt plan. How can you save that much when there doesn’t seem to be any … Continue reading →

Emergency Fund and Non Emergencies!

My envelope system has taken a back seat the past two months. There is no reason for it except laziness. We are still budgeting, and keep track of everything spent. We don’t spend over our specified amount, and if we do, then it has to come from somewhere else – like eating out, so I try not to spend extra. Luckily our emergency fund is still doing well. Each month we save and put money in our retirement and savings and keep growing our emergency fund as well. We then use this fund for a few non emergencies. Yes I … Continue reading →

Thoughts on Inherited Money:

First, let me say I’m sorry for your loss. As someone who’s recently been through a death in the family I know how devastating it can be. During this time you may come into some money, but it is not a time you should be making financial decisions. Most experts agree – take your time before spending any inheritance. Make sure that you take all the necessary steps – canceling any social security, turning off the phone, (if you are responsible) and then take a step back. The amount of money you’ve come into doesn’t matter – it could be … Continue reading →

Bickering with Spouse about Money?

Married? You are probably arguing about money. Most of us do. Overall, women like to have a nice cozy emergency fund and the roof over their head secure. Men prefer toys. Nice generalizations huh? Lets just pretend that these myths are true. Women want to have a nice emergency fund of about four months of living expenses. For most people that is between $10,000 and $20,000, but could reach much higher. I don’t recommend having less than $10,000 in an emergency fund as it will take this much or more for the average family to rebound after a job loss, … Continue reading →

Where to start on my debt reduction plan?

How do you set priorities when starting to budget or set up a savings account? Should you pay off debt first? Pay off your home mortgage? Save for emergencies? I think the answer is yes yes and yes, but actually, it depends upon who you ask. Some advisers tell you to pay off your largest debt first, or the debt with the highest interest rate first, and others tell you the opposite, leaving you more befuddled than ever. Perhaps you’ve also heard that you have to get an emergency fund going before you pay off any debt. Who should you … Continue reading →

Are You Prepared for a Financial Emergency?

Are you prepared for a financial emergency? This is not a question that should be taken lightly. There are a number of events which can cause a financial emergency, and different steps that you can take in order to prepare you family for those emergency. Being prepared financially will bring you a great sense of peace. The first type of financial emergency can be when an unexpected expense arises. An example of this is that your car breaks down and you need to have it repaired. It can also be when your air conditioning or furnace breaks down. As easy … Continue reading →