Saved by the emergency fund!

[atomicrc11]

Well, I haven't been posting here very long, but I've started an emergency fund about 6 months ago. I had built up about $1500 in a Citibank MMA (paying 4.50% right now) and have 2 CD's with $500 each in them (paying 4.75%). Well, what do you know, as soon I have a good foundation the clutch on my car goes. The dealer wanted $1400 for the job, but I found an independent mechanic who would do the job for $900 cash. If I didn't have this fund not only would I have had to pay $500 more because the independent mechanic doesn't accept credit cards, I would be paying 14% interest on a credit card as well. Anyone who doesn't have an EF, this is the reason they exist, and I highly recommend you start one!

[disneysteve]

A great reminder. Congrats on being prepared!

[bishop]

Awesome!! Doesn't it feel great spending that money on an emergency, when you know it isn't going to be taken from something else that needs it as well? Our EF has been a lifesaver many a time. Welcome to the club!

[project15]

Now you get to build it up again!

[Fizgig]

Yay! It's a great feeling to take care of business without a lot of stress and hassle.

[kacedog51]

question a little off the topic. what kind of card to you have that the clutch was going to cost 1400? When the clutch on my car went out it only cost me about 525.

[atomicrc11]

It is a Volkswagen Jetta. From the dealer it was going to cost $1400 w/o replacing the flywheel and $2600 with the flywheel. My mechanic did it for $900 w/o the flywheel and would have done it for $1150 with the flywheel. It isn't just the cost of the clutch, it is the labor. Because of how everything is tightly packed and the transmission in this car is just a bear to mess with, it takes about 6 hours to replace a clutch. The deal was charging $100/hour, my mechanic was charging $70/hour. The clutch without the flywheel was about $500.

[Hedy]

I agree. I've heard people moan and groan about having to hit the emergency fund, but I figure better lose $500 in the EF than put $500 on a credit card.