So Glad I Had An EF!

[Writer@Large]

Well, any doubts as to the wisdom of the ol' emergeny fund were put to rest yesterday when I had to replace the tires on my car. Not that I had many doubts; but sometimes, that $1000 sitting there seemed so ... tempting ...

Not anymore. This is the first time the EF has "worked" for me, and I'm a happier man for it.

No question about it; whenever someone asks me for advice about money, ever, in the future, my first response will be, "Well, do you have an emergency fund yet?"

--W@L

[PrincessPerky]

Re: So Glad I Had An EF!

Very glad you had it, sorry you needed it..

[Broken Arrow]

Re: So Glad I Had An EF!

Excellent.

[boefixepa]

Re: So Glad I Had An EF!

Stress is much better huh....in fact there was none right.

Tell me how motivated are you to rebuild that fund?

[Writer@Large]

Re: So Glad I Had An EF!

Tell me how motivated are you to rebuild that fund?

Very motivated. You never know when something else is going to give out, break down, or foul up!

--W@L

[jmjj215]

Re: So Glad I Had An EF!

It's nice to be able to pay yourself back at 0% interest, vs. paying back a CC for emergencies

[boefixepa]

Re: So Glad I Had An EF!

Oh, so true! About the interest and the motivation.

My favorite saying, many times here, and many times to friends and family.

"It's not a matter of if, it's a matter of when."

[poundwise]

Re: So Glad I Had An EF!


Good news! Glad to hear that it has worked out for you. I hope you get your fund rebuilt soon.

[Ima saver]

Re: So Glad I Had An EF!

That happened to me this past month, 4 brand new tires ($1500) and a trip to Fla. ($1000)
I remember when I first waitressed and an emergency came up that cost $400. All the waitresses I worked with were going, "what are you going to do" They were amazed that I had an emergency fund and could just pay it?
At the hospital it was the same thing this week. When asked how I was going to pay for my procedure, I told them I would write a check for it. They seemed shocked (it will be over $1000 also.)

[Thrif-t]

Re: So Glad I Had An EF!

That happened to me this past month, 4 brand new tires ($1500) and a trip to Fla. ($1000)
I remember when I first waitressed and an emergency came up that cost $400. All the waitresses I worked with were going, "what are you going to do" They were amazed that I had an emergency fund and could just pay it?
At the hospital it was the same thing this week. When asked how I was going to pay for my procedure, I told them I would write a check for it. They seemed shocked (it will be over $1000 also.)

It's funny isn't it (not really) the number of people who have no EF and just live paycheck to paycheck. It just baffles my mind the number of people I know who don't save any money then will ask me when something we have needs replaced, well how can you afford that??? Just baffles my mind.

[Writer@Large]

Re: So Glad I Had An EF!

It's funny isn't it (not really) the number of people who have no EF and just live paycheck to paycheck.

It's easy to do, and hard to get out of. From the time I first got a real job, I did it. At first, it was because I was making good money and spending less; then, it was because I was making less and spending more, and couldn't do it any other way. And no one ever--EVER--said to me, "start an emergency fund," or "create a zero budget." Sure, I was told in vague terms to "watch my spending" or "try saving some more," but since they never elaborated, I never listened.

I'm going to do my best to make sure my son grows up with more sense than I did!

--W@L

[getforfree]

Re: So Glad I Had An EF!

We had to replace water heater last week, the old one started leaking and my last month's gas bill came about $30 more than usual. When I got the bill, I was shoked, $30 wasted! completly wasted with no use!!!

So we went and bought a tankless watere heater. With tax and some parts it was almost $700. My dh and his friend istalled it together. And we also will get the $300 tax credit. So the heater net cost is $400, (same or even less than the 40 gallon tank) plus it will save us on our gas bill every month, because it takes gas only when you use hot water. So it's working maybe and hour, 2-max a day.

And the best thing about it is that we won't have to go to our emergency fund or our savings, we just won't save anything this month, and because I put it on my cc with money back rewards, I will get a few $$ back. I already put the money aside to pay for the cc when the bill will come (in about 2 weeks from now).

[PrincessPerky]

Re: So Glad I Had An EF!

It's easy to do, and hard to get out of. From the time I first got a real job, I did it. At first, it was because I was making good money and spending less; then, it was because I was making less and spending more, and couldn't do it any other way. And no one ever--EVER--said to me, "start an emergency fund," or "create a zero budget." Sure, I was told in vague terms to "watch my spending" or "try saving some more," but since they never elaborated, I never listened.

I'm going to do my best to make sure my son grows up with more sense than I did!

--W@L

I think that is part of the trouble, so much vaugness! But then the other end of the pendulum is 'do it exactly my way' something in the middle needs to be reached..

[The Budget Man]

Re: So Glad I Had An EF!

How do people make sure ther is an emergency fund?

I have a direct debit. The bank does the work for me. Each pay an amount of money goes into a savings account and it is ready for the emergencies.

How do you fund the emergency fund?

Enjoy Your Money
The Budget Man

https://www.PersonalityBudgeting.com

when you need a budget