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LINDY36's Photo LINDY36 Posts: 4,721
7/6/10 12:32 A

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Insurance is really important..So far we haven't had an emergency, hopefully that wont change anytime soon.
I will save, save, save.....

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WDBROWN94's Photo WDBROWN94 Posts: 2,920
7/5/10 4:51 P

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I recently had to dip into my emergency fund. I was short on the health insurance for my daughter and that is one thing I will not go without. I figured that was a good use of funds.

Starting this month, my husband, we have only been married for 7 months, has decided to start giving me $300 to put towards the emergency fund. We figured that in a year we should have a nice little downpayment for a home instead of living in an apartment. Hopefully nothing comes up before that.

No one need live a minute longer as he is, because the Creator endowed us with the ability to change ourselves. - J.C. Penney

CHRISTINET2225 Posts: 288
1/24/10 9:20 P

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All of these comments are very helpful. I follow (or try to follow) Dave Ramsey's advice, which basically means you should almost never touch your emergency fund unless one of the breadwinners loses his/her income. That's what it's supposed to be there for. Most experts recommend that you not keep your emergency fund in a CD, because you need it to be quickly liquid. You'll be charged a penalty if you withdraw your CD early. (CD's are good for long-term savings, such as for your next car, a college education, or retirement.) I have my emergency savings, such as it is, in an ING account. It earns relatively good interest, but I have access to it in a couple of days if I need it. I did recently dip into it to pay for my grandson's day care, as my daughter recently separated and is in dire straights. The care giver is excellent, and I didn't want him to lose that stability in his life. I thought that was a good reason, and I'm glad I had an emergency fund to dip into.

I'll be working on rebuilding the fund over the next couple of months.

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DAISY910's Photo DAISY910 SparkPoints: (0)
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1/24/10 3:42 P

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Just if something expensive breaks down and i dont have enough to pay for it in my other account. I don't want to add to my credit card debt!


"don't you ever let a soul in the world tell you that you can't be exactly who you are" lady gaga


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LINDY36's Photo LINDY36 Posts: 4,721
1/24/10 2:40 P

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for medical and dental expenses for now

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STORMIECAT065's Photo STORMIECAT065 SparkPoints: (0)
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1/23/10 10:57 A

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I have always asked myself two questions to determine if I need to dip into my emergency fund. First, can I do without this until I can find a better way to afford it? Second, can I find any other way to pay for it that won't cost me extra money?

For instance, hubby's TV broke, but we found a way to temporarily rig it through the TV where we could still use it. He wasn't happy with me, but it works, and I didn't have to shell out $250 for the TV he wants. (I wouldn't care if we could really afford that right now.) My reward? Turns out my sister & her husband are getting a new TV because they want a bigger one, their old one is perfectly good. So they are going to give us theirs... New decent TV without spending a dime, for just a little patience!!

On the other hand, if someone had to go to the ER or something, and I could arrange a payment plan with no interest, I would probably choose the payment plan.

I think once you get used to thinking more strictly about what is and isn't an emergency, it gets harder to use it at all!!

-demi

"I can do all things through Christ which strengtheneth me." Phil. 4:13


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GODSBEST's Photo GODSBEST SparkPoints: (100,550)
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1/22/10 9:56 P

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My emergency fund isn't what I want it to be right now, but I've gone into it to pay for house repairs that I would normally put on a credit card. I'd rather do that and start over with the fund than using the card.

Psalms 34:7 - Delight your self in the Lord and he will give you the desires of your heart.

Before you ask God for Anything, remember to first thank him for Everything

Angie


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RMACBURN's Photo RMACBURN Posts: 561
1/22/10 1:17 P

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Thanks for sharing everyone. There have been a few times that I've wanted to "borrow" from my thus far small emergency savings. It helps to hear that you all have a strict plan for what you use your fund for.. it's nice motivation to leave mine alone!



9lb 1oz baby girl born September 2015. Restarting my journey to a fit body.


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CD5287913 Posts: 663
1/22/10 10:30 A

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We still haven't decided what the funds will be for but maybe when we get enough we'll buy a long-term CD at our credit union and just let it grow. One thing I've learned NOT to do with it is to "borrow" from it. I still have an IOU for $50 in there that we thought we'd replace quickly but that hasn't happened yet.

CD5550918 Posts: 221
1/22/10 9:52 A

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We recently used some of our funds to replace the transmission in my husband's truck (which he intends to keep forever). Also, I had a death in my family a few months back and use some money for traveling expenses. We try to limit the use of the emergency fund for those unexpected things that have to be addressed right away. If I have time to save for it, that's what I do - wouldn't use funds to pay for things like summer vacation.

Edited by: CD5550918 at: 1/22/2010 (09:53)
CD5310162 Posts: 945
1/22/10 8:29 A

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I always try to have a little cash available as a few years ago there was no hydro (very cold snowy ) i was in an isolated area. The nearest store opened and let a few people at a time in. They only wanted cash , and those with no cash got nothing. We had a can of gas and got there 30 miles away. We had some cash so was able to get some groceries and supplies which got us through we let people come and stay as we had fireplace to keep warm (needed extra food)for those that had none this lasted nearly a week.
Since that time I have been afraid not to have cash in my purse for emergencies . There was no hydro 30 miles away either and they couldn't take cards as no hydro. Cash was all would get you the things you needed . I recommend cash on hand for emergencies. emoticon

ILLINITEACHER52 Posts: 7,258
1/22/10 8:07 A

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I used to think that car repair was an emergency but once you get an emergency fund in place and start to plan for other items and put money aside, you find fewer things that you consider emergencies. I haven't had to dip into my emergency fund for anything in a long time. I considered using it for some unexpected medical bills but decided to do a payment plan instead and keep my emergency fund in tact. What kind of NEEDS are you finding? My mantra was "Take what you've got and make what you want". I realize that doesn't work if you have NO food in the house but usually you can figure something out from what is in the pantry to stretch a few more days.

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PARTTIMER Posts: 8,834
1/22/10 8:07 A

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My car broke down on Christmas Eve - not really repairable. I used PART of my emergency fund as a down payment on a new used one. I still kept aside a large enough portion in my emergency fund in case it was needed. Sure enough my daughter was rushed to ER for severe cramps. Luckily her insurance did full coverage. Glad the fund still had money in it just in case I was required to pay.

1-31-06 began SPARK at 292#-11#

MY MOTIVATION - My 8 yr old son said, "Mom I love you, will you play with my kids when I get married?"


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RMACBURN's Photo RMACBURN Posts: 561
1/22/10 7:24 A

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What sort of things would you consider an emergency?

Running out of cash between pay periods? Your car breaks down? Anything that you need and don't have the money for?

Are there certain things you would never dip into your emergency savings for?

9lb 1oz baby girl born September 2015. Restarting my journey to a fit body.


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