Is it important to have an emergency fund?
September 27, 2007 9:16pm CST
I keep on reading from personal finance magazines and blogs about the importance of having an emergency fund in order to pay for unexpected events such as tire burst, theft etc. I do have an emergency fund totalled worth around one month salary. Do you have an emergency fund yourself? How much is deemed enough? Is it that important to have one?
28 Sep 07
Of course it's important to have an emergency fund. Unfortunately for me my emergency fund was borrowed by my friend who had an emergency. More unfortunate for me is that up to now she did not pay me. Just recently I needed that money to spend for the medecines of my child. Lol, not a single centavo was spared to me. Now I learned my lesson the hard way.
28 Sep 07
We all can learn from this lesson. The emergency is for us to use, not for the emergency of others. If the fund get borrowed by someone else, we don't even know whether it will be paid eventually or not. Have to start from scratch again to kickstart the fund
22 Oct 10
Yes, I certainly think so. I have two fund actually, one that is very easy to access, and it has $1000 in it, and another where I am saving up 6 months of salary. But I have not reached my savings goal on the second account yet, since I am also saving for a wedding and a car. But I should get there soon I hope!