Do you have Emergency Money?

@payout (3722)
United States
September 14, 2011 7:52pm CST
I work in a bank and see many accounts that's my job. I'll have say some people are ready for trouble and others are just not ready at all but I know it depends on the situation. I always recommend a savings account or even a CD account which is always good as well. Right now I'm looking for a home and right now emergency money is sort of being built but most of the money in my account is going towards the house but I'm sure its worth it haha.. Right now.savings account is growing but I know the money will be gown fast. Haha.. It can be hard to save money aka have emergency money on the side especially with times like today. Very hard. Seems like we Wrok to pay bills. Haha.,
5 people like this
25 responses
@qtfrog99 (279)
• United States
15 Sep 11
Emergency Money????? HAHAHAHAHAHA!!!!! It seems like I forgot what that even was til I read your post. We have 1 income coming in for a family of 4 and we live on a very tight budget. We live paycheck to paycheck, but we make the bills, we have no extra money, unless Hubby works overtime, and when he does we usually use that to pay extra towards a loan payment. It seems like the cost of living keeps going up and up and up and the hourly pay is remaining the same. I really feel bad for the people who work for minimum wage, in florida its $7.31, they can't even get a gallon of milk and a gallon of gas for 1 hour of work. The government needs to take a look at all of us whom are struggling and stop bailing out the banks!!!!!
@payout (3722)
• United States
15 Sep 11
Hey frog, Sorry to hear that, I'm sure things will get better over here the cheapest milk is at rite aid for 3.50 and gas is about the same gas must be very high over therre and milk. Wow. Right now me and my boyfriend both work and are working hard to get things done. Bills but I feel bless to say that we doing very good. Just pray I know times are hard. Have faith everything will work out believe me. If all 4 of you get a job all of you will do great even with minimum wage.
@qtfrog99 (279)
• United States
15 Sep 11
Yeah thanks we are surviving, My boys are too young to get a job my oldest just started kindegarten this year. I feel bad for the families whose soul provider has lost there job and they have no income coming in or only unemployment, which here in florida that doesn't pay much.
1 person likes this
@payout (3722)
• United States
17 Sep 11
I think unemployment doesn't pay much anywhere the bank I work for the all government checks go through us.. I see many many unemployment checks many of them no bigger then 100 most of the time some might be close to 150. I remember one lady I guess she had a. Real good job she comes in now and then and hers was like 500 plus. So yeah she is getting paid. Haha.. Well yeah I wish you the best of luck , yeah I agree Thayer at happen to my father he lost his job and he lost his home, now he is living with my older sister.. So yeah.. I'm trying to help him as best as I can. :)
@TrvlArrngr (4058)
• United States
15 Sep 11
I work to pay the bills. Most times I do not have any money in reserve. I know I should but when yhou own a house there is always something that breaks and then the money is gone. Or someone needs to go to the dentist or urgent care. I would love to be a few months ahead of myself but I know that would take a miracle as I already work 2nd job and online.
1 person likes this
@payout (3722)
• United States
15 Sep 11
I admire your handwork, I wish you the best and all the success in the world. I'm sure one day you will be bill free or even half the bills are gone. Right now I'm going to purchase a home soon I'm making sure and looking at the new built homes that would mean less repairs and less money coming from my pocket lol. It does seem like we work to pay bills sometimes or most of the time. So yeah, can't wait for the great things in my life to happen. Eventually I will have some type of emergency money, getting it started can be hard and keeping it in there can be hard as well haha.. Well yeah good luck to you and keep up the hard work.
• United States
15 Sep 11
Thank you and good luck to you too! Owning rather than renting is definitely the way to go - Good luck with buying your home!
1 person likes this
@payout (3722)
• United States
15 Sep 11
Thank you I need all the luck I can get it's hard to find a home that you will love. As I was told it's a buyers market not a sellers so I need to buy something good so later in time it will sell fast haha.. thanks.. Again.
@thatgirl13 (7307)
• South Korea
15 Sep 11
Well I kind ahave emergency money but it isn't a lot. I have been saving up 30% of my pocket money and have been stuffing it in my saving account. It hasn't been long since I started doing that so yeah.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey that girl I'll give you thumbs up it's hard to save up money always base on the persons situation but we all I have to remember that, saving money takes time. And the interest on the account takes time. So yeah our main focus for anyone is to have something in the savings. That's changeling for most people. Even for me sometimes so keep up e great job believe me every little bit counts. And im working hard to build up our savings. Even my lot money helps
• South Korea
15 Sep 11
Thanks a lot. And yes every small money counts. Coz after all money is money and they do add up at the end :)
1 person likes this
@payout (3722)
• United States
15 Sep 11
Yes uh huh, the interest helps as well. Adds some cents or dollars depending on the amount..
@DiaJ88 (170)
• Singapore
15 Sep 11
Hi payout. I should have money for emergencies, but I don't. I am still schooling and I work part time to support myself. Every time I set some money aside to save it, it will eventually be used by the end of the month. I am not sure if I don't earn enough to support myself or if I'm not spending wisely. I am still trying to save up money for emergencies. Hopefully after I finished schooling, I get to land to a good job. So I good have more money than now and start saving for a future. Yes, I will save money to buy a house too! :)
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey dia, Yeah I'm thinking about going to college in the fall of next year im about to purchase home and I want to do what I love and I want to do what I know what I would love which is to become an architect. So right now I'm working hard making money saving money and once I get done purchasing my home first home, won't be my last haha. I would then buy a new car then go to school means my partner have good jobs but I want to do something I would love with my life
@DiaJ88 (170)
• Singapore
15 Sep 11
Hi payout. Its a good thing that you are working towards you goals in life. Going back to college and gaining knowledge is a good way of upgrading oneself. That is what i'm doing right now after working for a few years. Its a secure for our future. Sure enough,the more knowledge and experience you have, the more ways for you to earn your income. Eventually,it could go for further upgrading of knowledge,buy a house and also save for future emergency uses. :)
1 person likes this
@payout (3722)
• United States
15 Sep 11
Yeah I agree that when it comes to purchase a home you need to have emergency money rather then getting equity loan which is more money because it's just a loan and needs to be paid off. so yeah I'm only 19 I have to get started ASAP.. Haha. Life is short
• Philippines
15 Sep 11
Yes, I do have my emergency money or emergency fund in my terms. That is the very first thing I built and saved up when my first paychecks came in. I deposited it in a bank account with a high yielding interest rate compared to normal and prevailing interest rates and which is designed to be liquid. I think that is the essence of an emergency fund. Something that earn while the money is parked and something that can easily be withdrawn or is liquid enough to be able to be used at the moment of emergencies. Yes, saving is a pain but I believe that it should be done dutifully and consistently to be able to attain financial security and freedom. Wow! you are already investing in a house. Good for you. As for me, I think I still have a lot of years to go before I can buy or build my own house.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey, very well said, I know a savings accoun is easily dip into and can be withdraw from. I think that's why some people get a CD account or a IRA and add money little by little into the account and so since those accounts can't be touch for years it has a high interest rate and by the time it comes to that time the money would be more then enough, Getting a house build from ground up is expensive but is probably worth it in the end. But right now.. I'm planning to just buy and once that is more then half done I'll purchase more homes and put them for rent. So I can have endless income flow. Well good income flow.
• Philippines
16 Sep 11
Wow! That is a good plan out there. Good passive income can be earned through property rentals, plus the value of property increases through time making your investments in the future better. Buying and selling property can also a good money generator.
1 person likes this
@choybel (5059)
• Philippines
15 Sep 11
I have been planning for this for so long and it just seems that everyday in my life is an emergency because whatever extra cash I have I just get to spend it on something. Oh well, now the only money I don't get to spend is the one I have here online. It's not much but it's better than nothing I guess.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey Choybel, Well that's good that you try and believe me your not alone and I know at feeling seems like a lot of the money earn seems to be on bills then on the little things and then it's gone, so yeah.. Not much we can do I guess I would recommend you to use your money you make online as a savings. Or put it in a CD and doing so will allow you. To build interest you won't be able to touch the money for years to come. But, you will have money once the grace period hits. Just an recommendation.
@choybel (5059)
• Philippines
16 Sep 11
I like the sound of it. What does CD stand for, by the way?
@megamatt (14330)
• United States
16 Sep 11
Indeed I do have a small amount of money set back for emergencies. Hopefully I do have a chance to build that back up in the next few weeks or months. It is rather something that is important to say the very least. To make the same amount of money that I do right now and put back about half, that would really be considered a small victory. So yeah, I do save every little bit that I can in this day and age. Because when you really think about it, every tiny bit of money that you can save helps. Even if it is just a couple dollars here, a couple dollars there, about five there, it can really just add up until real money. And that is really just the name of the game. In case of those emergencies due in fact happen.
1 person likes this
@payout (3722)
• United States
17 Sep 11
You got that right, right now I'm just savings up pennies and waiting till it hits the top haha.. I probably have 15-20 dollars worth of pennies and @ my job some lady exchange over 100 dollars in pennies. So yeah hopefully I get that may hahaha.. I'm sure I can just keep adding more and more. Lol.. Well yeah $5 or $2 or $10 what ever ever little counts and I'm sure many people from my lot knows that, lol. We make small amounts but it builds up lol. I got my paypal link with my savings account so I can just transfer it right now
@nezavisima (7418)
• Bulgaria
15 Sep 11
it's nice to have a savings bank. but many of us reach our money even for accounts and do not talk about saving blogs. otherwise it is something great and whenever you can get the money. nice day!
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey neza, Money seems to come in one hand and goes to another and it just continues. Im happy to say, that I'm able to save I know sometimes it can be hard but believe me saving is easier said then done. But yeah I recommend that everyone try to save even a little,
@dodo19 (32900)
• Beaconsfield, Quebec
15 Sep 11
I have to say that it certainly is a good idea to have emergency money. I've just finished my undergraduate studies. I certainly do know what it's like to be tight every month. Unfortunately, at the moment, I can't say that I do have emergency money. My husband and I do have a savings account, with very little in it, but that's really about it. We just don't have the money to have emergency money at the moment. But hopefully this will all change.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey dodo, I understand completely, you both must have a lot on your plate but don't worry I'm sure once everything is done and you guys get done every you need to get done and want to get done. I'm sure you both will start to save up fast believe me. Ours goes up and down that was because of the big purchases we have been making lately first it will be a few thousand then bam back down. Same thing right now have a couple thousand and about to buy a home and it will go down but I'm sure it will shot right back up. But we need to keep it steady.. At a avg amount.
@WakeUpKitty (8707)
• Netherlands
15 Sep 11
I don't understand what is the funny part about just working to pay the bills (and many have not much left over to eat/feed their family) I always had saving money (I am dutch so it's normal to have, we are raised like that). With this "great" economy we have now many people live from their savings so there is not much saving left over. Also for many people it's impossible to start a saving/extra account for times in need. I don't think that is something to laugh about either. Great you are lucky enough to let your account grow so fast and you are able to buy a house. Let's hope you will never loose your job.
1 person likes this
@payout (3722)
• United States
15 Sep 11
I understand what you are coming from and believe me I know times are hard and you know I know that. In the end we all I have to face the fact. Paying bills that's something we all I have to deal with for as long as we live. @ my job I hear that all the time. Being upset isn't going to help and wishing bad things on people isn't going to help either. So we laugh. When you know you are not alone in a situation makes your feel like you have someone that understands you and talking about it does help. So yeah me losing my Job that won't happen... I know that I'm praying to be promoted soon. God gave me this job I know that for a fact. So he gave it and he can take it away. But I'm where I am for a reason. For anyone to say they have something someone else doesn't have that is what I call a blessing. So consider yourself bless because Thats what I consider myself. Overall bless. Prayers do change things. Believe me
@SimpleBB (1332)
• Philippines
15 Sep 11
Actually you're right...Emergency money supposed to be alloted to emergency as it says but most often than not, if we have the money, it looks like it will just passed by to our hands. We really have to have contingency allowance for really emergency use, but due to crises wherever we go, it's becoming useless for we really have to buy things we need on the current situation. But if possible, now I see to it, even not so huge amount, make sure to have for occurrence of time in need...be it in a bank or home,it is really a must to allot for emergency situation.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Correct, To me we all should have emergency money some might have more then ores but even the little helps when it comes to a emergency. If we all save up and have a emergency money we will feel more safe about a situation and less stress out. right now I know times are hard but, I have a whole container filled with pennies and I'm sure I have 15-20 dollars worth in there haha.. So yeah I'll wait till it hits the top haha.. It's not even 1/4 filled that's the crazy part haha.. So even the little helps
@SomeCowgirl (32270)
• United States
15 Sep 11
We also work to save. It's like we pay our bills, save a little extra, but the savings is gone because we're only saving up for something we will immediately need or want. We can't really afford to save save for our future. I have a way to save, it's an account wherein one dollar from my checking goes to my savings after using my debit card. So I could use my debit card ten times a day, and that would be ten dollars going from checking to savings. It's a good thing and a bad thing. They will do this until the account reaches $300.00 when it does, you can either withdraw the money or transfer it back to your checking. I plan to transfer it back to my checking and save it there until I need it. I don't have any emergency money right now, I do have like $15.00 in my way to save at the moment though, and money from my paychecks in my checking. I've got to use that money soon though, and money I get from this site as I plan to make two purchases that are "big" soon.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey cowgirl, I know what account you are talking about well what bank you are talking about the $1 transfer I agree it can be a good yet a bad thing my sister and my aunt bank with the same bank my dad banks with another bank and I bank with the bank I work for haha.. Funny everyone is everywhere.. I have three accounts Spend Acct (money that goes in out) does not build interest until 2k or greater Reserve Acct (Short term savings) it's a interest checking account for short term savings like buying a bike Growth Acct (Long term savings) does build good interest and is a interest savings account good for long term savings like a car. We call this account the Virtual Wallet 3 accounts in one helps your save your money. Budget and it gives your a high definition view of your money. Give you a calendar of your payday bills going out and shows your money that you can actual spend call free money. Extra money. Also you can budget and and get emails / text msg when you are close to a budget or when a large purchase was done base on the limit and the amount you set. Gives your a wish list and you can add money for that wish. And it will show you how close you are to finishing and getting ready to purchase it once your hit e price amount. Great account. That's just the regular virtual wallet, they have ther performance which I have. A lot of benefits comes with that account. I think that's the only reason why I'm able to save up money. Well yeah I wish you the best of luck and try your best to save money
@sswallace21 (1824)
• United States
15 Sep 11
Boy, you got that right. I think they should just take the word savings out of the dictionary. Best Wishes!
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hahaha.. Hey if they did that would mean no one will know what savings are. Well the generation to come won't haha.. They will probably call checking as a savings account and a new account called quick pocket haha..
@Minesky (245)
• Philippines
15 Sep 11
I feel the same way, working to pay bills. What I am trying to do now, is that during paydays, I really need to allocate even 5% of my money to another account, and try to forget about it. My problem right now, I can do the deposit, but later when I need the money, I remember the money I stashed.... LOL Discipline is key LOL Happy mylotting!
@payout (3722)
• United States
15 Sep 11
Haha reading this is making me laugh lol , I think a lot of people even my self has done that before haha. Thatswhy I sometimes I recommend a CD account. You won't be able to touch till the years are up haha.. And once that happens you have a 10 grace period at least at my job you do and you decided to keep adding money take out money. Or continue your progress for another xxx amount of years . Helps and is a start the interest is Good.
@toniganzon (50001)
• Philippines
15 Sep 11
It's true, it's not that easy to save money. But if one is diligent and frugal then one can save for emergency situation. I'm glad that you're still here and it seems that life is getting better for you.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey Toni, You are right are right, if we try hard enough and even if it's a little small amount of money either it will increase and you will be able to build some type of money. Emergency account IS always good to have you will never know when a emergency will happen. Believe me hahaha. Well yeah everything is getting better and I'm just taking things one day at a time and praying askingGod for strength and it has been working. So far so good. thanks for asking haha.
@neildc (17254)
• Lapu-Lapu City, Philippines
15 Sep 11
it's really hard to earn money. but not actually, when you have a nice and decent job. it's only that we have more expenses than what we earn and makes us say that it's hard or we earn less. anyway, emergency money. that's something i also do not have. i have bank accounts but they do not have enough amount/savings for emergency.
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey neildc, I understand you completely, See people that have really good jobs, tend to make the whole situation bills and everything fit there income. Yes they will have better things but in the end when it comes to having emergency money seems like they are in the situation of almost every one. Right now I'm going to purchase a home soon. Saving money is a must. I know I got a better job way better then my last job, the only thing. Is that I decided to focus on my needs before my wants so right now everything is the same. So I didn't upgrade l. Anything. I won't want to fit my income. I want to widen the boarders and allow my income to build because if I made it with my other job less pay and now I got a better pay. It will allow me to save money. I just cant repeat the steps of rich people. Having there bills and etc fit there income. Overall.. I would recommend even a small amount is a start to having a good clean savings/ emergency money I wish you the best of luck. And same with me. Lol..
@cow_boy29 (236)
• United States
15 Sep 11
yeah of course but it is not happen again for me, i am not have much money but it is enough for me ;)
1 person likes this
@payout (3722)
• United States
15 Sep 11
Hey cow boy, what ever fits your needs and meets your standards. Emergency money is always good to have
@cow_boy29 (236)
• United States
15 Sep 11
hahah lol yeah of course i have it hem it is feel the world not ffair with me, sticking me, but now i never feel it again but although how much your money is not enough for your neccesary, :)
1 person likes this
@payout (3722)
• United States
15 Sep 11
Lol, okay, right now I save over 3k for a car got the car now I'm saving over 2k for the house. I'll get free money and a down payment. It would be my first home it can range from 5k - 15k that I'll go to my savings all if not most of it haha.. With my interest savings account if I leave it in there for a year 10k I'll bring 1k every year with interest alone. So yeah sounds like. Plan I'm sure.
@legrande (68)
• India
15 Sep 11
Having emergency money in account is actually good.. but if u ask me, i do have at sometimes, and sometimes i don have... its really hard for me to stop spending money from my hands.. i try my best and have it in my account, without any investment for emergency purpose.. sometimes, u can lend ur frens the money u have, and that can be considered as emergency money toooo
@payout (3722)
• United States
15 Sep 11
It's hard to save money especially now since prices are going up on almost everything and it seems like everything is getting.. Hrder but, believe me when you need money bad for a emergency that's why it's call emergency money it's always good to have something beUse getting a loan can bring someone into debt. I try to avoid those.. The only loan I can think of is a pre approval loan for a house or a car. Other then that i won't try it.. I have mycreidt card but I use the. To build credit so... Not much to have money on the side anyway. It's always better to have a savings account
@shadow41 (2356)
• Philippines
15 Sep 11
Well it's really hard to save nowadays. We should really budget our money and sacrifice some of our vices like shopping. Hehe. Having an emergency money is like having a security by your side. You'll never know what will happen in the future so being prepared for it is really a good idea. I myself have an emergency money as well as vacation money too. :) shadow41
1 person likes this
@payout (3722)
• United States
15 Sep 11
That's awesome, that you have emergency money let a lone vacation money that's good. I do agree with you that it's hard to save and budget your money now and days. I have a bank account that allows me to see where my money is going to. How much do I spend on gas and food and on restaurants. Then I can set a budget and it will xome to my phone like a email. And it will warn me if I'm close and I can see all my months of budgeting and see if I progress or not. So yeah budgeting your money is a big us especially if you want to become a big saver