Do you have an emergency fund?
By puccagirl
@puccagirl (7294)
Israel
October 17, 2010 4:57am CST
It is a good idea for most people to have an emergency fund in case something happens. So tell me: do you have an emergency fund at the moment? And if you do, how big is it?
I follow Dave Ramsey's advice, so I have an emergency fund of $1000. I am currently trying to build up a bigger one though, up to 6 months of salaries in case something happens to my job or something.
I am pretty happy with the $1000 fund as well though, it is way better than nothing!
1 person likes this
8 responses
@puccagirl (7294)
• Israel
22 Oct 10
Yeah, I know that is always the problem when you use it... having to build it back up again!
@tammytwo (4298)
• United States
17 Oct 10
My husband and I live paycheck to paycheck. We are currently trying to pay off some debt and build up a fund but it hasn't happened yet. $1000 isn't a bad place to start. Good luck with that and I hope it all works out for you. I am hoping to get some of Dave Ramsey's books soon to help us figure out how to reach our goals.
@puccagirl (7294)
• Israel
17 Oct 10
I really find reading about personal finance very helpful in these situations. Having an emergency fund and your finances in order otherwise too gives you a peace of mind money just can't buy!
@dpk262006 (58679)
• Delhi, India
7 Mar 11
I have not considered any idea of emergency fund. However, our employer deduct some amount and that could be used in case of emergency.
@dreamy1 (3811)
• United States
21 Feb 11
Yes I do and I am happy to report that in the last few days my savings goal has been reached. Of course I will still be adding to it but I wanted to get a specific amount of money in my fund first before I start paying more to pay off my credit card debt.
@megamatt (14290)
• United States
13 Mar 11
Yes in a sense I do. Pretty much everything in my bank account doesn't exist when it goes there. If there is an emergency or if I really do need to purchase something, without the cash on hand, then I do in fact dip into that fund. But it is very rare that I get the chance to do so. Still it is really the smart thing to do to have an emergency fund on hand.
The moral of many stories is you need to save your money. Even if it is a little bit here and a little there, a little bit goes a long way. Therefore, I tend to put whatever I can. The unexpected happens at the worst possible times. Otherwise, it would not be all that unexpected. Therefore, I do take the money and put it away for a rainy day.
@BeetleBam (171)
• United States
11 Feb 11
I recently started one. currently it's $630. It is growing monthly, though.
