Comments on: This Would Be an Argument FOR an Emergency Fund http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/ Our Journey to a Debt-Free Life Sat, 21 Nov 2009 08:35:00 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Debt Management http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-513362 Debt Management Fri, 05 Sep 2008 14:58:14 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-513362 medical bills drained my emergency fund a few months ago, thank god it was there, though! medical bills drained my emergency fund a few months ago, thank god it was there, though!

]]> By: Blogging Away Debt » Blog Archive » More About Emergency Funds, Rainy Day Funds, or Whatever You Would Like to Call Them http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-59174 Blogging Away Debt » Blog Archive » More About Emergency Funds, Rainy Day Funds, or Whatever You Would Like to Call Them Thu, 31 May 2007 13:49:29 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-59174 [...] the plunge and saved $100. In January, our health insurance bill made me decide to at least save $350 in our rainy day fund. Then, in February I suddenly decided it was time to save more money in there [...] [...] the plunge and saved $100. In January, our health insurance bill made me decide to at least save $350 in our rainy day fund. Then, in February I suddenly decided it was time to save more money in there [...]

]]> By: Katie http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6617 Katie Thu, 18 Jan 2007 15:43:02 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6617 Hi, just wanted to say I follow Mary Hunt's plan ("Debt Proof Living" is her book) and she recommends creating a fairly large emergency fund before even tackling your debts. I know that I, and many of my friends, have attacked our debts, gotten them down and next thing you know big (or even lots of little) unexpected expenses pop up and next thing you know, you're in debt again AND no savings. If you haven't already, you should read her book - it has changed my life! Hi, just wanted to say I follow Mary Hunt’s plan (”Debt Proof Living” is her book) and she recommends creating a fairly large emergency fund before even tackling your debts. I know that I, and many of my friends, have attacked our debts, gotten them down and next thing you know big (or even lots of little) unexpected expenses pop up and next thing you know, you’re in debt again AND no savings.

If you haven’t already, you should read her book – it has changed my life!

]]> By: Blogging Away Debt » Blog Archive » The Forecast for Today - Partly Cloudy http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6546 Blogging Away Debt » Blog Archive » The Forecast for Today - Partly Cloudy Wed, 17 Jan 2007 14:58:09 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6546 [...] 2.) My health insurance does have a grace period, so we’ll be fine with the cash crunch. I’ll pay the bill a little late. [...] [...] 2.) My health insurance does have a grace period, so we’ll be fine with the cash crunch. I’ll pay the bill a little late. [...]

]]> By: Jen http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6497 Jen Tue, 16 Jan 2007 17:40:22 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6497 Arg... I suffered from blog post confusion! :S The link I posted earlier was for your question about whether to contribute to the 401(k)... Not the emergency fund/no emergency fund question. Arg… I suffered from blog post confusion! :S The link I posted earlier was for your question about whether to contribute to the 401(k)… Not the emergency fund/no emergency fund question.

]]> By: Jen http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6492 Jen Tue, 16 Jan 2007 15:02:56 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6492 Here's a post on Generation X Finance that might help you in your decision: http://genxfinance.com/2007/01/15/what-is-the-cost-of-procrastination-probably-more-than-you-think/ Here’s a post on Generation X Finance that might help you in your decision:

http://genxfinance.com/2007/01/15/what-is-the-cost-of-procrastination-probably-more-than-you-think/

]]> By: Jen http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6491 Jen Tue, 16 Jan 2007 14:54:09 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6491 I have a "baby" emergency fund as well, and it's working out nicely. I use it when I have to pay large, annual expenses like my car insurance, and for unexpected expenses like my recent root canal :( and upcoming crown. So I guess it's a combo "baby" emergency fund and margin fund. My bigger emergency fund is more for when disaster strikes, like getting laid off or a major home repair. I fund the "baby" emergency fund with automatic deposits from my paycheck. So I don't even think about it until I need to draw on it, or if it gets too big and I feel I should move some of it into my larger emergency fund, which earns a higher interest. I have a “baby” emergency fund as well, and it’s working out nicely. I use it when I have to pay large, annual expenses like my car insurance, and for unexpected expenses like my recent root canal :( and upcoming crown. So I guess it’s a combo “baby” emergency fund and margin fund. My bigger emergency fund is more for when disaster strikes, like getting laid off or a major home repair.

I fund the “baby” emergency fund with automatic deposits from my paycheck. So I don’t even think about it until I need to draw on it, or if it gets too big and I feel I should move some of it into my larger emergency fund, which earns a higher interest.

]]> By: The latest Carnival of Debt Reduction is up! - Carnival of Debt Reduction http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6450 The latest Carnival of Debt Reduction is up! - Carnival of Debt Reduction Tue, 16 Jan 2007 04:35:11 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6450 [...] This would be an argument for an emergency fund! [...] [...] This would be an argument for an emergency fund! [...]

]]> By: Maria http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6442 Maria Tue, 16 Jan 2007 01:02:03 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6442 Tricia, I had a hard time building my Baby EF because I too wanted to aggressively hit my debt since I was on a new quest but knowing that it is there helps me sleep at nights. If it makes you feel better, call it a Contingency Fund or a Margin. I have noticed that "emergencies" have stopped jumping out of the shadows since I have my 'contingency fund' in place. Think of it as something that wards off evil spirits! LOL. Also, it allows you to know what it feels like to save and that can be its own reward! With as much as you are throwing at your debt, a contingency fund of $1K will be accumulated in about 1.5 months. Good luck! Tricia,
I had a hard time building my Baby EF because I too wanted to aggressively hit my debt since I was on a new quest but knowing that it is there helps me sleep at nights.

If it makes you feel better, call it a Contingency Fund or a Margin.

I have noticed that “emergencies” have stopped jumping out of the shadows since I have my ‘contingency fund’ in place. Think of it as something that wards off evil spirits! LOL.

Also, it allows you to know what it feels like to save and that can be its own reward!

With as much as you are throwing at your debt, a contingency fund of $1K will be accumulated in about 1.5 months.

Good luck!

]]> By: Mighty Bargain Hunter » Digerati Life has posted the carnival! http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6429 Mighty Bargain Hunter » Digerati Life has posted the carnival! Mon, 15 Jan 2007 16:17:56 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6429 [...] This would be an argument for an emergency fund! [...] [...] This would be an argument for an emergency fund! [...]

]]> By: EMF http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6388 EMF Sun, 14 Jan 2007 15:23:33 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6388 Dave Ramsey recommends a $1000 "baby" emergency fund. I view it more as a margin to handle irregular cash flow issues such as you're facing. My son got into trouble last year by not having enough margin in his checking account. He thought a deposit was credited on a certain when it was actually credited a day or so later. But he'd written a check on part of that money, so he had an overdraft. And the bank hit him with overdraft fees for that and every little debit card purchase, adding up to around $800. Dave Ramsey recommends a $1000 “baby” emergency fund. I view it more as a margin to handle irregular cash flow issues such as you’re facing.

My son got into trouble last year by not having enough margin in his checking account. He thought a deposit was credited on a certain when it was actually credited a day or so later. But he’d written a check on part of that money, so he had an overdraft. And the bank hit him with overdraft fees for that and every little debit card purchase, adding up to around $800.

]]> By: Tricia http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6381 Tricia Sun, 14 Jan 2007 14:34:02 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6381 Amanda - I emailed you to confirm your address. Please reply back and I'll send the certificate. Thanks :) Amanda – I emailed you to confirm your address. Please reply back and I’ll send the certificate. Thanks :)

]]> By: Tricia http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6380 Tricia Sun, 14 Jan 2007 14:25:06 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6380 I am going to try to call them. I know I saw the monthly billing somewhere, but now I am wondering if it was with paying your payment automatically (which I did send the info to do but it hasn't started yet). I need to get clarification on my son being added to the policy as well. His state-sponsored insurance ended at the end of December and I sent the paperwork early December and haven't heard back from them yet. As for the emergency fund, I guess I will do it in baby steps to fund it. It's so hard to not put funds towards our debt. But, if I do it a little here and there (less the $250 contribution next month), I should have something significant by the end of the year. I am going to try to call them. I know I saw the monthly billing somewhere, but now I am wondering if it was with paying your payment automatically (which I did send the info to do but it hasn’t started yet). I need to get clarification on my son being added to the policy as well. His state-sponsored insurance ended at the end of December and I sent the paperwork early December and haven’t heard back from them yet.

As for the emergency fund, I guess I will do it in baby steps to fund it. It’s so hard to not put funds towards our debt. But, if I do it a little here and there (less the $250 contribution next month), I should have something significant by the end of the year.

]]> By: Amanda http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6377 Amanda Sun, 14 Jan 2007 14:13:33 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6377 I've paid our health insurance late many times with no penalty or cancellation. I think as long as it's not over 30 days late you're fine -- but that may vary by state & company. Good luck! I’ve paid our health insurance late many times with no penalty or cancellation. I think as long as it’s not over 30 days late you’re fine — but that may vary by state & company. Good luck!

]]> By: reggie http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6375 reggie Sun, 14 Jan 2007 12:04:31 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6375 Tricia, Can't you call them up and ask politly if u can make the payment in two month installments, thus 700/2 = 350 just for this time around. Don't know about buisness in the USA, but here in The Netherlands they'll be more than willing to extend the payment, if u call b4 the due date and explained the situation, wow beyond to you if u don't call b4, depends on who u get on the phone, they'll make it unnecessarly difficult.. but my advise, give a call, u might probably get a lady with a soft voice on the line, that understands what it means getting out of debt, and will give u a chance for this time, topay the other 350,00 at the end of the next month. and at the same time, try to arrange, a monthly payment, or work some extra OverTime, to save a little 350.00 and pay it to Blue Cross, as advance payment, then u are always 350 ahead, so when a bad month hit u, u know u are covered for those 2 months, will u figure out how to get the advance paid back. btw, got your e-mail, just didn't had time to read it through thourghly. sidi Tricia,

Can’t you call them up and ask politly if u can make the payment in two month installments, thus 700/2 = 350 just for this time around.

Don’t know about buisness in the USA, but here in The Netherlands
they’ll be more than willing to extend the payment, if u call b4 the due date and explained the situation,
wow beyond to you if u don’t call b4, depends on who u get on the phone, they’ll make it unnecessarly difficult..

but my advise, give a call, u might probably get a lady with a soft voice on the line, that understands what it means getting out of debt, and will give u a chance for this time, topay the other 350,00 at the end of the next month.

and at the same time, try to arrange, a monthly payment, or work some extra OverTime, to save a little 350.00 and pay it to Blue Cross, as advance payment, then u are always 350 ahead, so when a bad month hit u, u know u are covered for those 2 months, will u figure out how to get the advance paid back.

btw, got your e-mail, just didn’t had time to read it through thourghly.

sidi

]]> By: mapgirl http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6364 mapgirl Sun, 14 Jan 2007 07:49:35 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6364 I'm with Claire on the start an emergency fund before hitting the debt hard. I've been working towards that and it's tough, but I do sleep better knowing that I won't have to incure more debt if something happens. I’m with Claire on the start an emergency fund before hitting the debt hard. I’ve been working towards that and it’s tough, but I do sleep better knowing that I won’t have to incure more debt if something happens.

]]> By: Blogging Away Debt » Blog Archive » Man, I Really Need to Work on My Writing… http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6360 Blogging Away Debt » Blog Archive » Man, I Really Need to Work on My Writing… Sun, 14 Jan 2007 05:49:11 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6360 [...] EDIT: It didn’t take long at all before I slipped and used the word “just” on this post. Congrats to Amanda for catching me. Since I only lasted a few days - I may decide to run another contest for something different with the same idea. I think I still need more help with my writing [...] [...] EDIT: It didn’t take long at all before I slipped and used the word “just” on this post. Congrats to Amanda for catching me. Since I only lasted a few days – I may decide to run another contest for something different with the same idea. I think I still need more help with my writing [...]

]]> By: Tricia http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6358 Tricia Sun, 14 Jan 2007 05:41:14 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6358 OMG - When I saw the comment saying that I said just, I couldn't believe it! With reading my post again, I didn't even find it! I had to do a "Find" to find it :P No, it didn't take long at all!!! Amanda, it's a little late tonight. I'll be in touch with you tomorrow about the certificate. OMG – When I saw the comment saying that I said just, I couldn’t believe it! With reading my post again, I didn’t even find it! I had to do a “Find” to find it :P

No, it didn’t take long at all!!!

Amanda, it’s a little late tonight. I’ll be in touch with you tomorrow about the certificate.

]]> By: Claire http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6356 Claire Sun, 14 Jan 2007 04:50:13 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6356 Awwwwww, Amanda beat me to it!!!!! Wow, Tricia, you didn't last long...but that's what financial stress will do! :-) I'm sorry you've got this unexpected payment. Most experts say to fund an emergency account before hitting the debt real hard - otherwise, you'll incur more debt when the emergencies (that are inevitable) come up. God bless you and your efforts to get out of debt. We're right there with ya. Awwwwww, Amanda beat me to it!!!!! Wow, Tricia, you didn’t last long…but that’s what financial stress will do! :-)

I’m sorry you’ve got this unexpected payment. Most experts say to fund an emergency account before hitting the debt real hard – otherwise, you’ll incur more debt when the emergencies (that are inevitable) come up.

God bless you and your efforts to get out of debt. We’re right there with ya.

]]> By: Amanda http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/comment-page-1/#comment-6350 Amanda Sun, 14 Jan 2007 04:01:17 +0000 http://www.bloggingawaydebt.com/2007/01/this-would-be-an-argument-for-an-emergency-fund/#comment-6350 you said just! you said just!

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