emergency fund reduces stress

**mek42** · 04-24-2010, 04:12 PM

I needed to have rear brakes replaced (something I've never done before) for inspection and safety (car wasn't stopping the same). We also needed 4 new summer tires, even though we could use the snows to pass inspection, the snows don't handle good on dry pavement.

The total bill was going to be $200 more than I had set aside, even with a very tight budget to next payday. At first I was thinking to just get two tires and use the two best of the bald tires from the parts car until a week later.

My wife drives this car 120+ miles a day to get to and from work though. We each had an accident this winter and so the safety aspect is in mind. I decided to get all four tires and use the emergency fund for the excess. The stress of an accident is worse than upset at using emergency fund.

In the future we'll need to budget better. Whether or not other people would have done the same thing, this was a decision that I was able to make because we had the emergency fund. Even two months ago this was not a decision we could have been able to make. Having the emergency fund is empowering and opens up more choices.

In addition, I sold some extra stuff today, so the emergency fund expenditure will not be as big as I had feared. I should be able to replenish EF and start step 2 again next paycheck.

Thanks for letting me share.

**Early Bird** · 04-26-2010, 07:56 AM

I agree about stress: having the security of an EF is a terrific stress-reducer.

Just last night, DH said, "before vacation, we need to put new struts on your car." knowing that I have money set aside in the 'car fund,' the news didn't bother me.

**StanleyJohnson** · 04-26-2010, 02:42 PM

I agree that a fully funded EF can cut down on stress.

I'd put that ahead of being debt free in this economy.
Although, that would be a great feeling also.

**jas** · 04-26-2010, 02:56 PM

It is a great thing to have in place. It does take a little bit of the heat off when something comes up.

**Imarachne** · 04-26-2010, 05:19 PM

i'm struggling with my fund but slowly, slowly, slowly----huh?

**Thevail** · 04-27-2010, 05:54 AM

Originally Posted by Imarachne

i'm struggling with my fund but slowly, slowly, slowly----huh?

The fact that you're building an EF and not a debt makes you a winner int his economy!

And it's the sum of all the small decisions that make up the greatest successes!

**DaughterOfErin** · 04-27-2010, 07:55 PM

Oh it certainly does! Being lucky enough to see what was about to happen in the economy I was lucky enough to be able to stash away a sizable emergency fund for about a year before the lay-offs started. Since the lay offs I've had vet bills that totaled $2,000, brakes that needed to be replaced $385, a part on the rear brakes that cost approx $685, new tires, oil changes, Cobra payments that needed to be paid over the past year, even owed Uncle Sam about $500, and yet there's still at least a year and a halfs worth of living expenses once the Unemployment runs out still sitting in that emergency fund.

Yesireee don't know what I would have done if I had not had that money in an emergency fund