Share Your Emergency Fund Stories

**MrMom** · 03-04-2011, 11:11 AM

Emergencies,

we all hate them but we all know they are very real and DO happen so.....

If you have an emergency story to share please do and maybe add the planning method and how long it took to refund it.

My hope is as this thread grows it will help inspire others who may have had emergencies zap their fund and how valuable the Emergency Fund was/is and ultimately so they can stay inspired.

So far for us 2 months into this no emergencies, at least we are more prepared than 2 months ago if it does though! I can't wait till we start funding our 6 months of backup $'s then I will be sleeping even better at night...

Bill

**greekislandgirl** · 03-04-2011, 12:11 PM

Our EF is only big enough to support us for 2-3 months with no income and thankfully we haven't had to use it yet. I'm hoping we never have to. I need the motivation to keep putting money into it though so look forward to the stories.

**MrMom** · 03-04-2011, 01:23 PM

It's weird I went almost 20 yrs with wife here zero emergency fund never a care, now even with the $1000 in there I am a bit nervous.

We are HAMMERING our debt if it ain't nailed down I am sellin it and applying it to the debt, and planning on that step of 6 months backup funds at that point once I have started that I will rest (but only a bit) cuz still have college and investment stuff on our ultimate todo list!

**OOwl** · 03-04-2011, 01:46 PM

My emergency fund has gotten zapped by major air-conditioning repair (not a "luxury" in Texas; it's LIFE SUPPORT!); plumbing emergency, vet bill (bigger than the "pet fund" envelope reserve), dental emergency (what the insurance didn't cover, so 50%). Each time it didn't take but a month or so to re-populate the fund, but now I'm trying to build up the 8-month fund and it seems to be going SOOO slowly. I guess I'm just anxious to get it done and feel REALLY secure. I'm newly debt free, not yet used to it. Something new to "worry about."

**handerson2005** · 03-04-2011, 01:58 PM

In May 2009, my husband and I were in our living room and I happened to look up at the ceiling... and saw the beginning of water damage right below our laundry room. $1800 later, our baby e-fund was almost drained, but we were so much more prepared for it than we had been the May before. It took us about 2 months to replenish the fund and keep it on track.

Can't wait until we can have the full fund sitting there.

**jas** · 03-04-2011, 02:54 PM

Last year we had an A/C repair and like Texas here in Florida it is a need not a want. Got the EF bank up and then this year we had to use some again and are now in the process of getting it back up. Dh thought that is was gone and was plesantly surprised that all the money has been put back. Not fun to have to use it, but is a blessing it is there.

**Shelli_wnj** · 03-04-2011, 04:26 PM

My husband lost his job about 2 years ago - we are a one income family. He had no chance of unemployment, so we were without income for about 2 months. I find myself blessed that it was only 2 months. However we payed bills from the EF and ate out of the stockpile. It took about a year to save the money back and re-stock the stockpile, mainly because the job he got paid less than the job he had. We also made adjustments, like cutting the cable completely, downgrading the cell plan again, etc. It worked out.
Now we are facing another one - our hot water heater broke. We will pay for it with the EF, and save that money back little by little. Sure beats using a credit card!

**zakity** · 03-04-2011, 06:27 PM

A few months ago, we had something go out on the Nissan front end (not the CV joint, but I can't think of what the part is called, tierod maybe?). It was a $300 repair. DH could have done it, but he didn't have all the tools to really accomplish it. So, we had it done. They got it done in an hour and it would have taken DH hours to do it.

And, then, the back shock went out not to long ago. DH bought a new one ($100) and replaced it. We took it to the car place and had it aligned ($75).

It was nice to have cash on hand to pay for these things. We really don't have a "car fix it" fund because most of the stuff we can cover out of the "misc" envelope. Every once in a while, the cars will need a fix that is spendy or the "misc" envelope just won't cover it. It is awfully nice to have the EF for when that happens.

**Sumacaroni** · 03-05-2011, 07:25 AM

We are living in emergency mode right NOW. Unfortunately, we just began trying to pay off ALL our debt like gazelles a couple months ago and we made headway so that's good. We have always kept about $1000 or more in savings but never before called it an EF although that is what it is. Fortunately, we never relied on cc's but we first made an "official" budget in order to finish paying some med bills and cut out our couple loans before the end of this year (van loan from 07/10 and $6000 in student loans so I could finish school Dec 2010).

So now we've been thrown into emergency mode. I was diagnosed with breast cancer last week. I am carefully examining our budget using different scenarios that include decreased income (mine will be substantially less while I go through the surgery(ies) and treatment and recovery time), covering co-payments and a $3000 deductible, and some various expenses that are uncovered by insurance but definitely WILL play into this as we have to travel an hour one-way to visit some of the doctors I need: dining out will be unavoidable - don't even SUGGEST that I take time to PACK LUNCHES or I will take the time to smack someone LOL

, fuel costs GRRR, and I added a $10/month text pkg so I am able to contact my kids more easily. I am unsure what other things will need consideration but the key message here is that I appreciate these boards and the stories that keep me motivated and believing that we can withstand this temporary emergency and especially the peace of mind knowing with all this advice and helpful suggestions and tips:
1) we have a budget and on even just my Mister's income we can manage our way through this
2) we have a $3500 savings to rely on so we will be able to cover expenses if we just stay on course

Heaven forbid anything else happens to derail us! But I know we can weather this storm and that truly brings me peace and decreases the stress I would have felt had I been given this diagnosis even 6 months ago.

Hugs to all!

**huntreiter3** · 03-06-2011, 05:27 PM

Sumacaroni - So sorry to hear about your diagnosis. I was diagnosed last year and have to go in for another surgery tomorrow when I thought I was pretty close to being finished with treatment. With so many unknowns and unexpecteds ahead It def. makes it a little tougher to stick to a normal budget but if I've learned anything on here it's that being un-normal can have un-believeable results.
God Bless.

**jas** · 03-06-2011, 06:09 PM

Hugs to both of you. I am sorry to hear the news.

**mateosbaby** · 03-06-2011, 08:40 PM

So sorry to hear this. I will keep you and your family in my prayers.

**Cletc** · 04-01-2011, 02:49 PM

Originally Posted by MrMom

It's weird I went almost 20 yrs with wife here zero emergency fund never a care, now even with the $1000 in there I am a bit nervous.

Why didn't you care before?
:-)
Maybe because you were going to Charge It if you had an emergency, so you had a viable plan even with Zero EF.

Likely now you have decided No More Charging, so where does that leave you? :-)

I don't think it's weird.
You had a plan before that was kind of unlimited.

**MrMom** · 04-01-2011, 02:57 PM

Originally Posted by Cletc

Why didn't you care before?
:-)
Maybe because you were going to Charge It if you had an emergency, so you had a viable plan even with Zero EF.

Likely now you have decided No More Charging, so where does that leave you? :-)

I don't think it's weird.
You had a plan before that was kind of unlimited.

Yeah we lived using credit often so always knew if something happened her or I had a card with us to cover it, now the cards aren't there but the emergency fund is, our plan is to hammer the debt and then build up that emergency and fall back on savings, after we get more in those funds ill be feeling A LOT better tho..

Bill

**julesjohn** · 04-02-2011, 05:37 PM

It's clear that Dave talks about ensuring an emergency fund is liquid so that it's available for use quickly in emergencies. What I haven't seen much talked about is some ideas for investing the emergency fund money once it gets pretty large in size.

Given we are well in to baby step 4 and 5 as per Dave's plan, I am brainstorming on some higher interest liquid options for this money given our fund size is pretty large at this point.

- Higher interest savings (What it's in today. Moved away from Asset Management Account given interest rate is too low.)
- Taxable index target fund (low expense ratio with age related goal of matching market)
- CDs (not considering)
- Other ideas?

Thanks.