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  1. 03-07-2011, 01:56 PM #1
    Ashley01
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    Default Emergency fund question.

    Just a quick question my goal for my emergency fund is 5000$ which would end up being enough for 4 1/2 months of living for me and my dd. We get a garenteed 600$ a month so between that and the 5000 it would go 4 1/2 month without me having to really cut back (just what I currently add to savings) I had hoped to have the 5000 by December but with some things finally going my way it looks like I'll have it by April! So I guess my question is do you think once I have that 5000 saved a could take a little break and take my dd on a weekend trip? Two nights in a hotel, zoo, amusement park etc. Or would you keep saving? I mean I wouldn't touch the 5000 or my 500$ baby ef for it id make sure I would save other money for that. What do you guys think!
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  2. 03-07-2011, 02:00 PM #2
    Ashley01
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    One more question! When do you stop saving for an emergency fund and start saving/spending for something else?
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  3. 03-07-2011, 02:12 PM #3
    Greebo
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    Quote Originally Posted by Ashley01 View Post
    Just a quick question my goal for my emergency fund is 5000$ which would end up being enough for 4 1/2 months of living for me and my dd. We get a garenteed 600$ a month so between that and the 5000 it would go 4 1/2 month without me having to really cut back (just what I currently add to savings) I had hoped to have the 5000 by December but with some things finally going my way it looks like I'll have it by April! So I guess my question is do you think once I have that 5000 saved a could take a little break and take my dd on a weekend trip?
    Yes, after you save that much up, you can relax a bit and save up for a trip.

    Quote Originally Posted by Ashley01 View Post
    One more question! When do you stop saving for an emergency fund and start saving/spending for something else?
    You stop saving for an EF when you have a fully funded EF.

    You save for OTHER things at the same time when you KNOW they will happen - and thus don't need to be emergencies.

    Emergency funds are for the UNEXPECTED financial hits - not the expected ones. Christmas and car repairs - for instance - both ARE going to happen - so both SHOULD be saved for simultaneously with EF savings.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
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    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  4. 03-07-2011, 02:16 PM #4
    Ashley01
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    Thank you!! I have a car maintance fund Ive been funding every month and a Christmas one so those will be all taken care of!
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  5. 03-17-2011, 10:29 PM #5
    Hurricane0884
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    Looks like you are on the right track and yes I agree you could take a trip if you save up and pay for it seperately.



    I have a question though what does dh and dd stand for and stuff like that I cant seem to find the thread that explains it all



    Oh and one question for you is for baby ef seperate from your EF? could they not be on in the same and be 5500? or do you have them seperate for a reason?
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  6. 03-17-2011, 10:59 PM #6
    Ashley01
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    Quote Originally Posted by Hurricane0884 View Post
    Looks like you are on the right track and yes I agree you could take a trip if you save up and pay for it seperately.



    I have a question though what does dh and dd stand for and stuff like that I cant seem to find the thread that explains it all



    Oh and one question for you is for baby ef seperate from your EF? could they not be on in the same and be 5500? or do you have them seperate for a reason?

    Dh- darling husband or dear husband. Dd-darling daughter or dear daughter!!

    I have my separate before my big ef is on an account I can't touch I have to transfer the money out and it takes a day. Where the 500 is in an account on my bank card. So if there was an emegerncy the 500$ should hold me over till I can get the other money!
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  7. 03-17-2011, 11:17 PM #7
    Hurricane0884
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    Quote Originally Posted by Ashley01 View Post
    I have my separate before my big ef is on an account I can't touch I have to transfer the money out and it takes a day. Where the 500 is in an account on my bank card. So if there was an emegerncy the 500$ should hold me over till I can get the other money!
    That is a super cool idea! thanks for that idea!
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