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  1. 12-08-2007, 11:46 AM #1
    frugalfoster
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    Default The importance of an emergency fund!!

    I live on the coast of Washington State and we recently suffered the biggest storm in about 45 years. Winds topped out at 126 miles an hour and as a result of that, the whole area was without power for at least 48 hours, with some places still having no power for the last week.
    Now my husband works for the City, has for 30+ years. City Hall was without power for over 3 days and so when the paychecks were distributed they were actually draws and were for an amount of approximately 50-60% of normal. A week later, that has still not been corrected. My business was without power for 4 days, during that time I was not able to make any money either to help out the situation. Here is where my point is made. Luckily, I had put money away into an emergency fund and was able to transfer money from my ING account to take care of the situation. Had I not had the funds, life would be extremely stressful right now.
    Even if you don't think you have the money to put into the emergency fund do it anyway. You never know when you'll need it! In a few days possibly weeks the whole situation will just be a bad memory and there will not be creditors at our door. I thank God that we were smart enough to follow at least some of Dave Ramsey's advice!
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  2. 12-08-2007, 12:07 PM #2
    bumplett
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    Default

    excellent advice!

    I'm glad to hear that you guys are safe and sound.
    Don't Breed or Buy While Shelter Pets Die

    married 16 yrs to my
    mom to big J (15)
    mom to little j (8)
    Zena Cherry Sara Knat Lucky Chianti Abby Alice Jasper
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  3. 12-08-2007, 12:23 PM #3
    KJayEsq
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    Well done! Even more inspiration for me to finish Baby Step 1.
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  4. 12-08-2007, 12:26 PM #4
    Darlene
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    Glad you were able to weather the storm in more ways than one.
    ~*Darlene*~
    Live Well~LaughOften~Love Much

    "Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around."
    Leo Buscaglia

    2012 Challenges
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  5. 12-08-2007, 12:37 PM #5
    Michelle68
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    there's such peace of mind in having an EF. Glad y'all made it through the storm okay and I hope your DH's paycheck gets corrected soon.


    --Michelle
    ~ Michelle



    Wife to DH--
    Mom to DS--
    and DD--

    Avatar picture--Taken at Comanche Lookout Park, San Antonio,Tx. April,2010
    Mortgage -- $53,077.24
    March Emergency Fund Challenge-- $100 /$200
    ----------------------
    "The time to save is now. When a dog gets a bone, he doesn't go out and make a down payment on a bigger bone. He buries the one he's got." --Will Rogers
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  6. 12-08-2007, 02:15 PM #6
    HappyMama
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    I am so glad you are safe and warm. It was a terrible storm. Excellent advice about the EF.
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  7. 12-08-2007, 02:46 PM #7
    Royal
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    Completely agree with you as to how important an EF really is. You never know when you'll need it!
    Married to DH(11 years)
    Mama to DS(8) & DS(6)
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  8. 12-08-2007, 09:09 PM #8
    Moonblossom
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    As someone who lives where it flooded the most in WA this past week I agree completely, we did not get flooded but many ppl here are now without housing for who knows how long, water is still receding in some places. I am thankful for 1. Our EF and 2. We did not flood and are able to help ppl who are displaced and in need.
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  9. 12-08-2007, 11:18 PM #9
    cottageliving
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    I'm glad you're both safe and dry Frugalfoster and Moonblossom.

    Thank Goodness you each had EFs!
    Jen



    30 yr old DD
    3 kitties (2 adopted from my daughter)


    As of January 1, 2011------------------------ Updated June 10, 2011
    Short term goals:
    - $2,000: to set up my consulting business. DONE! INVESTED ANOTHER $5000!
    - $4,000: down payment gift to daughter to bring her down payment on a house to 20% and avoid PMI. ON HOLD.... her offer wasn't accepted...
    - $1,500: pay off Student loan ALMOST THERE!
    - $1,200: pay off credit card (was disputing with creditor (ALL PREDATORY FEES charged on ZERO BALANCE), but I'm giving up the fight to make this go away...) PUT OFF till June/July
    - $11,600: Pay off Cornerstone car loan by end of May 2011 DONE
    - Complete tax returns by February 15th DONE




    Long term goals:
    Continue to follow a modified Dave Ramsey plan to pay off debt. Progress has been made, but there is much to do...
    Balances January 1, 2011 -----------------June 10, 2011
    Citimortgage on home: $104,500-------- $102,775
    BofA Mtg on Rental: $27,000------------ $26,000(Est)
    HSBC Equity Line on Rental: $11,900------ $9,902
    Citibank car loan: $13,830 -------------- $11,663
    Cornerstone car loan: $11,600------- PAID OFF!!
    Student Loan: $1,500------------------ $320
    Credit card: $1,200-------------------- $1,200
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  10. 12-09-2007, 01:24 AM #10
    monkeymia
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    Glad to hear you are all alright. I agree that an EF is vital.
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  11. 12-09-2007, 11:03 PM #11
    nwmissourigal
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    It is good to have the EF. You just never know what is going to happen to you and your family. We have been diligent about our EF and have close to a year or a little more saved incase of a job lay off or health problems. I have been told that you should have at least 6 months of living expenses saved. I think that is good advice. I am so glad you had the money and that all of you are safe and sound...Blessing...Kathy
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