The Ever Popular Emergency Fund Challenge!

**Shell** · 10-02-2003, 02:12 PM

This month I am calling it the lonely emergency fund challenge LOL! As I am now the only one in it.

I hope one day to have some of you back in the challenge as I really believe that it works. I have NEVER been able to save money until I did it this way.

I will let you know when I deposit my $200 this month.

Title has been edited.

**PrairieRose** · 10-02-2003, 02:19 PM

Count me in Shell! I'll put in $100 after I pay the bills in a day 2.

**Sara Noel** · 10-02-2003, 02:38 PM

I don't have much to put into an account is the only reason I haven't joined. I'm more a change baby jar challenge person myself.

I'll count my change jar and update in a few.

**homesteadmamma** · 10-02-2003, 02:48 PM

Shell, I'm still in. I'm going to be putting in $50.00 a month each pay period. Thats going to really stretch us, but I'm determined to do it.

I'll change my snowball account to the Emergency Fund challenge. I just added $14.00 to it about 10 minutes ago. Even though I'm adding the set amount, in extra change I'm adding to it as well.

Thanks for kicking us in the butt and getting us going again. Nothing like having an emergency account!!!

**Shell** · 10-02-2003, 04:55 PM

Well, it looks like I might have to change the title. Too funny!

**grneyegrl** · 10-02-2003, 11:13 PM

im in after finally finding work..now if i can get my employer to pay me correctly

**Shell** · 10-03-2003, 12:17 AM

Keep it up ladies. A couple of more people join and I have to edit my first post. :pencil:

**dolphin** · 10-03-2003, 01:08 AM

How does this Emergency Fund work?

I certainly have my share of emergencies and could use some advice on how to save for the next one.

Please share any info. you have on this.

**halo475** · 10-03-2003, 06:16 AM

Hi Shell and Everyone!! I am still here!! Unfortunately I had an emergency come up and emptied my E Fund, but I am still contributing $75.00 per month to it.

Fortunately I had my E fund to fall back on when I really needed it!! So it really does work!!

**heavensent_7** · 10-03-2003, 08:03 AM

um... Hi I'm new here

LOL.

What is it???

OMG - I can't believe I don't know!!!!! That is so embarrasing LOL

**homesteadmamma** · 10-03-2003, 10:05 AM

An emergency fund is just that. You put in a specific amount of money each month, pay period, week, whatever you choose.

You don't touch that money UNLESS you have an emergency. When an emergency arises, you don't have to be trying to find the $$ for it.

Some people just put the money in a savings account or another account, but its nice to have an emergency account that you know is a safeguard for when you need it.

Its also very nice not to have to take $$ from another area when you have an emergency!!! Ours has been a lifesaver many times during the past couple of years when dh wasn't working.

**mrscornbread** · 10-03-2003, 10:10 AM

I wish that I could participate, but just for now I am in emergency mode!!!

Well, isnt that what is is for.

**Shell** · 10-03-2003, 02:55 PM

halo475 I am glad that you had the money to fall back on when you needed it.

When I started my emergency account, I got a separate savings account. It has no debit cards or cheques so that you are not tempted. It doesn't matter what amount you put in, the secret is to be consistent.

I have chosen the 17th of each month to put my money in. I put in $100 and dh puts in $100 making a total of $200 every month. Now this money is for an emergency only. If one of us loses our job and can't pay the mortgage or if one of us gets sick etc.

Warning:

dh has come to me several times with ideas of spending the emergency fund. According to him, a plasma tv is an emergency. Don't let them fool you.

I have read a few books on money and investing and the first rule is: PAY YOURSELF FIRST! It took me ten years to do it but I am thrilled with the results.

This has worked for me and it can work for you!!!!!!!! We have now saved $4,000.00!!!!!!! In Jan. we will have $5,000.00.

Now, if you will excuse me, I have to change the title of the emergency fund.

**KKCondrey** · 10-03-2003, 05:17 PM

DH is trying to get his Amoco/BP card paid off and his lowest credit card. He is going to try to do that this month. With those 2 less bills to pay a month he wants to open up a savings account. Only problem is that once we get one bill paid down or off something unexpected comes up and we always spend the money that we have set aside.