July Emergency Fund Challenge---Time to pay de Guido!

**Shell** · 06-30-2004, 10:22 AM

It's a new month and time again to pay de Guido! Everyone is doing great putting in their money every month and sometimes more then once a month. It's great to set a goal and watch yourself reach it! It makes you think if you can reach this goal what other things can you do.

I started doing this emergency fund challenge about two and a half years ago and now it is just a habit like paying a bill. When my bills are due I always remember to pay myself first. I make sure I have no cheques or debit cards to this account so I am not tempted. I lock up my money once it reaches a certain size.

I feel so much more secure knowing if one of us was to get sick or lose our job we would have this money to fall back on.

How do you think you are doing with your emergency fund?

**sunshine** · 06-30-2004, 10:54 AM

I have $75 from each paycheck put into my emergency fund-- it's automatically withdrawn and deposited.

I use my emergency fund for things like broken glasses that need replaced, extra car repairs (after my car fund has been depleted), unexpected major medical expenses. . . . . home repairs that are more than I have in my maintainance fund.

**ColleeninNY** · 07-01-2004, 09:39 AM

I have $70 from each paycheck (2x/mo) transferred directly into my savings account. I'm going to see if I can increase that to $100 each paycheck.

I also put any money saved at the grocery store right into my savings account.

I'm enjoying watching this account grow!

**Shell** · 07-01-2004, 11:24 AM

That's great! I think having your money come out automatically is really smart. I do that with my RRSP (IRA) I don't even think about it or miss it.

**homesteadmamma** · 07-01-2004, 11:28 AM

I'm going to start this again. Its been mighty tight here with $$ and even now I can't put in a set amount because of never knowing throughout the month how much $$ is coming in. But I'll aim for $50 per month.

Shell your such an encourager.

**Shell** · 07-01-2004, 11:32 AM

Oh thank you homesteadmamma. I guess I am so inspired about this because I found it really, really works. I was a person who for years had trouble saving money (besides my RRSP) and now it is a habit and I am watching my bank account grow and grow. I am so thrilled about this I want to show and encourage other people to do it. I also want people to have money to fall back on in case an emergency comes. And if an emergency doesn't come? Great!!!! You saved a lot of money!!!

**Shell** · 07-03-2004, 10:55 AM

I just got paid so I am putting my money in on Monday. I'll let you know when I deposit my $200.00. Who else has put some money away?

**Shell** · 07-05-2004, 03:59 PM

It was tough this time but I deposited my $200.00 into my account. WTG Shell!!!

**ColleeninNY** · 07-06-2004, 09:19 AM

WTG, Shell!! Your balance just keeps on growing!! I went grocery shopping at the end of last week, so I need to figure out how much I saved and transfer that to the savings account. I get paid on Friday, so more money will be deposited then. I'll keep you posted.

**ColleeninNY** · 07-06-2004, 11:20 AM

I saved $30.84 at the grocery stores, but I will have to wait until Friday (7/9) to transfer it to the savings.

**Shell** · 07-06-2004, 11:42 AM

Ah thanks Colleen.

**ColleeninNY** · 07-09-2004, 10:17 AM

I made 2 deposits today. $70 from my paycheck automatically goes into the savings, and I also transferred my grocery savings from last week of $30.84. Total deposited = $100.84 bringing my total in the emergency fund to $296.48.

**Shell** · 07-09-2004, 10:57 AM

Wow Colleen look at YOU GO!!!!

**bamamomto4** · 07-09-2004, 02:01 PM

Even though I hadn't posted when I made deposits(computers probs ya know lol),I have made them

It's been hard but I've put ALL extra money into savings. I paid off credit cards a few months ago and what I was paying on those,I add to the savings.

I've updated my total below. I did have more but the fridge went out and we had to buy another.I'm sure I'll be getting a DR bill (from where I broke my toe) I may have to take money out to pay that...but...thats what the account is for ..EMERGENICES!!