Are You Prepared For Financial Emergencies?
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  1. #1
    Administrator Cricket's Avatar
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    Default Are You Prepared For Financial Emergencies?

    Are You Prepared For Financial Emergencies?-financialemergency.jpg

    You never know when someone in your family might fall ill or lose their job. In cases like this, you may not have as much money coming in but it doesn’t mean that your bills will take a break. You have certain financial obligations that aren’t going to go away, so you need to have a contingency plan in place in case of an emergency. Simple Tips to Make a Financial Plan for the Unexpected
    Are you prepared for financial emergencies?

    What steps have you taken?
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  2. #2
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    I feel like being in the snowball stage of things I worry about this. Only having a small emergency fund and putting all extra money towards debt does worry me sometimes.
    I’m considering beefing up my emergency fund a bit once I’m done with the current debt that I’m working on- car loan.

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    Anybody who has seen my post knows that DH's car gave up and several months ago, I told him he needed a emergency fund. We have a mechanic coming to see if he can "fix" it, although we think the trans is done. DH is willing to buy a new trans, but the car is leaking a lot and we'll see what the mechanic says. The car is worth $400. DH does have a small savings and another small account that he can pull from, even though it was ear marked for my surgery. Taxes were pulled from it last year. If he needs a car, my guess is that both accts will be depleted and he will still need to pay a lot for a used car.

    I have an emergency fund, specifically for medical issues.

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    not really more line of credit or overdraft. we try but then something comes up. so comes and goes.

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    My husband and I are both federal government workers so we have a furlough fund. I suppose it could be used for other things. But we have decent insurance so we avoid having unexpected large medical bills.

    However, after the last experience we are rethinking our emergency fund. I still agree with my husband on having an emergency fund. The question is where do we have the money sitting. We plan on having a month or so in our regular account. But the rest we will put in something that is accruing interest. I am thinking maybe a money market account. We are actually cutting down on the amount we have in reserve. My husband budgeted enough to pay minimums on stuff for up to three months. The issue I had is that it came at the expense of paying down other bills. So we went to one to one and half months saving and paid off one credit card in full.

    Honestly, I was glad my husband had a nice emergency fund built up. But I was a little annoyed at how much was just sitting in checking account earning almost nothing in interest.

    We hope to have our last remaining credit card close to being paid off before the next risk point. Work is funded though the end of September. After that is the next potential shutdown. We are also thinking that after getting the credit cards paid off the amount for "one month of expenses" will also go down.

    Related to this we are also building our food (freezer and non perishables) back up. It is not money, but it lets us get by on less money in emergencies.
    KathyB

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    Registered User CPA-Kim's Avatar
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    Kathy,

    Ally Bank has savings accounts at 2.4% interest. That's where I keep my emergency fund. You can call in a transfer and it hits your checking account within two days. Very happy with their service.
    Kim
    The Lord will provide

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