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Emergency fund


Forum: Financial Planning and Budgeting

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  #1  
June 20th, 2011, 07:28 PM
JessP's Avatar Lovin life and family
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So ~Kris~ made mention of building their emergency fund to 6 months in another post. It got me thinking.

How much emergency funds do you have socked away (months amount is ok not $$ amount)?
How much do you think you should have?
Did you do all of it at once or did you build some, pay off bills, build some more?
What was your plan of attack when building it?
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  #2  
June 21st, 2011, 08:12 AM
Luv2Laugh's Avatar Frugalicious mama!
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We have an emergency fund, but not nearly enough I feel comfortable with.
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  #3  
June 21st, 2011, 10:59 AM
JessP's Avatar Lovin life and family
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We are going to start with one month and then go from there. We are going to mingle paying off bills with building the fund as we won't need as much if we pay off all this debt LOL. Isn't that just how it works?
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  #4  
June 21st, 2011, 02:30 PM
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How much emergency funds do you have socked away (months amount is ok not $$ amount)? Currently 4.5 months worth of our current spending.

How much do you think you should have? I'd like to have 6 months worth + money for eventually replacing my husband's car since I never want a car payment again.

Did you do all of it at once or did you build some, pay off bills, build some more? We always had $1-2K sitting around for random things when we had our other debts. We paid off the 2 credit cards we had and my truck and then started building it more.

What was your plan of attack when building it? Pay all the bills when hubby got paid and immediately move the rest to savings so it could be "forgotten". We keep a $1-2K in our savings and then for every month's worth we open a CD so we can earn more interest.
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  #5  
June 22nd, 2011, 07:21 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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I don't have much at all. We got into a bind acouple months ago and it wiped it out.

I am hoping to start one very soon
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  #6  
June 22nd, 2011, 12:22 PM
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Quote:
Originally Posted by ~Kris~ View Post
What was your plan of attack when building it? Pay all the bills when hubby got paid and immediately move the rest to savings so it could be "forgotten". We keep a $1-2K in our savings and then for every month's worth we open a CD so we can earn more interest.
This is my plan too.

Quote:
Originally Posted by mommy2Breana+Brandon View Post
I don't have much at all. We got into a bind acouple months ago and it wiped it out.

I am hoping to start one very soon
Same thing happened to us

Actually, I was laid off and then hubby had 3 heart attacks, so it was a combination that wiped us out. Now we're back on track and starting to sock it away again. Finally.

Right now we are starting with 0. But everyone has to start somewhere.

Starting this week, we will be putting back $25 every week for our savings. It's not much to start with and I'm starting now instead of waiting until the beginning of the month or something goofy that would've held me back before.

As we adjust to income changes and following our budget, we will increase that amount.
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  #7  
June 22nd, 2011, 01:41 PM
PuppyLove22's Avatar Mega Super Mommy
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How much emergency funds do you have socked away (months amount is ok not $$ amount)? None yet, I am just starting out =)

How much do you think you should have? I want to have 1000 in the savings, then pay off cc debt, than work up to 3-6 months worth

Did you do all of it at once or did you build some, pay off bills, build some more?
A little in savings, then pay off bills, then build more

What was your plan of attack when building it? I am following Dave Ramsey, about half way through the book
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