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SueAnn 07-02-2002 09:27 AM

Emergency Savings Fund
 
How many of you have been told that a good rule of thumb was to have 3 -6 months in saving for emergency back up. Withmy recent injury I was caught with my pants down so to speak. I would like to know how many of you actually have this account and any ideas as to how to get one started and keep it going. Thanks,


Sue

Jenna 07-02-2002 11:09 AM

Hi Sue,

For many years Dh and I didn't have any savings, much less a 3-6 month backup! About two years ago, we started saving $100 a month towards this goal. About a year later, my Dh lost his job unexpectedly. He had worked for the company for 21 years, so there was a pretty good severance package, but we really did rely on our savings until that came through.

I would just begin slowly, with whatever you can comfortably afford to save. Don't save more than you can bear. We did this in the beginning and then were struggling the rest of the month. We didn't want to have cc debt, so we just toughed it out. Sometimes we resorted to taking the money back out again!:rolleyes: Finally, we found a good balance between saving and living. It was just like a bill to us, we just put it into the savings account as a routine, along with paying the bills. We keep track on paper what we have, but try very hard not to touch it.

You luck with your recovery and your savings!:)

Jenna

janet 07-03-2002 04:29 PM

SueAnn,

So Sorry to hear about your misfortune. Injuries and illnesses are so hard to plan for! I think you always think that you'll have a paycheck next week. :(

We had some bad times too and when we got thru them you are so much wiser! Believe me it's true.

Once you get back on your feet, the easiest way is thru payroll savings, even 10% adds up over time. And the best part it is already taken out of your pay. We cut our corners drastcially, never ate out, and cooked from scratch and sewed our own clothes or shopped the second hand shops! I still love a great bargain.

Another thing I still do is I never spend change! (unless it is for a parking meter.) You can save $20.00 a month this way.

Here in Michigan there is a $.10 cents return for pop cans....I always pick them up when I am out walking...infact now my dog gets them for me!:-P::


If you get a return from taxes put it away for a rainy day! I do that and the same for any extra money I get. ex. from garage sales, birthdays, dog sitting, cleaning, etc.

Hope you get better soon!:heart:


janet:daisy:

CAGmomof2 07-04-2002 08:58 AM

We used to have an emergency savings fund but we have used it up and now we are .....
 
We used to have an emergency savings fund but we have used it up and now we are trying to restart our savings for regular savings and for our emergency savings fund again!! It is going to take a while but it will be well worth it!!

SueAnn 07-05-2002 10:22 AM

Thanks everyone for their responses. I didn't get many so I don't know if people actually have an emergency fund or not, but I have decided that I don't like getting caught with my pants down. SO... I have decided that today my normal paycheck day I am going to start. Even the smallest amount is better than nothing.


Sue

crowemommy 07-11-2002 06:59 PM

savings
 
Sue Ann,
When my dh started at the company he still works for, we started with $250 a pay (every other week) going into his savings account. This money is automatically withdrawn from his paycheck - so we don't really miss it - and goes into the company credit union. For the last 2 years, we used the money to pay tuition for dd school, so we wouldn't have the monthly bill & got a discount for paying the tuition in full in August.

In November, I was laid off and we put one of my payouts into this account. Our goal was that I would stay home until dd started kindergarten in September. This account is not easily accessible - ie: MAC access - so it made it easy to leave alone. When I was laid off, they paid me regularly for 60 days and then I got a severance lump and a bonus for staying on until they told me to go. We lived on part of it and put the other away. We just had to dive into this savings (to my surprise, we were able to live off of the severance portion that we put into our checking account plus dh pay check until July!) to pay the mortgage this month. We still have enough that I know I can continue to stay home through the end of the year if I haven't found a job in the fall. Because of the regular savings, we have enough for the inevitable emergency (dh needs new tires this month; etc) so even though I DESPISE taking money out of this account, it's there and it doesn't hurt to use it when we have to.

We used to live paycheck to paycheck and it's a wonderful feeling to know we have a cushion if we need it!

Good luck on your savings account!^^

Lisa

SueAnn 07-16-2002 05:57 PM

Thanks crowemommy. I have officially started an emergency saving account. I opened at a different bank and put $300 in it to start. After that I plan on putting $120 biweekly in it. I plan on using this as my freedom account as well as emergency backup. I am tired of trying to look for extra call at work or overtime to pay those bills that only come every three months.

Sue

Shell 07-21-2002 07:28 AM

So Proud!
 
Jan 1st I said I was going to start an emergency fund and I did!!!!! ^^ ^^ DH and I put in $100 each into the fund on the 15th of every month. We now have $1,400.00. At the end of the year I will lock up the money in a GIC or bond and then start again. If I keep this up for another 4.5 years we will have over $12,000. :eek: I wish I started this sooner but I am so glad I started it now!

sue witt 07-31-2002 07:38 AM

i just started my e-fund
 
I just started my emergancy fund at a differant bank. I just put 25.00 to start and i hope that i can make weekly deposits. I know its only 25.00 but i still can breath a little bit better. another thing i have been doing is at the end of the month when i get my bank statement i start over again at 0.00 and i put the leftover in saving account at the same bank some months i write a check for 2.66 but that is 2.66 saved. one thing i have learned from my personal experince is that i need to go over my fiances everyday. in the past i would just not worry about it and this way i can see my plan it is always better when a plan comes together.

Shell 07-31-2002 08:27 PM

Sue Witt you should be proud! It is not the amount of money but that you do it each and every month! Way to go! 8-)


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