Do You Have an Emergency Fund Yet?
February 9, 2009 – 5:27 pmAnd if not, why not?
Today I got another reminder from life about the importance of an emergency fund. On my way to drop some papers off at my sons’ school I fet the car drive a little funny. I thought maybe it was the wet roads. I didn’t think anything more of it but when I stepped out of the school office I was greeted with a very flat tire. No, it didn’t just need a little bit of air, it was flat. Very flat.
My husband is on his way home to check it out. I know we have a spare and I’m sure he’ll replace the flat tire with the spare. But we are going to need to buy a new tire. Which is where our trusty emergency fund comes in. I’m going to look over the budget this week and see if we can buy the tire directly from our budget. Even if we don’t have enough to cover a new tire I am reassured by the fact we have an emergency fund to cover things like a flat tire.
So, how’s your emergency fund? Is it full and ready for you to use in a time of need? If not (I’m sorry I sound a bit preachy here or a bit like a nagging mother) I urge you to cut out extras or earn a little extra money so you can set up an emergency fund. It’s smart to have one at all times, but given the current economic conditions I think it’s even more essential to have a back-up fund.
Ok, I’m going to step off my soap-box now. The little guy (he’s 4 months old now!) just woke up from his nap.
3 Responses to “Do You Have an Emergency Fund Yet?”
Actually this is not a very good use of emergency fund dollars. This is a very foreseeable event and a separate car maintenance fund should be in place for this instead of resorting to the emergency fund.
By PK on Feb 10, 2009
We still don’t have an emergency fund. We thought that it would be better just to add that money to our debt.
By Brian Jefferies on Mar 1, 2009