Some may think this is a little too personal, so if so, I apologize in advance. Curiousity has led me to ask though, is there anyone out there that doesn't have an emergency fund? I'll be the first to admit . . . I don't! But, I am working on it. Dh and I have had lots of money struggles since ds was born in 2006, but we have just started pulling ourselves out of the hole. To be honest, I find it really hard to save when we were barely scraping by as it was. My emergency fund is only up to $100 so far, but we're working on increasing it as quickly as possible. Is there anyone else on here that doesn't have a fund yet, or am I the social outcast?

Sometimes goals like an emergency fund seem so out of reach with everything going on. And seeing that recommended amount that is huge, makes you not even want to start. I can see how some might not even fess up to not having one.

I think that I read that most people simply rely on credit cards for emergencies. It works for some who are diligent in keeping balances down and it works for others until there are too many emergencies or too much debt to pay back.

Maybe a good first step would be to see if you can actually live without using a credit card at all until an emergency occurs. Stick it in the drawer and see what happens. If you can do that or already do that, then starting an emergency fund might not be that hard to do.

I remember for the longest time I decided not to ever pay with change, only a bill. All my change went into a jar. At the end of each month, I deposited it into a savings account. It wasn't alot, but it made me feel like I could do some saving. there are those debit cards that do the same thing, but I wouldn't do anything that encourages pulling out the card. Too many account numbers end up in too many merchants systems. No system is perfectly secure.

Good luck!

Cathleen

YEAH!, you are $100 further ahead than you were b4 you saved that amount. It is tough!! I know. I started with a load of debt my ex left me and have been crawling out ever since. Saving for an emergency is crutial. Even if it is $5 a week, save something. 3 weeks ago my fridge decided to die. I didnt have all the $$ I needed for a new one, but had most of it saved up. That was a huge relief. Things happen that you need extra $$ for. So save now, even a little at a time. Someday you will be so glad you did. At least that is my humble opinion. : )

The way we started our emergency fund was tax refunds. We put them away and don't think about them unless an emergency comes up.

And I agree that you should pat yourself on the back. $100 is a great start and since you're now committed to saving, every little bit you add to it will make it grow just that much more!

i didn't use to have an EF and althought I was never super tight on $$, I always felt nervous
Now, I do have my 6 months income EF, and I feel a lot more at ease,
even when the amount was small, I still felt so much better for changing my ways...to being more frugal.

you'll find yourself saving "more" just to fund the EF
For me its become sort of a "hobby" to see how much I can save and transfer to my savings every paycheck.
in the end, I don't mind skipping on buying something, because I see the end results.
Keep it up!

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We've only had an emergency fund for the last 3 years. Before that a pre-approved line of credit for 3 months of expenses was what we used. But then after reading lots of personal finance books I came to the realization that for security and peace of mind, I wanted the emergency fund in cash. It hardly ever gets used but it sure helps me sleep better at night knowing it's there.

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I have a very small amount right now in comparison to some (about one month's income), but I also have the ability to access money in the form of a line of credit on my home (plus credit cards.)

After I pay off all my debt my intentions are to build it up to at least 6 months cash reserve.

Now I do have retirement savings and college savings for the kids. Just not emergency money for me.

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Grace

Wife to Stoney

Mommy of Sarah (8.5), Hannah (7), and John(4.5)

No but we want to have one someday! We do make sure we have money on hand. $1500 in our savings that stays there for the small emergency. Our focus is to pay off the CC and once thats done then save at least 10K for an e-fund that will cover about 3 months for us.

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Kimberly Proud Mommy to Bethany Rose April 2006

We are in a similar situation... living paycheck to paycheck and having lots of debt makes it hard to create or build an emergency fund. DH and I decided to start following Dave Ramsey's Total Money Makeover and his first suggestion to is to try to build up a $1000 emergency fund. We are on our way (about 75% there) and even if it is $10 a week we can transfer that is $10 more than what was there before. I agree with the post about putting credit cards in a drawer and seeing if you can do without them. I put mine in the freezer about 6 months ago and have not used them... That being said, feel good about saving $100, that is $100 more than what you had and is just a foundation for more to come.

were in the same boat. we have no credit cards, but with the prices of things its hard not to live paycheck to paycheck. ive put some away with the help of the rebate check, but before that we had nothing!

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WIFE TO MIKE
MOTHER TO HUNTER 3YRS OLD AND HEATH BORN 9/22