First topic on new board!

crazykelly · 07-11-2006, 08:39 AM

hi gals!

question for the week.....

do you have any type of emergency money stashed away for car repairs/loss of job/unexpected issues?

RileysMom117 · 07-11-2006, 09:20 AM

sort of -- we have a credit card with a pretty high limit with no balance that we keep locked in our box at the bank. Every so often we take it out, charge something and pay it off the next month just to keep the card active and current. I certainly wouldn't want to charge something that was thousands and thousands of dollars, but until we can increase the $$ in our savings account, it is really our only backup.

Happymom · 07-11-2006, 09:31 AM

Nope! If we have an emergency we borrow from dh's retirement account. Not the best way, I know, but it is the best we can do right now.

oneandonly · 07-11-2006, 09:41 AM

thats what we are working towards right now. we have a small account that we try not to tap into and we have been *trying* to add $5 or so a month. at this point any emergency would go on the credit cards,

georgiamom · 07-11-2006, 10:01 AM

We do. We have about $5,000 that we don't touch. We also have a home equity line open (nothing on it) so we can borrow against the equity in our house (over $150,000) in the event of a major catastrophe. We also have stocks that we could sell if we needed them. Can you tell we are majorly conservative with our money?

07-11-2006, 10:03 AM

We have about $5,000.00 in a savings account that I plan on leaving there for emergencies. It's not 3 months worth of net pay like some people suggest, but I think it is enough. It took a long time to save and I do not want to spend it unless it is a true emergency. Once you start tapping into savings, it is gone before you know it. It's kind of like credit card debt. One day you have none and the next you have a ton!!

Kim · 07-11-2006, 10:09 AM

Yes, we would have enough in savings to cover something like that...

brensmom · 07-11-2006, 10:26 AM

we are trying to build up a savings it is hard right now but i guess every penny counts. we have never touched the equity in our house i think if we got and equity line of credit we would just spend it and that is not wise for us right now.

2girlsmom · 07-11-2006, 10:37 AM

We dont. We did have stocks and various things but over the last year since I quit my job we have had to use it all for different things like car repairs and cover bills. We will be completely caught up with everything by the end of August and then it is time to put back into savings. We just opened a new checking account closer to home and will open a savings account there as soon as we have a little bit extra. My goal is to put half of one of my checks in savings and then the other half to pay off debt. We will still have to live like we are broke but it will be worth it in the long run.

Jared&Maggie'smom · 07-11-2006, 11:20 AM

We do. My dh and I have always been pretty frugal. When I was working we ate out quite a bit but that truly was our biggest extravagances. For ex: we only take a vacation if his freelancing (video) pays for it (meaning: the location of the job is different from home and they pay for both of us to be there!!)

We live below our means and that suits me fine. Some day when we retire, we will have money and be able to travel.