tag:blogger.com,1999:blog-5733035893331842827.post7635667609375061367..comments2023-08-25T05:58:50.504-04:00Comments on Family Balance Sheet: Emergency Funds: Emergencies Happen When You Least Expect ItFamily Balance Sheethttp://www.blogger.com/profile/07258319062871335770noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5733035893331842827.post-9356380975113880742011-04-30T20:09:51.586-04:002011-04-30T20:09:51.586-04:00I do not think that replacing the battery of your ...I do not think that replacing the battery of your car is an emergency. Car repairs and house repairs should already be part of your budget.Frugal Studenthttps://www.blogger.com/profile/08133499169865322630noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-3929585180537384532011-03-02T07:18:25.748-05:002011-03-02T07:18:25.748-05:00Thanks everyone for the comments and encouragement...Thanks everyone for the comments and encouragement!Family Balance Sheethttps://www.blogger.com/profile/07258319062871335770noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-31859332924401892782011-02-23T20:02:31.117-05:002011-02-23T20:02:31.117-05:00I agree that $1000 is not enough. It is a great p...I agree that $1000 is not enough. It is a great place to start, especially for someone who has never saved any money, but in reality, most of our emergencies are over $1000 each. It isn't going to last long.Jenniferhttps://www.blogger.com/profile/16958981528207127681noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-15556874446450606722011-02-23T20:02:23.522-05:002011-02-23T20:02:23.522-05:00Great post. I am still trying to establish an emer...Great post. I am still trying to establish an emergency fund. I know Suze Orman says eight months - that is a lot of money!Ashleyhttps://www.blogger.com/profile/14214304025289373298noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-82110606731292711472011-02-22T19:06:21.578-05:002011-02-22T19:06:21.578-05:00We have an emergency fund and boy do they come in ...We have an emergency fund and boy do they come in handy! Case and point: last year our furnance died and was never able to be revived again. We had to drop a few thousand dollars for a new, more efficient one and had we not had that money in reserves for "just-in-case" moments we probably would have been in serious financial trouble. We have such a tight income as it is and without emergency money or at least SOMETHING in a savings account, you are really setting yourself and your family up for failure.<br />I believe getting at least $1,000 saved up before tackling debt is a good idea, too. Once we became debt free, we were then able to increase our emergency fund to cover 6 months worth of needs should my husband not have a job or become unable to work. <br />As of this year we have stopped contributing to our emergency fund and began paying more on our mortgage as we are putting our home up for sale in March. We figure we have enough in reserves to stop temporarily and by paying more on the principle, we can avoid lossing our hindends if we end up owning at closing time. <br />Thanks for such a wonderful post!Anniehttps://www.blogger.com/profile/12240999758122676494noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-38438669492769365402011-02-22T14:25:55.099-05:002011-02-22T14:25:55.099-05:00As the owner of a small business it's advisabl...As the owner of a small business it's advisable that you save up at least a year and probably more. Just for the reason you laid out. I didn't have a year's worth of savings and when my business went sour it took me with it. I've learned to be smarter. Good luck!Sandy @ yesiamcheaphttp://yesiamcheap.com/2011/02/i-grew-up-poor-and-survived/noreply@blogger.comtag:blogger.com,1999:blog-5733035893331842827.post-68773926290246769832011-02-22T08:37:43.475-05:002011-02-22T08:37:43.475-05:00This is a great post. My husband and I have always...This is a great post. My husband and I have always lived close to the edge with 1 job, three children and a mortgage. There aren't many extras - no cable, etc. We've never had an emergency fund until now. You see, my husband lost his job in January. We are getting a little help from family, but not enough to help out if the car breaks down. So, despite having no income, I now have $500 in savings in case the car needs a repair. (At least the car is paid for.) I wish I had made more of an effort to build that fund. That will be my #1 goal when we are reemployed.Astreilhttp://www.astreil.com/pressnoreply@blogger.com