Nov 1st, 2012 by Jennifer Lynn
Enter below to win a chance at $100 Cash through Paypal or Amazon gift card (winner’s choice) !!
It is essential to make it a priority to establish an emergency fund.
Having an emergency fund shapes wise financial habits and is a huge milestone once achieved. I used to live paycheck to paycheck and every unexpected expense would cripple my bank account balance, sending it hurling into the red. One day I became sick of the constant struggle of trying to survive and made it a priority to break this vicious cycle — now I’ve socked away eight months worth of expenses for when those unforeseen, pesky emergencies crop up.
This was a slow continuous process where I siphoned off a percentage of income every time I received money, in order to place that amount into a specific account marked solely for emergency savings. I faithfully contributed to this account no matter what. (And, well, then basically forgot about it.)
Thanks to diligently socking away between 10-15%, I quickly managed to accumulate a nifty safety cash buffer, which was exhilarating. Let me tell you, having an emergency fund in place brings huge relief and an enormous psychological boost. And once a tidy emergency fund of your own is established, I guarantee you’ll have incredible peace of mind. Then the fun begins! You can begin investing wisely for the future to watch your hard-earned money grow.
Taking control of your financial future by establishing an emergency fund definitely feels empowering!
Now, onto the good stuff!
To celebrate this concept, Broke-Ass Mommy is teaming with other personal finance blogs to help sponsor ‘The Importance of an Emergency Fund’ giveaway, with a prize of $100 Cash through Paypal or Amazon gift card (winner’s choice).
Here is how you may enter for your chance to win:
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(If you are a blogger and interested in participating in future Snowflaking financial giveaways for your readers, you may learn more here: Snowflake Project.)
This contest has been submitted to Sweepstakes Plus
It does make you sleep better at night to have a little bit stashed away. Hope I don't need to use it, but glad it's there.
Actually HAVING an emergency fund is a new and exciting feeling for me. I still find it all to easy to dip into it–i'm working at defining a REAL emergency while I pay down my $30K in debts (credit cards, line of credit, and personal fines). So I *try* not to use it at all.
I had to break into it a bit and buy a new toilet (which I installed myself–no plumber!!!!!) 2 weeks ago due to some 'issues'. I was very proud to a) be able to access the funds, and b) not have to spend even more. But it was such a GREAT feeling knowing that if I HAD to call a professional, the cash was there.
It truly is liberating, isn't it?
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I was in your situation as well….having unexpected expenses completely throwing my bank account into the red. I started saving a little bit each month, then slowly increased that amount. When I would think about it, I would think that I am never going to be able to save up enough in this fund. But after not looking at it for a few months, I was surprised by how much it grew and realized then that I can have an decently funded emergency fund.
I honestly believe that your first statement of "shapes wise financial habits" is the most important.
Getting into the habit of managing ones finances is one of the major contributing factors to financial freedom in later life.
Congratulations on setting up your own emergency fund and also with your goal to raise $1000. I always check the little pink bar on the right when I visit your site
We're working on building ours right now! Great giveaway you guys are hosting!
Several times for emergency home repairs.
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I've never had emergency fund but I need one
I have & it was for auto repairs that just couldn't wait!
never had an emergancy fund would love to have one
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fortunately I haven't had to use the emergency fund yet
I have no emergency fund.
I have had to use my emergency fund so many times, we just call the money disappearing fund!
I don't have an emergency fund! Al money is gone every month!
No i have never use emergency fund ..
I have had to use my emergency fund when my car broke down and also to attend a funeral.
Unfortunately I am not at a financial place in my life right now to where I have the money to even have an emergency fund but I really hope that changes because I know I need one.
I've had more than one emergency fund, and had to tap it for more than one reason. The most recent was after I lost my job–2 days before Christmas last year–and tapped part of my IRA for mortgage payments. (BTW, we refinanced a month later, which turned this cloud into a blessing in disguise…)
yes, medical bills
we always are using our emergency fund, but very glad we have it at all…
have dipped into savings when credit card bills are larger than expected
yes for car repairs/maintenance bills
Happily, I've not had to use my emergecny fund… yet!
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Car repairs. So glad that I had an emergency fund so I didn't have to go deeper into debt.
Yes, when someone broke in my house, I had to replace the tv.
That is terrible, Kim, so sorry to hear.
We had to replace the A/C and the roof of our house in the same year, thankfully we had an emergency fund for that!
Yes I have When I needed Car repairs
I've used my emergency fund for car expenses at one time or another.
I’ve used my emergency fund for car repairs
My dog was very ill and we spent 3,000 in emergency money on him. He survived for another 5 years thanks to this.
Fortunately I haven’t had to use the emergency fund… yet
Had to use it when for emergency situation for my son…so glad I had it, But now, rebuilding it!
When our car broke down 2 months after we bought it, we had to use our emergency fund to get it fixed
demureprincess7(at)gmail(dot)com
I have a small emergency fund that I add to everytime I get paid. Lately it's helped me pay for drivers ed for my teens and increased costs for school related things like the ACT and college application fees.
We had to dip into the Emergency Fund when our hot water heater went. So glad we had one.
In the last 6 months I have had to dip into my emergency funds after being laid off. Seems the expenses just add up.
I had to use some savings before because my laptop broke and being in college, I needed a new one!
Yes.. It is hard to live on one income and with student loan debt!
We are working on our fund:)
When I was in my 20s I used my emergency fund for college-related costs
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I have to fix my car.
Thus far we haven't had to touch our emergency fund.
On the way to the beach I hit a board and blew a tire….had to use it a bit of it then.
yes, when we had an icestorm a few years back, and our electricity was out for a week.
Yes! When I was in a car accident and couldn't work!
I had to break into my piggy bank for groceries and bills recently. Haven't quite filled it back up yet.
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