Our Bank of America savings keeps dropping due to some unexpected expenses so I decided to start a new emergency fund. It will be on my E*TRADE account. I am starting with $26.27. The goal is to raise $1000 dollars in the next few months. I know $26 is not much but I’m only $974 away from my goal. I plan to cash in my pig at home and that should add another 20 dollars. I hope to be at $100 by next month.
Please don’t let me spend this money!! I need to have a cushion in case any emergencies come up!
HS
7 comments:
What are your "unexpected expenses"? Why do you think that this BEF will work if the other one doesn't? I can guarantee that it won't work until you change your behavior. Are you still operating without a budget? How's that working for ya?
We had tons of medical issues last month, the wife and I both got sick, we spent a lot on meds and going to the doctors. My wife also had issues with her back and had to see a specialist. That bill was $150! We don't have a budget that we follow and we are down to 150 in emergency savings, if anything drastic comes up I could delay the credit card payments but I would rather have a EF during this debt payoff.
Things are not working so well.. we need to budget but I find it very difficult to stick to one.
I like your positive thinking. Only $974.00 to go. I need to adopt that kind of attitude when it comes to my debt repayment, etc... :)
I know emergency funds are a great thing...but if you make enough money every month to have big credit card payments, then you probably don't need to aggressively put money in the EF. Throw it all at the debt!!! I know...I say this, and with my luck my A/C will blow up or something awful and I have no emergency fund!
Hi! I am so glad you left a comment on my blog. I have a bunch of books that are about God's plan for your finances. I have read and am following them, so I would be happy to pass them along to you now. If you want them email me your address (jason121097@yahoo.com)
Ultimately, we have to ask God how He wants us to spend His money. I have lived on very little for the past ten years, only because of Him. We are currently debt free and have 3 months living expenses in an emergency fund. This is not me, it is Him.
I also encourage you to check out Mary Hunt's plan for debt proof living. Her freedom account idea has been so good for me (basically it is not an emergency fund, which you also need, but planning for unexpected expenses.)
I hope you have a good night! -Becky in NJ
p.s. -the we I was referring to is me, and my two sons ages 10 & 4.
Nice debt blog...
Thank you
Debt Settlement
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