Sharon37127 Posted June 11, 2012 Share Posted June 11, 2012 this really isn't as stupid of a question as it sounds. I am trying to brainstorm for things that are emergency fund "worthy". Here is what I have so far... 1. Loss of income 2. immediate medical/dental (pain related) needs 3. car repairs (1 car family) 4. (short notice) moving fund- we rent and have no intentions of buying 5. (short notice) traveling needs- ie funeral (a few far away relatives) Can you think of anything else? Quote Link to comment Share on other sites More sharing options...
Princess Peach Posted June 11, 2012 Share Posted June 11, 2012 We see our emergency fund as money to use for anything we need over and above what our income allows us to spend after bills. It is there to prevent us from using a credit card for something we need (not something we want or could save up for over time). Quote Link to comment Share on other sites More sharing options...
Dory Posted June 11, 2012 Share Posted June 11, 2012 this really isn't as stupid of a question as it sounds. I am trying to brainstorm for things that are emergency fund "worthy". Here is what I have so far... 1. Loss of income 2. immediate medical/dental (pain related) needs 3. car repairs (1 car family) 4. (short notice) moving fund- we rent and have no intentions of buying 5. (short notice) traveling needs- ie funeral (a few far away relatives) Can you think of anything else? We set a little aside every month for medical/dental needs, car repairs (we all know it's gonna happen), moving and traveling. The only thing that we would use the emergency fund for is if there was a loss of income. We set aside into our emergency fund every month. Quote Link to comment Share on other sites More sharing options...
Tiberia Posted June 11, 2012 Share Posted June 11, 2012 death of family member who lives in another state - travel money to get there. Quote Link to comment Share on other sites More sharing options...
mytwomonkeys Posted June 11, 2012 Share Posted June 11, 2012 we used it last summer for our lawn mower. it died & i found a used riding mower on craigslist & we bought it with our emergency fund. i agree that using it for whatever you feel is necessary is fine. just replenish it quickly & be wise.:) Quote Link to comment Share on other sites More sharing options...
DawnM Posted June 11, 2012 Share Posted June 11, 2012 We don't like to touch ours and haven't in years. I keep it there in case that is our only income for a while. However, we may dip into it if we need to when the kids go to college. Dawn Quote Link to comment Share on other sites More sharing options...
Lily_Grace Posted June 11, 2012 Share Posted June 11, 2012 Half of your list wouldn't be emergency worthy here. Car repairs - this isn't an emergency, this is an eminent. Cars will need repairs. It's part of owning a car. Medical/dental - should have its own fund. Again, it's something that will come up in the future. We've used ours for -family emergency (flight for 1 + rental car) -devastation (had everything but furniture and what we carried ruined in a move) Other things we would consider: -needing to get out of the country quick. -any extreme circumstance we cannot plan for, like loss of income. The rest are considered non-emergencies and either get a slush fund or not important enough to have now. Quote Link to comment Share on other sites More sharing options...
Clear Creek Posted June 11, 2012 Share Posted June 11, 2012 I know you asked for things that would constitute an emergency, but here are some set amounts that need to be included and set apart from the rest of the emergency fund: - the amount of your homeowner's insurance deductible, plus enough to live in a hotel and eat out for a week or two. Don't wait until your water heater (in the center of your home!) bursts and you have 60 gallons of water on your floors to try and figure out how to pay your deductible and pay for a hotel and food! (ask me how I know :D) - the amount of your auto insurance deductible plus enough to cover whatever car rental amount your insurance does not cover. Quote Link to comment Share on other sites More sharing options...
hsmamainva Posted June 11, 2012 Share Posted June 11, 2012 We used some of ours Saturday! Our well pump died so we had no water in the house at all. $1800.00 and 3 hours later, we had a new well pump and running water. That qualifies as an emergency in our book! Kelly Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.