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Thread: when do you use your "emergency money"?

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    Default when do you use your "emergency money"?

    for example, let's say your car broke down and needed a $1000 repair. let's say you had the option to get rides to work, but you also had $1000 in your emergency fund. would you use your emergency money to fix your car or would you save it?

    to me, an "emergency" is when I have NO other option but to use that money. it always seems like I get into the worst situations when I have no money and I have to beg my friends to bail me out so now I'm super tight with my emergency funds.

    my roommate says she just spent all of her savings on a vacation to florida. I can't help but wonder if the motor on her car is gonna blow up the second she gets back because that's seriously something that would happen to me!

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    Featured Member sananeko's Avatar
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    Default Re: when do you use your "emergency money"?

    I only use it when there is nothing else to help. I separate my money into a few funds to keep me sane lol. I have one for emergency, one for vacation, one for a car currently, and one for a house. My friends think i'm crazy but they always seem to get nothing done cause they never know where all the money is going..

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    Default Re: when do you use your "emergency money"?

    sananeko's method is pretty smart and you could totally apply it to multiple emergency funds, like car emergencies vs. health emergencies. That way you don't feel bad about dipping into your emergency fund for something you may have other options for, but you can still solve a pretty big problem like a car breaking down and have funds left in case of another emergency.

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    Default Re: when do you use your "emergency money"?

    Quote Originally Posted by shanna dior View Post
    sananeko's method is pretty smart and you could totally apply it to multiple emergency funds, like car emergencies vs. health emergencies. That way you don't feel bad about dipping into your emergency fund for something you may have other options for, but you can still solve a pretty big problem like a car breaking down and have funds left in case of another emergency.
    for me though a car emergency isn't a real emergency. people can live without cars. it's not that I would "feel bad" about dipping into my emergency funds for a car problem, I just think it's more practical to leave your savings for more dire emergencies. for all I know I could slip and fall off stage tonight and break my ankle.

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    Featured Member silk55's Avatar
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    Default Re: when do you use your "emergency money"?

    always have $$$$ in the bank. also having a credit card even with a high APR is a smart move
    "The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works" -GORDON GECCO

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    Default Re: when do you use your "emergency money"?

    I do the same.... I save a little from each night into envelopes that I've delegated for different things... healthcare expenses, car expenses, etc, etc. It definitely works best for me over saving a lump sum of money for whatever...but I still try to do that too, on top of the specific envelopes.

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    Default Re: when do you use your "emergency money"?

    Quote Originally Posted by silk55 View Post
    always have $$$$ in the bank. also having a credit card even with a high APR is a smart move
    obviously. I was asking what YOU PERSONALLY think an "emergency" is.

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    Default Re: when do you use your "emergency money"?

    Quote Originally Posted by xGigi View Post
    for me though a car emergency isn't a real emergency. people can live without cars. it's not that I would "feel bad" about dipping into my emergency funds for a car problem, I just think it's more practical to leave your savings for more dire emergencies. for all I know I could slip and fall off stage tonight and break my ankle.
    Well it deals where you live. If my car breaks I can't get anywhere.. I have no friends to take me.. I can't call a car cause the service doesn't reach where I live. All I can do is call a tow truck and ride with them and wait til my car is fixed.

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    Default Re: when do you use your "emergency money"?

    I have a big chunk of money in a savings account that I can't access without a lot of effort. I like to forget that its there, and a direct debit pulls money from my current account and adds it into there every month. That is true emergency money.
    Other than that I have one other savings account that I can access whenever, and I put most of my money in there to stop me spending it in my current account. I don't call it an emergency fund, but there's enough for 6 months without working, and I don't worry too much about dipping into it for something I need/want (new phone/x-pole/holiday spending money).
    I wouldn't call something an emergency unless I didn't have the money for it. I just got a €600 bill for habitation tax that I wasn't expecting, so I just paid that out of my second saving account.

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    Default Re: when do you use your "emergency money"?

    Emergency - when I can't work for my healths sake.

    If I'm off work with a broken ankle, or like this past winter (Random bout of Pancreatitis!) that's when I dip into my emergency funds.

    If I'm still able to get along without using it, I will.

    Maybe the exception would be if my fridge or something broke and I had to buy a new one - but I'm a renter so this isn't really a concern.

    I like to have an 'emergency fund' with about 8 months of necessary expenses in it that I don't touch. It sounds like a lot - but it doesn't include stuff like mani/pedi's or hair treatments so it's not a HUGE amount. It's enough to pay my rent, bills and groceries for 8 months should anything happen. In truth, it's not at 8 months yet, because I spent a large part of it from Febuaray till now while I wasn't working, but now that I"m going back soon it'll be built back up ASAP. Squirrel it away while you can...It saved my ass this year.

    Aside from that I like having a few hundred in my chequing account at all times, and I have a credit card with a high limit that I hardly ever use.....so if I had to fix a car or something I'd probably use that without digging into my 'real' savings. If I had pet I'd have money in a savings "pet account" too, becasue you never know when they might run off into traffic and get hit by a car or something.

    IDK, it's a hard thing to gauge really. Depends very much on the circumstances.



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    Featured Member silk55's Avatar
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    Default Re: when do you use your "emergency money"?

    Emergency for me would be if $$$$ isn't accessible via ATM or Bank so I have some cash stashed away.
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    Default Re: when do you use your "emergency money"?

    I spent all of my emergancy money when I was fed up with camming and just decided not to work. When I had an emergancy fund, I was pretty frugal about it ... it stayed at exactly $1,000 for like 3 years.

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    Default Re: when do you use your "emergency money"?

    An emergency situation that requires using emergency savings would be a situation that could alter my current standard of living if there was not prompt action.

    This could be a car repair (I drive 240 miles a week to pick my son up)
    This could be being unable to pay my rent (which would affect my perfect credit)
    This would be being unable to feed myself
    This would be being unable to feed my son

    ETC.
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    Default Re: when do you use your "emergency money"?

    In your example I'd probably fix the car since putting it off isn't going to change anything other than give me a chance to save extra cash, which i guess would have done with or without the car. The exception would be if the car is expensive to run and and getting rides to work would save me enough to get a more efficient car instead. Edit- I live in a country area so a car is essential
    I have a couple of months savings stashed away where I can't access it easily for emergency's. it's taken a good 5 years to get it to that point, so I'm not going to blow it in a hurry unless I have no alternative.
    My idea of an emergency is a situation where I'd be significantly worse off by not spending the money ie; power will be cut off and can't extend or negotiate a payment plan ; health that will deteriorate without a medical procedure. That sort of thing.
    I have kids, so having no emergency funds is a pretty stressful situation.

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    Default Re: when do you use your "emergency money"?

    I drained my emergency fund when my dog caught her paw in a fence and cut open her leg to bone. Cost me $890 in emergency vet fees. It just happened to be on a Sunday morning that she hurt herself. I could have saved $400 if I could have used my regular vet.


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    Default Re: when do you use your "emergency money"?

    any unexpected expense that I have to pay... car wouldn't be one because I don't "have" to drive my car I can leave it parked till I have enough to fix it. Things like health issues I guess is the first that pops into my head or unexpected travel because a relative is sick or dying. Living expenses if I need to take time off. Oh and I agree with Paris... when it comes to my pets Ill pay anything.

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    Default Re: when do you use your "emergency money"?

    I manage my money so these sorts of things can be covered out of normal cashflow.

    An emergency is a 50k or greater scenario. And that can be dealt with without 30% credit cards.

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    Default Re: when do you use your "emergency money"?

    If you can get rides to work and use the money that week to fix your car then why not do that.

    You can always dip into your emergency fund for an emergency - that's what it's there for.

    You just have to pay yourself back ASAP.

    Say you have $1000 and worked two nights and made $600-800. Why not use $200 from your fund and pay yourself back on the third night so you can be independent again. If it's not really a hassle get a ride on night number three.

    Your friend that blew her savings on vacation, I hope that was a vacation fund.

    Everyone should be saving for retirement (Roth IRA or other investment), emergency fund (money market account) and extra for the things that we want. (High interest checking account or CD).

    Put aside 10% to just blow on whatever you want. <--- This is what I use a savings account for.




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