Do you have an "Emergency Fund"?
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Topic: Do you have an "Emergency Fund"?
Posted By: Linus
Subject: Do you have an "Emergency Fund"?
Date Posted: 11 August 2011 at 2:07am
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I was raised in an upper-middle-class family, never really wanting for money (Though that doesn't mean I didn't WANT money). One of the things my parents taught me fairly early on, and something all my siblings live by, is the need to have an emergency fund; money saved in a bank account ONLY for emergencies such as your car breaking down or you losing your job. Most financial experts say to have between 3-6 months of expenses saved up, if not even a full 12 months.
Now my question to you is this: With the way the economy is now, who here has an emergency fund? I do currently have one, and have about 4 months of expenses saved up. Obviously, if I lose my job/can't work, I would make some cuts and could stretch that money to 6 months. ------------- 
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Replies:
Posted By: choopie911
Date Posted: 11 August 2011 at 2:26am
| I'd need funds first, so....no. |
Posted By: tallen702
Date Posted: 11 August 2011 at 2:40am
| Had 4 months saved up, lost my job, thank God my wife's paycheck and my unemployment benefits come out almost EXACTLY to what our restricted monthly budget needs are. We're still in stagnant. Not gaining, not losing. |
Posted By: ammolord
Date Posted: 11 August 2011 at 4:00am
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I have a month and a half saved, wich is good because I just had to quit for college. ------------- PSN Tag: AmmoLord XBL: xXAmmoLordXx ~Minister of Tinkering With Things That Go "BOOM!"(AKA Minister of Munitions)~ |
Posted By: Rofl_Mao
Date Posted: 11 August 2011 at 4:11am
Which one you going to? |
ammolord wrote:Posted By: mbro
Date Posted: 11 August 2011 at 4:18am
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I have about 4 months of living expenses in the bank but I might use it all up to purchase a house in the next 3 or 4 months. I love the feeling of having cash on hand if I ever need it. ------------- 
Don't blame me, I voted for Kodos. |
Posted By: Zata
Date Posted: 11 August 2011 at 5:23am
| I have like $6000 saved...but its more for when I start my career, move, buy a house, ect....not really sure how long that would last me in an emergency situation. |
Posted By: Lightningbolt
Date Posted: 11 August 2011 at 6:39am
| I have no gold. I'm serious. none. I promise. zilch, zero , nadda |
Posted By: ParielIsBack
Date Posted: 11 August 2011 at 7:46am
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Since I don't actually pay any of my major expenses, the money I've saved this summer would cover me relatively indefinitely. On the parental dole, as it were. ------------- BU Engineering 2012 |
Posted By: GroupB
Date Posted: 11 August 2011 at 7:58am
Same here. The only expense I have is a car payment. I have probably enough to cover that until next November. Of course, I could always just sell it and have more if I needed to. ------------- 
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Posted By: Mehs
Date Posted: 11 August 2011 at 8:10am
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I have about 1k saved up. Where I'm living now that will cover rent and some utilities for one month. ------------- [IMG]http://i27.tinypic.com/1538fbc.jpg"> Squeeze Box ☣ |
Posted By: little devil
Date Posted: 11 August 2011 at 8:47am
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Specific emergency savings, no.
But have about 2/3 of a year in savings in liquid assets.
And about half a year in savings bonds.
I'm 23 and now own my own house aswell. I think im doing good in this country! lol
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Posted By: stratoaxe
Date Posted: 11 August 2011 at 10:22am
This. Thanks to the silly decision of buying a brand new car at 18, and just recently downgrading to my Mustang, it'll be a while before I'm able to bypass the car payment enough to save. I like to think of my guns and guitars as backup funds  I just recently sold my M4 to a buddy for 1100 (I paid 800 plus some mods I did to it) which has kept me going through two months of unemployment. Got my old warehouse job back yesterday so if all goes well I should be back on my feet in a couple of weeks. I did, unfortunately, likely lose a college semester which stings pretty bad, especially at my age, but I'm just happy I didn't lose my car or worse. ------------- 
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Posted By: procarbinefreak
Date Posted: 11 August 2011 at 10:55am
| This is one thing that I don't have that I'm really working on fixing. I went a little overboard when I graduated with purchases so i either saved up money and then spent it, or put it on a no interest finance plan. So now that I'm making good money, I also have a ton of monthly payments for everything I bought. I'm finally on the right track now with putting money away and within a year I should have enough cushion for me to be fairly comfortable with. |
Posted By: High Voltage
Date Posted: 11 August 2011 at 11:03am
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Have one, can't believe I went so long without one.
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Posted By: ammolord
Date Posted: 11 August 2011 at 11:08am
Williston State College in Williston, ND (the place in ND with all the oil for those who care) for diesel technology. Now I just need to decide on a minor and im set. ------------- PSN Tag: AmmoLord XBL: xXAmmoLordXx ~Minister of Tinkering With Things That Go "BOOM!"(AKA Minister of Munitions)~ |
Posted By: impulse418
Date Posted: 11 August 2011 at 12:19pm
| No, but I have lots of assets that can be liquified in only hours time. |
Posted By: Chadb1520
Date Posted: 11 August 2011 at 12:30pm
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yes but its no where near what its needs the be. id trust having a stash of gold and silver more then anything with the inflation that is currently going on around the world ------------- All tyranny needs to gain a foothold is for people of good conscience to remain silent. Thomas Jefferson |
Posted By: ParielIsBack
Date Posted: 11 August 2011 at 1:17pm
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Frankly, buying gold and silver now can only result in pain in the long run. The price for both is stupid-high. But for people who've been holding it for a few years or longer, I'm betting sometime in the near future (unless we really do double dip, in which case it may go out to another year or two) it's gonna drop like a brick. Even people who bought gold and silver 24 months ago can probably realize a 50% return on investment, which is insane. ------------- BU Engineering 2012 |
Posted By: impulse418
Date Posted: 11 August 2011 at 1:47pm
| Double dip? We never left the first dip. |
Posted By: Kingtiger
Date Posted: 11 August 2011 at 1:55pm
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Posted By: StormyKnight
Date Posted: 11 August 2011 at 6:23pm
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I remember about 8 years ago, being single and living cheap with my brother I had a good chunk of change saved up and this was with just a motorcycle payment. I was killing the OT whenever it was offered. Had about $3K in savings and $2K in checking. I then decided that a pickup truck would be cool to have. I could throw my motorcycle in the back when it needed servicing and a host of other excuses to push me to buy it.
Found one. Bought it then the OT dried up. Figures, huh? Well, I was used to getting 16-24hrs of OT per pay period. Without OT, both the truck, motorcycle payment and rent ended eating up a check per month easily. Insurance ate a little into the other payceck. It didn't take long, but my checking and savings started taking hits mostly because my lack of foresight and I didn't want to stop going to the bar 3 nights out of the week. Live and learn. Can't always have what you want.
Now, married with a stepson and two kids 2 yrs and younger with a mortgage and vehicle payments, insurance, utilities, gasoline, blah blah blah blah blah, etc.,etc., etc. I'm lucky if I have $150 in savings and $1K in checking. ------------- 
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Posted By: Mack
Date Posted: 11 August 2011 at 6:57pm
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My emergency fund involves mugging mimes* for the change in their hat. *Why mimes you might ask? Because I don't like them and don't have to worry about them telling anyone. ------------- 
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Posted By: usafpilot07
Date Posted: 11 August 2011 at 7:00pm
Yeah, but, "ornery old man with a cane" has to be one of the easier things to mime to the police when they are investigating. ------------- Buffalo buffalo Buffalo buffalo buffalo buffalo Buffalo buffalo |
Posted By: Reb Cpl
Date Posted: 12 August 2011 at 7:09am
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Even with a family to support- No. I don't. We had a good nest egg when I worked at the school, enough that we we decided to start a family. Then the school cut my job, and I was forced into my current employment with much, much higher commute costs, higher rent, lower salary, higher insurance costs, and so on. It whittled that fund down to nothing in a little less than a year, and we've been coasting by on what I take home for about a year and a half now. Its not easy or pretty, but lean times are par for the course it seems- and as long as there's food on the table, I can dodge collection calls on student loans for a bit longer. ------------- ? |
Posted By: tallen702
Date Posted: 12 August 2011 at 9:59am
| I was paycheck to paycheck for a long, long time. When I lost my job back in 2006, I was out of work for 2 weeks and it nearly bankrupted me. Getting married and joining my bank account to my wife's was the best thing that ever happened to my finances. Whereas I was personally comfortable with a $300-$400 threshold in my checking account, my wife was uncomfortable when the balance dropped below $1100. Not wanting to disappoint her or face the wrath of an upset wife, I quickly curbed my spending and learned to be as frugal as possible. Now, it's almost reversed. She worries when it drops below 3K and I go all Scrooge-ey when it drops below 5K. Paying off my car last year was a huge help ($600/mo being socked into savings from that alone) I also pushed my baseline to the $60K/year marker which, in the DC area, is the threshold to decent living. Anything less than that, and you tend to scrape by around here. |
Posted By: brihard
Date Posted: 12 August 2011 at 3:57pm
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I was smart and didn't piss away all the cash I made going overseas. I've got a good chunk saved up and invested in things that I can liquidate pretty much immediately during business hours. Plenty of credit with absolutely nothing on it. I realize how fortunate I am that this is the case. ------------- "Abortion is not "choice" in America. It is forced and the democrats are behind it, with the goal of eugenics at its foundation." -FreeEnterprise, 21 April 2011. Yup, he actually said that. |
Posted By: pntbl freak
Date Posted: 13 August 2011 at 10:32am
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I have enough in savings right now that I can afford my monthly payments for about a year. I wouldnt say its an "Emergency Fund" but it isnt going anywhere anytime soon.
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Posted By: Mr.Sam98C
Date Posted: 13 August 2011 at 12:57pm
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I have two types of emergency funds. One is monetary, and the other is ammunition.Although sadly its only about $60 and 250 shotshells. ------------- In the broad spectrum of bad ideas I think this would have to rate somewhere between running with scissors and sticking your pecker in the toaster. |
Posted By: SSOK
Date Posted: 13 August 2011 at 1:09pm
I worked with someone who was deployed to Afghanistan and/or Iraq twice when I worked at the junkyard... and it seems to me that most people who are deployed either burn money on dumb things or save money like you do. Like there is no middle ground. ------------- 
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Posted By: merc
Date Posted: 13 August 2011 at 4:40pm
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1 years wage. + dollars, euros, and silver on hand with my passport. ------------- saving the world, one warship at a time. |
Posted By: MeanMan
Date Posted: 13 August 2011 at 9:38pm
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I had a nice one going, saving up all of my paychecks from my internship on top of my old savings. But....my Explorer just went down and im looking at cars now.... Ouch. ------------- 
hybrid-sniper~"To be honest, if I see a player still using an Impulse I'm going to question their motives." |
Posted By: Rofl_Mao
Date Posted: 14 August 2011 at 12:21am
| Not yet, just starting college in the fall. Gunna be only one year, but hopefully I'll have a decent career by next year. If not, I can go back and take a second year. |
Posted By: Mehs
Date Posted: 14 August 2011 at 9:42pm
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Question for all of you; how much $$$ would it take to support yourself? How much is a months worth of expenses? Right now I'm sitting at about $1200 a month, and this is on a good month. ------------- [IMG]http://i27.tinypic.com/1538fbc.jpg"> Squeeze Box ☣ |
Posted By: GroupB
Date Posted: 14 August 2011 at 10:01pm
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Roughly $42, currently. Come November that will increase a good bit when I have to start paying for food and making car payments. I'm guessing around $600/month. -------------
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Posted By: procarbinefreak
Date Posted: 15 August 2011 at 11:42am
| i would imagine i have about $1500 in just bills and rent a month... although I do have quite a few purchases that will be paid off within the next couple months, so that should drop it by quite a bit. |
Posted By: Linus
Date Posted: 15 August 2011 at 12:10pm
About $1100, that's including a $100 cell phone plan and a $100 motorcycle payment. Half of that $1100 is rent. But if I add in the fun money, it's about $1500-1600. -------------
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Posted By: agentwhale007
Date Posted: 15 August 2011 at 8:51pm
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Yes. The problem is that the more I end up converting to investments, the more my emergency fund ends up sailing the seas of the market. I do have some cash saved. About one-year's worth of my current yearly wage.
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Posted By: ammolord
Date Posted: 15 August 2011 at 8:54pm
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Right now id need about $500 for a month to cover my truck/bike payment and gas. ------------- PSN Tag: AmmoLord XBL: xXAmmoLordXx ~Minister of Tinkering With Things That Go "BOOM!"(AKA Minister of Munitions)~ |