Comments on: Financially Savvy Fridays

By: Revanche

Revanche — Mon, 14 Dec 2009 20:27:15 +0000

Too right, I’m of the very same mindset because it’s well worth squirreling away the money before you need it.

By: Chiot's Run

Chiot's Run — Fri, 11 Dec 2009 14:28:38 +0000

So true! It provides so much peace of mind knowin that I don’t have to to worry about expenses if I lose my job or if our business doesn’t do well for a year. Since we’re self-employed we also have an emergency fund for our business so we can keep things running for a year without any income.

I also keep small emergency funds in the house, some cash on hand (in case the electric is out and the ATM doesn’t work), I also keep a small amount of emergency cash in each car, just in case you forget your wallet and are out and about and need gas or something.

I don’t see how people live without emergency funds, I’d be a mess!

By: thisthriftedlife

thisthriftedlife — Fri, 11 Dec 2009 13:31:26 +0000

The emergency issue that you pointed out is what drives me to keep some money in the bank. Like you said, expecting that you can make more money “anytime” if you need some help doesn’t cut it in an emergency…you need that money right then, not in 2 weeks when you get another paycheck. And there are so many seemingly small emergencies that can balloon so quickly, using up your cash reserves a lot faster than you thought possible.