Daily Challenge Thursday Jun. 14, 2012
Basic Access is about awareness of access to some key elements such as healthy food, health care, and a safe and satisfying place to live.
Contribute to your emergency fund today, or make a plan to start one if you haven't already.
- Jennifer F.Flourishing
This is so timely. Right now in my life, I wish I had put MORE into my emergency fund, but I'll have to make do. I'll be more diligent about this in the future.
- Gaynor E.LeafingLevel 316
I forgot to do my DC yesterday! What a nitwit! I checked other people's challenges, and made comments.... and completely forgot about mine. Good thing I wasn't in a pact.
I don't have an emergency fund as such. I do have a fund which is mainly for travelling, so that when the opportunity arises for me to go and do a trip that I really want to do, I can jump in and just do it. I am careful with the funds, though - they're certainly not limitless. But it feels good to have a little money in reserve, which I guess can be used should an emergency arise.
Have a great day, DCers, and remember to do your challenge!
- Meisha R.LeafingLevel 69
I have a plan set up that automatically moves $50 from my checking account to my savings (emergency fund) every month. I pretend like my savings isnt even there so it is nice to have a bit of security there.
Denise C. replied June 15, 2012 at 0:26 UTC:
Alisha A. replied June 15, 2012 at 1:55 UTC:
Yup, we put ours in a bank that makes us travel to get it. It's not right around the corner, so out of sight out of mind. I feel like I can gamble safely and say, "Let it Ride!"
And know it will be there when the need arises, and pray we don't go through the unemployment again to need it!
Menno V. replied June 15, 2012 at 14:33 UTC:
That's a great idea!
- Kate S.Flourishing
I'm on the right track, YEAH! I looked into my savings plan and used a clacutlator to come up with what I needed to save monthly to reach my goal of 28k in our emergency fund. It will take 4 years. Yikes! But I'm increasing my contributions today.
I have a new pact partner starting tomorrow with Lavada-Sunny and I am so looking forward to it. We get to pick a theme and I think between our combined challenges it could about 'Money-walks' or something. (I need a nap.)
Show moreAlisha A. and others posted 4 replies.
Jt Jim M. replied June 15, 2012 at 11:46 UTC:
Fantastic. I need a "fear and courage money challenge" to take a look :-) kidding but not 100%. Impressive that you are being so proactive and healthy!
Julie N. replied June 15, 2012 at 13:49 UTC:
So important to plan for retirement and that is why we are retired and very young. My hubby was single until age 45 and we don't have kids so he was able to retire at age 55 and everything is paid for and we have our nest egg to live on. Not as much as he made while working but the stress of our jobs combined with the changing pension laws made the decision to retire an easy one.
- Alisha A.LeafingLevel 216
Not such a good morning, but trying to keep a smile on my face. : ~ ) It looks like we will be dipping into our emergency fund. Go figure, the oven and the refrigerator have decided to not work. Our repair man is kind enough to fit us in later this morning. You know things happen in 3, so what else will break?
We have this emergency fund. We depleted our savings when my husband lost his job in 2009, unemployed for a year. Used up every hidden dime we had. Now we are back on track, trying to stay focus on that as well as rebuilding the 6 month safety net. I don’t know about the 6 months, ours took a year!
Anyway, I found it easier for my brain to have multiple accounts…I like to look once and see where we are: Golf, Tax, Medical, Savings, Vacation, R.A.B. (revolving annual bills), Golf Reserve and Savings at a credit union (safety net). Money is transferred automatically into these accounts. You ask why two golf acct? The first one is the actually funds used within the year with ATM card, the reserve account will be there to replace it every year. We haven’t had time to golf this year, so the unused portion will be transferred into vacation. The RAB is the total of the car ins., home ins., property taxes, DMV registrations, flood ins. and maintenance bills we pay. I totaled up those bills divide by 12 to come up an automatic transfer. When I need to pay one of those bills, we have the money. No more borrowing from Peter to pay Paul.
Budgeting is a work in progress. Someday, hope there will be less to worry about and pay. Wouldn’t that be nice!
I hope today will simple fixes, positive thoughts. Everyone have a nice Thursday!
Show moreJessica Z. and others posted 2 replies.
Gaynor E. replied June 15, 2012 at 1:27 UTC:
Great post, Alisha. Good luck with the fridge and oven repairs today, and if the third thing does happen, I hope that it is small.
Alisha A. replied June 15, 2012 at 1:49 UTC:
I think it started with the termites, we are going to do DYI. We watch Mike Holmes! The two were fixed right away, $226.89. I thought it was going to be worse.
I hope this is it. Thanks!
- Ruby S.LeafingLevel 143
An emergency fund = peace of mind.
My goal is to keep at least $3,000 in my savings account. It's there right now and holding steady. Next payday I'll put some more in there.
Warm thoughts, DC friends!
Alisha A. replied June 15, 2012 at 1:59 UTC:
Yeah, I was shooting for something smaller, like $2000.00 for emergencies. But todays stove and refridgerator took $226.89 out of it. Bummer!
- Fae R.BlossomingLevel 49
Have one started after depleting funds at the time of recent wedding! It's not as robust as I would like, but I'm on the right track! Good challenge!
- Jessica Z.BranchingLevel 190
Since my funds were totally depleted while my hubby was away, I'm finally to a point where I can start saving again as he will be back home on Saturday after being gone over a year waiting for his visa!
Martha S. replied June 14, 2012 at 22:28 UTC:
Yeah Jessica. I am so happy for you!!!
Alisha A. replied June 15, 2012 at 2:03 UTC:
Yeah, yeah, yeah, I too am happy for you. We just went through that too, ours 1 year and 4 months. It's not easy living apart. But, let me say you will have adjustments of living together again. My husband has been back for 3 months, and we are still trying not to step on each other toes. It is wonderful having him in bed to cuddle.
I am here for you if you need me.
Jessica Z. replied June 15, 2012 at 4:39 UTC:
Thanks Alisha! We have alot of adjustments to make as I had to sell my car and some other stuff to make ends meet while he was gone. Now we have the gas guzzling behemeth of a truck that he will use for work which we will carpool in with the girls!
- Melinda H.LeafingLevel 243
I have 2 savings accounts - one that has a monthly transfer from checking to build it up. It technically is the emergency fund, but some funds are also used for travel. The 1st savings account is held at an internet bank so it takes a couple days to get funds. Money coming out of that account take forethought. The second savings account just has a small amount in it for easy access with the ATM card. I think I will set up a monthly transfer to the second account so it will build up as well. Thanks DC for setting me on a better path!
Alisha A. replied June 15, 2012 at 2:04 UTC: