Emergency Funds: I’ve Changed My Strategy

A handful of people will remember my post on why I, and people in similar situations as myself, didn’t need an emergency fund. I am not going to disagree with myself, however, I have had a change in my situation since I wrote that a bunch of months back; I bought a new car.

There is a lot to be said for having an emergency fund (which I look at as a “you’ve been laid off” or “someone took a blowtorch to your house” fund), and I didn’t feel the need for one until my car payments kicked in this month. I changed the name of my “new car” savings account to “emergency fund” on ING, and dumped a few thousand dollars in there, giving me about one month of spending, saving and investing (or about 7 weeks of just spending). That’s not bad, but I would like to build it up to 6 months of expenses. That of course will take time.

Why I Now Have an Emergency Fund

The change in my philosophy is purely emotional. I doubt I will need an emergency fund, but with the new car, I fear a day when I can’t afford rent or my car payment. Knowing it’s not likely to happen doesn’t mean I don’t think and feel that it’s smart to have one of these “oh shit!” funds

How Do I Build My Emergency Fund?

The next question for me is how much do I put into the fund each month in order to reach that 6 month goal?  Right now I am going to put $100 a month in there.  At that rate it will take years, in fact, the better part of a decade to build up to my six month goal.  I feel like I should ramp that up a bit, but I am stretched pretty thin with where the my money is being allocated (investments, savings, food, rent, etc.).  Slow and steady is the approach I am going to go with for now, however I reserve the right to alter this saving philosophy whenever I see fit.  Interestingly, Mrs. Micah wrote about this very issue (saving fast or saving slow) in her article for today.  You all should give it a gander.

Where does funding an emergency fund fall on the list of priorities for everyone else?  Should I fund this faster than my trip to Rome I was hoping to take in two years?  Should I focus skip my Roth IRA next year to stack the fund? (Probably a really dumb idea at the age of 25). Let me know your thoughts.

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Emergency Funds: I’ve Changed My Strategy

A handful of people will remember my post on why I, and people in similar situations as myself, didn’t need an emergency fund. I am not going to disagree with myself, however, I have had a change in my situation since I wrote that a bunch of months back; I bought a new car.

There is a lot to be said for having an emergency fund (which I look at as a “you’ve been laid off” or “someone took a blowtorch to your house” fund), and I didn’t feel the need for one until my car payments kicked in this month. I changed the name of my “new car” savings account to “emergency fund” on ING, and dumped a few thousand dollars in there, giving me about one month of spending, saving and investing (or about 7 weeks of just spending). That’s not bad, but I would like to build it up to 6 months of expenses. That of course will take time.

Why I Now Have an Emergency Fund

The change in my philosophy is purely emotional. I doubt I will need an emergency fund, but with the new car, I fear a day when I can’t afford rent or my car payment. Knowing it’s not likely to happen doesn’t mean I don’t think and feel that it’s smart to have one of these “oh shit!” funds

How Do I Build My Emergency Fund?

The next question for me is how much do I put into the fund each month in order to reach that 6 month goal?  Right now I am going to put $100 a month in there.  At that rate it will take years, in fact, the better part of a decade to build up to my six month goal.  I feel like I should ramp that up a bit, but I am stretched pretty thin with where the my money is being allocated (investments, savings, food, rent, etc.).  Slow and steady is the approach I am going to go with for now, however I reserve the right to alter this saving philosophy whenever I see fit.  Interestingly, Mrs. Micah wrote about this very issue (saving fast or saving slow) in her article for today.  You all should give it a gander.

Where does funding an emergency fund fall on the list of priorities for everyone else?  Should I fund this faster than my trip to Rome I was hoping to take in two years?  Should I focus skip my Roth IRA next year to stack the fund? (Probably a really dumb idea at the age of 25). Let me know your thoughts.

519 Responses to Emergency Funds: I’ve Changed My Strategy
  1. Google
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  2. how to use a vibrator
    May 24, 2018 | 8:05 pm

    check beneath, are some completely unrelated internet sites to ours, having said that, they are most trustworthy sources that we use

  3. Laverdaddesnuda.com
    May 25, 2018 | 12:24 am

    always a massive fan of linking to bloggers that I enjoy but really don’t get a good deal of link really like from

  4. http://www.businessindenver.tk
    May 25, 2018 | 3:42 am

    I am constantly invstigating online for posts that can aid me. Thx!

  5. http://www.businessindallas.tk
    May 25, 2018 | 7:44 am

    Hi there, You’ve done an incredible job. I’ll certainly digg it and personally recommend to my friends. I am sure they’ll be benefited from this site.

  6. mp3juices
    May 25, 2018 | 9:26 am

    usually posts some incredibly exciting stuff like this. If you are new to this site

  7. http://www.businessindallas.ga
    May 25, 2018 | 11:05 am

    As a Newbie, I am constantly searching online for articles that can aid me. Thank you

  8. tubidy
    May 25, 2018 | 3:13 pm

    always a massive fan of linking to bloggers that I like but really don’t get a whole lot of link appreciate from

  9. Technology
    May 25, 2018 | 10:51 pm

    Good article and straight to the point. I don’t know if this is really the best place to ask but do you folks have any ideea where to hire some professional writers? Thx 🙂

  10. artist
    May 25, 2018 | 10:52 pm

    you are really a just right webmaster. The web site loading velocity is amazing. It kind of feels that you are doing any distinctive trick. Also, The contents are masterwork. you’ve performed a great job in this subject!

  11. Full Report
    May 26, 2018 | 12:27 am

    Comfortable, as well as economical for an individual which requires a matress in between organization and also smooth many thanks !! I am going to acquire from brentwood once again!

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    May 26, 2018 | 12:50 am

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  13. home idea
    May 26, 2018 | 6:56 am

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  14. home improvement agency
    May 26, 2018 | 6:56 am

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  15. home remodel
    May 26, 2018 | 6:56 am

    Thanks , I’ve just been looking for info about this topic for a long time and yours is the best I have discovered till now. But, what about the bottom line? Are you sure in regards to the supply?

  16. home improvement loan
    May 26, 2018 | 6:58 am

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  17. home improvement era
    May 26, 2018 | 7:00 am

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  19. strongest clit vibrator
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