One of our financial goals this year has been to build up a big, solid, emergency fund. I know they say 6-8 months of living expenses is optimal- We're around 4-6 right now.Sometimes I hate our emergency fund.
It's so unsexy (not that I'm this fabulous sexy person with this insanely cool lifestyle, but you get the point). It just sits there, gaining a bit of interest, untouchable. Sometimes, I want to sneak away with a chunk of it and take a vacation. Or get a fabulous highlight/haircut. Or buy some nice clothes. Or... or... or... but I don't. I respect it, and leave it alone.
Well yesterday, I was freaking glad it was there.
My husband got notified that he'll have to take some furlough time this summer (read: forced unpaid vacation). While I'll be glad to have him around (for a week at a time), the "unpaid" part caused me to drop a few F bombs. I've been quite candid with our budget being snug, so it's clear that losing a chunk of it hurts. Bad.
However, after a few deep breaths and a couple of hysterical sobs, I pulled myself together and got over it. Then, I gave big time thanks to God (and Dave Ramsey) for our rock solid (albeit unexciting) emergency fund.
So here's a big endorsement for the e-fund. If you haven't already, get one going. It doesn't have to be huge in the beginning- just commit a certain amount every month. We set up an automatic transfer to an ING account where the balance doesn't tempt us. Don't have an ING account? Email me and I'll send you a referral code- they'll give you $25 for signing up (and they'll give me $10 for referring you- and let's be honest- I could use it!).
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6 comments:
So sorry to hear Katy! It will all work out though. We all have ups & downs. I have that stupid Miley Cyrus song in my head now - "The Climb" - oh goodie. Lucky me...
Send me a link to ING! People keep talking about it and what's one more bank account in the grand scheme of things?!
Katy,
Just a lurker here and fellow Dave Ramsey follower. So glad you have your unsexy e-fund to fall back on. I have one too, but I will switch it to an ING fund if you send me the info. smacqueen_65 at msn dot com
we have a baby e-fund right now, but looking for grow it for sure. i'm interested in looking into the ING - my email is aimeejf at hotmail if you want to send me the link. :-)
I am SO thankful for my boring emergency fund! My husband lost his job in January and still doesn't have any prospects. So many times I thought about investing that money in something with higher return etc., but through procrastination and a little fear, I never did. Having liquid assets has been a Godsend to us. As we approach five months with no income, panic sometimes comes at me, but I did have quite a bit socked away. Phew.
I hope that your hubby's furlough ends up being a positive thing (projects getting done, quality family time etc.). Good job on being prepared.
What a nightmare! I'm so sorry that you are going through this. I'm happy that you were smart enough to be prepared though. I hope that things go ok and you make a quick recovery.
I have no idea what your email address is so hopefully this gets to you. I looked at ING and will be opening an account and would like the referral code. Let me know at mice152 at gmail dot com.
Thanks!
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