Frugal | Avoid Going Into Debt When Disaster Strikes

Avoid Going Into Debt When Disaster Strikes

Posted by Lynnae on September 19, 2007

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You’re at home on the weekend getting caught up on the chores. You wipe down the sink, sweep the floor, and then open the dryer to fold the clothes. That’s when you realize that something is terribly wrong. Your clothes are still wet. You don’t have an emergency fund. What are you going to do?

No! Don’t reach for that credit card! Don’t open a line of credit at Sears! Try these things first.

There are other places you could check for a solution, like your local paper, eBay, or even an auction house. The point is that it’s important to carefully think through your options when you have an emergency. Too often when something breaks, we have the urge to run out to the store immediately and charge the purchase on our credit card. After all, it’s an emergency. Something broke, and we can’t live without it.

But often we can live without it, at least temporarily while we save money to replace it. So the next time you have an emergency, don’t automatically reach for your credit card. Think through your options, and choose the most frugal one. And build up your emergency fund as quickly as you can, so you aren’t tempted to use your credit cards in the first place.

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Comments

13 Responses to “Avoid Going Into Debt When Disaster Strikes”

  1. Hilda on September 19th, 2007 10:08 am

    “Too often when something breaks, we have the urge to run out to the store immediately and charge the purchase on our credit card.”

    Yep, that is so true. Our lawn mower just broke and our first thought was to find the best deal around thinking we’re being frugal. I totally forgot to check out Freecycle or CL first, although I gave away a bunch of stuff through those sites before.

  2. Paula on September 19th, 2007 10:25 am

    Our previous thinking was “well, it will cost at least 100 for them to come out and repair it, let’s just spend 500 on a new one” Ugh, how horrible! LOL.

    I got so lucky last year when my washer broke. I was prepared to use my savings to buy a new washer, but someone at my dh’s work had one up at their shop that was brand new/never used, but it was over 3 years old. It’s much smaller than I would like, but it was FREE and it works great. I’ll use that one till it breaks then re-asses my situtation.

  3. Heidi on September 19th, 2007 11:39 am

    Great tips, but don’t forget that when you are more fortunate, that YOU can help others out too. :)

  4. Lynnae on September 19th, 2007 11:44 am
    Paula and Hilda, I have so been there!

    Heidi, you are absolutely right. I think that even when our budgets are cut to the bone and we feel like we don’t have anything to spare, we need to be thinking about how we can bless others. It not only helps others, but I think it helps our own attitudes when we are constantly thinking about what we can give, rather than what we can get.

  5. Pinyo on September 19th, 2007 4:18 pm

    Great tips. You are absolutely right about the impulse to just run out and buy a new one.

  6. Kristin on September 20th, 2007 7:59 am

    Words of wisdom. Fortunately, my hubby is very handy, so he can often fix stuff when it breaks. He was the state small engine champion in 9th grade, after all. :) We also have bought several used appliances over the years. It’s a really good option. My husband had been dying to buy a deep freeze for ages, and then he came across a friend selling one for 50 bucks. Perfect! A Habitat for Humanity ReStore just opened in our town, and I’m so excited about it! Lots of towns have them, and they usually have perfectly good appliances people took out of their houses when renovating.

  7. Lynnae on September 20th, 2007 8:01 am
    I never thought of the Habitat for Humanity ReStore for appliances! I’m going to have to check ours out! Thanks for the tip, Kristin!
  8. Moneymonk on September 27th, 2007 3:59 pm

    Why not just go to the laundromat !

  9. Lynnae on September 27th, 2007 5:55 pm
    That would work, too!

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