Comments on: Step 3: Fully Funded Emergency Fund

By: Crystal @ Counselor Mom

Crystal @ Counselor Mom — Tue, 28 Jun 2011 19:57:19 +0000

I realized this article is a few years old but the content is still great and valid. I agree with your post that an emergency fund does not mean your full salary for a month, only EXPENSES needed. Some blogs say that an emergency fund is your entire paycheck for a month, which is it not. Thanks for clarifying this.

By: Crystal @ Counselor Mom

Crystal @ Counselor Mom — Tue, 28 Jun 2011 19:55:10 +0000

To me, I would tap into an emergency fund for job loss only. Medical bills can be put on a payment plan. The only thing I can think of as a true emergency is if you lose a job or medical care that expects some kind of payment now…but a health savings account is for that.

By: Greg Roche

Greg Roche — Wed, 25 May 2011 03:33:50 +0000

One of the things I’ve learned that will take some ease off having to use your Emergency fund is to keep up on home and car repairs, dental and doctor bills, and general maintenance that should be performed. I know preventive maintenance often gets crowded out by other expenses but if you do this then things may not become emergencies as often. It’s kind of like the fence on the cliff or the ambulance down in the valley.

By: Greg Roche

Greg Roche — Wed, 25 May 2011 03:17:59 +0000

I think the two things that happened in your life constitute an emergency. I checked dictionary.com and I think your occurrences fit into these definitions:

1. a sudden, urgent, usually unexpected occurrence or occasion requiring immediate action.
2. a state, especially of need for help or relief, created by some unexpected event: a weather emergency; a financial emergency.

If you can pinch a little here and there and make payments, say 50-100$/month on your emergencies that might be a better bet. Usually medical facilities will allow you to make payments or even write some of the charges off. Also, if you work with them they’ll work with you and not charge much interest. This will help you preserve your emergency fund. It’s usually more difficult to get money back into the bank. Good Luck.

By: MoneyPhile

MoneyPhile — Sat, 23 Apr 2011 06:31:51 +0000

Great article. I value having at least 6-8 months of emergency fund saved up. There’s just too many unexpected events which can happen, and building a solid financial foundation is necessary to build a worry free investment portfolio.

– Contender

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By: Ryan @ IQ test

Ryan @ IQ test — Tue, 19 Jan 2010 21:58:02 +0000

You honestly need emergency funds. I cannot tell you how many times I have been thankful to have what I needed when I needed it. Had I not prepared for that I would have been in a whole lot of financial trouble.