Comments on: Why Do We Need an Emergency Fund? http://www.thefrugalrebel.com/2008/10/09/why-do-we-need-an-emergency-fund/ Personal Finance for the rebel in all of us! Fri, 23 Jul 2010 20:39:48 +0000 hourly 1 http://wordpress.org/?v=3.0 By: PizzaForADream http://www.thefrugalrebel.com/2008/10/09/why-do-we-need-an-emergency-fund/comment-page-1/#comment-11 PizzaForADream Mon, 13 Oct 2008 14:23:11 +0000 http://www.thefrugalrebel.com/?p=100#comment-11 You're right about the Emergency Fund. This should be in a savings account or a money market account and should have no part in your investing strategy. We just had a $750 auto repair last week and simply wrote a check from our emergency fund. While ours isn't yet where it needs to be, (min of 3-6 months of expenses) it's a great feeling to no have to use "plastic" to cover these types of emergencies. I recommend Dave Ramsey's Total Money Makeover for a great explanation and a getting out of debt plan that's worked for us. You’re right about the Emergency Fund. This should be in a savings account or a money market account and should have no part in your investing strategy. We just had a $750 auto repair last week and simply wrote a check from our emergency fund. While ours isn’t yet where it needs to be, (min of 3-6 months of expenses) it’s a great feeling to no have to use “plastic” to cover these types of emergencies. I recommend Dave Ramsey’s Total Money Makeover for a great explanation and a getting out of debt plan that’s worked for us.

]]> By: Andrea http://www.thefrugalrebel.com/2008/10/09/why-do-we-need-an-emergency-fund/comment-page-1/#comment-9 Andrea Thu, 09 Oct 2008 18:29:31 +0000 http://www.thefrugalrebel.com/?p=100#comment-9 I was thinking about this recently as well, thinking that I'll bet there are people who are actually thinking about stashing cash in their homes because they're worried about bank failures, and how that might come back to burn them in the rears later. I thought that heck, you're probably better off stocking up on canned goods - at least the size of a can stays the same, even if the value of the money you use to buy it doesn't. I know that's not the "emergency fund" you're really talking about, but ... just something I was thinking about. :) I was thinking about this recently as well, thinking that I’ll bet there are people who are actually thinking about stashing cash in their homes because they’re worried about bank failures, and how that might come back to burn them in the rears later. I thought that heck, you’re probably better off stocking up on canned goods – at least the size of a can stays the same, even if the value of the money you use to buy it doesn’t.

I know that’s not the “emergency fund” you’re really talking about, but … just something I was thinking about. :)

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