what does everyone consider an emergency worthy of the emergency fund $$? i have lots of things in my head...some dire and some not at all. i need some good rules for us before any of it is spent.
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Stephanie, wife to Tim (almost 9 years) and mama to Isaac (3) and Kendall (13 months)
Location: firmly planted in the postmodern pastoral economy
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What Julie said, basically. I am trying to have car repair $ in a separate periodic expense fund, saving $100/month toward it. But until then, a $500 car repair would have to come out of the emergency fund.
Car repair, home repair (water heater breaks, plumbing needs repair, etc). For me, also, if my income dips below a certain point, the emergency fund is to cover that - so covering bills, groceries, and other basics for the month to make up for my income shortfall. It is to smooth out the irregularities of a freelance life. So in that respect, it very well might be that I dip into it for a month and pay for things like clothing, books, or lessons - things that are not technically an emergency. But the cushion gives us the ability to continue to live normally even while our cash flow dips. Technically I guess I have that separate from the e fund. I have the "cushion" in the linked savings account, and the e fund in a separate savings account that is harder to access. Both are skinnier at the moment than I would like them to be but building up.
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We just did spend some of it on repairing dh's car! So grateful we had it to spend. As soon as that was done he had to replace his tires... so we drained it a little more...
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Cristina, wife to the love of my life, mommy and teacher to three beautiful children that light up my life everyday.
I agree with everyone here, too. Car repairs, home repairs that can't be waited for (ie....broken heater in 20 degree weather, washing machine, etc), medical expenses that aren't in the normal budget. Other than that, it's not really an emergency.
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Angela - Mom to Hailey 1.6.97 & Madelaine 5.5.98 & Anna Grace 6.21.04 & Emma Claire 9.2.08
<sigh> ok, can i ask my real underlying question here?
i have the LLL conference coming up as well a SLP conference at which i get my 10 hours of CE i HAVE to have in order to keep my certificate, lisence, etc.
we don't even have money to pay the basic needs at the moment...unfortunately you ALL know that (that's not easy, btw...but a different thread all together...lol).
the SLP conference...cheapest thing i can go to to earn all of my hours for the year. this year...such a blessing...it's in MY hometown. wow...so no hotel or anything. i just have to pay the ummm...can't remember for sure, but it's almost $300 registration. so...of course we're not saving for that or anything else for that matter. but i could use the emer fund. wwyd?
and then there's the LLL conference. i just got accredited as a leader and there is a new leader ceremony on sat. our group will have accredited 4 new leaders by then, so we're all planning to be there...and it's supposed to be special for us all...and all of the leaders will be at the conference and/or ceremony as well to see all of us. then on sunday is a new leader training that i have/need to be at that starts at like 8...1.5 hours away. tim is flexible and would love for us all to go to the conference. a friend and i are planning to share a cabin for $70/night, but she does know that there is a chance we'll decide not to stay all nights. we really want to go up friday morn and stay fri and sat night ($140). i have asked for a scholarship for the $65 (i think...i don't know for sure) registration fee, which is cheap to begin with. full kitchen...each take a night making dinner...no extra food costs really. will take gas to get there. so...$200 at most. emergency fund? (i won't cry if you say to not go, but i'll be close...lol!) just want to hear everyone's thoughts on this too...i think...lol!
<sigh> ok, can i ask my real underlying question here?
i have the LLL conference coming up as well a SLP conference at which i get my 10 hours of CE i HAVE to have in order to keep my certificate, lisence, etc.
we don't even have money to pay the basic needs at the moment...unfortunately you ALL know that (that's not easy, btw...but a different thread all together...lol).
the SLP conference...cheapest thing i can go to to earn all of my hours for the year. this year...such a blessing...it's in MY hometown. wow...so no hotel or anything. i just have to pay the ummm...can't remember for sure, but it's almost $300 registration. so...of course we're not saving for that or anything else for that matter. but i could use the emer fund. wwyd?
and then there's the LLL conference. i just got accredited as a leader and there is a new leader ceremony on sat. our group will have accredited 4 new leaders by then, so we're all planning to be there...and it's supposed to be special for us all...and all of the leaders will be at the conference and/or ceremony as well to see all of us. then on sunday is a new leader training that i have/need to be at that starts at like 8...1.5 hours away. tim is flexible and would love for us all to go to the conference. a friend and i are planning to share a cabin for $70/night, but she does know that there is a chance we'll decide not to stay all nights. we really want to go up friday morn and stay fri and sat night ($140). i have asked for a scholarship for the $65 (i think...i don't know for sure) registration fee, which is cheap to begin with. full kitchen...each take a night making dinner...no extra food costs really. will take gas to get there. so...$200 at most. emergency fund? (i won't cry if you say to not go, but i'll be close...lol!) just want to hear everyone's thoughts on this too...i think...lol!
I'll be honest...I would NOT use your emergency fund for this. Unless it is something that you are earning money from doing, I think you need to save your emergency fund for exactly that--an emergency!
If you need to go to these events, then I would try to make it a day trip (even if that means getting up super early to drive there).
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Jenn
homeschooling mama to my little brood...
~L (1997), M (2001), N (2004) and M (April 2007)~
What happens if you don't get the credits to recertify? What do you have to do then? Is it something that will be easy to get again, or would you have to go through everything from the beginning again?
You're looking at spending half of your e-fund (assuming it's 1000). What would happen if after you did both, you needed a $600 car repair for your dh to get to work? Would you regret spending the money?
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Allison mama to:
DH (lol), Chrissy 15, Mikhail 12, Kiera 10, Kivett 8, Aislinn 6, Alannah 3, and fresh from the oven Kian Oliver-Bell 11/15/07
What happens if you don't get the credits to recertify? What do you have to do then? Is it something that will be easy to get again, or would you have to go through everything from the beginning again?
You're looking at spending half of your e-fund (assuming it's 1000). What would happen if after you did both, you needed a $600 car repair for your dh to get to work? Would you regret spending the money?
oh...it would be SO not fun to lose my certification and/or liscense and have to get it back. i definitely can not lose it.
i think there's no way around either putting the conference on the cc or using the emer fund. i figure at least i won't have to add more/pay more interest if i use up some of the emer fund. it's all coming up too soon to figure out a way to make money for it (but thanks, sandi). i'll just have to be working on putting it back in the emer fund.
the LLL conference? well...if an emer came up and i had spent the money on that. well...<sigh>...i'm so very social and such a learner (hence love conferences like that)...i probably wouldn't regret going. not that i should be that way...it's just true.
but building up.
hon - things are rough right now for us, too. It'll pass. Just keep swimming. 
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