Emergency Funds
How much money do you have saved in case of emergency?
No, I’m not asking you to tell me in the comments. But, it is a good question to be asking yourself. For instance, it would have been nice to have a fund to draw on for all those unexpected medical bills last year. It’s hard to stay out of debt when the doctors keep charging me to maintain my good health! Seriously, though, one of my goals in the next year or two is to get at least two paychecks worth of income set aside in case of emergency. Initially, I thought I’d keep it all in a single account, but after reading Use a Freedom Account to Prepare for the Unexpected on the Get Rich Slowly blog, maybe I’ll set up more than one “emergency fund”. Sure, it’ll take longer, but I’ll probably feel safer.
At any rate, the article itself is sure worth a read and gives you something to think about!
Advice from your Uncle Jim:
"Shallow men believe in luck.... Strong men believe in cause and effect."
--Emerson
hmmm, good point.
I put aside money for our bills throughout the year, so I like to think if I REALLY had to get my hands on cash quickly without credit cards, I could use that money. But if I was struck down for some reason, and unable to quickly “regenerate” that money, I think I would then worry about how the bills would then get paid (which is the point of the account, so I don’t have to worry)
Hmmm…
Comment by Dataceptionist — 7/8/2008 @ 11:40 pm