Editor's Note: Congratulations to Rebecca R., C. Enderle, and Robin for winning this week's contest!
Everyone goes through financial rough spots. Whether you lose your job or have an unexpected expense, sometimes you end up having to spend more money than you budgeted for. Some people are prepared for these financial rainy days while others choose to just take things as they come.
Do you have an emergency fund? Why or why not? Have you ever needed your emergency fund for a financial rainy day?
Tell us if you have an emergency fund and we'll enter you in a drawing to win a $20 Amazon Gift Card!
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If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.
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Good Luck!
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Yes! My wife and I have a small emergency fund and are working our way up to a 3-6 month funded plan. Can't wait to get there!
Not really. I have an account where I keep all of my available capital. It is flush right now, but when we buy a rental it drops significantly. We always try to keep maybe $5000 minimum on hand, in case something were to need replaced at a house exactly at the time of purchase on a new property.
Yes! I started my emergency fund about 7 years ago and it completely changed my finances because I never have to worry about them anymore.
Yes, we have an emergency fund! I don't think I'd be able to sleep at night if we didn't.
I have an emergency fund, prior to having one, if an emergency came up it went on a credit card. Don't do that anymore.
I have an emergency fund! My bank account requires a minimum balance to avoid any charges - I try to forget about that money but I know that it's there in case of an emergency!!!
Sure do.
6 months with no change in lifestyle, probably 8-11 if we start really squeezing.
just started one last month! (only 1% of my income, but at least it's something!)
gratefully, yes, but not quite as big as we'd like
Currently no - everytime I've managed to accure a decent savings it has been wiped out (minor accident, change in insurance to "high deductible", etc.).
Yes, I maintain an emergency fund to cover at least 6 months of expenses.
I certainly do. Life's curve balls would bowl me under if I didn't.
Yes, I have an emergency fund. It's come in handy on several occasions. Until I reformed my bad financial habits, things like emergency room copays went on a credit card and took at least 3-4 months to pay off. Now it's not an issue. Phew!
Yes I do have an emergency fund. With having one income it is easier that way when emergencies come up. I feel more secure that way too.
yes i do! it makes life so much more stress-free (financially)
i like wisebread on facebook
tweeted http://twitter.com/#!/oshkoshbgosh123/status/80649046024396801
Yes, we have an emergency fund. I never thought I had enough money to save enough for an emergency fund--then I lost my job less than a year after buying my first house/mortgage (I was single at the time). It was truly frightening--my total unemployment benefits were less than my monthly mortgage payment and I was out of work for 5 months. I scraped by, but as soon as I became employed again my first goal was building that emergency fund. I can't believe how much less stressed I am by having that money in the bank. Right now our fund is at the lowest I can tolerate it (6 months of living expenses) -- my husband and I agreed to move a portion of our emergency fund into our house down payment so that we could put 20% down. But we both agree that keeping the emergency fund "healthy" is as big a priority as contributing to our retirement funds and paying our other bills.
I don't have an emergency fund but I really really wish I did. I just don't have any money at all :(
Yes!! We're working on getting our emergency fund up to several months of necessities, but we're not there yet. We put money into it every month, rain or shine, and it does keep growing, slowly but surely. It's nice to have a cushion of cash on top of the money we save for car repairs, bills, etc...
Sort of. I have a fund for car maintenance and repair which takes care of car emergencies. I also have one for home maintenance and repair. I have a fund for large expenditures (like vacations, computers and furniture) which could be used for emergency travel or unexpected opportunities. I have a (tiny starter) fund for health issues which could help with expensive illness or injury (plus I have a lot of sick leave saved up at work).
I do not have a fund for unexpected unemployment (though I could siphon money from the other funds). This is because I've had a stable job but a) it's not as stable as it used to be and b) I'm wanting to escape, so I wish I had one of these funds and will start building one when my mortgage is paid off (later this year).
And yes, I have used these funds for things like replacing the central air conditioning, replacing my computer, taking care of car repairs, visiting a friend while she had a postdoc in Switzerland, etc.
Yep! About six months worth.
Yes, it's not too big though. I need to work on increasing it. The good thing my e-fund is at ING bank (an internet bank) so I don't have easy access to the money.
We are working on getting it up there!
Yes we do. It's been very difficult to maintain with my husband in school, but it's saved us more than once.
Not really--I mean we are mostly paycheck to paycheck with no backup/emergency money---but that is definitely a goal we are working towards :)
We did have one, until my husband lost his job. Can't wait until he finds a new job so we can build it back up!
Yes, I have an 8 month fully funded emergency fund! :)
We have an emergency fund and if the recession doesn't come to the end soon my emergency fund will :D
i follow on twitter @pittsy82 and tweeted http://twitter.com/#!/pittsy82/status/80654797228879873
I "LIKE" you on fb (Nicole Pitts)
Already a fan of you on FB! :)
http://twitter.com/#!/helyn4/status/80655118307045376
We do! A small one now, but we're trying to grow it to six months! But we also save for house projects, vacation, etc.
I do have an emergency fund
http://twitter.com/#!/AngelMom037/status/80655843107934208
like your facebook page
http://twitter.com/#!/bobisyellow/status/80654796117393408
Yes, we do have an emergency fund that would cover 2-3 months of expenses. We want to have 8 months of emergency fund though. It's a slow process to get there.
yes we have an emergency fund
Yes, had one for many years now!
yes we do and thankfully we have not had to dip into it that often
It's only been in the last six months that I created an emergency fund. My income has always been unstable and the money was never available to put any away... in the last six months my income went up and my first priority was building a fund... happy to say I will reach my targeted amount this month.
Yes, a small one, that we now need to tap into, as i lost my job 2 wks ago.
Yes, I have an emergency fund. Thankfully, I haven't figured out what defines an emergency!
Tweeted on twitter. http://twitter.com/#!/1bets1/status/80658362458587136
I used to have an emergency fund, but found if I had money, the kids (28 and 30) always needed financial assistance, so other than about $2,000, I don't.
I try to keep an emergency fund of about $1000 Bucks in the bank. This usually will be able to cover most mishaps (car issues, hospital visit etc). It may sound like a lot of money to set aside for some but there are a lot of little changes you can make to add up to a chunk of change!
i have an emergency fund which will support my current lifestyle for 16 months. and it didn't just show up. i sacrificed a LOT to build it up. buying food only on sale for 2 years, never eating out, no cable tv, cutting out AC use, the list goes on. it was hard-earned/saved
Yes, and I'm glad that it's finally up over the $1000 mark, though it needs to continue to grow. The only way we've been able to continually save is to put an automatic deposit into an ING account. Any other savings has been needed...and blown... :(
We don't have an emergency, but we are hoping to build one once we get a little more on our feet.
I also "Like" on Facebook.
I have a Baby emergency fund and it has saved me on several occasions. Prior to this, "emergencies" would go on a credit card. Debt free is the way to be!
I have an emergency fund! I will have savings of 6 months soon, and I think I'll stop there for now since my job is steady in the foreseeable future.
I have an emergency fund that accommodates for SOME urgent situations: emergency car repairs, emergency housing (hotel stays in the event of a fire or natural disaster). We've had to use our emergency fund for two major car repairs this year. Without that money on hand, we wouldn't have been able to afford the vehicle repairs or the rental car we used to get to and from work.
Everything else, we deal with it as it occurs and fortunately nothing drastic has happened to require our use of any additional funds.
We have about 8 months saved...shooting for more.
Yes, but it's not where it should be yet. My husband and I are working on getting 6-8 months worth of expenses saved up. Currently, we have only 2-3 months worth saved. We're expecting to be there by January.
It's currently saved as part of our high-yield checking account with our credit union, but once we have enough we are planning to move it to our straight-up savings account. It won't be quite as liquid but still plenty accessible in case of an emergency.
Between car and house things, I tend to have about $5000 in emergencies every year. Having an emergency fund (which I keep funded) means i can pay for these in cash when they hit! It alleviates much stress
Yes, we have about 10 months worth of savings in a Money Market account. Luckily we haven't had to use it recently, but there have been times when we've needed to dip into it for unexpected costs.
YES! Still not sure how much to have in it, tho
I do, although it isn't as big as I'd like it to be...yet :-)
Yes, I have an emergency fund. As shaky as the economy still is in my area. For me its imperative to have one
Wise Bread FB Fan C.j. Jennings
Yes, we have an emergency fund, which is mostly comprised of money left over from our "wedding" and "furniture" funds.
Forgot to mention that I also liked your post on Facebook!
I liked your post on Facebook.
Yep..it's necessary nowadays.
Right now, no.
I wish I had a fully funded emergency fund, but it keeps getting depleted. At least it has been a buffer to keep me from using credit cards or other high interest debt.
I have one, though it's been hit pretty hard lately. We had a cross country move and a ton of home repairs which drained the bulk of our emergency savings. Though, I am very thankful that we had it (and am more motivated than ever to build it back up).
Also, just "liked" you on FB!
Tweeted my answer too! http://twitter.com/#!/wenzday01/status/80664920827506688
Absolutely - about 6 months.
We don't have an emergency fund yet but I've added it to our budget for next month at 10% of our income.
I like you on FB.
My husband and I keep at least $1,000 on hand at all times but we generally have closer to $3,000 between our "padding" in the checking account, and our little vacation fund.
I do. I always try to save as much as I can. I've fortunately never had to use much of my rainy day funds, but you never know what can happen. I always like to have enough for a "same-day" plane ticket in case I need to leave right away for a family emergency.
I do have an emergency fund... some retirement money if I have to, and about $5000 in a savings account for overflow cash and/or education, loss of employment emergencies, etc.
I have 3 months emerg. fund.Working on 6 months.
i'd love to say i have an emergency fund, but i can't. in fact, this past friday my husband (and the sole wage earner) moved out so the whole money thing is crazy right now.
am going back to school next month and looking, looking, looking for a part time job... then again, who isn't these days?
Yes - my husband and I have started banking my salary and we're living on his. It's only been a month so we'll see how long we can make it without dipping into savings!
We do have an emergency savings account, which we add to every two weeks (on pay day). However, we are pulling from it constantly as we pay down our credit card debt (we aren't using our credit card at all, so it is indeed being paid down). The account isn't above $1,500 or so until the card is paid off, which should be by summer's end, at which point we hope to add to until we have six months of living expenses stashed away. ~Elizabeth
Can't afford to have one!
Yes. We have a 6-8 month emergency fund.
"Liked" you FB page!
Tweeted
http://twitter.com/#!/goonyburd/status/80695939102281728
Sure do! And building it up more and more every month!
I just have a savings account with no designated purpose that I can draw from during an emergency.
We had an emergency fund, but we had to transfer the last of it into our checking account this morning to cover some unexpected expenses (tires, brakes, a medical bill). We'll (hopefully) start building it back up again in July.
In a perfect world I would have an emergency fund. Unfortunately I do not live in a perfect world!
Yes - we have an emergency fund. So important to have if you don't want to go into debt.
Yes, we have an emergency fund but we want more, closer to 8 months. It's always on the goal list.
like on facebook
tweeted http://twitter.com/#!/Mama2Goosie/status/80710766885482496
Yes. Five times my annual income. Could not sleep otherwise. How about you?
Yes. We could comfortably live on it for 3 months, or scrimp and make it last 4 if we had to. I'd like to build it up to 6 months worth of expenses, but I've taken a break from saving for it to max out my IRA.
I do have one! But, it's got nearly nothing in it =0(
Yes, we have an emergency fund that we luckily have not had to use yet!
I don't have a true rainy day fund, but I do have liquid savings that could be accessed for any reason - want or need.
I tweeted! http://twitter.com/#!/carrotrunr/status/80719950653816832
hells yes. never touch that money