Comments on: How Do You Spend Your Emergency Fund Money?

By: TestubeIQ

TestubeIQ — Wed, 20 Jan 2010 02:18:41 +0000

Those are some really tough questions. I think it is up to the individual as to how you spend your emergency money. I do think it is really hard to justify an emergency when you know that there could always be something more urgent in the future.

By: Roger

Roger — Sun, 15 Feb 2009 23:46:20 +0000

I’m currently drawing down my emergency fund in order help meet ends meet after I was laid off of work. With unemployment and part-time work, it should last well into the summer, when (hopefully) I’ll be gainfully employed again.

As a result of this experience, I’m always going to make sure to have a large enough emergency fund to cover several months of expenses, with extra funds put aside for any large, foreseeable expenditures.

By: Weekly Round Up- CNBC On The Money | Good Financial Cents

Weekly Round Up- CNBC On The Money | Good Financial Cents — Sun, 15 Feb 2009 20:51:21 +0000

[...] How Do You Spend Your Emergency Fund at Studenomics. The Studenomist was gracious enough to mention one of my posts. [...]

By: Suzie Bee

Suzie Bee — Thu, 12 Feb 2009 17:53:34 +0000

@Studenomist: I’m definitely going. I just have to figure out how!

By: Jeff Rose

Jeff Rose — Thu, 12 Feb 2009 17:25:01 +0000

We’ve been lucky enough to not have to touch our emergency fund for quite some time. The most recent time was to pay our architect for our house plans. If things continue, we should be able to reimburse the emergency fund with a little more on top.

By: Studenomist

Studenomist — Thu, 12 Feb 2009 04:30:04 +0000

@Jeff & Frank & Steve & Almost Millionaire Congrats on being able to avoid touching the emergency fund. I hope you guys never have to use the fund.

@Stephanie Don’t feel too bad, as a student it’s difficult enough to have an emergency fund let alone a fun for your automobile. I can’t say from experience but when dealing with your career people have told me to not worry about spending some money here and there because it will pay dividends for a long long time.

@Erin Good job on replacing the fund and you will now be ready if something were to happen in the future, hopefully you won’t have to dip into it ever again.

@Suzie The psychological barrier you mentioned is very interesting because I feel the exact same way. I would rather spend money from my upcoming paycheck then to dip into any of my accounts. As for the Mexico trip two words: do it. Yes I know other pf bloggers will tell you to save it but let’s be honest were probably the same age and my answer is realistic. Interesting enough I will have a post up next week discussing whether experiences are worth the price.

@The Financial Nut No worries man. You will only get married once (hopefully) so don’t feel bad about making it memorable. By the way, do you plan on posting any wedding pictures on your blog?

By: The Financial Nut

The Financial Nut — Thu, 12 Feb 2009 01:54:43 +0000

I spent it on my honeymoon cruise.

Okay- that sounds terrible. It’s partially true. I had money in my IRA that could potentially act as an e-fund while I tried to get married. Buying a ring, paying for a honeymoon, and furnishing an apartment is expensive.

We quickly repented and have a fully-funded efund for 6 months of living expenses.

By: The Almost Millionaire

The Almost Millionaire — Wed, 11 Feb 2009 22:49:00 +0000

Brother,
I hope to never have to use my emergency fund, as I just don’t like emergencies! Steady Eddie is my thing. Anyways, it is SO IMPORTANT to know where your money is and how to get to it fast if need be. I have friends in Houston who literally couldn’t buy anything for several days because they didn’t have access to cash. Crazy times out there. Love your blog, especially the WP Theme…you have good taste!

By: Steve

Steve — Wed, 11 Feb 2009 22:33:35 +0000

I haven’t had to use my emergency fund before. If I did I foresee it to be for either being laid off or to cover an insurance deductible.

By: Suzie Bee

Suzie Bee — Wed, 11 Feb 2009 21:22:00 +0000

I don’t have an emergency fund per se – I call it my “fun money”. It’s for:
i. Unexpected present-buying
ii. Unusually large one-off expenses (e.g. Buying a £60 ticket to see a musical)
iii. Saving up for a big treat for myself.

I want to go to Mexico this summer. I need between £800 and £1000. But I’m not sure whether to touch my fun money. I was planning on buying a new computer. Even if I used it all, I’d still be a couple of hundred short. So I’d need to dip into my proper savings account (affectionately known as the “house deposit fund”).

I never realised before this that I have a huge psychological barrier when it comes to spending money I’ve saved. Once it’s socked away in a savings account, I just don’t want to take it out, even when I’d be spending it on exactly what I saved it for (i.e. having one-off expensive fun!).