Don't have an Emergency Fund? Let's support each other and get on a savings plan!

[queenofthehivemomof5]

So about 30% of those who voted in this thread Do you have an Emergency Fund? And if so, how many months worth of expenses do you have saved? voted that do not have an emergency fund. In light of that I though we could do a thread for those that want to start one and would like to have some support in getting started.

Many financial experts recommend an Emergency Fund (EF) to cover expenses for 6 months to a year. I personally lean towards the year mark. In these tough financial times across the nation jobs are sometimes harder and harder to come by. However I also know that that large number looming in front of you can seem like an unobtainable goal and when something seems overwhelming and you don't know where to even start.

But no matter what your financial situation is I think it is important to start the habit of saving and building that EF! It was not that long ago when I was in debt, hubby was injured at work, we blew through what little savings we had, had our car repossessed and had to get food stamps to help us get by for a year. But thanks to couponing, the support and advice of some of my great online friends here at HCW I was able to dig my way out of debt, start an EF and even buy my first house last year (with 20% down and a decent credit score!) and I want to be able to see more of our members have that same sence of accomplishement. It is not always easy, life happens, spouses are not always on board (my DH has a baaaad Home Depot habit!) but it can be done.

I started building my EF with just $5 a week and slowly learned steps to freeing up more money by paying off debt, living frugal, coupoining, rebating, etc and putting in more over time. We now have an EF of a years expenses and I am learning more about other ways to save and trying to learn more about investing.

So the purpose of this long book of a post is who would like to have some support in starting an emergency fund? No matter where you are financially, you are welcome to join in. The only requirement is you need to make a pledge to save X amount of dollars a month. Be that $5 or $100 I just want you to start the savings process. As you move along I hope you will be able to increase that amount and help build your EF.

If you want to join in just post how much you would like to pledge to put in a dedicated savings account and begin an emergency fund. We can encourage each other along the way!

So who's in?

[ILv2Shop]

Bumping a great thread!

[couponmommyof3]

I'm in! A little about me-I'm 28-stay at home mom. Hubby is 25. Married for almost 7 years. We have three beautiful children, ages 5, 3, and 3 weeks old. Hubby works for a small company so there is no health or life insurance, or 401k programs of any sort. We have gotten life insurance and health insurance (high deductible, to keep the monthly payments low). When we first got married hubby's computer crashed. We immediately ran to Best Buy, and got a Credit card. BIG MISTAKE! What follows is what I call the week of our "Credit High". WE ran to every store we could think of and if we got a credit card we maxed it out! Ugh, so stupid! Well, needless to say, we couldn't manage the payments and fell way behind, the bills ended up going to collector's and to this day we still dodge the 'unknown' callers. Now we don't have any open Credit Cards and our credit stinks to high heaven. We do NOT have any kind of savings AT ALL! HUbby actually makes pretty good money but we have bad spending habits. We basically pay our bills (sans credit cards) and then we hit the town and spend almost everything that's left! It drives me batty! We also don't have any kind of retirement or future savings for our kids.

I would appreciate any help I could get to whip my butt into shape!!!!

Thank you for a great idea!

Jahnae

[kval07]

Okay, I'm in. I'll start with $15/paycheck.

[queenofthehivemomof5]

I'm in!

Glad to have you on board Jahnae! I think there are many that can relate! I was 16 when I got my first credit card and I did the same thing...went out and maxed it out, and then the next one and the next one. And never got the hang of how to pay it off and keep out of debt!

How much do you think you can save each week/month/paycheck? Remember any savings is savings!

Okay, I'm in. I'll start with $15/paycheck.

Awesome! Do you get paid bi-weekly? If so $15 every two weeks is a savings of $390 a year which is a great start! And you have to start somewhere!

[nagrom13]

I am in....we do not have an emergency fund.

I pledge $20 a month to start...

[notsyourbeezwax]

I am in. I started an emergency fund a few months ago, $100 per month. Right now I have $60 in the fund. A new air conditioner and an emergency dentist visit have taken their toll. BUT, I paid for both of those in cash, which is the point of having the savings to begin with. So, I will continue to commit to $100 per month.

When I started, I set goals. The first step is to have enough to cover all of my expenses (rent, utilities, car payment, car insurance) for one month. I can live on my stockpile for quite some time, so I would not need much of a food budget. Once I acheive that goal, I will try for 3 months. And so on, until I get to 1 year.

I have to get a handle on money. That means no credit cards, no impulse purchases, strict budgeting. I have lost 2 jobs in the last 3 years, and while things have gotten better, I am still only earning about 80% of what I made 3 years ago. I blew through my savings in the 6 months I was out of work then, and have just gotten to the point where I can keep all of my bills paid on time, and still have money to save.

Thanks for starting this thread, I will do better with support and accountability.

[SLP99]

I'm in...we have a small emergency fund, but I'd like to get one year's worth of savings together. Quick question....I hear lots of people say three months of savings, six months of savings, etc. My husband and I both work, so when we are looking at saving 'a months worth' are we looking our combined salaries or one of our salaries? My jobs 'fairly stable' (knock on wood), but hubbies could go to India in a few years...

Anyway-I'm in for $200/month...great idea for a thread!

[rosalynsmom]

I'm in. We have had a $1000 before but it always get spent in a few months. I'm commiting to $20 a week for now.

[couponmommyof3]

How much do you think you can save each week/month/paycheck? Remember any savings is savings!

I will start with $40 a paycheck, so $80 a month. :)