2 people want to do this.

set up an emergency fund


 

How to set up an emergency fund by mindgraffiti

"Finished! We now have $1,000 set aside for unexpected expenses/real emergencies."

How I did it: I looked for a high-yield, online-only savings account. ING Direct has this awesome family & friends referral program, so I visited a personal finance blog to find someone who had a link. The referral program is great- you sign up and open a savings account with $250 and get $25 deposited to your account, just by using a friend's referral link. They also get a $10 deposit as a thank-you. So far, 4 "friends" have also signed up with my referral links, earning us an additional $40. Very nice! $250 deposit transformed into $65 of free money = $315 total.

After that, I set up a automatic withdrawal. On top of the withdrawal, any money I saved elsewhere in my budget (gas prices dropped - $15 added to savings this week, etc.), I immediately transferred to savings. That way, I wasn't tempted to spend the "found" money.

Lessons & tips: Try reading getrichslowly.org and bargaineering.com for inspiration and motivation. I've been working on my debt reduction for 2 years now, and these are the consistently best places to read for resources.

Resources: Get Rich Slowly
Blueprint for Financial Prosperity
I Will Teach You to be Rich
Generation X Finance


 

Nov 18, 2008, 10:03AM PST | 0 comments


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    sarita1119 is liking the start of a new year.

    Finished! 2 years ago

    We finished funding the $1000 emergency fund this weekend. It’s frustrating to know that the money is not in play, but also comforting to know that it’s there if we have another emergency like we have in the past.

    Sep 09, 2007, 07:56PM PDT | 1 cheer | 0 comments


    sarita1119 is liking the start of a new year.

    Started this last weekend 2 years ago

    We opened up a savings account with the minimum amount to not be charged a monthly fee. We will work this up to $1000 in the next few weeks for our emergency fund. This should cover emergency plane tickets, emergency vet bills, all the things in the past that have put us behind. Then we will work up a larger amount (3 months living expenses) after the bills are paid.

    Aug 15, 2007, 06:26PM PDT | 0 comments


    mindgraffiti

    Saving for emergencies 3 years ago

    I want to save 3 months’ salary as a financial cushion, in case anything happens: car breaks down, I get sick, etc. I’m going to start small…I want to save a small amount every month and build it up gradually (so it hurts less to save for a rainy day).

    Nov 06, 2006, 09:59AM PST | 0 comments



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