Comments on: Want an emergency fund? Keep these things in mind http://sensetosave.com/2008/06/02/establishing-an-emergency-fund/ Sun, 14 Mar 2010 19:16:20 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Kacie http://sensetosave.com/2008/06/02/establishing-an-emergency-fund/comment-page-1/#comment-9967 Kacie Mon, 02 Jun 2008 23:03:52 +0000 http://sensetosave.com/?p=903#comment-9967 I like the idea of having a visual aid as you're working toward goals. I'm still toying with numbers, but I think as soon as we finish our emergency fund, we'll set up separate accounts in ING for gifts, travel, a second car, and other things that pop up in life (not to mention the retirement accounts and saving for a down payment. Oy.) I like the idea of having a visual aid as you’re working toward goals.

I’m still toying with numbers, but I think as soon as we finish our emergency fund, we’ll set up separate accounts in ING for gifts, travel, a second car, and other things that pop up in life (not to mention the retirement accounts and saving for a down payment. Oy.)

]]> By: Marie http://sensetosave.com/2008/06/02/establishing-an-emergency-fund/comment-page-1/#comment-9964 Marie Mon, 02 Jun 2008 22:52:58 +0000 http://sensetosave.com/?p=903#comment-9964 We had 14K saved until we switched gears when we moved out of state and purchased a home. We just got back up to 3K. It will stay there until we have finished attending family events, going to see family for Christmas, paying for my spouses last class to graduate, and buying a second car. Then we hope to fund it to 12K. Its that second car thats going to take a very long time as our family wants a minivan to accomidate our kids. We did the color in the squares for our house downpayment. Worked on it for 6 months. But I hated it - it didn't work for us. Because the things ws in the shape of our goal it often was colored in wrong. Since it took too much time to moniter we bagged it for our current goals. We have thought of just doing a rectangle like companies do when they are trying to get something funded through donations (the thermometer picture). Much easier to keep track of what should be colored in and if its filled in appropriately. We had 14K saved until we switched gears when we moved out of state and purchased a home. We just got back up to 3K. It will stay there until we have finished attending family events, going to see family for Christmas, paying for my spouses last class to graduate, and buying a second car. Then we hope to fund it to 12K. Its that second car thats going to take a very long time as our family wants a minivan to accomidate our kids.

We did the color in the squares for our house downpayment. Worked on it for 6 months. But I hated it – it didn’t work for us. Because the things ws in the shape of our goal it often was colored in wrong. Since it took too much time to moniter we bagged it for our current goals. We have thought of just doing a rectangle like companies do when they are trying to get something funded through donations (the thermometer picture). Much easier to keep track of what should be colored in and if its filled in appropriately.

]]> By: Sally Ann http://sensetosave.com/2008/06/02/establishing-an-emergency-fund/comment-page-1/#comment-9957 Sally Ann Mon, 02 Jun 2008 21:05:01 +0000 http://sensetosave.com/?p=903#comment-9957 Great post, Kacie! We started contributing to our emergency fund when we first got married in Feb '07. It's been awesome to see it grow--nearly 60% there! Once we reach our goal (six months expenses and income), we'll refocus that monthly contribution to other accounts that we've been slowly building (house down-payment fund, vacation fund, etc). It's almost like a game, and I love it! Something we haven't tried yet but love the idea of is having a visual of your goal. Say you're trying to pay off your mortgage...draw/sketch the outline of your house on an 8x11" sheet of graph paper. Count up all of the squares inside the outline and divide your total mortgage by that number. So if your mortgage was $150,000 and you had 300 squares, each square is worth $50. Color in all the squares that you've paid off so far, and continue to do so as you make additional payments. Stick it up on the fridge as a constant reminder. Then when you want to spend $100 frivolously, you'll think "wait, that's two squares!" We heard about that from Joe Sangl (http://www.josephsangl.com/) a Christian financial advisor that works with a church we went to in Anderson, SC. We're planning to use the "fill in the squares" bit for our house down-payment fund. Can't wait! <em>Sally Ann's last blog post..</em><a href='http://samertens.wordpress.com/2008/05/30/road-trip/' rel="nofollow">road trip</a> Great post, Kacie! We started contributing to our emergency fund when we first got married in Feb ‘07. It’s been awesome to see it grow–nearly 60% there! Once we reach our goal (six months expenses and income), we’ll refocus that monthly contribution to other accounts that we’ve been slowly building (house down-payment fund, vacation fund, etc). It’s almost like a game, and I love it!

Something we haven’t tried yet but love the idea of is having a visual of your goal. Say you’re trying to pay off your mortgage…draw/sketch the outline of your house on an 8×11″ sheet of graph paper. Count up all of the squares inside the outline and divide your total mortgage by that number. So if your mortgage was $150,000 and you had 300 squares, each square is worth $50. Color in all the squares that you’ve paid off so far, and continue to do so as you make additional payments. Stick it up on the fridge as a constant reminder. Then when you want to spend $100 frivolously, you’ll think “wait, that’s two squares!”

We heard about that from Joe Sangl (http://www.josephsangl.com/) a Christian financial advisor that works with a church we went to in Anderson, SC. We’re planning to use the “fill in the squares” bit for our house down-payment fund. Can’t wait!

Sally Ann’s last blog post..road trip

]]> By: Sarah F. http://sensetosave.com/2008/06/02/establishing-an-emergency-fund/comment-page-1/#comment-9953 Sarah F. Mon, 02 Jun 2008 20:24:04 +0000 http://sensetosave.com/?p=903#comment-9953 We have had our baby emergency of $1000 in ING for several months now. We're in debt reduction mode, so I'm hesitant to start to add more monthly, or at least an amount that I would like-$100 or so- a month b/c we want to get rid of the debt. However, since most of our deductibles are $1000 or more, I really want to contribute more. I think we'll start with $10/month just to get the ball rolling, and add more as each debt is cleared up. Great post! We have had our baby emergency of $1000 in ING for several months now. We’re in debt reduction mode, so I’m hesitant to start to add more monthly, or at least an amount that I would like-$100 or so- a month b/c we want to get rid of the debt. However, since most of our deductibles are $1000 or more, I really want to contribute more. I think we’ll start with $10/month just to get the ball rolling, and add more as each debt is cleared up. Great post!

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