Aug 10 2011

Can you write a check for $1,000?

I’m a bit concerned at this news story about how 64% of Americans don’t have enough cash to cover a $1,000 emergency.

Survey respondents said they’d sell items, borrow from someone, take a cash advance on their credit card, or skip other debt payments to come up with the money. Yikes.

Thinking about how many people would be in a serious jam if a simple emergency popped up makes me a lot more worried than I am about the crazy roller coaster stock market.

I think Dave Ramsey’s first baby step of saving $1,000 for emergencies is so key. It prevents you from having to borrow from others or take out high-interest cash advances or the like. It gives you some breathing room.

If you don’t have that $1,000 starter emergency fund sitting there in your bank account at the ready, why not?

What can you do to squirrel that money away as fast as you can?

The global economy is uncertain. We have to make our own finances as stable as we can.



6 Responses to “Can you write a check for $1,000?”

  1. I surprised myself, but I realized that since I was 14, I’ve always had $1,000 or more to my name.

  2. Leah, that is awesome!

  3. I remember the first time we put $1000 into savings – savings that wasn’t already earmarked for something – it was an amazing feeling! One I wanted to keep growing. With a family of 6 I quickly decided $2000 made more sense and for years that is what we kept it until we were out of debt. It just was such a secure feeling knowing we had at least a little bit of money set aside.

  4. We were pretty much living paycheck to paycheck until we both got big raises by moving to a bigger town. Yet, even when we had to be soooo careful I insisted that we have 2 months worth of bill payments saved before getting pregnant. We managed to get that much together, and thankfully by the time the baby came we had saved far more. We don’t have a bunch of different funds for varying needs or wants. We have a savings account and a checking account. Generally, when the savings account doubles what we’ve determined to be our “saftey net” amount, we put the “extra” towards student loans…the last debt (other than the house) that we have! This system has worked really well for us so far!

  5. It is so amazing what $1000 can save you from! And what an amazing sense of security that $1000 can give you if you have been living in debt. Even though our debt situation wasn’t very dire…I remember when we first set the $1000 aside for a true emergency fund…I never felt so relieved. We did have to use it on more than one occasion…and I remember how urgent I felt needing to replenish it! Now we have two savings funds going, since we finally paid all our debt off except for the house. One is the $1000 emergency fund the other is just a regular savings that we are trying to build into 6 months of living expenses. It’s such a small thing that makes such a big difference!

  6. We’ve had a medical emergency almost drain our savings accounts twice now. We have medical insurance, but opt for a high deductable. When we don’t hit the deductable, great! But when we do, I’m so glad we have the emergency money set aside. The last thing I want to worry about in the emergency room is money.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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