Comments on: Debt Reduction And The Emergency Fund http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Hannah http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-154825 Hannah Mon, 30 Mar 2009 16:59:24 +0000 http://www.ncnblog.com/?p=2308#comment-154825 Ok, that makes sense! Phew, I was wondering how my budget got so out of control! In that case, our numbers are roughly similar. We have enough saved to replace both of our salaries for four months. That said, we consider our Emergency Fund and our Non-Retirement Savings to be one and the same. I hope never to go below 3 months (of both our salaries) in the emergency fund, and ideally I'd like a totally separate fund for other savings goals (i.e. a house someday, maybe a car someday). But in reality, this is just our savings, period. Ok, that makes sense! Phew, I was wondering how my budget got so out of control! In that case, our numbers are roughly similar. We have enough saved to replace both of our salaries for four months. That said, we consider our Emergency Fund and our Non-Retirement Savings to be one and the same. I hope never to go below 3 months (of both our salaries) in the emergency fund, and ideally I’d like a totally separate fund for other savings goals (i.e. a house someday, maybe a car someday). But in reality, this is just our savings, period.

]]> By: NCN http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-154815 NCN Mon, 30 Mar 2009 16:35:45 +0000 http://www.ncnblog.com/?p=2308#comment-154815 @Hannah - The 20K would replace one of our salaries for 6 months... not both... That being said, should we both lose our jobs, we could get rid of all "wants" and simply live on a bare bones budget of just "needs"... @Hannah – The 20K would replace one of our salaries for 6 months… not both…
That being said, should we both lose our jobs, we could get rid of all “wants” and simply live on a bare bones budget of just “needs”…

]]> By: Hannah http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-154814 Hannah Mon, 30 Mar 2009 16:28:34 +0000 http://www.ncnblog.com/?p=2308#comment-154814 $20k is six months of expenses for your entire family? So you spend a total of $40k a year? That's amazing, really low. Where do you live that you have such a low cost of living for a family of five? $20k is six months of expenses for your entire family? So you spend a total of $40k a year? That’s amazing, really low. Where do you live that you have such a low cost of living for a family of five?

]]> By: debt reduction http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-154257 debt reduction Thu, 26 Mar 2009 21:58:52 +0000 http://www.ncnblog.com/?p=2308#comment-154257 Thank you for sharing your story. I have been fighting to pay off my credit cards so much I did not even think of an emergency fund...and I have six children. You have opened my eyes my friend. Thanks much. Thank you for sharing your story. I have been fighting to pay off my credit cards so much I did not even think of an emergency fund…and I have six children. You have opened my eyes my friend. Thanks much.

]]> By: Jason Fisher http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153547 Jason Fisher Mon, 23 Mar 2009 17:09:18 +0000 http://www.ncnblog.com/?p=2308#comment-153547 Nice article and very well put. It is so difficult to get started but once you are out of debt it is such a relief. Nice article and very well put. It is so difficult to get started but once you are out of debt it is such a relief.

]]> By: Bill McCollam http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153347 Bill McCollam Sun, 22 Mar 2009 22:00:42 +0000 http://www.ncnblog.com/?p=2308#comment-153347 Good post. I think there is a huge difference in financial attitude before and after debt. I classify everything while in debt as defensive... (ie consolidated a pay down debt, get a budget etc...). After paying debt down - then it's okay to go offensive (ie save). And counter-intuitively - judicious use of credit is important here to. Eg. http://www.mccollam.com/jakeblog/2009/03/i-aint-got-no-money-honey/ Good post. I think there is a huge difference in financial attitude before and after debt. I classify everything while in debt as defensive… (ie consolidated a pay down debt, get a budget etc…). After paying debt down – then it’s okay to go offensive (ie save). And counter-intuitively – judicious use of credit is important here to. Eg.
http://www.mccollam.com/jakeblog/2009/03/i-aint-got-no-money-honey/

]]> By: kim-information exchange http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153317 kim-information exchange Sun, 22 Mar 2009 15:56:14 +0000 http://www.ncnblog.com/?p=2308#comment-153317 Thanks for sharing this.These days it is so hard to be debt free abut having an emergency fund does helps and should also be a top priority. Thanks for sharing this.These days it is so hard to be debt free abut having an emergency fund does helps and should also be a top priority.

]]> By: RAJEEV @SAVING TIPS http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153294 RAJEEV @SAVING TIPS Sun, 22 Mar 2009 11:24:20 +0000 http://www.ncnblog.com/?p=2308#comment-153294 Great Post.. I belive that the first step in anyones financial planning should be build an emergency fund. Offcourse if you have debt pay it off and then do it. One must have anything between 6 to 8 months of expenses as your emergency fund. Invest it in near liquid instruments like FD, liquid funds etc so that its accessible when you actually need it. Also most important thing is not to use it for anything other than real EMERGENCY... Great Post.. I belive that the first step in anyones financial planning should be build an emergency fund. Offcourse if you have debt pay it off and then do it. One must have anything between 6 to 8 months of expenses as your emergency fund. Invest it in near liquid instruments like FD, liquid funds etc so that its accessible when you actually need it. Also most important thing is not to use it for anything other than real EMERGENCY…

]]> By: Jason @ MyMoneyMinute http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153050 Jason @ MyMoneyMinute Sat, 21 Mar 2009 17:36:13 +0000 http://www.ncnblog.com/?p=2308#comment-153050 I recently blogged about paying off our Saab, our last consumer debt. Now all we have are student loans. Lots of 'em. My question to you would be, would you include your loans as part of the 6-months worth of expenses since they can be deferred if you are unemployed? I'm interested in what people think. I recently blogged about paying off our Saab, our last consumer debt. Now all we have are student loans. Lots of ‘em.

My question to you would be, would you include your loans as part of the 6-months worth of expenses since they can be deferred if you are unemployed?

I’m interested in what people think.

]]> By: Happiness Is Better http://www.ncnblog.com/2009/03/21/debt-reduction-and-the-emergency-fund/comment-page-1/#comment-153042 Happiness Is Better Sat, 21 Mar 2009 17:04:31 +0000 http://www.ncnblog.com/?p=2308#comment-153042 I would consider a 6 month or larger emergency fund depending upon the reliability of your employment. Great post! -Dustin I would consider a 6 month or larger emergency fund depending upon the reliability of your employment.
Great post!
-Dustin

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