Saving for emergencies

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Replied by FrankN on topic Saving for emergencies

Other ways to save for emergencies:
-save paper money and coins into an emergency fund
-find extra work like Uber or yard work
-cut down on discretionary spending for 1-6 months to build an emergency fund
1 year 4 months ago #1

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Replied by FrankN on topic Saving for emergencies

CentsibleSaver wrote: Has anyone here tried credit card insurance protection? If so, how did it pan out? If you can't afford an emergency fund on your salary, get a side job of some sort. It can be babysitting, tutoring, mowing lawns, just anything to bring in a little extra money.


I am using a lot of the online freelance websites like Upwork. It has been great!
1 year 11 months ago #2

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Replied by CentsibleSaver on topic Saving for emergencies

Has anyone here tried credit card insurance protection? If so, how did it pan out? If you can't afford an emergency fund on your salary, get a side job of some sort. It can be babysitting, tutoring, mowing lawns, just anything to bring in a little extra money.
2 years 4 days ago #3

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Replied by Joker on topic Protect your emergency savings

Agreed. Even if it is just $10 in months that are tight and more when things are better, at least you have something in case of a catastrophic event like your transmission goes out or the like. I have been caught more than once with my pants down, so to speak and I learned to save even when it is rough.
2 years 4 days ago #4

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Replied by FrankN on topic Protect your emergency savings

Insurance is definitely one way to cover for emergencies. I agree that not having money aside can be stressful, but if you start putting a way even a few dollars a month, that can add up over time.
2 years 10 months ago #5

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Replied by amieestahl on topic Protect your emergency savings

I have an insurance policy that will cover medical emergencies. I struggle to set aside money otherwise, with so many other expenses that need my attention. I give myself anxiety attacks when I think of having no extra money set aside for hard times.
2 years 10 months ago #6

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Replied by FrankN on topic Protect your emergency savings

Insurance can really be helpful in certain situations. You just want to make sure you aren't over-insured.
3 years 4 weeks ago #7

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Replied by Egghead on topic Protect your emergency savings

Hi, I was talking about insurance policies which cover things like car payments, pretty much anything you are buying on credit, heck even pet insurance is a lifesaver when you are in a financial pinch. I think you can also insure yourself against being so sick you can't work for a while, so you'd get some income from that.
3 years 7 months ago #8

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Replied by Breakinger on topic Protect your emergency savings

I think this is the year that I am going to start saving out for emergencies. Up until now this is something that I haven't had the opportunity to do. I think that saving for six months seems more realistic than saving out for a whole year. I'm pretty sure that is why I have always gotten discouraged in the past.
3 years 7 months ago #9

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Replied by 2darnbroke on topic Protect your emergency savings

What kind of insurances would this be? The only thing I've ever heard of is mortgage insurance, which is a good idea particularly if you don't have any real equity yet, but it sounds like you're talking more than that.
3 years 7 months ago #10

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Replied by ChrisB on topic Emergencies

Great point, as this helps those who think they will never reach their goals. Makes it much more attainable!
3 years 7 months ago #11

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Replied by FrugalFran on topic Emergencies

If you feel you aren't in a position to save six months of your salary, something else to consider is that you may not need six months of your full salary. So many people give up and write it off as an impossible goal, but if you calculate what you need to live for six months, you may find it's less than you thought and it may seem more attainable. For example, if you take home $5,000 a month, some quick math would tell you that you need $30,000 and that may seem like a pipe dream. But if your bills and essential expenses add up to only $3,500 a month, you can drop that number down to $21,000. It doesn't give you much wiggle room for extra emergencies, but looking at the lower number could help lift any mental block that is making it seem like an impossible goal.
3 years 7 months ago #12

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Replied by Egghead on topic Protect your emergency savings

To be honest it's not something I ever gave much thought to before a friend had to take several months off work to recover from surgery. He was able to avoid any financial pressure, despite a huge drop in income, due to having strong insurance policies.

I know the monthly premiums may seem like an extra burden, but they are obviously worth it if something unexpected happens.
3 years 7 months ago #13

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Replied by Wanderer on topic Protect your emergency savings

Hmm ... good point. Slipped by me!
3 years 8 months ago #14

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Replied by FrankN on topic Protect your emergency savings

Great point! Insurance can be extremely helpful in emergency situations and can help cover unexpected LARGE expenses that you have no way of paying. This is a great point that I did not think of.
3 years 8 months ago #15

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