I should have an emergency fund worth WHAT?
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Original Post
OK, just venting. We're broke. I mean brrrroke. Counting dimes and pennies to get milk for the kiddo this morning. Shameful, embarassing, and not by choice or wasteful spending. And a quick clarification, I have plenty of food to feed my daughter, she wont starve, no need to call child services...
I called my mum. Not asking for money. Got a lecture about having an emergency fund with at least 6-8 months extra cash.
HA! We both work. I work three P/T jobs and am home with my 4 year old as much as possible. We don't go out on the town, we don't eat out at restaurants or buy takeout. I make home meals and pack lunches. I am losing weight because I'm not eating trying to stretch the food budget. We don't go on road trips. We don't buy new clothes unless our daughter absolutely needs something.
My husband has a good job, but unfortunately the economy has slowed the surveying business and he hasn't had a full pay cheque since December.
We're selling our "junk" I sell on etsy. We're doing small jobs for neighbours.
Where in the hell am I supposed to come up with an emergency fund? We pay our bills on time. Well most of them. We no longer use credit cards. We are litterally OUT of money and its days until payday. WTF?
Posted at 1:07pm Apr 27, 2009 EDT
Responses
6-8 months extra cash? That's some daydream!
I make good money and still have trouble saving more than a few dollars a month.
I signed up for Bank of America's 'Keep the Change' which, when you use your debit card, rounds up to the next dollar and puts that money in a savings account. Could you do something sneaky like that on your own - like, keep a big jar and when you've shopped or anything, put the change into it? I also only keep quarters in my wallet, and the rest goes into my coin jar.
Please don't feel ashamed or embarassed...there's lots of people in the same boat.
Posted at 1:12pm Apr 27, 2009 EDT
welcome to my world. Been working for 20 years and I have only made 22 grand a year ONCE. The other 19 years, I've made LESS THAN 20 grand.
how in the world am I supposed to have money in the bank when I'm not paid what I should be paid?
and I'm single, no kids and live at home. So less "expenses" but still have bills, like car insurance, endless car repairs no thanks to driving "beaters" for years, now I have a car note, etc.
Posted at 1:12pm Apr 27, 2009 EDT
Suze Orman says you should have 9 months worth of expenses in the bank and live on half your paycheck. I'd like to know how the eff anyone can do that.
Posted at 1:14pm Apr 27, 2009 EDT
safe to have at least 3 months of your cost of living saved up. If you cant do that right away take whatever you have leftover your budget at the end of the month divide by 2, put half towards debt the other half into savings.
Posted at 1:14pm Apr 27, 2009 EDT
Suze Orman is a dirty liar and a lot of her "advice" has been proven to be massively hypocritcal.
Posted at 1:15pm Apr 27, 2009 EDT
My emergency fund blew up when the stock market incinerated. Just like alot of people's savings went "poof".
So, tell your Mom that the reality is that you're doing better than most because you both have jobs.
Posted at 1:15pm Apr 27, 2009 EDT
tastelike...Suze Orman can kiss my butt...her money was tied in T-Bills, and it wasn't until this fiasco happened that she started pushing her T-Bill idea...
Posted at 1:17pm Apr 27, 2009 EDT
TeaandStrychnine says:
Suze Orman is a dirty liar and a lot of her "advice" has been proven to be massively hypocritcal.
________
Really? I hope so because she makes me want to jump off a cliff. That last time she was on Oprah she said this blasted recession will last until 2015. I'm already depressed every damn day that I can't sell my house and move where I want and now I'm facing a layoff. Her info and advice is whackadoodle at best.
Posted at 1:18pm Apr 27, 2009 EDT
my goal is for hubbs and I to each be able to put one whole paycheck a month into savings
Posted at 1:18pm Apr 27, 2009 EDT