I'm climbing out of debt, two steps forward and one step back at a time. So I have the Dave Ramsey $1K baby emergency fund. This spring, I doubled it to provide myself more of an emotional cushion. And... as seems to happen along the road to de-debting myself, my car needed a big repair so I pulled the extra $1K out of my EF. It's the second time I've really needed to dip into the fund. I basically will do anything NOT to use that money, even if it requires squeezing water from a stone. But since I'm not master of the universe (yet), yes, I sometimes have to dip into it.
Well, technically no one can be a hero, but articles like this are a lot better than the constant reminder of how poor you are, how messed up the economy is, and how a politician got caught with his "wiener" out (a horrible pun, I know). Instead of taking time out to analyze a metaphorically based positive article about being a better citizen and person, why don't you try to be a real superhero. So you can find a toxic waste dump and roll around in it, or take the message from this article and DO something positive for yourself and others...
My emergency fund has $1 in it right now. There used to be much more until I used it for a down payment on a house. I'm trying to rebuild the fund now.
What is the minimum for a "decent" standard of living? It's something that's really hard to talk about, because everybody's situation and perspective is so different. I wrote about that here:
Thank you! Your comment was very timely. I have it a point where frugal habits have begun to become an integral part of my life, yet I am not fully "there". I know that my spending challenges have a direct correlation to my emotions. I have made it a goal to not crack under pressure and your article reminded me of why I need stick with it!
Hello Philip! My name is Melissa and I keep up with your blog daily :) I work for a prepaid card company called Mango. While you're absolutely right that many prepaid cards do charge a lot of fees, our company strives to give very reasonable rates because our mission has a dual bottom line. We want financial inclusion, and we believe it's possible to build a successful business as a financial services provider that competes on innovation rather than price and profits from serving the financial needs of customers over time, not one fee at a time. We also think that it's imperative in today's marketplace, one with growing numbers of underbanked, a proliferation of choices to the consumer, yet a demand for more options, that we offer transparency, convenience, and value. We provide a high yield savings account, mobile payments, and investing with with as little as $25. We invite you to check out our fees at www.mangomoney.com and our blog at mangomoney.com/blog
Yes, always! I've had one ever since I was old enough to work a job. My parents taught me to keep at least $1,000 in savings to cover emergencies and it's stuck with me!
It is also worth noting that if you lose a prepaid debit card or it gets stolen, notifying the issuer and getting that money back can be tricky. For those with existing bank accounts, it is a different story since they have an ongoing relationship with the bank.
I loved the article about how to negotiate gym membership this summer. Also, I have found that knowing what competitors in the area are charging helps a lot. For example, a gym in my area once offered me a membership price 60% lower than what they were charging because I told them that I would go to their competitor (whose price was much lower). Make sure that you know what other gyms in the area are charging for new members.
I think what we sometimes fail to take into account is that life becomes more expensive with every waking moment. I'm a 23 yo recent college grad, and living beyond my means translates into living at an appropriate/basic level. I barely make enough to qualify as the working poor. With more financial demands, rising costs and a lackluster job market, "living beyond means," has become a regular part of life.
We can all make budget cuts but when do we say enough is enough? If I took any more substantial budget cuts, I would be living in gov't assisted homes, in a not-so-great part of town. The factors that come along with that scenario (influence of environment, location, safety, etc.) is enough to make me want to continue with this "lifestyle I cant afford." It's unfortunate, yet this is what happens when decisions from the upper status quo affect the Joe Smoes'!
I started out with a decent size emergency fund but changed it over to a CD ladder which now acts as my emergency fund. This is still being built little by little but the idea is it will be able to last me 12 months with now problems.
Since reading a post on The Simple Dollar about making homemade yogurt, that's been a Sunday project every week. It's incredibly simple, but the total time needed is 13 hours. I'm also a big granola making fan. Have a recipe with a lot of dry ingredients, so I take the pre-prep even further and dish out enough dry ingredients for three batches into different bags, so it can also be done more easily on a weeknight. Often may crock a batch of beans overnight as well.
I can't get a still because I don't have ANY of the supplies but I'm going to make a solar still which will take longer but it should have the same effect!
yes we have an emergency fund. we budget everything. having an emergency fund is important so we dont blow that budget. we once had to use it to bury a family member :(
Yes, I have an emergency fund.
I'm climbing out of debt, two steps forward and one step back at a time. So I have the Dave Ramsey $1K baby emergency fund. This spring, I doubled it to provide myself more of an emotional cushion. And... as seems to happen along the road to de-debting myself, my car needed a big repair so I pulled the extra $1K out of my EF. It's the second time I've really needed to dip into the fund. I basically will do anything NOT to use that money, even if it requires squeezing water from a stone. But since I'm not master of the universe (yet), yes, I sometimes have to dip into it.
Well, technically no one can be a hero, but articles like this are a lot better than the constant reminder of how poor you are, how messed up the economy is, and how a politician got caught with his "wiener" out (a horrible pun, I know). Instead of taking time out to analyze a metaphorically based positive article about being a better citizen and person, why don't you try to be a real superhero. So you can find a toxic waste dump and roll around in it, or take the message from this article and DO something positive for yourself and others...
Oooh, I love a fella who knows not just how to tie a tie, but how to do it with a bit of flair.
tweeted https://twitter.com/#!/prizepuzzle/status/81043282070732802
Yes, I have a fund. I like to be prepared.
You bet, just wish it was growing at a much faster rate. When it reaches a certain number I plan to take out some of the money to invest.
My emergency fund has $1 in it right now. There used to be much more until I used it for a down payment on a house. I'm trying to rebuild the fund now.
Oooh, I've always wanted to try making my own yogurt. I'll have to check out that post.
What is the minimum for a "decent" standard of living? It's something that's really hard to talk about, because everybody's situation and perspective is so different. I wrote about that here:
http://www.wisebread.com/a-decent-standard-of-living
You might also be interested in a post a wrote a while back with practical advice on raising your standard of living:
http://www.wisebread.com/raise-your-standard-of-living-by-focusing-your-...
Olivia,
Thank you! Your comment was very timely. I have it a point where frugal habits have begun to become an integral part of my life, yet I am not fully "there". I know that my spending challenges have a direct correlation to my emotions. I have made it a goal to not crack under pressure and your article reminded me of why I need stick with it!
Hello Philip! My name is Melissa and I keep up with your blog daily :) I work for a prepaid card company called Mango. While you're absolutely right that many prepaid cards do charge a lot of fees, our company strives to give very reasonable rates because our mission has a dual bottom line. We want financial inclusion, and we believe it's possible to build a successful business as a financial services provider that competes on innovation rather than price and profits from serving the financial needs of customers over time, not one fee at a time. We also think that it's imperative in today's marketplace, one with growing numbers of underbanked, a proliferation of choices to the consumer, yet a demand for more options, that we offer transparency, convenience, and value. We provide a high yield savings account, mobile payments, and investing with with as little as $25. We invite you to check out our fees at www.mangomoney.com and our blog at mangomoney.com/blog
Another thing that you should ask the credit counselors is what type of certifications that they hold.
Most good credit counselors are going to have credit counseling certifications from-not just one-but several accreditation organizations.
Yes.
Yes, always! I've had one ever since I was old enough to work a job. My parents taught me to keep at least $1,000 in savings to cover emergencies and it's stuck with me!
It is also worth noting that if you lose a prepaid debit card or it gets stolen, notifying the issuer and getting that money back can be tricky. For those with existing bank accounts, it is a different story since they have an ongoing relationship with the bank.
We have a small emergency fund, but not enough stability int he rest of the budget to prevent it from being raided even for non-emergency items.
I loved the article about how to negotiate gym membership this summer. Also, I have found that knowing what competitors in the area are charging helps a lot. For example, a gym in my area once offered me a membership price 60% lower than what they were charging because I told them that I would go to their competitor (whose price was much lower). Make sure that you know what other gyms in the area are charging for new members.
I think what we sometimes fail to take into account is that life becomes more expensive with every waking moment. I'm a 23 yo recent college grad, and living beyond my means translates into living at an appropriate/basic level. I barely make enough to qualify as the working poor. With more financial demands, rising costs and a lackluster job market, "living beyond means," has become a regular part of life.
We can all make budget cuts but when do we say enough is enough? If I took any more substantial budget cuts, I would be living in gov't assisted homes, in a not-so-great part of town. The factors that come along with that scenario (influence of environment, location, safety, etc.) is enough to make me want to continue with this "lifestyle I cant afford." It's unfortunate, yet this is what happens when decisions from the upper status quo affect the Joe Smoes'!
I started out with a decent size emergency fund but changed it over to a CD ladder which now acts as my emergency fund. This is still being built little by little but the idea is it will be able to last me 12 months with now problems.
Since reading a post on The Simple Dollar about making homemade yogurt, that's been a Sunday project every week. It's incredibly simple, but the total time needed is 13 hours. I'm also a big granola making fan. Have a recipe with a lot of dry ingredients, so I take the pre-prep even further and dish out enough dry ingredients for three batches into different bags, so it can also be done more easily on a weeknight. Often may crock a batch of beans overnight as well.
I can't get a still because I don't have ANY of the supplies but I'm going to make a solar still which will take longer but it should have the same effect!
http://twitter.com/#!/ReneeAChapman/status/80985610977935360
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yes we have an emergency fund. we budget everything. having an emergency fund is important so we dont blow that budget. we once had to use it to bury a family member :(