{ 6 trackbacks }

$1500 Reduction In Property Tax Help Your Friends And Neighbors | The Passive Dad
September 25, 2008 at 6:41 am
Consumers Spend Less And Economists Say It’s Bad For Economy | The Passive Dad
January 14, 2009 at 6:02 am
California Tax Refund Could Be Paid Via IOU | The Passive Dad
February 2, 2009 at 6:04 am
Teaching Kids about Investing: A New Princess Doll Or College?
March 8, 2009 at 12:48 pm
Help Jump Start The Economy And Buy A New Car You Can’t Afford | The Passive Dad
March 13, 2009 at 2:05 am
50 Blogs with Tips on Increasing Savings | SavingAccountsRates.com
July 29, 2010 at 5:44 am

{ 5 comments… read them below or add one }

1 lulugal11 June 27, 2008 at 6:46 am

Hey whatever you can put into your savings is good. I started my emergency fund putting only $1 a month. Yes, just $1. This was at a time I was a student and making about $450 a month. So $1 was all I could afford.

I slowly increased that amount over the months and worked up to a hefty $7 a month. :-)
My emergency savings grew slower than most people, but hey it was still growing and I was getting lovely interest from ING so it was all good.

I think you just need to get into the mindset of savings and it will work out. A lot of people who say they have no savings are just afraid because they see people talking about putting $300 a month in savings but they do not have that amount to set aside.

They don’t realize that they can start with just $1 and no one will judge them. The $1 builds up a mentality of savings and then it becomes easier to save. Good that you and your wife were able to work on it together because the support really helps.

2 Kacie July 3, 2008 at 2:22 pm

Absolutely! Without even a little bit of savings, one little thing can just wipe you out.

My husband and I have been married for a little over a year. For the first half of our marriage, we aggressively paid off our credit cards. Now, we’re building a six-month emergency fund.

With every dollar we add, I feel a little more secure.

If folks get really intense about achieving a goal, be it getting out of debt or building up savings, they’ll be surprised at how fast you can make the money fly!

3 Scott July 8, 2008 at 2:54 pm

@lulugal Starting is the hardest part. I thank you for sharing your ideas.

@Kacie A 6 month emergency account would be fantastic to have. That would cover most emergencies and then some.

4 Mary September 23, 2008 at 3:32 am

We follow Dave Ramsey but my husband did not agree with only having 1K in an emergency fund while we paid off our consumer debt. At first I balked, but after an expensive car repair, he won me over.

His advice is to have enough to cover a major car repair plus the heating system on your home (if you are a home owner.) I think everyone has to tweak this for their own circumstances. 1K would have been enough when we were in college but once you have kids, cars and a home, things get more serious.

For us, 5K was the minimum until we paid off our consumer debt. It saved our necks several times.

5 laura k July 1, 2009 at 4:35 am

I agree that an emergency fund is essential, but I’m not sure a broken dishwasher qualifies as an “emergency.” How about washing dishes by hand until you can save up enough to buy a new dishwasher? It might use a little extra water, but you can make it a family event, and in the long run, isn’t spending time together as a family what matters?

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