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So I had to tap into my emergency fund today for the first time. Little more than $2500 Now I'm trying to figure out how (or even if) I will pay myself back. Save more each month (or just keep saving what I always do and forget about it). I'd have to make some significant lifestyle cuts to pay back quickly.
So I'm just curious what others do/have done. When you pull money from an emergency fund, how, or do you pay it back?
There was a reason for you to have that amount in your emergency fund. If that reason still holds true, it's better to bring the balance up to that amount asap, even if it means inconveniencing yourself for a little while.
Good luck.
I cut back on retirement contributions and reduced all spending to an absolute minimum until my emergency fund was replenished. It's okay if you tell yourself it's just a temporary thing you have to do.
What are your monthy expenses? What's left in savings?
There is $28k left in the emergency savings. I really want more there (my goal is $55k-- a little more than a year's expenses). Without running down each expense, I save about 34% including retirement and this short term, easy access emergency account. I put $700 a month into the emergency fund. I have about $200 per month in fun money (what I spend on eating out with friends, movies, books, etc). I could cut back on that to save more. Maybe save half of it for $800 per month. But that will still take 3 years to resave the $3600.
I cut back on retirement contributions and reduced all spending to an absolute minimum until my emergency fund was replenished. It's okay if you tell yourself it's just a temporary thing you have to do.
And I just increased my retirement savings two months ago when I got a raise! Lol. But that's an intriguing idea.
There is $28k left in the emergency savings. I really want more there (my goal is $55k-- a little more than a year's expenses). Without running down each expense, I save about 34% including retirement and this short term, easy access emergency account. I put $700 a month into the emergency fund. I have about $200 per month in fun money (what I spend on eating out with friends, movies, books, etc). I could cut back on that to save more. Maybe save half of it for $800 per month. But that will still take 3 years to resave the $3600.
You have more than 6 months worth of expenses in emergency savings. I see no need to rush to put it back unless it just makes you feel good. It doesn't seem necessary
I think you should continue to deposit $700 into your fund and leave it at that. What is the point of making money if you cannot have a little fun? I have a "me" fund of $200 per month. It is for my monthly needs and wants.
You have more than 6 months worth of expenses in emergency savings. I see no need to rush to put it back unless it just makes you feel good. It doesn't seem necessary
You are right of course. For me it's just a feel good thing. It like I'm addicted to saving the way some are addicted to shopping. I have a really hard time seeing that savings number go down.
Quote:
Originally Posted by goodlife36
I think you should continue to deposit $700 into your fund and leave it at that. What is the point of making money if you cannot have a little fun? I have a "me" fund of $200 per month. It is for my monthly needs and wants.
I was kind of think that too. I want to save, but I also want to live life a little. Like I just told Lowexpectations, I think it's just a feel good thing for me.
You know what's illogical about me. I have a hard time seeing that savings go down, but I have no problem watching my 401k and Roth go up and down with the market.
Lol! It is an emergency fund. You had an emergency and the funds were available to take care of the issue. That is a good thing. Keep on saving as you normally do. You have a 401k and Roth? That is great. It sounds like you are doing well. Balance is important.
I worry about savings too. It is my largest expense each month but I am far from my goals.
I just noticed that you have more reps than posts. I guess your posts are quality.
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