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Old 10-22-2015, 04:02 PM
 
Location: Cochise county, AZ
5,101 posts, read 3,576,860 times
Reputation: 10942

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Nygal, that's part of what Dave says. If you can use the envelope system & faithfully put away X# of dollars & not touch it, that then becomes the start of your emergency fund. It's hard to start but once you do & then finally have the money for those car repairs, it's an enormous relief.

 
Old 10-22-2015, 05:06 PM
 
Location: Central NY
4,879 posts, read 3,380,409 times
Reputation: 12638
Quote:
Originally Posted by meo92953 View Post
Nygal, that's part of what Dave says. If you can use the envelope system & faithfully put away X# of dollars & not touch it, that then becomes the start of your emergency fund. It's hard to start but once you do & then finally have the money for those car repairs, it's an enormous relief.
That is the secret, put it away and not touch it till you need it for what you put it aside for.

Sounds like it is working really well for you.
 
Old 10-22-2015, 05:10 PM
 
Location: Cochise county, AZ
5,101 posts, read 3,576,860 times
Reputation: 10942
Yes, I was able to save for the trip I took & have an emergency fund. But, it's not easy & only happened after my bankruptcy. I decided to never let that happen again. It is a lot easier now.
 
Old 10-22-2015, 05:19 PM
 
Location: Central NY
4,879 posts, read 3,380,409 times
Reputation: 12638
Quote:
Originally Posted by meo92953 View Post
Yes, I was able to save for the trip I took & have an emergency fund. But, it's not easy & only happened after my bankruptcy. I decided to never let that happen again. It is a lot easier now.
You are a success and I hope you are able to see that.

I have talked about going bankrupt, but I really don't want to. Probably would make life a lot easier, but right now it just does not feel right to me. I try to go with my gut. Somehow I believe I'll get it paid. How, I don't know!
 
Old 10-22-2015, 05:39 PM
 
Location: Cochise county, AZ
5,101 posts, read 3,576,860 times
Reputation: 10942
Trust me, if I hadn't bought the house, hadn't been laid off & couldn't find a decent job at 55, I wouldn't have done it. My credit cards were almost paid off but the house went from a value of $125k to 56 or 58k & there was no way I could pay for it without a job. I still owed $72k on it. Good luck with that.

But I had the credit cards down to mere hundreds & was paying them off when my world fell apart.
 
Old 10-22-2015, 10:02 PM
 
Location: Cochise County, AZ
1,352 posts, read 866,453 times
Reputation: 2940
Hello all!

I traveled up to Cottonwood today where I met Azdesertbrat at Walmart. Once I got a motel room for today and tomorrow, we went out to dinner and a short tour of Cottonwood, stopping by her lovely home. I must admit that my eyes turned green with envy! She has a charming home. Tomorrow we plan on visiting Jerome.

As I've mentioned in other posts, I won't have internet until the 28th, and only WiFi available till 6 pm and using a Kindle to post to forum or blog is a pita to me.

Barb, I'm sorry this trip didn't work out for you but willing to try for another time.

Missing all the chat but hope to start catching up soon!
 
Old 10-22-2015, 10:04 PM
 
Location: Cochise county, AZ
5,101 posts, read 3,576,860 times
Reputation: 10942
That sounds so delightful! Keep us updated when you can.
 
Old 10-23-2015, 06:32 AM
 
Location: Near a river
16,042 posts, read 19,166,556 times
Reputation: 15656
Quote:
Originally Posted by NYgal2NC View Post
I talked to one of them yesterday whose suggestions were very similar to David Ramsey, the financial guru. Make out envelopes, figure out how much you need and are able to put into each one (all should be labeled, i.e. groceries, gasoline, rent/mortgage, heat, electric, etc.)
We've lived on the envelope system for years. The home heating and property tax envelopes build up cash over the months, so instead of putting that money in the bank to hold, I convert the cash to money orders made out to myself and store them in my safe. For ex, right now I have a $600 money order made out to myself toward paying for next year's heat ($200/month). The cash in the other envelopes like food and utilities get used pretty quickly. I know this is probably seen as an archaic system by some, but it works really well for us esp b/c both of us know where the money is for everything. Important: have a good safe bolted to the floor in an unobvious place, or a wall safe.
 
Old 10-23-2015, 08:01 AM
 
Location: Central NY
4,879 posts, read 3,380,409 times
Reputation: 12638
Quote:
Originally Posted by RiverBird View Post
We've lived on the envelope system for years. The home heating and property tax envelopes build up cash over the months, so instead of putting that money in the bank to hold, I convert the cash to money orders made out to myself and store them in my safe. For ex, right now I have a $600 money order made out to myself toward paying for next year's heat ($200/month). The cash in the other envelopes like food and utilities get used pretty quickly. I know this is probably seen as an archaic system by some, but it works really well for us esp b/c both of us know where the money is for everything. Important: have a good safe bolted to the floor in an unobvious place, or a wall safe.

Thanks RB. Sounds like you have a good system that actually works. I am going to try it this month. Living in an apartment, I can't bolt a safe to the floor or have one in the wall. But certainly can get a smaller one and put it in a reasonably secure place. My problem is having enough $$ left over after I pay bills and buy groceries.
 
Old 10-23-2015, 11:22 AM
 
Location: Prescott AZ
6,183 posts, read 9,242,986 times
Reputation: 11779
I really enjoyed talking to Deelighted yesterday. Let me tell you, she is one gutsy lady. She knows what she wants and goes after it. I feel like a wimp cause I keep waffling back and forth between this and that.

As for the envelope system, I never have any cash. It all goes straight into the bank(s) via internet direct deposit so I never see it. I think keeping it out of my hands is a very good thing.
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