17
TIL my "emergency fund" wasn't an emergency fund at all
Kept $500 in my checking account for emergencies but my car's transmission died last month in Austin and that barely covered the tow. Turns out real budgeting people say you need 3-6 months of expenses. Threw my whole plan off when the mechanic quoted me $2,800. Anyone else make this mistake when they first started budgeting?
2 comments
Log in to join the discussion
Log In2 Comments
anthony9892d ago
Same thing happened to me except it was my water heater that crapped out all at once. Thought my $800 buffer was solid but that barely made a dent in the replacement cost. Really opened my eyes to how fast one big repair can sink your whole system when you're not ready for it.
5
campbell.nora2d ago
My buddy just had his furnace die in the middle of winter, cost him almost two grand to get a new one put in before his pipes froze solid.
3