Save, Save, Save Baby Step One

Posted March 14th, 2007 by MamaArcher 3 Comments »

Baby Step 1: Your Emergency Fund $1000 in the bank or $500 if your annual income is under $20,000 a year.

Murphy’s Law: Whatever can go wrong will go wrong, and at the worst possible time.

When Murphy comes knocking who is there to take care of things? Your credit card or maybe a relative?? You will find that if you have an emergrncy fund for when those emergencies arrive you can simply pay for things and not have a crisis! When car trouble comes you will find you will not have to have a money crisis as well you simply pay for the car trouble.

KEY: Decide ahead of time with your spouse what constitutes an emergency and then only use your EF for those things if they should arise.

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3 Responses to “Save, Save, Save Baby Step One”
  1. tAnYeTTa Says:
    March 15th, 2007 at 6:59 am

    $1000 Emergency Fund? Wow, we’re in big trouble! :(

  2. Kristine aka MamaArcher Says:
    March 15th, 2007 at 5:44 pm

    Tanyetta,
    I had the exact same feeling when we first began FPU. I thought there was absolutely no way. But we did eventually get there and it is a wonderful feeling. Murphy has come knocking and we have had to replenish it a few times. Please do not get discouraged just keep plugging away at it, see if there is any where you can trim and squeeze your budget. I will be posting a few tips on how to do this probably later today.

    By the way, I love the picture of you and your little one, ADORABLE! You are definately blessed!

  3. Alipurr Says:
    March 19th, 2007 at 8:05 am

    We went through FPU, and still do lots of things strictly cash, and had already stopped using credit cards before we took it. When my hubby lost his job almost 3 yrs ago, that really knocked us for a loop, and we have been on quite a roller coaster since. He is self employed now, and our budget is ever changing and ever evolving. Unfortunately, the emergency fund depletes as soon as we start building it….so we always feel we don’t really have one. Most of the time now, God is our source for wisdom, and He is our emergency fund, and we have found Him faithful and full of mercy for us…..thanks for the reminders about FPU…when things get rocky, it is hard to focus on what is important….