For the first time in MY WHOLE LIFE I have maintained an emergency fund. It’s sad to admit that I have never been a very good saver. Since the hubby and I have decided to take on Dave Ramsey’s baby step program we have been able to keep our “baby” emergency fund of $1000 in the bank. Yay!
Last week I was cleaning my kitchen and I had my coffee pot out on the counter and the cord was hanging down to the ground. (Yes I am a mom of two young boys I should have known better.) And you guessed it, my one-year old came over and yanked on the cord and pulled down my coffee pot and of course it broke. So my husband was kind of excited because he immediately thought that his cheap wife would let him buy a keurig. I knew there was not $150 in the bank account that could go towards the keurig.
My coffee pot breaking was an eye opener for me because it felt like an emergency!! I too have had my eye on a keurig. I just haven’t been able to justify the expense because I already had a coffee pot that worked just fine! But now that it was broke, it could have been a good time to upgrade. But where would that money come from if we purchased a keuirg? My emergency fund? It felt like an emergency. But it really wasn’t… so I went out and bought a $25 coffee pot that would do the job.
So what would I be willing to spend my emergency fund on? What constitutes a true emergency? Here are a few things came to mind that I would consider to be emergencies versus what would not be considered a true emergency.
- Getting a nail in your tire and it needed to be replaced asap VS. Knowing your tires are wearing down and they will need to be replaced soon.
- Washing machine breaking down VS. The dishwasher brakes and you could wash dishes by hand until you save for a new one.
- An unexpected medical emergency VS. A scheduled annual exam copay.
- A car accident happens and you have to pay a deductible VS. Knowing your premiums are due and you didn’t save for them throughout the last 6 months.
Hey, life happens and sometimes we forget about regularly scheduled expenses, if that happens and you have to use you use your emergency fund don’t beat yourself up about it. Use your emergency fund and work hard to put the money back into the savings account and then try to plan out your expenses better in the future!
What would you consider spending your emergency fund on?