Thursday, July 8, 2010
Using that Emergency Fund
The past couple of years have been scary seeing people loose their jobs, their homes, everything they have worked for. So I decided to get out of debt as fast as I can. I have been following Dave Ramsey's snow ball plan. The first step is to save $1,000.00 emergency fund. So I did and thank goodness I did.
My 93' Honda (252,000 miles) had to go into the shop for a timing belt, water pump, and head replaced. I struggled with even fixing it or not, but when I thought about the price of new cars and fixing mine, the decision was easy. Less than three months worth of a new car payments I have my Honda fixed and running great. I'm sure glad I had that emergency fund saved up.
Now it's back to square one to rebuild that emergency fund and still pay off the credit card debit. I know I can do it if I stay focused on my goal to be DEBIT FREE.