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Home > Oh so THAT'S what an emergency fund is for!

Oh so THAT'S what an emergency fund is for!

June 13th, 2014 at 12:42 am

Big storms last night sent a tree branch through the roof of our pop-up camper. I saw that the branch was down, but DH was out of town and it was still storming, so I stayed inside with the kids. Turned out there was a 4x4" hole in the roof that the rain continued to pour into all night and into this morning Frown DH is home now and covered the camper with a tarp, and checked our insurance policy, and at least we only have a $188 deductible. I can think of better things to do with that money, but you gotta do what you gotta do!

Posted in Debt, Personal Finance | 7 Comments »

7 Responses to “Oh so THAT'S what an emergency fund is for!”

  1. creditcardfree Says:
    June 13th, 2014 at 01:00 am 1402621240
    1402621240

    Yep, sounds like a good use of an EF. Quite a low deductible. At some point you might want to raise that so your premiums will decrease. Only do this is you have an EF to cover the increased deductible.

  2. frugalredhead Says:
    June 13th, 2014 at 01:35 am 1402623324
    1402623324

    We looked at it last year actually, and to raise our deductible from $188 to $500 would only save $12 a year (we pay $200 a year). Definitely worth it to keep it where we are!

  3. snafu Says:
    June 13th, 2014 at 01:47 am 1402624034
    1402624034

    Why is it that horrid, once in a blue mood problems always happen when DH is out of town! Hope they can fix the roof of the pop up to keep it water proof.

  4. scottish girl Says:
    June 13th, 2014 at 09:10 am 1402650607
    1402650607

    That's definetly good use of an EF.

  5. creditcardfree Says:
    June 13th, 2014 at 02:47 pm 1402670830
    1402670830

    You might look at much larger deductibles, it is true you won't see the big change in premiums with a small change in the deductible amount. Again...glad you have the EF!!

  6. SecretarySaving Says:
    June 13th, 2014 at 03:12 pm 1402672375
    1402672375

    That's a little scary when things like that happen and DH is out of town and you don't really know what to do. Glad you guys stayed inside and were safe. Think before you had an emergency fund. Are you so proud that you have one now? When you have money set aside you don't see the need to use them as much as if you didn't. Are you working the Dave Ramsey program?

  7. frugalredhead Says:
    June 14th, 2014 at 02:48 am 1402714086
    1402714086

    I am using a modified Dave Ramsey program - doing the debt avalanche instead of snowball, and don't have quite the emergency fund he says to have. I have so much credit card debt that I would rather put that $1K towards the debt, which is accruing interest, and then take my chances on having to charge something IF it happens. But I did have a few hundred dollars in a savings account which is like my "mini" EF. Will be glad to gt it fixed so we can camp again, my kids were so disappointed to cancel our Father's Day camping trip! Frown

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