Comments on: Baby Emergency Fund – Do It Your Way!

By: Bankruptcy – A Solution, A Cop-out, Or An Enabler?

Bankruptcy – A Solution, A Cop-out, Or An Enabler? — Tue, 13 Apr 2010 10:06:32 +0000

[...] Save a baby emergency fund! [...]

By: Wes

Wes — Mon, 29 Mar 2010 05:05:34 +0000

Since my income is less than $10,000 a year, I’m now looking to save a Baby Emergency Fund of $300. I think that making my goal reasonable puts it in reach.

I kept looking at Dave Ramsey’s recommended $1,000 and thought “It will take me ALL YEAR to save that much!”. But $300 is something I think I can do in 2-3 months.

Will $300 cover one months’ expenses? Not quite. But since there is little chance of me actually needing it (I live on SSI, do not own a home, do not use credit cards, and do not drive a car), I feel comfortable that $300 is big enough to be safe yet small enough to attain.

Thank you for providing options! Now I don’t feel like a failure, just because DR’s “Baby Step” of $1,000 is way too much for me.

By: Baby Step One – Starter Emergency Fund | Do You Dave Ramsey?

Baby Step One – Starter Emergency Fund | Do You Dave Ramsey? — Tue, 09 Mar 2010 11:03:34 +0000

[...] Enemy of Debt – step 1 [...]

By: Quick Review: The Total Money Makevover | SELF RELIANCE EXCHANGE

Quick Review: The Total Money Makevover | SELF RELIANCE EXCHANGE — Tue, 24 Nov 2009 17:35:03 +0000

[...] Baby Step 1 – Save $1000 fast for your baby emergency fund. [...]

By: Arturo

Arturo — Thu, 12 Nov 2009 16:14:41 +0000

Hello Brad:

I have a circle in which I pay off my credit cards every month but have nothing left to pay in cash for the rest, so I have to go again to the credit cards. What is the approach you consider is good to get into the debt free life beginning from the point I am ??? I would not like to pay any interest, so I am thinking in not doing into the Dave Ramsey’s Baby Step for the moment, so it should be attacking my consumption but it seems there is no much to cut already.

By: Saving Money – It’s Not Just For The Wealthy, It’s Why They’re Wealthy |

Sun, 27 Sep 2009 12:37:48 +0000

[...] Money Not Movies Baby Emergency Fund – Do It Your Way The Debt Snowball – Do It Your Way Fully Funded Emergency Fund – Do It Your Way My [...]

By: Pay Off Debt – Do It Yourself |

Pay Off Debt – Do It Yourself | — Wed, 23 Sep 2009 12:23:38 +0000

[...] starters, you must establish a baby emergency fund, so that you have a cushion to fall back on while you aggressively pay down your debt. Your [...]

By: Meg

Meg — Thu, 13 Aug 2009 20:11:17 +0000

We keep our EF around $4000 which for us is more than 1 months’ living expenses. Our reasons for this are: we drive older cars (1 already paid for!) and want to have enough to keep them going. Also, a second major reason is that my husband is currently fighting his ex-wife to retain residential custody of his (our) son. Having extra in the EF account just makes me feel less on edge about where the money is coming from to help cover court costs. We’ll probably plan to maintain a “dealing with ex-wife” EF until our son turns 18, just in case.
I’ve resolved not to be destroyed by debt whenever it is within my power to do so.
Like he said, Do it your way! You have to do what will work for your household.

By: Million Dollar Club

Million Dollar Club — Thu, 30 Jul 2009 03:09:24 +0000

[...] Start the baby steps. [...]

By: Brad Chaffee

Brad Chaffee — Mon, 27 Jul 2009 17:09:50 +0000

Good for you Keilabee! I am so happy that you were helped by this article. Personally we felt the same way, which is why we started with $2,000. Of course we didn’t realize that was our emotional minimum until it was gone. With a baby on the way, we feel our risk concerning emergencies will go up. So should our emergency fund! It has been somewhat troubling for me to take a break from the debt snowball to refund our BEF, but only because I want to get it out of the picture once and for all. The last $7,000 has seemed to drag by, but it won’t be long now. we have just under $3,000 until debt freedom, and we will attack that as soon as we have our larger BEF.

Good luck and congratulations on going back through FPU!

By: keilabee

keilabee — Mon, 27 Jul 2009 03:56:48 +0000

Thank you so much!!! I have been going back and forth on how much to save since I don’t think $1000 makes me feel emotionally secure; but $2500 in the baby emergency fund makes me feel really good. Thanks for the confirmation. I am re-enrolling in Financial Peace this fall

By: Carnival of Personal Finance #214: United States Presidents Edition

Carnival of Personal Finance #214: United States Presidents Edition — Mon, 20 Jul 2009 12:45:26 +0000

[...] He thought secession from the union was illegal, but he also thought going to war to stop states from seceding was illegal. Sometimes, you’ve just got to do things the way you see fit, I guess. Brad Chaffee explains that well in Baby Emergency Fund – Do It Your Way! [...]