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

By: Brad Chaffee

Brad Chaffee — Sat, 18 Jun 2011 19:54:27 +0000

Old post or new post the4 conversation never truly ends. Thanks for the great comment!

Your story is so awesome and inspiring! You have done a great job and utilizing an emergency fund and special savings to self-insure your lifestyle and help you get rid of that pesky debt. Your example is most helpful because most people in your situation would gravitate towards the default justification for not having an emergency fund. It IS possible to save money when your income is limited but the key factor is that your lifestyle has to match your income and that’s what you did so well. It just takes a little longer but like you said, it’s TOTALLY worth it.

Congratulations to a job well done and thank you so much for sharing this with everyone who pay come across it in the future.

By: Jenny~Z

Jenny~Z — Sat, 18 Jun 2011 15:46:43 +0000

I know this is an old post but I still would like to comment.. so I’m going to!

I’m a 23 year old student about to go to teacher’s college and I have my fair share of student loans, credit card debt and a past of even more debt than I currently have.

My annual income last year (according to the taxman) was about $11,000. (I’m a waitress so it may have been a little bit more.. but definitely still way under $20K). My current emergency fund is at about $2600 and I have $1500 in a separate account for my bills. I also have $1100 saved for a new computer and close to $6000 in retirement savings. It has been a LONG LONG journey to get where I am now. But, the security I have with all of these savings allows me to spend close to 33% of my monthly income paying off my debts, which would not be possible if I didn’t have the emergency fund/bills account. There is SOOOOO much value to emergency funds..

Stay positive!!

By: The Extraordinary Life Network: United For A Common Purpose | Enemy of Debt: Where Behavior Meets Reality

Sun, 27 Feb 2011 16:49:30 +0000

[...] Day I Killed My Credit Card The Dream Budget: Your Debt Free Potential! What’s Yours? Baby Emergency Fund – Do It Your Way! “Financial Independence” Ceremonial [...]

By: Tax Refund: Will You Save It, Pay Off Debt, Invest It, Or Waste It? | Enemy of Debt: Where Behavior Meets Reality

Sun, 27 Feb 2011 16:42:22 +0000

[...] you have an emergency fund? If you don’t, this would be the PERFECT opportunity to really change your situation for [...]

By: Carnival of Personal Finance #214: United States Presidents … | Credit Wise Info

Wed, 16 Feb 2011 07:38:56 +0000

[...] He suspicion secession from a kinship was illegal, though he also suspicion going to fight to stop states from seceding was illegal. Sometimes, you’ve usually got to do things a approach we see fit, we guess. Brad Chaffee explains that good in 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!