Emergency Fund

On the way to dropping off my husband for another week-long underway this morning, HE brought up having an emergency fund!  Apparently he’s (finally) tired of living paycheck to paycheck!  I can’t get him to stick to a budget so I never brought up the idea of an emergency fund, especially while we have debt.  He would someday like to have $10,000 for an emergency fund, that’s a little more than 6 months of expenses (rent, utilities, phones, groceries, gas, medical co-pays, etc.).  Considering our account is usually approaching the double digits before he gets payed, I don’t think $10,000 was a reasonable goal.  We also need to save (to pay cash) for a newer used car before my 195,000+ mile rust-mobile decides to keel over.

First, we’re going to focus on our  debts.  Hubby pays about $400 towards his loan each month and it will be paid off at the beginning of May.  We also need to focus on paying off as much of the $3300+ credit card debt we accumulated from our California trip.  The 0% introductory APR expires in April.  After those two debts are paid off, we’ll start the emergency fund with just one month of expenses, about $1500 (I’d be okay with just $1000 to start).  Then we’ll start saving for a newer used car.

Source: Motor Trend

My husband has his heart set on a 2005ish Honda Civic.  Basically we can expect to pay anywhere from $6,000 to $10,000+ for one of these.  Chances are we won’t be able to save enough before the husband’s deployment in about a year.  He’s not going to a very friendly area so I imagine he won’t be spending a lot of money on that deployment and should make more in sea pay so that we can work on building up our emergency fund on top of being able to purchase a car with cash once he returns…or he’ll have to trust my judgement and I purchase the car while he’s gone.

Since we currently live paycheck to paycheck, I hope the hubby realizes he’ll have to stop wasting so much money on games, electronics, dining out and expensive energy drinks/junk food.  Those are the only things we can really cut from our expenses.  Once we move and I have a kitchen I can actually cook in again, I hope that will help cut down on the grocery expenses a bit.

STRESS

Still have yet to receive a check from asshat.  I’m stressing out over this way too much.  I can’t seem to get it out of my head unless I’m completely distracted.  I haven’t been able to sleep the past two nights.  I’m still so pissed off about what he said that I’m ready to take his ass to court if he does not return all of our $750.  In the car this morning the hubby said he would be willing to settle with getting 75% of that back so we could move on.  Now I’m stuck wavering on where I would be willing to let it go and just be done with the whole mess.  That just causes me to dwell on this situation more.  When is the check coming?  I’m dreading receiving it but at the same time excited to get it and get on with whatever it is I need to do when I see how much it’s for.

The weather is getting nicer and since I need to keep myself distracted, here are some goals for this week:

  • Get a good nights sleep Monday night (take some damn sleeping pills)
  • Go for walk on the beach, find some shells for mom
  • Find the Q-80 gym on base before Thursday, sign up for a commissary rewards card
  • Check out the library/museum that’s just down the street
  • Go to the Thursday Zumba class at the Q-80 gym!
  • Check out Mt. Trashmore or some other local park.
  • Find Navy legal services on base
  • Maybe go bowling on base if it’s cheap?

Got any free/cheap suggestions that will get me out of this dump and keep my thoughts distracted?

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6 thoughts on “Emergency Fund

  1. You gotta get an emergency fund! It’s so necessary, even if it’s just $500-$1k. It’s great that you guys are talking about an EF and your financial future!

    • I was both thrilled and shocked when he was the one that started talking about having one! Hopefully he’ll be on board with sticking to a budget soon so we can actually start contributing to an EF!

  2. We didn’t start an emergency fund until all debts were paid, even car paid off, and husband retired last year. Then we did and although we are now on a good even keel financially after many off-and-on rocky, indebted years, are we glad we did when sudden expensive dentistry hit me!

    It is interesting that we resented using our EF and that saving to put into it each month has become a pleasure in itself–as much satisfaction as when we were paying down debt. I think it is about being in control and my husband loves the saving aspect–I never thought he would as he was the happy spender always out of the two of us.

    • It seems logical to me to be putting money towards debt and interest first rather than saving, that’s why we’re waiting until his loan and the credit card are paid off before we start an EF. I never thought I’d have an EF because my husband is also a happy spender and all my own personal income will go towards my student loans, that I don’t want him to pay for. It’s still a few months before we can start the EF, but I’m excited!

  3. Pingback: Importance of Having an Emergency Fund | Debt Perception

  4. Pingback: I’ve Done It | Debt Perception

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