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Warning: My emergency fund saved me from a huge problem last Tuesday
My truck's transmission went out completely while I was on a job in Springfield. The repair quote was for $3,800. Because I had that cash set aside, I could get it fixed right away and didn't have to put it on a credit card. It was a bad day, but it would have been a disaster without that fund. How much do you all keep in your emergency savings?
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briannguyen5mo ago
Man, it's wild how many people are one big repair bill away from serious debt.
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gavin_burns495mo ago
Remember my buddy's water heater blowing last winter? He had to put the whole thing on a credit card... it's exactly what you're talking about, @briannguyen. Took him months to dig out from that one bill.
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janahenderson4mo ago
Forgot to mention what nobody talks about. The real hidden cost of not having savings is your time. While my truck was in the shop I rented a beater for three days. Cost me 180 bucks but I kept my appointments. If I had been broke I would have lost a week of work waiting for parts or financing. That lost income adds up way faster than the interest on a credit card.
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