Some comments left on my previous post regarding my emergency fund, started me thinking, at first, whether I need one or not. This is not as controversial as it sounds, as my circumstances are a little different in that (very) luckily I never have to pay for car problems, or health care. I also, with my husband, have a separate emergency fund should any thing happen in the house that needs fixing, so what do I need to save the £1,000 for?
However, after another horrible week at work, my job is getting just too much to take, I'm wondering if I had a 6 month buffer to cover my wages would I be walking away right now? Or should I walk away anyway, after all my health is more important than the money right?
Subscribe to No More Spending here
I hate to put a damper on it, but maybe it's because they think IF (IF! IF! IF!) you and your husband break up, or if something happens and it's not enough to cover using your husband's money... that you should have your own.
ReplyDeleteI think everyone should have their own EF just so they have a peace of mind and feel secure financially.
I'm looking at your bars and long term savings of 10k if they're liquid, can be considered an emergency fund.
I'm just a weirdo and I like having both ...
Fabulously Broke in the City
"Just a girl trying to find a balance between being a Shopaholic and a Saver."
Hi there-A lot depends on what you will use the money instead for? I hope your work situation resolves itself my dear.
ReplyDeleteEmergencies can come in all sorts of unexpected forms, it is still worthwhile to have that money set aside. If you don't need it then later it becomes retirement money or college money for the kids or whatever you want it for.
ReplyDeleteThis is such a personal choice and I do believe that health is paramount, with far too many people putting income/health/goals above it. Only you know when too much is too much.
ReplyDeleteRegarding the emergency fund:
I agree with the top poster that every woman, even those in relationships, even great relationships needs get out money. That should be a credit card in their name and an emergency fund, even if just £1000. I don't think this means you can't do what you need to do, but it can be an extra goal!
Hi all and thanks for your comments - I should mention that me and hubby have over £6k in savings, half in my name, half in his name, that we saved last year through our joint account - this is liquid cash if we need it for anything :)
ReplyDeleteYou might also want to consider the potential health impact of leaving a job and potentially having the stress of not finding another job quickly. Stress can trigger a physiological response.
ReplyDeleteI HAVE AN EMERGENCY FUND BUT SOMETIMES IT GETS USED TO HELP REBECCA THROUGH UNI
ReplyDeleteI WOULD LOVE TO GIVE UP MY WORK IM SELF EMPLOYED CLEANING PRIVATE HOMES AND I GET SO SORE AND TIRED I FEEL UNABLE TO DO IT BUT IF I KEEP SAVING IN A FEW YEARS WHEN UNI FINISHED ILL CHUCK IT ALL IN HOPEFULLYANDREA
I'm with FB on this one. I think everyone should have their own personal emergency fund, just in case. Noe of us can predict the future and you can't 100% guarantee that something won't happen between you and your husband - I don't mean that disrespectfully at all!
ReplyDeleteNow, with the job situation, that's a whole other animal. Yes, your health is important; however, as a financially responsible adult, you can't just walk away from a job without another lined up, or the emergency fund in place. Think of how much that would set you back personally towards your goals. Not only you, but your husband as well.
Hope things get better for you!
The answer is YES. Y-E-S! It's alwas yes. If you could predict the emergency, you wouldn't let it happen in the first place.
ReplyDeleteSetup your emergency fund, and trust that if something happens out of your control, you have a cushion to fall back on.
I don't normally do this, but If you think you'll have trouble building your emergency fund read this post I wrote on building an emergency fund through snowflaking. It may be the jump start you need to help you get on your way!