Emergency Funds

When given a gift of money from a relative or money you didn't expect to get put it aside as an emergency fund so if your car breaks down, house needs repairs, or something else unexpected happens you have it there.

I recently received money from my mother in law $1,000 which we decided to put in the bank and not touch even with all the bills we owe, just in case it is needed.

A couple months back we didn't have the emergency fund and I needed to get to Alabama for my fathers funeral, unfortunately my mom had to reimburse me for the plane ticket since I needed the money for bills.

The last time we had an emergency fund was when we save $5,000 to start our business so on line at ing.com some in our bank accounts. But we now have the basic emergency fund, so we can work on our bills. With the trucks I would like to have another $3,000 in the fund $1,000 per truck, truck break downs can be costly, we had to replace a radiator on the road and it cost us $1,600, so if we have the $3,000 it would cover it. How ever engines or in frames can cost $8,000 or more, in that case just pay to get it home and swap another truck for that one till fixed.

Solution: Start a separate account either on line or at your bank that you can't touch and leave it there of at least $1,000.

Tip: Once you have it set up put a side small amount each month till you save up six months of expenses.