Friday, January 14, 2011

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Sometimes the bloggers' efforts recall the words of poet Langston Hughes:

It's such a bore
Being always poor.

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http://saving4later.blogspot.com/2010/12/5-bill-emergency-fund.html

not a bad idea to save any $5.00 you get and tuck it away for a cash reserve in the home. I have been thinking about how much should we have in the house just in case. I don't have an answer to that yet. How do you determine it? How much savings do I need? another $1000 ? this would put my savings accounts to 3k which is not that bad considering I want to have at least 20k as a true emerg fund. (6 months unemployment) but still when you are drowning under a load of debt it feels like $5.00 is a lot of cash. I am going to try it. I'll put it in an envelope and see where I am in 6 months to see if this is a reasonable thing to do. I rarely carry cash so it might not stack up/put a dent in my wallet that fast anyway.

A couple (2 give or take) of years back, I gave away my emergency cash to my daughter. I have never replaced it. I used to keep $100. in my wallet for emergencies. It turns out that not keeping the money there was a good thing when I lost/dropped my wallet somewhere. But I did spend the $100 more often then not. So I decided having cash around the house for me was dangerous. HOWEVER I think It is time to with caution revise my plan. It is winter what if the power goes out? What if there are major issues in the area and we need some cash on hand. I have two little kids what if they needed to eat. So

I may not have the money to keep cash around but I can do something about it I can take a small step by saving $5s I think I'll try it.

***Uopdate 2/28 So far I have saved $10. The money is in the family binder I am creating. I still think its a good idea even though I rarely have cash.

I am not a financial professional. If you are looking for financial advise you should seek it elsewhere. If you would like to join me on the journey, walk with me for a while and be my friend......

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