Comment List

  • SavvyJames 05 / 08 / 2015 Reply

    “Oh, please?! Is this another blog about the dire need to build an emergency savings account?” Indeed! The importance of an Emergency Savings Account cannot be overstated … it forms part of the foundation of a sound financial plan and makes other financial endeavors possible.

    • David Auten 05 / 08 / 2015 Reply

      Ha! You are right James. This was one of the first things we did when getting out of debt. Setting up that account even while we were paying off our debt and getting $1,000 in it helped us then be able to feel comfortable sending out those big checks to pay off our debt. We had the money we needed already in case something happened and we didn’t need to keep the credit cards around! 😉 Thanks for the comment.

  • I completely agree that you need to automate the emergency fund savings transfers. If you don’t, it only opens you up to having an “emergency” of having to go out for dinner quickly with friends Friday night and never actually setting the money aside!

    • David Auten 05 / 08 / 2015 Reply

      You are absolutely right Thias. Keeping the money in an account that you can access keeps it in the front of your mind. You look at it as $$ you can spend. That is the wrong way to think about it. We have ours set aside and have the auto deduct from our paychecks so we never see it. Plus then you will not ‘accidentally’ spend it. 🙂

  • Tess 26 / 05 / 2016 Reply

    If you use online banking for this inconvenient account, use the online banking tools to label the account. If you login and see “Emergency Savings”, you are less likely to take a little here and there for things you don’t really need. The label reminds you that it’s not just savings, it has a purpose.

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