Dipping Into the E-Fund: The New Apartment

I am just over two weeks away from a terrible, gut-punching $791 expense. Moving into my new apartment is bringing that price tag along with it, which includes:

  • $490 for a half month of pro-rated rent (and I’ll already be paying for those two weeks in my current place)
  • A one-time $200 pet fee
  • $101 in remaining security deposit

This sucks.  Luckily, I’ve built up my E-fund to expect this.  Currently, my e-fund sits at about $1,800.  Yeah, I know, not much of an e-fund.  However, it should get built back up fairly quickly.  The day after I drop that $791 it is pay day, so I’ll have $225 automatically put back into the e-fund.  Then, over the course of the next few weeks I should get my current security deposit back.  Err- some of it… My four legged roommate has taken to chewing on some things in the apartment, such as walls and carpet.  I had to do a patch job on the carpet and will be spackling the walls. After that, all I can do is hope.  The max I’ll get back is $300.  I’ll count on $100 (since my property management company is full of dirty liars).

But the real point of this post is to say that while I’m getting really aggressive in paying down my debt, I also need to get really aggressive in building up my e-fund.  All of my softball umpiring money for the summer will go into it.  As will the little extra savings I can scrounge up.

There’s many rules of thumb out there: 1 month, 6 months, etc.  1 month seems like a good rule for me – my job is very secure, so really I just need the fund there for things like my car’s brakes exploding.  But, of course, bigger is better and the bigger my e-fund is, the safer I feel.  How safe do I need to feel?  At what point do I say “No, don’t put that money into your loans, you need to hold onto it just in case?”

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