I Have an Emergency Fund Problem

I have an emergency fund problem.  That problem being that I don’t really have an emergency fund.

Well, I kinda do.

My emergency fund is big enough that I’m comfortable and growing I’m by the month.  The problem, is I’m growing that emergency fund with the intention to use most of it to kill off my student loans at the end of this three years.  The bigger problem is, at this current rate, I won’t even have grown it enough to do just that!

So here I am, with an emergency fund that I am forcing into double duty.  Knowing that I am currently not growing it quickly enough (or paying down my debt quick enough), I am very hesitant to use it!  Like this last week.  When the temperature dropped to -10 fahrenheit.  And my car refused to start.  For six days.

Luckily for me, the car finally started yesterday and I didn’t end up spending a ton of money unnecessarily… so maybe my emergency fund problem isn’t that bad after all!

Anyone else hesitate to use their emergency fund in a certain situation, even though it’s there for that very reason?!

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4 Responses to I Have an Emergency Fund Problem

  1. passionatelysimple79 says:

    Luckily (knocks on wood) I haven’t had any major problems, and have kept my EF there for whatever life brings me. I’d be so worried if the bf’s car didn’t start one morning, I don’t know how you got through it for six days!

    • It was rough! I didn’t really leave the house for two days (constant negative temperatures help), relied on some friends for rides, and took advantage of the bus system. Unfortunately, the bus routes on my commute only run on weekdays and aren’t very direct to begin with. I’d love to be able to rely on public transport, but it just isn’t in the cards for my work location. It was a loooong six days!

  2. I need to fix something in my condo. I could use a credit card but I want to use cash. I just don’t wan to use my emergency fund…so, I’m waiting.

  3. jillian says:

    Hi. For me the way to get around this is to have a savings account buffer. Each Friday $45 goes into the buffer account which is at the same bank that my checking account is at. I also have an online emergency fund with 7 months of living expenses in it.
    If something happens, I can use the buffer money and it will automatically get replenished weekly.
    Best idea ever

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