I have used my emergency fund for ...

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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I have used my emergency fund for ...

Job loss, use my EF over less than 2 months
3
1%
Job loss, used EF for 2 to 6 months
7
3%
Job loss for more than 6 months
17
7%
Health emergency, less than 3 months
5
2%
Health emergency, less than 3 months
5
2%
Natural disaster, used most of it in less than one month
2
1%
Natural disaster, used EF is over period of months
1
0%
Bailing someone out of jail
2
1%
Emergency travel (funeral; dying relative,friend; shot-gun wedding)
8
3%
Other short-term use
23
9%
Other long-term use
5
2%
Have not used my EF, .... yet
169
68%
 
Total votes: 247

Topic Author
livesoft
Posts: 73509
Joined: Thu Mar 01, 2007 8:00 pm

I have used my emergency fund for ...

Post by livesoft »

I was wondering how people have actually used their emergency funds. A poll seems to be a good way to find out because a lot of regulars and lurkers can respond while remaining anonymous.

My hypothesis is that folks don't need to use their emergency fund all at once, but instead use it piecemeal either over several months or maybe even a small amount in a one-shot deal. They never drain their fund dry in less than a month. That is, no one ever needs to get their hands on the cash instantly. Thus, a poll!

I can't figure out how to allow more than one response, so pick what you like if you can select multiple options.

Thanks for responding and helping to enlighten me!
Ron
Posts: 6696
Joined: Fri Feb 23, 2007 7:46 pm
Location: NY-NJ-PA Metropolitan Statistical Area

Post by Ron »

Missed one (I believe):

"I'm retired - I don't need no stinkin' emergency fund".

OK - my way of looking at it. An emergency fund is to ensure that you have immediate income while you have income (e.g. working).

I no longer have that "challange" (yes, I had it in the past; been there, done that).

In retirement, I have many, many years of income contained in my investment portfolio, along with current/future income (e.g. SPIA, SS, VA disability, etc.) I would think that all/most retirees have the same situation.

- Ron
Last edited by Ron on Mon Apr 06, 2009 8:22 am, edited 1 time in total.
Bharat
Posts: 343
Joined: Mon Feb 18, 2008 4:46 pm
Location: Somewhere between Appalachia and Atlantic

Post by Bharat »

Thankfully, i had not need to use it till now.
Everything that you own, owns piece of you.
User avatar
Random Musings
Posts: 5835
Joined: Thu Feb 22, 2007 4:24 pm
Location: Pennsylvania

Post by Random Musings »

In the past, I used a small portion of my EF for a family member who had flood damage. Although my EF (which I consider cash and ST bond funds with duration net around 1-year) is more of the 1-yr variety so the worry-factor for me was nominal.

It kinda begs the question of whether Emergency Funds more or less blend into one's portfolio as critical mass hits a certain point. If one wants to consider "pure cash" as an EF and leave it outside the asset allocation calc - it is... But for me, it's melded in....

RM
Sidney
Posts: 6751
Joined: Thu Mar 08, 2007 6:06 pm

Post by Sidney »

"I'm retired - I don't need no stinkin' emergency fund".
I always wanted to be a procrastinator.
Topic Author
livesoft
Posts: 73509
Joined: Thu Mar 01, 2007 8:00 pm

Post by livesoft »

If you don't have an emergency fund, then you can't use it. :)
Chuck T
Posts: 1062
Joined: Wed Sep 03, 2008 3:23 pm
Location: Lowcountry of South Carolina

Post by Chuck T »

I'm retired and have an emergency fund. Fortunately my wife and I have not had to use it. Hope things stay that way.
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cjackson0
Posts: 641
Joined: Thu Aug 21, 2008 2:57 pm
Location: St. Louis, MO

Post by cjackson0 »

Up until recently, my response would have been "What is an Emergency Fund?" :lol:
CAP
Posts: 374
Joined: Mon Oct 06, 2008 11:10 am

Post by CAP »

I have always kept an emergency fund. Have not had to use my most recent stash. In the past, I used emergency cash after hurricanes & for emergency Vet bills.
jharri71
Posts: 44
Joined: Thu Nov 13, 2008 4:18 pm

Post by jharri71 »

I am using the emergency fund to get my brakes on my 2002 tundra fixed.
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Christine_NM
Posts: 2786
Joined: Tue Feb 20, 2007 1:13 am
Location: New Mexico

Post by Christine_NM »

I consider my credit union savings and MM accounts to be my spending funds, emergency or not. Have used it for dental expense (implant) not covered by insurance.
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ryuns
Posts: 3493
Joined: Tue Aug 07, 2007 6:07 pm
Location: Sacramento, CA

Post by ryuns »

I spent about 3 months between jobs about a year ago and had no trouble paying for my needs with unemployment compensation. I know that's not the case with everyone, but there's something to be said for having low fixed expenses.

Ryan
An inconvenience is only an adventure wrongly considered; an adventure is an inconvenience rightly considered. -- GK Chesterton
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simplesimon
Posts: 3965
Joined: Mon Feb 25, 2008 8:53 pm

Post by simplesimon »

I've been doing a lot of thinking lately about my "emergency fund" which isn't really one at all. It's really just one big cash bucket where I throw in all my leftover money. The reason for this is my future is a little uncertain. I have a car that works but might need replacing within the next 5 years. I'm not sure where I will be living so I don't know if renting or buying will make sense at that point.
rdgamblr
Posts: 68
Joined: Sun Apr 27, 2008 5:59 pm

Post by rdgamblr »

I broke my foot last fall and used some of my emergency fund. I was unable to do my full duties for 3 months. While i was able to do some work i chose not to use a large chunk of sick leave. So tapped the emergency fund for any excess expenses while out of commission.

That being said i also was able to limit expenses during that time as well. It was a nice experiment to see what would happen in the case of not having the various options available to me.
KCJayhawker
Posts: 173
Joined: Thu Jan 29, 2009 10:29 pm

Post by KCJayhawker »

I used my EF to pay for my wife's nursing school, well not the school itself, but to supplement our living expenses. She should be done in May and we will start putting a EF back in place. I figured this was a better option then CC debt as we don't qualify for student loans.
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Opponent Process
Posts: 5157
Joined: Tue Sep 18, 2007 9:19 pm

Post by Opponent Process »

haven't used my term life insurance either.
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