Emergency Fund Help Needed

by Staff Writer

I just blew away my emergency fund to fix my truck.

Not “blew” in the sense that I wasted it . . . having a running vehicle was necessary. But now I’m out of e-fund cash!

$970 was the total to fix my pickup and get it back into working condition, and I’m thankful we had the $1000 emergency fund to handle Mr Fix It.  But during dinner, my wife asked a very good question that I never thought of while building the emergency fund and setting up our debt repayment plan. 

The question was, “What do we do if the furnace breaks tomorrow and we don’t have that $1000 anymore?” I didn’t have an answer.  I was stumped, the guy who reads about personal finance all day long didn’t have the answer.  So I’m asking for your help dear reader.  What would you do?  How would you handle it?

Looking through my accounts, I’m sure I could piece together the money to fund the next emergency.  I could take some money from my sinking fund that is growing at the moment. 

I could move some money from my long-term accounts, i.e. Insurance, Taxes, or Christmas.  The money would only be moved for a very short period of time, because the emergency fund is now the first priority to fund. 

It sort of feels like starting over with the baby step #1.

I could borrow from my IRA account.  Nope sorry, I already did this for other stupid reasons.  I can’t afford to pay that ridiculous tax again.  I could borrow from a family member.  I guess only in an extreme case could I consider that option.  And of cause I could always pull out that Emergency Credit Card.  I’m trying to get out of debt here, not start over again.

What am I missing?  Are they any other ideas out there?  Remember bad things tend to happen in threes, or at least that is what the “old wives tail” says. I hope my wife has a better story, lol.

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